Tags: Pickens | Buys | Stake | BP | Sells | Transocean | Shares

Pickens Buys Stake in BP, Sells Transocean Shares

Monday, 15 Nov 2010 03:06 PM

Billionaire oil investor T. Boone Pickens bought shares of BP Plc, the owner of the well that caused the biggest offshore U.S. crude spill in history, and sold his holdings in Transocean Ltd., which owned the drilling rig that exploded, according to a regulatory filing.

Pickens’s BP Capital Management LP bought $19.8 million worth of London-based BP’s American depositary receipts in the three months ending Sept. 30, according to a public filing today. Pickens began acquiring the stock after BP’s Macondo well in the Gulf of Mexico erupted in April and spewed 4.9 million barrels of crude. Each receipt is worth six ordinary BP shares.

BP Capital, based in Dallas, sold its holdings in Transocean, the Vernier, Switzerland-based company that leased the Deepwater Horizon rig that exploded to BP. The fund held almost 202,000 shares of Transocean in the second quarter.

The value of BP Capital’s holdings rose 34 percent to $279.3 million from $208.3 million in the prior quarter, according to a Bloomberg calculation. Pickens said in July that BP was a “good buy.”

BP Capital also bought $13 million in shares of Schlumberger Ltd., the Houston-based oil services provider. The fund acquired $11.4 million worth of Geneva-based Noble Corp., the world’s third-largest deep-water oil and natural-gas driller.

Adding Shares

Pickens’s fund in the third quarter increased stakes in Apache Corp., the Houston-based independent oil company; McMoRan Exploration Co., the New Orleans-based partner in U.S. offshore oil discoveries; and Plains Exploration & Production Co., the Houston-based oil and gas producer.

The fund cut holdings in Hess Corp., the New York City- based oil company, and Anadarko Petroleum Corp., the Woodlands, Texas-based partner in BP’s Macondo well, according to the filing.

Money managers who oversee more than $100 million in equities must file a Form 13F with the U.S. Securities and Exchange Commission within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the funds hold.

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