Thomas Boone Pickens, known as T. Boone Pickens, is a famous American business figure. Pickens got his start in the oil and gas industry in the 1950s after his family took advantage of the oil booms in Oklahoma and Texas. Pickens graduated from Oklahoma A&M (now Oklahoma State University) in 1951 with a degree in geology. From there, he jumped straight into the family business at Phillips Petroleum.

He worked there until he founded his own oil company, which later became known as Mesa Petroleum, to raise the capital he needed to start BP Capital Management, the parent company of two hedge funds that are known for corporate takeovers. Below are the five largest positions in Pickens' portfolio.

Pioneer Natural Resources Company

Pioneer Natural Resources (NYSE: PXD) is an independent oil and gas company. The company is the result of a merger between Parker & Parsley Petroleum Company and Mesa Petroleum. Its main business is the production of oil and natural gas. The company makes up 12.56% of Pickens' portfolio.

The Motley Fool reports that Pioneer had a good year in 2015. Looking forward to 2016, analysts believe that the company is likely to continue its trend and increase production by as much as 15%. Oil prices are keeping the stock price low, but the company stands to benefit from the eventual rebound in energy prices.

Exxon Mobil Corp.

Exxon Mobil Corp. (NYSE: XOM) is one of the largest oil and gas companies in the world. The company is a component member of both the Dow Jones Industrial Average and the S&P 500. It is the third-largest company in the world by market cap and the fifth-largest company in the world by revenue. It specializes in the production and refinement of oil and makes up 10.73% of Pickens' portfolio.

Suppressed oil prices have kept Exxon Mobil's stock price low. However, the company still pays a healthy dividend, and capital gains should increase as energy prices increase.

Anadarko Petroleum Corp.

Anadarko Petroleum Corp. (NYSE: APC) is a U.S. oil and gas exploration company that owns nearly 3 billion barrels of oil equivalent. The company is one of the largest exploration and production companies and is a component member of the S&P 500. Pickens has allocated 9.28% of his portfolio to Anadarko's stock.

Like other oil and gas companies, Anadarko is facing an uphill battle with declining energy prices. However, management decisions to cut costs, reduce capital expenditures and focus on long-term growth have kept the stock performing fairly well, given the current environment.

Gulfport Energy Corp.

Gulfport Energy Corp. (NASDAQ: GPOR) is an independent oil and gas company that specializes in exploration and production. Its largest properties are in the Utica Shale of eastern Ohio and along the Louisiana Gulf Coast. The company makes up 9.20% of Pickens' portfolio allocation.

Unlike Anadarko, the management team of Gulfport Energy has combated the decline in the oil and gas industry by increasing capital expenditures (CAPEX) to accelerate its activities. Management is also reducing costs with service providers to offset the CAPEX increases.

Weatherford International

Weatherford International (NYSE: WFT) is one of the largest oil and natural gas service companies in the world. The company provides products and services for drilling activities, and constructs and commissions pipelines. It represents 8.28% of Pickens' portfolio.

The company's stock has taken a dip in 2015 and into 2016. Unfortunately for Weatherford International, the macro business environment has been unkind while it has faced a long corporate restructuring initiative. Look for this company to bounce back when energy prices increase and after the restructuring has solidified.

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