Posted on 08/16/2016 8:59:15 AM PDT by bananaman22
t’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.
(Excerpt) Read more at oilprice.com ...
I thought T. Boone was going Wind and Solar
“I thought T. Boone was going Wind and Solar”
He was IF he could get the subsidies and concessions he was asking for.
I think Pickens knows that the political instability in Venezuela and Nigeria could result in as much as nearly 5 million barrels of crude oil exports coming to a halt. And that could send the price of oil rocketing to $80 to $90 per barrel in very short order.
Yeah the oil and gas market is getting hit hard with low prices BUT the infrastructure is still being built and has seen little slow down. We need more transmission lines and they are being built.
The article said that it was mostly pipeline companies - so not a play expecting a higher oil price.
He’s on the record as saying he lost a Billion dollars on Wind. Not sure if he’s still heavy on wind/solar.
Not sure about his business dealings but I like his philosophy, he said you can have all the advantages and all the brains in the world, without WORK-ETHIC you will never succeed.
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