T. Boone Pickens closing energy hedge fund, cites health concerns

FILE - In this July 25, 2006, file photo, Oklahoma energy tycoon T. Boone Pickens, right, with his wife, Madeleine, appear at a House Energy and Commerce subcommittee hearing on Capitol Hill in Washington. A federal lawsuit accuses Madeleine Pickens, the ex-wife Pickens, of racial discrimination at her rural Nevada dude ranch. (AP Photo/Dennis Cook, File)

An Oklahoma icon is stepping away from the business he started in 1996.

In a post on LinkedIn, T. Boone Pickens announced Friday he'll be closing the doors to his energy hedge fund, BP Capital. In a lengthy statement, Pickens cited ongoing health issues over the past year.

"It’s no secret the past year has not been good to me, from a health perspective or a financial one," said Pickens. "Health-wise, I’m still recovering from a series of strokes I suffered late last year, and a major fall over the summer. If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective. It’s time to start making new plans and setting new priorities."

The 89-year-old Pickens founded BP Capital in 1996 after leaving his CEO position at Mesa Petroleum. He stated the fund will "move more toward a family office structure" and that a number of key members of his staff will be "striking out on their own."

"With fingers crossed, I have no intention of fading away," said Pickens. "It’s just time to get my affairs in order. As I’ve long said, a fool with a plan can beat a genius without one every day. I am creating a new plan that will include turning my full attention to recovering my health and continuing to invest in personal passions like promoting unbridled entrepreneurship and philanthropic and political endeavors. I fully intend to continue to provide my perspective on energy and cultural commentary."

Pickens full statement can be found here.

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