Billionaire oil investor T. Boone Pickens’s energy holdings fell by about a third in the first quarter after selling stakes in several refining companies.
The value of energy stocks in Pickens’ Dallas-based TBP Investments Managements fund dropped by $15.1 million to $33.9 million, according to data compiled by Bloomberg. The fund exited eight companies, including HollyFrontier Corp., Marathon Petroleum Corp. and Phillips 66, according to a filing with the U.S. Securities and Exchange Commission on Friday.
Refining companies in the Standard & Poor’s 500 Index climbed 17 percent in the first three months of the year, compared with a 2.9 percent drop by producers in the index during the same period. Refiners generally benefit when oil prices decline, since that reduces their costs.
Oil prices have gained 37 percent since reaching a six-year low in March, a climb that may help producers and oilfield services companies. TBP Investments bought shares in companies with a focus on onshore U.S. drilling, adding positions in Range Resources Corp., Parsley Energy Inc. and Helmerich & Payne Inc. It also bought new stakes in real estate investment trust HCP Inc. and homebuilder PulteGroup Inc.
Almost 90 percent of the fund’s investments is in energy stocks. Financial companies account for the second-largest allocation with 6 percent.
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.