bp capital management, bp holdings sweden

7/31/2019 BP Capital Management, bp holdings sweden

1/11

H T T P : / / R I C HARD -W I L S ON . B L OG S P O T . C OM / 2 0 0 8 / 0 9 / B P -C A P I T A L - MANAG EMEN T - B OON E - P I C K EN S . H TM L

BP HOLDINGS
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2/11

BP CAPITAL MANAGEMENT

This post is being written as part of HedgeFundBlogger.com's InvestmentSecurities Tool which analyzes the holdings of hedge fund managers.

With all the commotion surrounding energy these days, it never hurts to trackan energy focused hedge fund ran by none other than T. Boone Pickens. If you

are unfamiliar with Pickens, he is an energy maverick and his fund returned300% in 2005. He is a big advocate of Peak Oil Theory and runs an energy-centric hedge fund based in Dallas, Texas. Although he typically holdsnumerous positions in oil, he is also big on alternative energy (except ethanol)and has numerous holdings there as well. He most recently advocated a largenatural gas position and has additionally made a big bet on wind energy.

So, now that we've got a little background on Boone and BP Capital, let's seewhat they were up to. The following are BP Capital's current holdings as ofJune 30th 2008, as released in their most recent 13F filing with the SEC. Thepositions in this most recent 13F were compared to last quarter's 13F and hereare the changes made to their portfolio:


3/11

NEW POSITIONS:

BPZ Resources (BZP): 350,000 shares. This position is 0.48% of BP's portfolio.

EOG Resources (EOG): 322,266 shares. This position is 1.9% of BP's portfolio.

Tenaris (TS): 1,106,394 shares. This position is 3.88% of BP's portfolio.

Devon Energy (DVN): 845,946 shares. This position is 4.79% of BP's portfolio.

Chesapeake Energy (CHK): 1,838,129 shares. This position is 5.7% of BP's

portfolio.


4/11

ADDED TO:

Occidental Petroleum (OXY): Increased position by 2.88%. Now 8.7% of their

portfolio.

Transocean (RIG): Increased position by 2.88%. Now 8% of their portfolio.

Suncor (SU): Increased position by 105.7%. Now 7% of their portfolio.

Schlumberger (SLB): Increased position by 11.6%. Now 6.5% of their portfolio.

Halliburton (HAL): Increased position by 65.7%. Now 6.1% of their portfolio.

Denbury Resources (DNR): Increased position by 2.88%. Now 5.4% of their portfolio.

Weatherford (WFT): Increased position by 250%. Now 4.5% of their portfolio.

XTO Energy (XTO): Increased position by 66.66%. Now 3.85% of their portfolio.

Talisman Energy (TLM): Increased position by 19.8%. Now 3.78% of their portfolio.

ABB (ABB): Increased position by 2.88%. Now 3.65% of their portfolio.

Jacobs Engineering (JEC): Increased position by 2.88%. Now 3.55% of their portfolio.

Sandridge Energy (SD): Increased position by 2.88%. Now 3.2% of their portfolio.


5/11

Fluor (FLR): Increased position by 2.88%. Now 2.75% of their portfolio.

Foster Wheeler (FWLT): Increased position by 2.88%. Now 2.57% of their portfolio.

Shaw Group (SGR): Increased position by 17.6%. Now 2.34% of their portfolio.

Chevron (CVX): Increased position by 2.8%. Now 2.11% of their portfolio.

Dresser Rand (DRC): Increased position by 2.88%. Now 1.79% of their portfolio.

McMoran Exploration (MMR): Increased position by 2.88%. Now 1.35% of theirportfolio.

KBR (KBR): Increased position by 2.88%. Now 1.05% of their portfolio.

Greenbrier Companies (GBX): Increased position by 2.88%. Now 0.56% of theirportfolio.


6/11

REDUCED POSITIONS:

Removed Positions (Positions BP sold out of completely):

Titanium Metals (TIE)

Positions with no change:

InterOil Corp (IOC): 1.3% of the portfolio

Clean Energy Fuels (CLNE): 0.2% of the portfolio


7/11

TOP 10 HOLDINGS BY % OF

PORTFOLIO:

1. Occidental Petroleum (OXY): 8.7% of the portfolio

2. Transocean (RIG): 8% of the portfolio

3. Suncor (SU): 7% of the portfolio

4. Schlumberger (SLB): 6.5% of the portfolio

5. Halliburton (HAL): 6.1% of the portfolio


8/11

6. Chesapeake Energy (CHK): 5.7% of the portfolio

7. Denbury Resources (DNR): 5.4% of the portfolio

8. Devon Energy (DVN): 4.79% of the portfolio

9. Weatherford Intl (WFT): 4.5% of the portfolio

10. Tenaris (TS): 3.88% of the portfolio


9/11

Breakdown: T. Boone Pickens didn't do a whole lot of selling. In fact, he only

made one sale: Titanium Metals (TIE), which he completely sold out of. But, in

terms of selling... that's it. He didn't reduce any of his other positions at all.

Whether he was hoarding cash or funding other purchases with his sale of TIE,

who knows. But, what we do know, is that he was out adding various new positions

and boosting stakes in current holdings. In terms of new holdings, Boone started

some big positions in Tenaris (TS), Devon (DVN), and Chesapeake (CHK). All

three positions were large enough to land in the top 10 of portfolio holdings after

just being added last quarter. In terms of adding to existing holdings, Boone was

adding heavily to Suncor (SU), XTO Energy (XTO), and Weatherford (WFT). He

boosted his positions in XTO by 66%, in SU by 105% and in WFT by 250%.

Adding big to his Suncor position means that it is now his fund's 3rd largest

holding, behind only Transocean (RIG) and Occidental (OXY).


10/11

The rest of additions T. Boone made are really minor. For instance, he added to a

myriad of positions, increasing practically every other remaining position by

around 2.8%. Don't try to make sense of this, because he did the exact same thing

last quarter as I showed in the previous 13F update I wrote about BP below within

past 13F analysis. Basically, it looks as if Boone has some spare cash laying around

and he's slowly but surely easing into positions by adding to them by 2.8% each

quarter. So, I think it makes sense to put more emphasis on the positions he has

massively added to like the ones I highlighted in the paragraph above. But, at the

same time, I think it's worth mentioning the various other names he seems to be

slowly building a core position in over time.


11/11

That's really it concerning BP Capital's portfolio. Remember that this is an energy

centric hedge fund and they undoubtedly have positions in the actual commodities

markets themselves. And, we can't see these positions. Since the 13F filings we

track are done through the SEC, they only track equities traded on the stock

exchanges. The funds are not required to report holdings in the currency,

commodity, or futures markets. So, keep in mind this is only the equity portion of

BP's portfolio.

bp capital management, bp holdings sweden

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