Pickens Cuts $42 Million to Shrink Energy Fund by HalfMark Chediak and Edward Klump
Investor T. Boone Pickens sold holdings in 25 companies including Apache Corp., reducing the value of his energy hedge fund by $41.8 million in the third quarter.
The value of Pickens’s Dallas-based BP Capital Management LP equity holdings fell 41 percent to $60.1 million as of Sept. 30, from $101.9 million at the end of the second quarter, according to a filing today with the U.S. Securities and Exchange Commission.
BP Capital’s two biggest divestitures included 114,440 shares of oil and gas producer Apache valued at $9.59 million and 149,440 shares of producer Whiting Petroleum Corp. valued at $6.89 million. Pickens also sold holdings outside of the energy production sector including Dow Chemical Co., General Electric Co. and Invesco Mortgage Capital. He sold off stakes valued at about $59 million.
Pickens added new stakes worth $15.2 million in four companies, with the largest investment in Exxon Mobil Corp. at $6.45 million for 75,000 shares. Warren Buffett’s Berkshire Hathaway Inc. also disclosed today a stake Exxon, valued at about $3.7 billion and the company’s largest new holding since 2011. Exxon is the world’s biggest oil company by market value.
Jay Rosser, a spokesman for Pickens, declined to comment on the filing.
BP Capital’s top four holdings by market value are oil and gas producers -- Pioneer Natural Resources Co. at $7.55 million, Exxon, Anadarko Petroleum Corp. at $5.58 million and Gulfport Energy Corp. at $5.53 million. Pickens retains stakes in producers including EOG Resources Inc. and Gastar Exploration Inc.
Pickens also has interests in oilfield service companies such as Weatherford International Ltd. and Halliburton Co., and refiners such as Phillips 66 and Valero Energy 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.