T Boone Pickens was recently on Larry King Live to talk about the BP plc debacle (ticker: BP). From everything he said, there is no reason to believe that the oil leak will stop leaking any time soon. He gave his thoughts on what has happened and what he expects to happen.
Pickens stated that BP has made some progress. They are collecting more oil now. 11,000 barrels a day. Pickens spoke with BP on June 8 and BP thinks that they can improve on the 11,000 barrels. The current fix is a band-aid in essence. There is no way to turn off the leak right now. At least not the way they are doing things right now. All that can be done is to collect as much oil as possible.
As for the relief well, there is no guarantee that it will do anything and it will not be done till August.
Some think that BP at current levels is an investment. Realize that it is not. It is pure speculation.
T Boone Pickens is a holder of many companies involved in the oil and gas industries. Among them is a personal favorite, Sandridge Energy (ticker: SD). Sandridge Energy is Pickens 4th largest holding. If interested in investing in oil and gas, do not consider BP. Consider one of the many other oil and gas stocks in T Boone Pickens portfolio.
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View the entire interview below:
T Boone Pickens top holdings are as follows:
DISCLOSURE: Hold SandRidge Energy (ticker: SD) stock.
Pickens stated that BP has made some progress. They are collecting more oil now. 11,000 barrels a day. Pickens spoke with BP on June 8 and BP thinks that they can improve on the 11,000 barrels. The current fix is a band-aid in essence. There is no way to turn off the leak right now. At least not the way they are doing things right now. All that can be done is to collect as much oil as possible.
As for the relief well, there is no guarantee that it will do anything and it will not be done till August.
Some think that BP at current levels is an investment. Realize that it is not. It is pure speculation.
T Boone Pickens is a holder of many companies involved in the oil and gas industries. Among them is a personal favorite, Sandridge Energy (ticker: SD). Sandridge Energy is Pickens 4th largest holding. If interested in investing in oil and gas, do not consider BP. Consider one of the many other oil and gas stocks in T Boone Pickens portfolio.
'
View the entire interview below:
T Boone Pickens top holdings are as follows:
No. 1: Transocean Inc. (RIG, Financial), Weightings: 18.36% - 345,980 Shares
Transocean LTD., formerly Transocean Inc., is an international provider of offshore contract drilling services for oil and gas wells. Transocean Inc. has a market cap of $14.16 billion; its shares were traded at around $44.27 with a P/E ratio of 4.5 and P/S ratio of 1.2. Transocean Inc. had an annual average earning growth of 22% over the past 10 years.No. 2: McMoRan Exploration Co. (MMR, Financial), Weightings: 10.66% - 1,186,425 Shares
McMoRan Exploration Co. is engaged in the exploration, development and production of oil and gas offshore in the Gulf of Mexico and onshore in the Gulf Coast region, and in the mining, purchasing, transporting,terminaling, processing and marketing of sulfur. Mcmoran Exploration Co. has a market cap of $987.5 million; its shares were traded at around $10.69 with and P/S ratio of 2.3.No. 3: WEATHERFORD INTERNATIONAL, LTD. (SWITZERLAND) (WFT, Financial), Weightings: 8.81% - 903,781 Shares
Weatherford International is one of the world's providers ofequipment and services used for the drilling, completion and production of oil and natural gas wells. Weatherford International, Ltd. (switzerland) has a market cap of $10.1 billion; its shares were traded at around $13.64 with a P/E ratio of 43.9 and P/S ratio of 1.2. Weatherford International, Ltd. (switzerland) had an annual average earning growth of 18.5% over the past 10 years.No. 4: SANDRIDGE ENERGY INC (SD, Financial), Weightings: 8.52% - 1,799,860 Shares
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City with its principal focus on exploration and production. Sandridge Energy Inc has a market cap of $1.4 billion; its shares were traded at around $6.63 with a P/E ratio of 12.3 and P/S ratio of 2.4.No. 5: Smith International Inc. (SII, Financial), Weightings: 8.22% - 312,285 Shares
Smith International, Inc. is a worldwide supplier of premium products and services to the oil and gas exploration and production industry, the petrochemical industry and other industrial markets. Smith International Inc. has a market cap of $9.96 billion; its shares were traded at around $40.09 with a P/E ratio of 80.3 and P/S ratio of 1.2. The dividend yield of Smith International Inc. stocks is 1.2%. Smith International Inc. had an annual average earning growth of 19.4% over the past 10 years.DISCLOSURE: Hold SandRidge Energy (ticker: SD) stock.
