(Source: Tulsa World)
T. Boone Pickens, the billionaire hedge-fund manager who forecasts oil will reach $75 by the end of the year, added to his investment fund's energy holdings in the first quarter as crude futures on the New York Mercantile Exchange had their biggest quarterly drop since they began trading in 1983.
Pickens' BP Capital Management LP bought 200,000 shares of Halliburton Co. and doubled its position in Oklahoma City-based Chesapeake Energy Corp. to 200,000 shares, according to a filing Friday with the Securities and Exchange Commission.
Pickens, who held positions in nine energy companies in his BP Capital Management Fund as of Dec. 31, had investments in 17 as of March 31.
Dallas-based BP Capital increased its stake in Transocean Ltd., adding 150,000 shares for a total of 400,000. Positions were also boosted in Oklahoma City-based Devon Energy Corp., Occidental Petroleum Corp. and Suncor Energy Inc.
BP Capital reported 10 new holdings, including positions in Massey Energy Co., Alpha Natural Resources Inc. and Cabot Oil & Gas Corp.
Pickens' fund sold its stakes in Denbury Resources Inc. and Peabody Energy Corp.
The value of the fund increased to $93.9 million at the end of the first quarter compared with $40 million on Dec. 31.
Originally published by BLOOMBERG, AP AND STAFF REPORTS.
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