Boone Pickens Moves Into Integrated Oil at Expense of Refiners

As far as oil goes, when Boone Pickens speaks, people listen. With that in mind, we wondered how his stock holdings changed during the third quarter. Boone Pickens helps run an energy focused hedge fund with over $1.3 billion in assets, and below we summarize his fund's holdings as of its most recent filing. During the quarter, Mr. Pickens appears to have soured on the refiners, as he sold his remaining stakes in Tesoro (TSO) and Valero (VLO). He also lowered his stake in Dresser-Rand (DRC) by over 25%.

On the upside, Mr. Pickens initiated new positions in three new stocks, and by the looks of it, he is becoming more positive on the integrated oils. He invested $140 million in Exxon Mobil (XOM) and $82 million in Chevron (CVX) for a total of $222 million. His other new position was a smaller investment - $42 million - in Foster Wheeler (FWLT), which as of the end of the third quarter was up 138% year to date.