Oil tycoon T. Boone Pickens is throwing in the towel on his energy focused hedge fund after a 22-year-long “roller coaster ride.”
“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” Pickens wrote in a Linkedin post Friday, referring to the series of strokes and bad fall he suffered from last year.
“If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective,” Pickens said.
And the energy market has not been kind in recent years. Oil prices — though rebounding — have yet to return to their July 2014 peak of more than $100 a barrel.
Pickens launched BP Capital in 1996, when he was 68 and already a legend in this industry. He said running the fund was “one hell of a roller coaster ride,” noting that he’s seen oil go from a low of $10 a barrel to $147. But trading in energy is no longer his passion.
“I’ve thrived and profited on the volatility in the energy space. But for me, personally, trading oil is not as intriguing to me as it once was,” Pickens said.
BP Capital managed as much as $2 billion a decade ago, according to the Wall Street Journal, which first reported the fund’s closure.
That figure has dropped sharply as total assets for the firm that housed Pickens’ fund now account for less than $1 billion, the Journal reported, citing sources.
BP Capital’s closure comes five months after oil-trading “God” Andy Hall closed his flagship fund Astenbeck Master Commodities Fund II. Hall said in a July letter to investors that conditions have “materially worsened.”
As for Pickens, he plans to focus on his health as well as entrepreneurial, philanthropic and political endeavors.
“It’s time to start making new plans and setting new priorities,” Pickens said.