OKLAHOMA CITY (AP) — T. Boone Pickens, a brash and quotable oil tycoon who grew even wealthier through corporate takeover attempts, died Wednesday. He was 91.
Pickens was surrounded by friends and family when he died of natural causes under hospice care at his Dallas home, spokesman Jay Rosser said. Pickens suffered a series of strokes in 2017 and was hospitalized that July after what he called a “Texas-sized fall.”
An only child who grew up in a small railroad town in Oklahoma, Pickens followed his father into the oil and gas business. After just three years, he formed his own company and built a reputation as a maverick, unafraid to compete against oil industry giants.
In the 1980s, Pickens switched from drilling for oil to plumbing for riches on Wall Street, leading bids to take over big oil companies including Gulf, Phillips and Unocal.
Even when Pickens and other so-called corporate raiders failed to gain control of their targets, they scored huge payoffs by selling their shares back to the company and dropping their hostile takeover bids.
Former President George W. Bush said in a statement that Pickens became a household name because he was “bold, imaginative and daring.”
“He was successful, and more importantly, he generously shared his success with institutions and communities across Texas and Oklahoma,” Bush said.
Later in his career, Pickens championed renewable energy including wind power. He argued that the U.S. needed to reduce its dependence on foreign oil and sought out politicians to support his “Pickens Plan,” which envisioned an armada of wind turbines across the middle of the country that could generate enough power to free up natural gas for use in vehicles.
“I’ve been an oilman all my life, but this is one emergency we can’t drill our way out of,” he said in 2009.
But Pickens couldn’t duplicate his oil riches in renewable energy. In 2009, he scrapped plans for a huge Texas wind farm after running into difficulty getting transmission lines approved, and eventually his renewables business failed.
“It doesn’t mean that wind is dead,” Pickens said at the time. “It just means we got a little bit too quick off the blocks.”
In 2007, Forbes magazine estimated Pickens’ net worth at $3 billion. In 2016, the magazine put it at $500 million.
He was among those who signed a “giving pledge” started by billionaire investor Warren Buffet and Microsoft co-founder Bill Gates, promising to donate a majority of his wealth to charity.
“I firmly believe one of the reasons I was put on this Earth was to make money and be generous with it,” Pickens said on his website.