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Tycoon Pickens Cashes Out on Oil, Awaits Time to Get Back In

  • Pickens won't re-enter market until inventory starts shrinking
  • Pioneer, Anadarko, Apache could be M&A targets, Pickens says
Bloomberg business news

Boone Pickens: Watch Out for Recession

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Oil tycoon T. Boone Pickens, who made and lost fortunes targeting some of the largest U.S. explorers over the past 40 years, has cashed out as the worst crude market downturn in decades drags on.

Pickens has sold all his oil holdings and is waiting for the best moment to get back in, he said Thursday in an interview on “Bloomberg Go.” With prices low, mid-size U.S. oil companies such as Pioneer Natural Resources Co., Anadarko Petroleum Corp. and Apache Corp. are acquisition targets for larger firms like Exxon Mobil Corp., he said.