Thomas Boone Pickens, known as T. Boone Pickens, is a legendary energy investor, In early 2018, the 89-year old announced that due to health reasons and failing returns in the oil & gas sector he was shutting down his BP Capital energy hedge fund. On February 28, 2018, BP Capital affiliate TriLine Index Solutions announced the launch of the Pickens Oil Response ETF (BOON), which will trade on the NYSE and is designed to mimic Pickens' investment strategy. It will track the Pickens Oil Response Index, which was developed last year by BP Capital.
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 his two hedge funds that were widely known for corporate takeovers. Below are the five largest positions in the BP Capital Fund Advisors portfolio (which will remain open after the closure of the energy fund), according to a February 2018 filing with the SEC.
Enterprise Products Partners LP
Since Enterprise Products Partners LP (NYSE: EPD) went public in 1998, the Houston-based pipeline company has grown its asset base from $715 million to a market cap of $55 billion as of 2017. The company oversees 50,000 miles of pipeline and 26 natural gas processing plants and announced two facilities expansions in Texas in January of 2018.
According to the Houston Business Journal, Enterprise Products Partners is the Houston area's sixth-largest public company.
Antero Midstream GP LP
With a market cap of $3.45 billion, Antero Midstream GP LP (NYSE: AMGP) owns, operates, and develops midstream natural gas resources for the benefit of Antero Resources' production services. The company is headquartered in Denver, CO. Shares were trading at about $18 as of February 28, 2018.
Energy Transfer Partners LP
Energy Transfer Partners LP (NYSE: ETP) was founded in Texas in 1995 as a small natural gas pipeline operator. The company now has a market cap of $21.4 billion and oversees more than more than 71,000 miles of natural gas, natural gas liquids (NGLs), refined products, and crude oil pipelines. In April of 2017, the company acquired Sunoco Logistics Partners.
Energy Transfer Partners is the developer of the Dakota Access Pipeline, which runs through North Dakota, South Dakota, Iowa, and Illinois and began commercial service in 2017.
WPX Energy Inc
WPX Energy Inc (NYSE: WPX), based in Tulsa, specializes in producing oil, natural gas, and natural gas liquids. It operates on over 500,000 acres in the Delaware, Williston, and San Juan basins in Texas, New Mexico, North Dakota, New Mexico, and Colorado.
The company has a market cap of $5.7 billion and saw its stock price rise steadily in the third quarter of 2017. The stock was trading at $14.35 as of February 28, 2018.
Oasis Petroleum Inc.
Oasis Petroleum Inc. (NYSE: OAS) is a Texas-based petroleum and natural gas company. Its activities are primarily focused on the Williston Basin, which is comprised of parts of Montana, North Dakota, South Dakota, and Saskatchewan. The company has a market cap of $2.53 billion. As of February 28, 2018, shares were trading at about $8.