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Billionaire Pickens Energy Fund Loses Half Its Value in Downturn

By Tony Seruga

T. Boone Pickens. Photographer: Andrew Harrer/Bloomberg

Market value of energy fund has fallen to $35.6 million
Fund sold out of mostly smaller oil service companies

Billionaire investor T. Boone Pickens reversed course in the third quarter by slimming down his energy holdings as the worst oil market downturn in decades drags on longer than many expected.

The value of energy holdings in his Dallas-based TBP Investments Management fund fell by more than half in the quarter to $35.6 million, according to data compiled by Bloomberg. The fund exited stakes in 13 companies including smaller oilfield contractors Pioneer Energy Services Corp., C&J Energy Services Ltd. and Patterson-UTI Energy Inc. It also sold off smaller positions in exploration companies Apache Corp. and Occidental Petroleum Corp…

Billionaire Pickens Energy Fund Loses Half Its Value in Downturn

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