Rise to Success: Career Highlights of T. Boone Pickens

From career breakthroughs to professional milestones, explore how T. Boone Pickens made an impact.

T. Boone Pickens was an American business magnate, financier, and hedge fund manager. He gained prominence as a takeover operator and corporate raider in the 1980s. Pickens chaired BP Capital Management and amassed a substantial net worth, estimated at $500 million as of November 2016. He was a significant figure in the world of finance and corporate restructuring.

Sections (3)

Full Timeline Early Life & Education Career & Achievements

1954: Departure from Phillips Petroleum

In 1954, Pickens left his employment at Phillips Petroleum.

1956: Founding of Mesa Petroleum

In 1956, Pickens founded the company that would later become Mesa Petroleum.

1981: Mesa becomes one of the largest independent oil companies

By 1981, Mesa had grown into one of the largest independent oil companies in the world, Pickens led Mesa's first major acquisition, a takeover of the Hugoton Production Company.

March 1985: Pickens on Time Magazine Cover

In March 1985, T. Boone Pickens gained widespread public recognition after appearing on the cover of Time magazine following the Gulf Oil takeover attempt.

1986: Creation of United Shareholders Association (USA)

In 1986, Pickens was involved in the creation of the United Shareholders Association (USA) to influence corporate governance.

1988: Consideration of Presidential Run

In 1988, Pickens briefly considered running for president of the United States.

1993: USA's final year

1993 marks the final year of the United Shareholders Association.

1996: Sale of Mesa to Richard Rainwater

In 1996, Mesa was in financial trouble and was sold to financier Richard Rainwater, who subsequently had Pickens removed from the company.

1997: Merger of Mesa with Parker & Parsley

In 1997, Mesa merged with Parker & Parsley Petroleum to form Pioneer Natural Resources.

1997: Formation of Pickens Fuel Corporation

In 1997, Pickens formed Pickens Fuel Corporation to promote natural gas as a vehicular fuel alternative.

1997: Founding of BP Capital Management

In 1997, Pickens founded BP Capital Management (then called BP Energy Fund).

July 1998: SEC Approves One-Share, One-Vote Rule

In July 1998, after debate, the Securities and Exchange Commission approved a one-share, one-vote rule, a primary objective of the United Shareholders Association (USA).

2001: Reincorporation as Clean Energy Fuels Corporation

In 2001, Pickens Fuel Corporation reincorporated as Clean Energy Fuels Corporation, operating natural gas fueling stations across North America.

2003: $70 million donation to OSU

In 2003 Pickens donated $70 million to OSU through O.S.U. Cowboy Golf, Inc.

December 30, 2005: $165 Million Gift to Oklahoma State University

On December 30, 2005, Pickens donated $165 million to Oklahoma State University, invested in a hedge fund controlled by Pickens.

2005: Texas Law to Promote Wind Energy Projects

In 2005, Texas implemented a law designed to promote new wind energy projects.

2005: Hurricane Katrina Relief Efforts

In 2005, in the wake of Hurricane Katrina, Pickens and his then-wife Madeleine chartered airplanes to transport dogs rescued from floodwaters in New Orleans and donated $7 million via BP Capital LLC.

November 6, 2006: $5 Million Donation to Texas Woman's University

On November 6, 2006, Pickens donated $5 million toward the construction of Texas Woman's University's T. Boone Pickens Institute of Health Sciences-Dallas Center.

2006: Pickens' Earnings from BP Capital

In 2006, Pickens earned $990 million from his equity in the two funds and $120 million from his share of the 20% fees applied to fund profits.

February 2007: Donation to Happy Hill Farm for New Campus

In February 2007, T. Boone Pickens donated $1 million to Happy Hill Farm for the construction of a new academic campus at the residential school.

May 16, 2007: Donation to UT Southwestern Medical Center and M.D. Anderson Cancer Center

On May 16, 2007, T. Boone Pickens donated $100 million to the UT Southwestern Medical Center at Dallas and The University of Texas M. D. Anderson Cancer Center in Houston. The donation requires growth to $1 billion within 25 years before disbursement.

July 28, 2007: OSU Investment in BP Capital Management

On July 28, 2007, the Board of Regents of Oklahoma State University approved a resolution to move $28 million from the OSU Foundation into Pickens' BP Capital Management company.

August 16, 2007: Mesa Power Announces Texas Wind Farm Project

On August 16, 2007, T. Boone Pickens' Mesa Power announced it had filed documents to add four gigawatts of electricity to the Texas grid with up to 2,700 turbines on up to 200,000 acres, projecting completion in 2011.

August 23, 2007: Donation to Happy Hill Farm Academy/Home

On August 23, 2007, it was reported that T. Boone Pickens would be donating $2.5 million to Happy Hill Farm Academy/Home, a residential school for at-risk children and teenagers, to build a training center and guest lodge.

September 19, 2007: Prediction of Oil Price Increase

On September 19, 2007, T. Boone Pickens told CNBC that the price of oil could rise to $100 per barrel, citing increased demand and flat supply, and promoted natural gas for vehicles.

December 5, 2007: Donation to Jubilee Park

On December 5, 2007, the Dallas Business Journal reported that T. Boone Pickens had donated $6 million to Jubilee Park in Dallas and would start demolition of an abandoned building near a kindergarten program.

2007: Pickens' Earnings Skyrocket

In 2007, Pickens earned $2.7 billion due to the growth of BP Capital Equity Fund and Capital Commodity fund, which had large positions in stocks like Suncor Energy, ExxonMobil and Occidental Petroleum.

