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.”