Billionaire energy investor T. Boone Pickens' BP Capital Management sold out of four of its top 11 positions during the first quarter, according to a Monday regulatory filing.

BP Capital sold out of its stakes in Devon Energy Corp. (DVN), Forest Oil Corp. (FST), Questar Corp. (STR) and Cabot Oil & Gas Corp. (COG), according to its quarterly holdings report filed on Form 13-F with the Securities and Exchange Commission. Those four stocks represented four of the company's 11 biggest holdings in terms of market value at the end of 2009.

While BP Capital pared its holdings in Transocean Ltd. (RIG) during the period ended March 31, the Switzerland-based deepwater driller remained the fund's single biggest holding in terms of market value. Transocean was the owner and operator of the rig leased by BP PLC (BP) that burned and sank in the Gulf of Mexico in late April, killing 11 and springing a massive oil leak. A spokesman for BP Capital declined to comment. U.K. oil giant BP is responsible for the cleanup of the oil spill and isn't related to BP Capital.

Pickens' fund took new positions in, among others, Halliburton Co. (HAL), Baker Hughes Inc. (BHI) and Dawson Geophysical Co. (DWSN).

In the filing, BP Capital said it had 15 equity positions on March 31, worth $162.8 million. That's down from 19 positions worth $224.5 million at the end of 2009. At that time, BP Capital's only three positions with more than $20 million of market value were Transocean, Devon and Hess Corp. (HES). BP Capital trimmed its stake in Hess during the first quarter, and Transocean was the only security of which it owned more than $20 million worth of shares.

Many investors that manage more than $100 million are required to file 13-Fs with their stock holdings 45 days after the end of a given quarter, giving the public its freshest possible glimpse into the portfolios of well-known money managers. Most hedge-fund managers and others wait until the last possible moment to make these filings. Because the 45th day after March 31 falls on a Saturday, the deadline for first-quarter holdings is Monday.

-By Joseph Checkler, Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com
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