Wednesday, 31 August 2016
Last updated 1 hour ago
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.