T. Boone Pickens
T. Boone Pickens, Jr. (born May 22, 1928) is an American businessman, head of Mesa Petroleum, and well-known takeover artist during the 1980s.
Pickens was born in Holdenville, Oklahoma to a Texas oil and mineral rights leasor. Pickens attended Texas A&M and Oklahoma A&M, joining Sigma Alpha Epsilon fraternity. He graduated from Oklahoma State University with a degree in geology in 1951. After a period as a wildcatter he started working for Phillips Petroleum. Shortly therafter he struck out on his own founding the company that became Mesa in 1956.
By 1981, Mesa had grown into one of the largest independent oil companies in the world when Pickens decided that acquiring other oil and gas companies was more profitable than oil exploration and production. He spent much of the decade targeting undervalued companies, making solicited and unsolicited buyout bids and other merger and acquisition activity. This made Pickens a celebrity during the 'deal-making' 80s. His most publicized deals included an attempted buyout of Cities Services, an attempted takeover of Diamond Shamrock, as well as a proxy fight for Gulf Oil.
These as well as other deals placed Pickens at the center of controversy during the 80s. His fame, or notoriety, rose so quickly after the Gulf Oil takeover that he briefly considered running for president in the 1988 elections. He was typically characterised as a corporate raider and greenmailer, as many of his deals were not completed though Pickens received substantial profits through the eventual sale of his stock in the company being taken over. He was a major force in the creation of the United Shareholders Association (USA), which from 1986 to 1993 attempted to influence the governance of large companies.
His activism reached even to the local level, as he organized a campaign in the mid-1980s against the local newspaper in Amarillo, Texas, for what he claimed was inaccurate reporting about his deals and Mesa. His attempts to have the newspaper owner, Morris Communications, change editorial policy to treat Pickens more favorably were famously rebuffed. Shortly thereafter, Pickens and Mesa moved to Dallas.
Recently, Pickens has begun speaking out on the issue of Peak Oil, claiming that world oil production is about to enter a period of irrevocable decline. He has called for the construction of more nuclear power plants, the use of natural gas to power the country's transportation systems, and the promotion of alternative energy.
Pickens is a financial supporter of President George W. Bush, having contributed to his campaign, as well as a $250,000 contribution for Bush's second inauguration and a $2.5 million contribution for the Swift Boat Veterans ads attacking Bush's rival, John Kerry. Another $2.5 million went to the Progress for America advocacy group in the 2004 election cycle alone.
Pickens and employees of his BP Capital LLC donated $5 million to the Hurricane Katrina relief effort.
In early 2006, Pickens donated $165 million to the athletic department of Oklahoma State University. The gift will help fund an upgrade of the football stadium and contribute to an overall overhaul of athletic facilities. The donation comes after a $70 million gift to OSU in 2003.
Pickens lives with his wife, Beatrice, in Dallas, Texas. The couple formerly lived in Amarillo, Texas, and Pickens for decades has owned a ranch along the Canadian River in the Texas Panhandle.