T.

Boone Pickens (Hugoton Production Company)

Thomas Boone Pickens, Jr. (born May 22, 1928), known as T. Boone Pickens, is an American financier who chairs the hedge fund BP Capital Management. He was a wellknown takeover operator and corporate raider during the 1980s. With an estimated current net worth of about $1.4 billion, he is ranked by Forbes as the 290th-richest person in America and ranked 880th in the world. By 1981, Mesa had grown into one of the largest independent oil companies in the world . Pickens led Mesa's first major acquisition, a takeover of the Hugoton Production Company, which was 30 times the size of Mesa. He then shifted his focus to acquiring other oil and gas companies by making solicited and unsolicited buyout bids and other merger and acquisition activity. Pickens corporate acquisitions made him a celebrity during the 'deal -making' 1980s. His most publicized deals included attempted buyouts of Cities Service, Gulf Oil, Phillips Petroleum, and Unocal. During this period that Pic kens led Mesa's successful acquisitions of Pioneer Petroleum and the mid -continent assets of Tenneco. These as well as other deals placed Pickens at the center of controversy during the 1980s. His celebrity rose so quickly after the Gulf Oil takeover bid that time magazine put Pickens on the cover for the March 1985 issue. He briefly considered running for president in the 1988 electionsDuring this period, he was often characterized as a corporate raider and greenmailers, as many of his deals were not compl eted though Pickens and the shareholders he represented received substantial profits through the eventual sale of their stock. His later takeover targets included Newmont Mining, a New York-based firm, Diamond Shamrock, and Koito Mfg., Ltd., a Japanese auto-parts manufacturer, making substantial gains in the process. He was also involved in the creation of the United Shareholders Association (USA), which from 1986 1993 attempted to influence the governance of several large companies. After nearly two years of periodic hearing and debate, in July 1998 the Securities and Exchange Commission voted 4 1 to approve a oneshare, one-vote rule, a primary USA objective. On the local level, Pickens chaired the Board of Regents of West Texas State University in Canyon and in 1987 1988 contributed to the restoration of the administration building known as "Old Main". He was also active in the Republican Party in Potter County. Pickens organized a campaign in the mid-1980s against the Amarillo GlobeNews newspaper, for what he claimed was inaccurate reporting about his deals and Mesa. Although the newspaper owner, Morris Communications, replaced its publisher twice during the conflict, Pickens' attempts to have the paper change its editorial policy failed. Shortly thereafter, in 1989, Pickens and Mesa moved to a suburb of Dallas.

In 1997 Pickens founded BP Capital Management (then called BP Energy Fund)

the initials

standing for "Boone Pickens" and not related to British Petroleum. He holds a 46% interest in the company which runs two hedge funds, Capital Commodity and Capital Equity, both of which invest primarily in traditional energy companies such as oil, natural gas, and nuclear power corporations like Halliburton, Schlumberger, and Shaw Group. In 2006, Pickens earn ed $990 million from his equity in the two funds and $120 million from his share of the 20% fees applied to fund profits. ] In 2007, Pickens earned $2.7 billion, as BP Capital Equity Fund grew by 24% after fees, and the then $590 million Capital Commodity fund grew 40%, thanks to, among others, large positions in the stocks of Suncor Energy, ExxonMobil and Occidental Petroleum. Pickens has recently begun buying up subsurface water rights in Texas. CBS News reported in 2006 that Pickens' company, Mesa Water, bought ground water rights for 200,000 acres (800 km2) in Roberts County, Texas for $75 million, estimating the investment will be worth $1 billion. "'I know what people say won't have any water.' Pickens' most recent recognition comes from The Franklin Institute in Philadelphia. T. Boone Pickens received the 2009 Bower Award for Business Leadership for 50 years of vi sionary leadership in oil and other types of energy production, including domestic renewable energy, and for his philanthropic leadership contributing to education, medical research, and wildlife conservation. water's a lot like air. Do you charge for air? 'Course not; you shouldn't charge f or water,' says Pickens. 'Well, OK, watch what happens. You