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NYP: Boone Took a Hit in July
by Christopher Glynn ,Senior Reporter, August 13, 2008

The New York Post said T. Boone Pickens “took a beating” investing in natural gas and oil in July.

The commodity portfolio of his BP Capital lost 35%.

Overall, the fund lost 10% last month, the tabloid said.

Pickens said a “steep decline” in natural gas and oil had an “adverse impact on our performance” in an investor letter.

The Post called the downturn “embarrassing” for wildcatter Pickens. The Texas oilman, 80, is campaigning to boost alternative energy output.

Pickens has sided with the “Peak Oil” premise and in April predicted the cost of oil would top $150 a barrel. But after hitting a record high of $147.27 in July, the cost of oil per barrel has plummeted $35 to $113.

Pickens was not the lone casualty of the commodity backlash. The average hedge fund lost 4.35% on the HFN Hedge Fund Aggregate Average in July.

Dallas hedge fund BP Capital has $7 billion under management.

  
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2 Comments
Post a comment.
POSTED BY Christopher Glynn at 8/13/2008 12:41:40 PM
This downturn is either 1) temporary (in a volatile market you can expect this kind of thing) or 2) more long-lived, due to the economic slowdown. The long-term prospects for Boone's investments are still fine. Demand has fallen, and that is both good and bad news. But long-term, supply will not be able to keep up with demand, escalating the price until again more demand will be destroyed. It's simple economics of supply and demand, plus the geological fact that fossil fuel energy is not infinite and is becoming harder and harder to get at.
POSTED BY Allen Fuller at 8/15/2008 1:08:17 PM
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