After proclaiming that America’s oil industry was ‘dead in the water’ earlier this year, billionaire energy investor T. Boone Pickens has changed course and doubled down on energy investments.
Energy stocks held by Dallas-based BP Capital Fund Advisors LLC rose by $55 million, or 34%, to $218 million in the second quarter, according to data compiled by Bloomberg.
BP Capital added stakes in a total of 8 companies, including more than a handful of pipeline companies, such as Williams Partners LP, Plains All American Pipeline LP and Enbridge Energy Partners LP. The native Oklahoman exited positions in a dozen other energy companies, including the world’s largest oil-services provider, Schlumberger Ltd.
Pickens boosted the value of his energy holdings by more than a third in the second quarter, just as the U.S. oil rig count was bottoming out from the worst crude oil market crash in a generation, according to the Bloomberg report.
In February, Pickens said in an interview that he had sold all of his oil holdings and was waiting for the best moment to return.
“The low is in,” he said in a Feb. 4 interview. “Just don’t get in a rush here. You’re going to have plenty of opportunity. The market is going to be volatile. it’s not going to go straight up, so there will be good entry points.”
