Reuters: Regulatory News: Boone Pickens firm cuts holdings in BP, Chesapeake

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Boone Pickens firm cuts holdings in BP, Chesapeake Aug 14th 2012, 21:52 Tue Aug 14, 2012 5:52pm EDT * Total stock holdings decline by 25 pct * Adds Range Resources to stock holdings * Drops shares of Golar LNG By Jeanine Prezioso NEW YORK, Aug 14 (Reuters) - BP Capital, the investment management firm led by billionaire energy investor T. Boone Pickens, sold all of its holdings in number two U.S. gas producer Chesapeake Energy and oil major BP PLC, according to second quarter filings posted with the U.S. Securities and Exchange Commission on Tuesday afternoon. The firm also sold its full holdings in two oilfield services companies and a liquefied natural gas tanker operator, filings showed. BP Capital sold 499,055 shares in Chesapeake, valued at $11.56 million as of March 31, between the first and second quarters. Pickens had said in May, after the firm filed its first-quarter holdings with the SEC, that he was selling all his Chesapeake shares because of falling natural gas prices, according to a CNBC report. New York Mercantile Exchange natural gas prices hit decade lows in the spring. A spokesman for BP Capital did not immediately reply to a request for comment. BP Capital's total stock holdings between the first and second quarters declined by about 25 percent to $130 million at the end of the second quarter. The firm also sold 452,111 shares of BP PLC valued at $20.3 million as of the end of the first quarter, dissolving all of its ownership in the stock. The firm had purchased shares of the international oil major in the third quarter of 2010 for the first time in nearly six years. It held between 400,000 and just over 600,000 shares of BP worth between $14 million and $26 million, depending on the quarter, until the end of the current quarter, SEC filings show. BP Capital cut its holdings in oilfield services companies Halliburton and Schlumberger worth a combined $7.76 million. The investment management firm also cut $5 million worth of shares in LNG tanker company Golar LNG, and reduced its holdings in SandRidge Energy to $1.86 million from $9.25 million in the first quarter of 2012. The firm added 84,531 shares of natural gas producer Range Resources between quarters, valued at $5.2 million in the second quarter, SEC filings showed. Investment fund managers who oversee $100 million or more in equities are required to file a form 13F to report their securities holdings to the SEC 45 days after the end of the quarter. Link this Share this Digg this Email Reprints

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