Billionaire investor T. Boone Pickens added oil and gas producers Newfield Exploration Co., Marathon Oil Corp. and Occidental Petroleum Corp. to his energy fund’s holdings during the fourth quarter.
Pickens’s Dallas-based BP Capital Management LP bought 211,703 shares of Newfield valued at $5.7 million, 184,900 shares of Marathon valued at $5.7 million and 63,000 shares of Occidental valued at $4.8 million in the three months ended Dec. 31, according to a filing with the U.S. Securities and Exchange Commission.
The fund also bought new stakes in Weatherford International Ltd. and Freeport-McMoRan Copper & Gold Inc., the filing said.
Newfield Exploration’s stock has dropped about 25 percent since the end of 2011, including an 18 percent plunge on Oct. 24 after it said international production would decline in 2013. The company yesterday said its total production may not grow this year and that it’s exploring strategic alternatives for its offshore assets in Malaysia and China while it focuses on U.S. formations.
The value of Pickens’s equity holdings rose 2 percent to $100.8 million as of Dec. 31, from $98.8 million at the end of the third quarter, according to the filing.
Pickens’s fund sold its stake in EOG Resources Inc. valued at $8.2 million. EOG’s stock has climbed 35 percent since the end of 2011, making it the third-largest U.S. oil and natural gas producer by market value among companies without refining or chemical operations. The Houston-based producer has shifted attention in recent years to oil from gas, and it’s active in areas such as Texas’ Eagle Ford Shale.
Pickens also sold out of Quicksilver Resources Inc., Whiting Petroleum Corp. and McMoRan Exploration Co.
BP Capital decreased its position in 12 companies including oil and gas producer Pioneer Natural Resources Co. The fund increased its position in National Oilwell Varco Inc. and Range Resources Corp.
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC 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.