Oilman T. Boone Pickens Has Died -Sept 11
Posted: Wed Sep 11, 2019 3:36 pm
T. Boone Pickens Jr., an oilman and pioneer in hostile takeovers, has died.
He was 91 years old.
As the longtime chief executive of Mesa Petroleum , an independent oil and natural-gas company he founded, Pickens’ folksiness, advocacy for shareholder rights, and populist vilification of “Big Oil” helped turn him into one of the most recognizable executives in the U.S. for decades.
Born in Holdenville, Okla., Pickens was a trained geologist who went to work for Phillips Petroleum after graduating from college. Two years later, he struck out on his own, forming what was later renamed Mesa.
Read more: https://www.barrons.com/articles/t-boon ... yptr=yahoo
MY TAKE: Boone was a visionary that became a billionaire by often going against "the herd".
Boone founded Mesa Petroleum in the 1950s. It hit hard times when the price of natural gas collapsed. Dallas billionaire Richard Rainwater and his wife, Darla Moore, who managed their investments, bought shares in Mesa. Eventually, Ms. Moore pushed Pickens out of the company he had run for 40 years in 1996—an ironic twist for the one-time corporate raider.
Mesa eventually merged with another independent energy producer to become Pioneer Natural Resources (PXD), which is now one of our "Elite Eight".
He was 91 years old.
As the longtime chief executive of Mesa Petroleum , an independent oil and natural-gas company he founded, Pickens’ folksiness, advocacy for shareholder rights, and populist vilification of “Big Oil” helped turn him into one of the most recognizable executives in the U.S. for decades.
Born in Holdenville, Okla., Pickens was a trained geologist who went to work for Phillips Petroleum after graduating from college. Two years later, he struck out on his own, forming what was later renamed Mesa.
Read more: https://www.barrons.com/articles/t-boon ... yptr=yahoo
MY TAKE: Boone was a visionary that became a billionaire by often going against "the herd".
Boone founded Mesa Petroleum in the 1950s. It hit hard times when the price of natural gas collapsed. Dallas billionaire Richard Rainwater and his wife, Darla Moore, who managed their investments, bought shares in Mesa. Eventually, Ms. Moore pushed Pickens out of the company he had run for 40 years in 1996—an ironic twist for the one-time corporate raider.
Mesa eventually merged with another independent energy producer to become Pioneer Natural Resources (PXD), which is now one of our "Elite Eight".