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Crude Oil Inventory Draw Fails To Move Market

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T. Boone Pickens Offloads Pinnacle Midstream

Oil

BP Energy Partners—owned by oil tycoon T. Boone Pickens—is offloading a small portfolio company, Pinnacle Midstream, according a new report by Reuters.

Anonymous sources said Pinnacle could sell for around $300 million for its gas and crude gathering and transloading services in Texas, New Mexico, Louisiana, Oklahoma, and Mississippi.

Just yesterday, Pinnacle announced the construction of a 60 million cubic feet per day gas plant in Culberson Country, Texas, that will come online by the fourth quarter of 2017.

We believe that Pinnacle can be a ‘One Stop Shop’ for the Culberson and Reeves County Producer,” CE Greg Sargent said in a press release. “This will allow Pinnacle to lay all necessary pipelines to the individual well in order for the producer to begin production without the addition of any trucks to the area, thus improving on production run time and reducing the possibility of accidents or spills."

Pickens has long lobbied for the United States to wean itself from its dependence on Middle Eastern oil in favor of domestic oil and natural gas resources. His vision is known as the Pickens Plan. There’s a TED talk about it and everything.

Related: Top Asset Managers Still Bullish On Crude

BP Capital Partners released a statement from Pickens after President Donald Trump announced the U.S.’ planned withdrawal from the Paris climate change accord. The oil man said the international agreement was “another bad deal negotiated by the Obama administration, and America should applaud President Trump’s decision to exit.”

“Make America Great Again,” he said at the very end.

Pickens had previously been a believer in wind energy, but he lost $150 million in investments in the sector when the green energy proved too uncompetitive against natural gas, solar, and other power sources.

By Zainab Calcuttawala for Oilprice.com

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  • Jack Webb on June 16 2017 said:
    Pickens' is broke - he's selling everything, including his car

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