BP Capital Left With Just $40M In Assets

Feb 18 2009 | 1:02am ET

BP Capital Management lost some 97% of its value in the fourth quarter as it sold off most of its holdings and met investor redemptions, according to a regulatory filing.

The Texas hedge fund, run by billionaire oilman T. Boone Pickens, has just nine energy companies left in its portfolio. In a Nov. 14 filing, it said it owned 26.

The fund is now worth just $40 million, down from $1.29 billion as of Sept. 30.

In December, investors pulled some 65% of the fund’s assets.


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