Worried about the collapsing price of natural gas, Boone Pickens recently sold his entire stake in Chesapeake Energy, he told CNBC during an exclusive interview at the SALT alternative-asset conference in Las Vegas.Read the rest of the article here.
Pickens, who manages a $140 million energy-focused equity fund as part of his investment firm BP Capital, held about $13 million worth of Chesapeake [CHK 16.5385 -0.6415 (-3.73%) ] shares, which made up 9 percent of BP’s equity portfolio as of late December, according to a recent filing. But Pickens told CNBC he sold that position in the last few months as the price of gas spiraled below $2.
The surprise disclosure comes at an uncomfortable time for Chesapeake, whose shares have plummeted amid revelations that CEO Aubrey McClendon accepted loans from a private-equity firm that was also lending to Chesapeake in order to finance his investments in some of the company’s wells.
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