Boone Pickens’s BP Capital Buys New Stake in Schlumberger

T. Boone Pickens, the billionaire Texas hedge-fund manager, bought a new stake in Schlumberger Ltd. (SLB), the world’s largest oilfield service provider, and added shares of National Oilwell Varco Inc. (NOV), the world’s largest provider of oilfield equipment.

Pickens’s BP Capital Management LP bought $11.7 million worth of Houston-based Schlumberger and added shares of Houston- based National Oilwell Varco in the three months ended June 30, according to a public filing today with the U.S. Securities and Exchange Commission.

Oil-field service and equipment companies such as Schlumberger and National Oilwell Varco have benefited from an expansion in U.S. onshore oil drilling. Global oil consumption is forecast to increase by 1.2 million barrels a day this year and 1.6 million barrels in 2012, according to an Aug. 10 report by the International Energy Agency.

BP Capital, based in Dallas, also bought $11.5 million worth of Hess Corp. (HES), the New York-based oil company. Pickens’s fund sold its entire holdings in Devon Energy Corp., which are valued at $13.6 million, according to Bloomberg data. The fund also sold Oceaneering International Inc. (OII), A123 Systems Inc. (AONE) and ABB Ltd. (ABBN)

In the quarter, Pickens added shares of Chesapeake Energy Corp. (CHK), the most active U.S. oil and natural-gas driller based in Oklahoma City.

The value of Pickens’s equity holdings fell to $323.9 million as of June 30, from $358.9 million the previous quarter, according to the filing.

Money managers who oversee more than $100 million in equities must file a Form 13F with the U.S. Securities and Exchange Commission within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net.

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net.

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