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BP Capital Management

Posted Oct 10 2012 9:11am
http://richard-wilson.blogspot.com/2008/09/bp-capital-management-boone-pickens.h

This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

With all the commotion surrounding energy these days, it never hurts to track an energy focused hedge fund ran by none other than T. Boone Pickens. If you are unfamiliar with Pickens, he is an energy maverick and his fund returned 300% in 2005. He is a big advocate of Peak Oil Theory and runs an energy-centric hedge fund based in Dallas, Texas. Although he typically holds numerous positions in oil, he is also big on alternative energy (except ethanol) and has numerous holdings there as well. He most recently advocated a large natural gas position and has additionally made a big bet on wind energy.

So, now that we've got a little background on Boone and BP Capital, let's see what they were up to. The following are BP Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
BPZ Resources (BZP): 350,000 shares. This position is 0.48% of BP's portfolio.
EOG Resources (EOG): 322,266 shares. This position is 1.9% of BP's portfolio.
Tenaris (TS): 1,106,394 shares. This position is 3.88% of BP's portfolio.
Devon Energy (DVN): 845,946 shares. This position is 4.79% of BP's portfolio.
Chesapeake Energy (CHK): 1,838,129 shares. This position is 5.7% of BP's portfolio.

Added to:
Occidental Petroleum (OXY): Increased position by 2.88%. Now 8.7% of their portfolio.
Transocean (RIG): Increased position by 2.88%. Now 8% of their portfolio.
Suncor (SU): Increased position by 105.7%. Now 7% of their portfolio.
Schlumberger (SLB): Increased position by 11.6%. Now 6.5% of their portfolio.
Halliburton (HAL): Increased position by 65.7%. Now 6.1% of their portfolio.
Denbury Resources (DNR): Increased position by 2.88%. Now 5.4% of their portfolio.
Weatherford (WFT): Increased position by 250%. Now 4.5% of their portfolio.
XTO Energy (XTO): Increased position by 66.66%. Now 3.85% of their portfolio.
Talisman Energy (TLM): Increased position by 19.8%. Now 3.78% of their portfolio.
ABB (ABB): Increased position by 2.88%. Now 3.65% of their portfolio.
Jacobs Engineering (JEC): Increased position by 2.88%. Now 3.55% of their portfolio.
Sandridge Energy (SD): Increased position by 2.88%. Now 3.2% of their portfolio.
Fluor (FLR): Increased position by 2.88%. Now 2.75% of their portfolio.
Foster Wheeler (FWLT): Increased position by 2.88%. Now 2.57% of their portfolio.
Shaw Group (SGR): Increased position by 17.6%. Now 2.34% of their portfolio.
Chevron (CVX): Increased position by 2.8%. Now 2.11% of their portfolio.
Dresser Rand (DRC): Increased position by 2.88%. Now 1.79% of their portfolio.
McMoran Exploration (MMR): Increased position by 2.88%. Now 1.35% of their portfolio.
KBR (KBR): Increased position by 2.88%. Now 1.05% of their portfolio.
Greenbrier Companies (GBX): Increased position by 2.88%. Now 0.56% of their portfolio.

Reduced Positions:
none

Removed Positions (Positions BP sold out of completely):
Titanium Metals (TIE)

Positions with no change:
InterOil Corp (IOC): 1.3% of the portfolio
Clean Energy Fuels (CLNE): 0.2% of the portfolio

Top 10 holdings by % of portfolio:
1. Occidental Petroleum (OXY): 8.7% of the portfolio
2. Transocean (RIG): 8% of the portfolio
3. Suncor (SU): 7% of the portfolio
4. Schlumberger (SLB): 6.5% of the portfolio
5. Halliburton (HAL): 6.1% of the portfolio
6. Chesapeake Energy (CHK): 5.7% of the portfolio
7. Denbury Resources (DNR): 5.4% of the portfolio
8. Devon Energy (DVN): 4.79% of the portfolio
9. Weatherford Intl (WFT): 4.5% of the portfolio
10. Tenaris (TS): 3.88% of the portfolio
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