Pickens Not Surprised By Libya, Says Oil Headed Higher (CHK, DVN, EOG, CLNE, BP, HAL, NOV)
Legendary energy investor T. Boone Pickens said he’s not surprised by the political tensions in Libya that have sent oil prices higher, adding the situation is a reminder for the U.S. to reduce its dependence on foreign sources of oil. Pickens’ top-15, U.S.-listed, equity holdings included some of the biggest oil and natural gas producers at the end of last year.
“No surprise, we could see it coming,” Pickens said in an interview Friday with CNBC. “We warned about it. Get on your own resources. Get off OPEC oil and here we are.” The price surge in oil on the back of escalating tensions in the Middle East has proven correct Pickens’ previous forecast calling for $100 oil in the first quarter and he believes prices are headed higher.
Pickens also renewed his calls for the U.S. to increase its of cleaner-burning natural gas, noting that U.S. oil consumption is “not sustainable.” BP Capital owned shares of Chesapeake Energy (CHK), the second-largest U.S. natural gas producer, as well Devon Energy (DVN) and EOG Resources (EOG), two companies with significant gas exposure, at the end of 2010. Pickens is also the co-founder of natural gas firm Clean Energy Fuels (CLNE), which focuses on using the fuel for vehicles, especially trucks and buses.
BP (BP), Europe’s second-largest oil company, was Pickens’ top integrated oil holding at the end of last year. The firm also hold stakes in oil services firms such as Halliburton (HAL), the second-largest oilfield services provider in the world, and National Oilwell Varco (NOV).
If you want to see how your performance stacks up against Pickens’ or just view some BP Capital’s top holdings visit tickerspy.com to see the firm’s latest disclosed holdings and a chart of their combined performance.
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