T. Boone Pickens suffered series of strokes in late 2016
In a letter posted on LinkedIn on Friday, T. Boone Pickens says “Today, I’ve decided to walk off the job for a third time and have decided to close the doors on the energy hedge fund I’ve successfully run since 1996.”
The 89 year old investor said that after suffering a series of small strokes in 2016 and a serious fall last summer, “it’s time to start making new plans and setting new priorities.”
In 1996, Boone Pickens began BP Capital funds after leaving Mesa Petroleum, a company he started and then ran for nearly 40 years. “It has been one hell of a roller coaster ride. I’ve seen oil prices bounce around from $10 a barrel up to $147, down to $26 and now appear to be inching up ever so slowly.”
Nine years ago, T. Boone Pickens unveiled his “Pickens Plan”, a lobbying effort to shift the United States off OPEC oil to alternative energy and natural gas.
“I like to think putting a spotlight on the problem – along with stunning innovations and success in America’s oil and gas industry – has helped us drill our way out of that challenge.”
According to a spokesman, Pickens spent $100 million to promote the plan.
But now, the legendary oil man says he wants to focus on his health, as well as entrepreneurial, philanthropic and political activities. “Trading oil is not as intriguing to me as it once was,” said Pickens.
He adds “I fully intend to continue to provide my perspective on energy and cultural commentary.”
Two executives from BP Capital, Brian Bradshaw and David Meaney, have started up their own hedge fund, Assert Capital Management LP. The new operation will be up and running next week with about $25 million, mostly money from past investors. Meaney told Reuters his company plans to raise another $200 million this summer.
As for T. Boone Pickens, he says he will remain involved in his charitable foundation and will continue to sit on the board of Clean Energy Fuels Corp, which operates natural gas re-fueling stations.
“As this chapter closes, I couldn’t be more excited at what lies ahead.”
Photo courtesy CNN.
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