T. Boone Pickens

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T. Boone Pickens
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Occupation founder and chairman
Employer BP Capital Management
Website www.pickensplan.com

Thomas Boone Pickens, born May 22, 1928, is founder and chairman of BP Capital Management, an energy-focused investment fund, and principal of TBP and BPC.[1] He is also founder of Mesa Petroleum, the largest independent producer of domestic oil and gas.

He is also the majority shareholder in Clean Energy Fuels, a company that supplies fuel for natural gas vehicles.[2]

Pickens began his career working as a roughneck and in a refinery before he worked as a geologist for Phillips Petroleum. Pickens left the company in 1954 where he was a self-employed consultant. He founded the company that became Mesa Petroleum in 1956 and formed a partnership with Eugene McCaartt and John O'Brien, his wife's uncle to create Petroleum Exploration. Petroleum Exploration sold oil and mineral prospects early and then in 1958 discovered eight gas and one oil well.[3]

In 1964, Picken's took Petroleum Exploration public and renamed the company Mesa Petroleum.

Pickens is known for his acquisitions as well. In 1969, Mesa acquired about one-third of Hugoton Production Co. and the companies merged later. Mesa late acquired Swisher County Cattle Co. and increased cattle production into the second largest cattle feeder operation in the U.S.

In 1970, Mesa acquired Pubco Petroleum. In 1976, the company discovered the largest off-shore oil field in the world in the North Sea and later sold the operation to British National Oil Company.

In 1985, Pickens merged his company with Pioneer to forge the largest independent oil company in the world and reorganized it as Mesa Limited Partnership. Also in 1985, he founded Boone Company. And in 1991, he sold off a significant stake in Mesa to Seagull Energy of Houston.

In 1997, Pickens founded BP Capital, which runs two hedge funds, Capital Commodity and Capital Equity, both of which are heavily focused on oil and natural gas.

Pickens is a controversial figure as a corporate raider accused of breaking up companies. His Pickens Plan, launched in July 2008, advocates a massive shift in US energy policy, from crude oil to wind and natural gas.[4][5][6]

Background

Education

He received a bachelor's degree from Oklahoma A&M (now Oklahoma State University) in 1951, in geology.

References

  1. Boone Pickens. BP Capital.
  2. Pickens Plan Stirs Debate, and Qualms. The New York Times.
  3. T. Boone Pickens. Famous Texans.
  4. Pickens Goes For The Grass Roots. Forbes.
  5. Pickens' Plan: Use Wind for Gas, Gas for Oil. CNBC.
  6. Pickens Power Makes Al Gore Convenient Truth in U.S. Oil Policy. Bloomberg.