Billionaire Pickens Energy Holdings Lose Half Their Value

Billionaire investor T. Boone Pickens’ energy holdings fell by almost half last quarter as he sold shares of battered oil producers including Goodrich Petroleum Corp. and EP Energy Corp.

The value of Pickens’ Dallas-based TBP Investments Managements fund fell by $50.7 million in the fourth quarter to $51.5 million, according to data compiled by Bloomberg from filings with the Securities and Exchange Commission on Tuesday. The fund sold out of eight companies, including 339,550 shares in Goodrich, which lost 70 percent of its value in the fourth quarter. EP Energy fell by 40 percent.

Oil’s more than 51 percent decline since June 20 has eroded profits and forced major producers and drillers to cut more than $40 billion in spending and fire 50,000 workers. The Standard & Poor’s 500 Energy Index fell 19 percent in the second half of 2014.

TBP Investments bought into larger energy companies that analysts and investors perceive as more stable because of their holdings in productive shale plays or consistent contracts.

The fund bought new positions in 15 companies, including Anadarko Petroleum Corp., Baker Hughes Inc., Concho Resources Inc. and Schlumberger Ltd. The fund also bought new stakes in natural gas-focused producers Southwestern Energy Co. and Cabot Oil & Gas Corp. and banks JPMorgan Chase & Co. and Wells Fargo & Co.

TBP Investments’ allocations include 95.4 percent invested in energy stocks. Financial companies accounting for the second-largest allocation with 2.6 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.

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