‘Oracle of oil’ T. Boone Pickens dies at 91 vanguardngr.com vanguardnews
T. Boone Pickens, a celebrated corporate raider and energy industry magnate who built an empire out of an initial $2,500 investment, died on Wednesday at age 91, Reuters reported.The Oklahoma-born tycoon, known for his folksy speech and ruthless business acumen, died surrounded by his family and friends, said longtime spokesman Jay Rosser.
According to the Reuters report, Pickens was remembered for his contributions to advances in medical research, athletic and educational initiatives, and for advocating for increased domestic use of abundant natural gas. Pickens had aspirations of creating the world’s biggest wind farm in the Panhandle with the capability of powering 1.3 million homes at a cost of $10 billion. By 2010, however, he had given up on a big-scale wind farm due to difficulties with financing and a lack of transmission lines.
Dubbed the “oracle of oil” in media outlets, Pickens portrayed himself as a tireless campaigner for shareholder rights and repeatedly argued that America’s managers had become more concerned with the four P’s – pay, perks, power and prestige – than with making money for the company’s real owners. In 1996, Pickens, announced his retirement from Mesa. The move came after a long battle with dissident shareholders, who were angry at the company’s mounting debts. Critics say he held bitter grudges against those he thought had crossed him.
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