Pickens' BP Capital Sells Out Of Devon, Forest Oil, Questar, Cabot Oil - Filing
17 Mai 2010 - 6:52PM
Dow Jones News
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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