Oil tycoon T. Boone Pickens reversed course in the third quarter by slimming down his energy holdings and selling several stocks he’d bought just three months earlier as the worst crude market downturn in decades drags on longer than he expected.
The value of energy stocks held by his Dallas-based TBP Investments Management LLC fell by more than half in the quarter to $35.6 million, according to data compiled by Bloomberg. TBP exited stakes in 13 companies, including smaller oilfield contractors Pioneer Energy Services Corp., C&J Energy Services Ltd. and Patterson-UTI Energy Inc. Many of the positions Pickens sold were stakes he had bought in the second quarter.
