It's a tough business right now for oil and gas companies, with some companies faring better than others with most majors releasing in-the-red second quarter financials, but business mogul T. Boone Pickens has made a bold and heavy return to the energy market, upping his stake in energy holdings by more than a third in the second quarter, according to data tallied by Bloomberg.
The value of BP Capital Fund Advisors LLC's energy stock holdings increased by $55 million to $218 million. BP Capital Fund Advisors added stakes to eight energy-related companies at a time when oil prices were painstakingly low, and companies were taking rigs offline.
Texas-based BP Capital Fund Advisors additions included stakes in multiple pipeline companies in Q2 2016, including Williams Partners LP, Plains All American Pipeline LP, and Enbridge Energy Partners LP -while dumping shares of other energy stocks, including oilfield services giant Schlumberger Ltd, which managed to make the number-two top spot on CNN's top ten list of "job-killing" companies earlier this year after cutting nearly 12,500 jobs in 2016.
In February, T. Boone Pickens had told Bloomberg Go that he sold all his oil-related holdings, and would re-enter when the time was right, stating that the market was oversupplied by 1 million to 1.5 million barrels per day. The announcement came only a bit over a month after a 13F filing that revealed he had taken on 55 new equity positions in the fourth quarter of 2015.
By Charles Kennedy of Oilprice.com
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