T. Boone Pickens’ eponymous fund, BP Capital Fund Advisors LLC, plans to revamp an oil-focused exchange-traded fund with a shift to renewables in mid-August, according to a filing on July 26. Bloomberg first reported the filing.
The index was co-developed by BP Capital’s investment adviser and Morningstar Inc., according to Bloomberg. It is made up of North American companies that are “leaders in the transition to a low-carbon economy,” according to a regulatory filing.
Pickens’ shut his main hedge fund in January 2018. At the time, he said oil trading had lost its luster and posted on LinkedIn that he wanted to invest in “personal passions like promoting unbridled entrepreneurship.”
Last year, he launched the oil response spinoff to BP Capital and offered investors exposure to companies that benefited from a rise in global crude prices.
The revamped ETF, which will trade as RENW, is based on an index of companies that derive “significant revenue” from renewables or meet a large portion of their energy needs from renewable sources, according to the Bloomberg report, which also said BP Capital “isn’t totally giving up on petroleum—the firm will continue to offer a pipeline ETF, for example.”
Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Sept 19, as flooding forced a major refinery, a key oil pipeline, terminals and a ship channel in Texas to shut, according to sources familiar with operations.
The waterflood project is Chevron’s first in the deepwater Wilcox trend and is expected to contribute an estimated ultimate recovery of more than 175 million barrels of oil equivalent.
Talos Energy Inc. has entered into two separate agreements on Sept. 19 with BP Plc and Exxon Mobil Corp. related to new exploration opportunities in the U.S. Gulf of Mexico (GoM).