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Page added on January 13, 2018

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Texas oil tycoon Pickens closing energy hedge fund

Texas oil tycoon Pickens closing energy hedge fund thumbnail

Oil tycoon T. Boone Pickens is throwing in the towel on his energy focused hedge fund after a 22-year-long “roller coaster ride.”

“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” Pickens wrote in a Linkedin post Friday, referring to the series of strokes and bad fall he suffered from last year.

“If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective,” Pickens said.

And the energy market has not been kind in recent years. Oil prices — though rebounding — have yet to return to their July 2014 peak of more than $100 a barrel.

Pickens launched BP Capital in 1996, when he was 68 and already a legend in this industry. He said running the fund was “one hell of a roller coaster ride,” noting that he’s seen oil go from a low of $10 a barrel to $147. But trading in energy is no longer his passion.

“I’ve thrived and profited on the volatility in the energy space. But for me, personally, trading oil is not as intriguing to me as it once was,” Pickens said.

BP Capital managed as much as $2 billion a decade ago, according to the Wall Street Journal, which first reported the fund’s closure.

That figure has dropped sharply as total assets for the firm that housed Pickens’ fund now account for less than $1 billion, the Journal reported, citing sources.

BP Capital’s closure comes five months after oil-trading “God” Andy Hall closed his flagship fund Astenbeck Master Commodities Fund II. Hall said in a July letter to investors that conditions have “materially worsened.”

As for Pickens, he plans to focus on his health as well as entrepreneurial, philanthropic and political endeavors.

“It’s time to start making new plans and setting new priorities,” Pickens said.

NY Post

10 Comments on "Texas oil tycoon Pickens closing energy hedge fund"

  1. Sissyfuss on Sat, 13th Jan 2018 6:56 pm 

    ” Trading in energy is no longer his passion.”
    Been replaced by enemas.

  2. Kenz300 on Sat, 13th Jan 2018 10:51 pm 

    Investing in fossil fuels is for fools.
    Inverstors make money by investing in the future.
    Look how fast people lost money when coal companies went bankrupt. Fossil fuels are the past.

  3. Shortend on Sun, 14th Jan 2018 1:18 am 

    T Boone Pickens back in 2008 or so was a peak oil advocate. Remember his website and campaign that oil was in the decline and natural gas was a transition energy source.
    Also, he may been for wind and solar.
    About the US he was very firm it was explored and drilled like Swiss cheese, all tapped out. Boy, was he wrong

  4. MASTERMIND on Sun, 14th Jan 2018 1:30 am 


    As M. King Hubbert (1962) shows, Peak Oil is about discovering less oil, and eventually producing less oil due to lack of discovery.

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows

    Saudi Aramco CEO sees oil shortage coming as investments, oil discoveries drop

    Peak Oil Vindicated by the IEA and Saudi Arabia

    T Boone wasn’t wrong just about the timing…It happens!

  5. peakyeast on Sun, 14th Jan 2018 2:51 am 

    One needs no other indication than the extraction itself of deepsea, tarsands, shaleoil to know that we are at the end of the line. It is utterly obvious.

  6. Mad Kat on Sun, 14th Jan 2018 3:23 am 

    peaky, yes, it is obvious we have passed the point of no return on energy. Cost in money and energy to recover oil is going to trigger the financial collapse that will reset the world’s trade system.

    We will not be eating strawberries in December or shrimp from Asia in the US. Even coffee and chocolate may disappear except for the wealthy, of course. America is too far off the path of the new Silk Road to benefit from train service. Interesting times.

  7. Davy on Sun, 14th Jan 2018 5:41 am 

    “peaky, yes, it is obvious we have passed the point of no return on energy. Cost in money and energy to recover oil is going to trigger the financial collapse that will reset the world’s trade system.”

    Much more complicated than that mad kat. It is a systematic issue of multiple dislocations of vital elements to society one being the decline of affordability of quality/quantity of oil. I think it is now a matter of time frame considering how other variables converge into a pressure cooker of unmanageable problems.

  8. Davy on Sun, 14th Jan 2018 5:43 am 

    “America is too far off the path of the new Silk Road to benefit from train service. Interesting times.”

    Reminds me of mad kats Bric bank hype. mad kat, tell me all about your silk road fantasies.

  9. deadly on Sun, 14th Jan 2018 6:46 am 

    T Boone should buy Geritol.

    The entire company.

    Just have to tunnel under the Bering Strait and the New Silk Road can circle the earth.

    Be great to leave Argentina by automobile and drive to France. Dashcam record the whole ride.

    Stops at Lake Baikal, the Caspian Sea, Baku to view the oil fields, see the Pyramids along the Nile, places like that. Drive to Munich in September and drink beer with the Japanese.

    If Donald Trump can fly Air Force One full of fuel, well, then, by golly, I can fill up enough to make it 24,000 miles and circle the globe in an ice powered go mobile, doggone it anyhow, you only live once.

    You can eat tacos in Guadalajara and Great Wall Beef in Beijing along the way.

    Eat potatoes while traveling through the Andes.

    Might have to fly from Anchorage to Beijing and then go from there somewhere to Mongolia and follow the camel routes for a few hundred kilometers.

    It is better than flying, flying is for the birds. I’ll wait for the Bering Strait Highway Project to be completed.

    Of course I could buy a horse and let the horse graze along the way and not bother with an automobile. Free fuel, stop at the country store and feed some hay to the horse and find a stable, get some rest.

    The Bering Strait chunneling is the next great engineering project and wonder of the world.

    Time to drive from North America to Asia. The Alaska Highway will be four-laned the entire distance.

    T Boone should be involved with the four-lane system of the Alaska-Asia Highway Fund. Then onto the Alaska-Patagonia scenic route.

    Solar and wind farms would not be in the swine of sight to sully the beauty of the natural earth. The green energy monsters are to be scorned and shunned, pariahs. Effective removal will be necessary.

    All continuous moving autonomous paving systems can do the work night and day, just need a few computer literate technicians to control the machinery. All of the earth moving equipment would be AI and programmed from start to finish of the project.

    All of the equipment is distributed through the highway systems from nation to nation, so the project can be done. Most of the road networks are there now, so it can be the greatest road way system ever.

    Dig the chunnel under the Bering Strait, not build some stupid idiotic wall. C’mon, Donnie, the barbarians are inside the gates ya numbskull. You’re the President, figure it out.

    Wall? What Wall? We don’t need no steeeen-king Wall.

    Make it the Silk Road of the Occident. Do that and you’ll be doing something.

    Forget about the wall.

    ‘Tear down this wall’ said Ronald Reagan.

    Here endeth the babble.

  10. deadly on Sun, 14th Jan 2018 6:57 am 

    I meant ‘line of sight’. Although, wind turbines are more like filthy swine, the lipstick on the fossil fuel pig.

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