Pickens Buys Apache, Goodrich, Apple Shares in First QuarterMark Chediak and Edward Klump
Billionaire investor T. Boone Pickens added shares in oil and natural gas producers Apache Corp. and Goodrich Petroleum Corp. to his energy fund during the first quarter, along with a stake in technology company Apple Inc.
Pickens’ Dallas-based BP Capital Management LP bought almost 125,000 shares of Apache valued at $9.6 million in the three months ended March 31, according to a filing today with the U.S. Securities and Exchange Commission. The fund boosted its stake in Goodrich by more than 500,000 shares to give it a holding in the company worth $9.4 million.
Apache, based in Houston, has been the third-worst performer on the Standard & Poor’s 500 Oil & Gas Exploration & Production Index this year. On May 9, the company said it plans to sell $4 billion of assets this year and announced a program to buy back as many as 30 million shares. The moves follow a $16 billion acquisition spree in 2010 through 2012.
Goodrich, also based in Houston, has climbed 40 percent this year. The company has properties in Texas and Louisiana, including assets in the Eagle Ford and Haynesville shale formations, according to its website.
BP Capital bought new stakes in 14 companies, including refiners such as Marathon Petroleum Corp. and Phillips 66. It also added a holding in Halcon Resources Corp., whose chief executive officer is Floyd Wilson, formerly of Petrohawk Energy Corp. The fund’s new stake in Apple, a departure from its energy focus, is valued at about $221,000.
Pickens’ fund sold its stakes in eight companies, including producers such as Southwestern Energy Co. and Range Resources Corp., as well as drilling contractor Transocean Ltd.
The fund’s top holding by market value is Pioneer Natural Resources Co. BP Capital added more than 43,000 shares in the company to give it a stake worth $12.9 million, the filing showed.
The value of Pickens’s equity holdings rose less than 1 percent to $100.9 million as of March 31, from $100.8 million at the end of the fourth quarter, according to the filing.
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.