Icahn remembers laughing when Pickens said, "Don't you think that's a trend? He was a stand-up guy from the old school. Thomas Boone Pickens Jr. His father was a "landman," who sold oil and mineral rights. As a year-old paperboy, Pickens started out with 28 customers, but by acquiring adjacent routes one at a time he quadrupled his business. His family moved to Amarillo, Texas, where he attended high school. The companies became Mesa Petroleum, which Pickens took public in and became one of the largest independent oil and gas companies in the United States.
He was smart and shrewd, with an ability to analyze and think through a problem, step by step. Five years after creating Mesa, Pickens targeted Hugoton Production for a hostile takeover, seeing that the value of Hugoton's extensive gas reserves in Kansas dwarfed its low stock price.
Although Mesa was substantially smaller than Hugoton, Pickens gathered the support of its shareholders by promising greater returns and better management. During the early s, Pickens took his corporate raider talents to new levels, investing in chunks of undervalued oil companies, trying to take them over and making big profits even if the buyout failed. As described on his website :. They rode that monster, and got thrown some, but Big Oil was never the same again.
Cities Service counterattacked by trying to acquire Mesa. Gulf, one of the "Seven Sister" oil giants, defended itself by turning to Chevron as its "white knight.
Some accused Pickens of being a "greenmailer," in which an investor purchases large amounts of a company, then launches a takeover to run up the price before bailing out. But Pickens rejected that label. But there was no arguing that Pickens' takeover tactics made him a bundle.
They also landed him on the cover of Time magazine. There he was in , sitting behind a pile of poker chips — blue chips — and holding a hand of cards decorated by oil derricks. On his 85th birthday, a total stranger mailed Pickens a trunk of Civil War-era letters written by his ancestors. The two Confederate soldiers on the front lines were writing home to their parents.
Both brothers survived the war and the letters chronicle their journey. A public funeral will be held at 2 p. Confirmed speakers include longtime friend Alan White and Texas Gov. Greg Abbott. Online: Boone Pickens: His Life. His Legacy. Skip to content.
United States. Pickens died of natural causes, his family said, surrounded by loved ones. Boone Pickens on one of his business flights to experience a day in the life of the oil tycoon. Local The latest news from around North Texas. Tarrant County Veterans Day Parade 53 seconds ago. Fort Worth 21 mins ago. How does he do it? A complete stranger mailed T.
Boone Pickens Civil War-era letters and other artifacts that once belonged to his ancestors. Alan White Alan White, left, with T.
Boone Pickens, right. After more than half a century in the energy business, her advice has proven itself to be spot-on time and time again. My failures? I never have any doubt whom they can be traced back to. My successes? Never forget where you come from.
I was fortunate to receive the right kind of direction, leadership, and work ethic — first in Holdenville, then as a teen in Amarillo, Texas, and continuing in college at what became Oklahoma State University.
I honored the values my family instilled in me, and was honored many times over by the success they allowed me to achieve. I also long practiced what my mother preached to me throughout her life — be generous. Those values came into play throughout my career, but especially so as my philanthropic giving exceeded my substantial net worth in recent years. For most of my adult life, I've believed that I was put on Earth to make money and be generous with it.
I've never been a fan of inherited wealth. My family is taken care of, but I was far down this philanthropic road when, in , Warren Buffet and Bill Gates asked me to take their Giving Pledge, a commitment by the world's wealthiest to dedicate the majority of their wealth to philanthropy. I agreed immediately.
I liked knowing that I helped a lot of people. I received letters every day thanking me for what I did, the change I fostered in other people's lives.
Those people should know that I appreciated their letters. Over the years, my staff got used to hearing me in a meeting or on the phone asking, "Whaddya got? I left an undying love for America, and the hope it presents for all.
I left a passion for entrepreneurship, and the promise it sustains. I left the belief that future generations can and will do better than my own. Get the latest Oil WTI price here.
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