January 2, 2008: First Contract for $100 bbl Oil Sold

On January 2, 2008, the first contract for $100 per barrel oil was sold on the NYMEX exchange.

January 30, 2008: Pickens Ready to Buy Wind Turbines

On January 30, 2008, it was reported that T. Boone Pickens was ready to start buying wind turbines for his Texas wind farm project within a month, planning to purchase between 1,700 and 2,000 turbines costing $200-300 million.

May 15, 2008: Mesa Power Orders Turbines from General Electric

On May 15, 2008, T. Boone Pickens' Mesa Power announced a first order for 667 1.5-megawatt turbines from General Electric for delivery in 2010 and 2011.

May 21, 2008: $100 Million Donation to OSU Academics

On May 21, 2008, Pickens donated $100 million to academics at Oklahoma State University, to be matched by the state of Oklahoma.

June 20, 2008: Donation to University of Calgary's Faculty of Medicine

On June 20, 2008, T. Boone Pickens donated $25 million to the University of Calgary's Faculty of Medicine during a visit with Calgary Flames owner Harley Hotchkiss.

July 8, 2008: Announcement of the Pickens Plan

On July 8, 2008, T. Boone Pickens announced a major energy policy proposal called the Pickens Plan, aimed at reducing U.S. dependency on foreign oil by converting the commercial transport sector to natural gas and utilizing the wind corridor in the Great Plains.

July 2008: Congressional Testimony on the Pickens Plan

In July 2008, T. Boone Pickens testified before Congress on the Pickens Plan, noting it would generate new jobs and provide economic stimulus but would require new transmission lines.

July 2008: Oil Price Briefly Closed Above $145

In early July 2008, the price of oil briefly closed above $145 per barrel.

July 17, 2008: Texas Approves Funding for Transmission Lines

On July 17, 2008, the Texas Public Utilities Commission approved ratepayer funding of $4.98 billion in electric transmission lines to connect wind farms in the Texas Panhandle to the electric grid.

September 2008: Oil Price Settles Under $110

By the beginning of September 2008, the price of oil settled to under $110 per barrel.

October 9, 2008: Oil Price Plummets Below $85

By October 9, 2008, the price of oil plummeted back below $85 per barrel.

October 2008: Decline in Value of OSU Donations

In October 2008, it was reported that Pickens's gifts to Oklahoma State University had seen a large decline in their market value due to the financial recession.

October 21, 2008: Donation to Downtown Dallas YMCA and Renaming

On October 21, 2008, T. Boone Pickens donated $5 million to the Downtown Dallas YMCA, which was subsequently renamed the "T. Boone Pickens YMCA" in his honor to encourage fitness and health.

November 21, 2008: Oil Price Falls Below $50

As of November 21, 2008, the price of oil had fallen below $50 a barrel, mostly due to fears of a global recession.

2008: Publication of 'The First Billion Is the Hardest'

In 2008, Pickens' book, "The First Billion Is the Hardest", was published, in which he expressed belief in the "peak oil" theory.

The First Billion Is the Hardest: Reflections on a Life of Comebacks and America's Energy Future

Check it on Amazon

July 8, 2009: Postponement of Texas Wind Farm Plans

On July 8, 2009, it was reported that T. Boone Pickens postponed plans to build his Texas wind farm due to unavailable transmission line capacity and financing issues, but was still committed to purchasing wind turbines and developing wind projects.

2009: Franklin Institute Bower Award

In 2009, Pickens received The Franklin Institute "Bower" Award for Business Leadership recognizing his visionary leadership in energy production and philanthropic contributions.

2009: Restated Oil Price Prediction

In early 2009, T. Boone Pickens restated his prediction that the price of oil would be back to $100 a year from then during a Meet the Press interview.

May 22, 2010: Oil Price Bet Outcome

On May 22, 2010, the bet between T. Boone Pickens and John Stossel about the price of oil ended with the price of oil at $69.92, below the $100 threshold Pickens predicted.

December 10, 2010: Pickens Cites Low Natural Gas Prices

On December 10, 2010, MSNBC reported that T. Boone Pickens said low natural gas prices have made utility companies view wind power as too expensive.

December 15, 2010: Pickens Scraps Wind Farm Plans

On December 15, 2010, it was reported that T. Boone Pickens had scrapped plans for wind farms and would instead focus exclusively on natural gas due to low natural gas prices making wind power too expensive for utility companies.

2010: Awarded "Effecting Change" Award and Donation to UT Dallas Center for Brain Health

In 2010, T. Boone Pickens was awarded the annual "Effecting Change" award by 100 Women in Hedge Funds. Additionally, Pickens donated over $11 million to The University of Texas at Dallas Center for Brain Health.

2010: Turbine Delivery

In 2010, deliveries began of the 667 1.5-megawatt turbines from General Electric.

2011: Turbine Delivery

In 2011, deliveries began of the 667 1.5-megawatt turbines from General Electric.

2011: Projected Completion of Wind Farm

The filing with the Electric Reliability Council of Texas (ERCOT) projected that the Mesa Power wind farm project would be completed in 2011 and would include up to 2,700 turbines on up to 200,000 acres in the Texas Panhandle.

February 21, 2013: Support for Eco-Friendly Food Truck

On February 21, 2013, T. Boone Pickens spoke on behalf of Clean Energy Fuels with New York City Mayor Michael Bloomberg in support of Neapolitan Express, a new eco-friendly food truck emitting 75% fewer greenhouse gases.