(Source: Tulsa World)
T. Boone Pickens, the billionaire energy investor, sold off his holdings in oilfield-service and coal companies during the second quarter while buying shares in natural gas producers, according to a regulatory filing.
Pickens' BP Capital Management LP shed stakes in Halliburton Co., Schlumberger Ltd., Massey Energy Co. and Consol Energy Inc., the investment fund told the Securities and Exchange Commission in the filing Friday. Forest Oil Corp., Questar Corp. and Cabot Oil and Gas Corp. were among the stocks accumulated by BP Capital.
The value of Pickens' equity holdings dropped by 8.9 percent to $85.5 million as of June 30, the filing stated.
Pickens has been promoting a plan to wean the nation from its dependence on foreign oil by making natural gas a major transportation fuel through government incentives. He also advocates large-scale investment in wind farms to provide electricity.
Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter's end to list their U.S.-listed holdings.
Originally published by Staff and Wire Reports.
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