Billionaire investor T. Boone Pickens cut his energy equity fund’s holdings, selling North American oil and gas producers including Encana Corp., Cabot Oil & Gas Corp. (COG:US) and Apache Corp. (APA:US) during the third quarter.
Pickens’s Dallas-based BP Capital Management LP sold 341,380 shares of Encana valued at $7.1 million, 165,902 shares of Cabot valued at $6.5 million and 42,216 shares of Apache valued at $3.7 million in the three months ended Sept. 30, according to a filing with the U.S. Securities and Exchange Commission.
Natural gas producers’ earnings and cash flow have been trimmed by a plunge in prices as gas futures traded in New York touched a 10-year low in April amid a glut of the fuel. The prices have since risen, and climbed to a one-year high today as colder weather approached parts of the U.S.
The value of Pickens’s equity holdings fell 24 percent to $98.8 million as of Sept. 30, from $130.7 million at the end of the second quarter, according to the filing.
In the latest quarter, Pickens’ fund bought coal producers including 237,700 shares of Arch Coal Inc. (ACI:US) valued at $1.5 million and 48,075 shares of Consol Energy Inc. (CNX:US) valued at $1.4 million. BP Capital also took a $5.1 million stake in oil field services provider Halliburton Co. (HAL:US), purchasing 152,334 shares.
Pickens sold down stakes in Transocean Ltd., McMoRan Exploration Co. (MMR:US) and National Oilwell Varco Inc. (NOV:US) His fund increased stakes in Valero Energy Corp. (VLO:US), Sandridge Energy Inc. (SD:US), Southwestern Energy Co. (SWN:US) and Anadarko Petroleum Corp. (APC:US)
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
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