Few people have made more money in oil than T. Boone Pickens. The billionaire oil tycoon grew up in Oklahoma during the Great Depression. From those humble beginnings, he went on to make a fortune in the energy patch. In the 1960s, Pickens got his start as a wildcatter. He branched out into different activities over the following years, working both as a corporate raider in the 1980s and hedge fund manager at BP Capital, LP. For this reason, I always watch where Pickens puts fresh money to work. And right now, he’s betting on pipelines.
Over the past year, Pickens has quietly bought up stakes in a number of partnerships, like Phillips 66 Partners LP (NYSE:PSXP), Energy Transfer Partners LP (NYSE:ETP), and Magellan Midstream Partners, L.P. (NYSE:MMP). He’s also backing up the truck on a new position. Last quarter, Pickens upped his position in Shell Midstream Partners LP (NYSE:SHLX). As of the last filing, his hedge fund now owns over 250,000 units in the operation. Investors should take note. Pipelines represent a backdoor play on the nation’s oil boom, to begin with. New technologies have unlocked vast quantities of oil and natural gas, even at today’s low energy prices.
Source: Income Investors
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