T. Boone Pickens is closing the energy hedge fund he has run since 1996 saying "it’s time to start making new plans and setting new priorities." Pickens is pictured speaking at Hart Energy's DUG East conference in Pittsburgh in November 2011. (Source: Hart Energy)
T. Boone Pickens, the influential Texas oilman, said on Jan. 12 that he is closing the energy hedge fund he has run since 1996, citing health concerns and poor financial performance.
“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” Pickens said in a statement. The 89-year old, who is still recovering from a series of strokes he suffered late in 2016 and a fall over the summer of 2017 said, “those things tend to put life in perspective” and that “it’s time to start making new plans and setting new priorities.”
Pickens, who launched the oil and gas commodity focused BP Capital funds after leaving Mesa Petroleum in 1996, is now moving toward a family office structure. He described the time at BP Capital as “one hell of a roller coaster ride” but added, “for me, personally trading oil is not as intriguing to me as it once was.”
The Oklahoma-native long championed U.S. energy independence using shale oil and gas. His storied career has included his time as a geologist with Phillips Petroleum and his rise while running Mesa Petroleum, the company he founded, where he rose to prominence with oil discoveries and came to be viewed as a corporate raider, which he then ran for nearly 40 years. Pickens has also helped take eight companies public.
Pickens said of his plans:” With fingers crossed, I have no intention of fading away. It’s just time to get my affairs in order. As I’ve long said, a fool with a plan can beat a genius without one every day. I am creating a new plan that will include turning my full attention to recovering my health and continuing to invest in personal passions like promoting unbridled entrepreneurship and philanthropic and political endeavors. I fully intend to continue to provide my perspective on energy and cultural commentary.”
“As this chapter closes, I couldn’t be more excited at what lies ahead,” he added.