Renowned energy investor T. Boone Pickens is shutting the doors on his energy hedge cache, BP Capital. Pickens cited declining health as a reason for closing the savings.
“It’s no secret the past year has not been good to me, from a health sentiment or a financial one,” Pickens said in a confidential letter obtained by CNBC. “Health-wise, I’m in any event recovering from a series of strokes I suffered late last year, and a notable fall over the summer. If you are lucky enough to make it to 89 years of age of a piece with I have, those things tend to put life in perspective.”
The fund wishes “move toward a family office structure,” he said, noting that key hands of BP Capital will be going out on their own.
Pickens rose to prominence as the chief of Mesa Petroleum during a spell of corporate takeovers in the 1980s. After retiring at 68, he formed the zip investment firm BP Capital, where he made his first billion dollars.
Since then, he has remained a closely followed answer of energy markets.
“It has been one hell of a roller coaster ride,” he state. “I’ve seen oil prices bounce around from $10 a barrel up to $147, down to $26 and now act to be inching up ever so slowly.”
“I’ve thrived and profited on the volatility in the energy latitude. But for me, personally, trading oil is not as intriguing to me as it once was,” Pickens added.
But Pickens conveyed he has no plans of “fading away.” Rather, he will work on recovering his strength and continue to invest in philantropy and political causes. He also plans to be prolonged giving commentary on the energy market.
“As this chapter closes, I couldn’t be more intoxicated at what lies ahead,” Pickens said in the letter.
The Wall Roadway Journal first reported Pickens fund was closing on Friday.
—CNBC’s Tom DiChristopher supported to this report.