T. Boone Pickens - BP Capital
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Date updated:07-23-2008
As of 3-31-08 filing.
New positions: HAL, XTO, SD, MMR
Sold out of: XOM, APC
3/1/07: At a Forbes conference in Doha, Oilman T. Boon Pickens has picked the current global oil production capacity of 85-million barrels a day as the peak of petroleum production.
"The world has been looked at," Pickens told Forbes. "There's still oil to be found, but not in the quantities we've seen in the past. The big fields have been found, and the smaller fields, well, there's not enough of them to replenish the base."
Pickens predicted oil prices would rise this year to an annual average of around $70 per barrel.
1/17: New interview with Pickens in the WSJ: With the declining price of oil (as of 1/17/07 oil is down 16% on the year already) Pickens was asked for his latest thoughts on oil as well as whether or not he was trimming positions). The article is titled "Energy Bull Keeps the Faith":
"I've been surprised at how severe the decline was," Pickens said, "Consequently I'm not ready to give up." And he added that he still thinks oil goes back to $70. "If oil goes below $50 , the market won't let it go below $48".
He added, "Do we like oil going down? No. Are we having problems at the firm? No."
Pickens was up 26% in 2006, and over 100% in 2005.
_______________________
The highest paid hedge fund manager of 2005, Pickens earned $1.4bb after returning about 300% for his investors during the year. Pickens is a firm believer in the "Peak Oil" theory that world oil production is about to enter a period of nonstop decline in the face of rising demand.
From a recent Playboy interview (via flyonethewall.com), Pickens states:
* Pickens said he does not think we will ever see $50-a-barrel oil again, and believes at some point we will see $100 oil.
* He is not invested in ethanol, despite his fondness for alternative energy plays, because he does not think it can operate without being heavily subsidized.
* He is invested in natural gas, which he believes is the most feasible alternative to oil.
* He gave two stock picks - Suncor Energy (SU) and Canadian Oil Sands Trust (Toronto: COS.UN) - both of which he is heavily invested in.
* He discussed his investment in water, and although he said it was a worthwhile long-term investment, he clarified that he does not see water as the next oil, as water is a renewable resource and oil is not.
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OXY
Occidental Pet - $48.00
- -12.01%
- $56.19
% of portfolio: 11.3%
-
SU
Suncor Energy Inc - $24.25
- -6.37%
- $27.70
% of portfolio: 9.3%
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SLB
Schlumberger Ltd - $60.55
- -8.45%
- $67.82
% of portfolio: 7.7%
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DNR
Denbury Res Inc ( - $10.90
- -9.09%
- $12.30
% of portfolio: 6.7%
-
FLR
Fluor Cp (new) - $39.21
- -3.97%
- $42.62
% of portfolio: 6.6%
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ABB
Abb Ltd - $14.31
- -5.23%
- $16.06
% of portfolio: 5.6%
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JEC
Jacobs Engineerng - $36.09
- -6.16%
- $39.01
% of portfolio: 5.1%
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HAL
Halliburton Co - $18.94
- -9.77%
- $21.81
% of portfolio: 4.5%
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