WHEN: Tuesday, September 2nd at 12:45PM ET
WHERE: CNBC's "Power Lunch"

Following are excerpts from the unofficial transcript of the CNBC interview with BP Capital's Boone Pickens on CNBC's "Power Lunch." In the interview, Pickens discusses OPEC, among other topics.

All references must be sourced to CNBC.

FRANCIS: I'M JOINED BY BOONE PICKENS. WE'RE HERE TO TALK ABOUT HIS BOOK BEING RELEASED TODAY. BUT I CAN'T HELP ASK HIM AS WE STAND HERE IN THE HOUSE THAT BUILT BOONE, WHAT DO YOU THINK ABOUT -- WHAT DO YOU THINK ABOUT THE HUGE DOWN DRAFT IN CRUDE TODAY? REALLY GETTING CRUSHED.

PICKENS: IT IS. I THINK IT'S -- THAT IT'S, YOU KNOW, IT'S THE ATTITUDE OF THE MARKET. AND A LITTLE BIT OF NEWS BAD OR GOOD, IT JUST TAKES US DOWN FURTHER. AND I DON'T KNOW.I WAS A LITTLE SURPRISED. IT WAS HEAVIER THAN I THOUGHT.BUT I FIGURED IT WOULD BE DOWN.

FRANCIS: I GOT TO ASK YOU, WHERE DO YOU THINK WE'RE GOING FROM HERE? ARE WE GOING TO HIT $100 OR BELOW?

Richard Drew / AP Boone Pickens

PICKENS: I DON'T THINK WE'LL GO BELOW $100. I THINK THEY'LL START TO SUPPORT IT IS WHAT WILL HAPPEN. AND THEY'LL CUT PRODUCTION. BUT THEY LIKE IT. OPEC LIKES IT UP HERE. IT'S FUN.YOU KNOW? THEIR REVENUES THIS YEAR WILL BE OVER A TRILLION, TWO HUNDRED AND FIFTY BILLION DOLLARS.

FRANCIS: YOU THINK THEY'RE GOING TO CUT AND DEFEND $100 ON SEPTEMBER 9th. YOU THINK THEY'LL CUT PRODUCTION?

PICKENS: I DO.

FRANCIS: LET'S GET ON TO THE BOOK. THIS IS HOW I GOT YOU ON HERE TODAY. THE FIRST BILLION IS THE HARDEST. TELL ME ABOUT THIS. IS THE FIRST BILLION THE HARDEST? THE SECOND BILLION IS JUST A PIECE OF CAKE?

PICKENS: THE SECOND BILLION IS A LOT EASIER THAN THE FIRST BILLION. THE FIRST BILLION TOOK 75 YEARS OR SOMETHING. AND THE SECOND BILLION TOOK TWO YEARS. SO IT WAS EASIER. ONCE YOU CATCH ON HOW TO DO IT, IT GOES PRETTY GOOD.

FRANCIS: IS THAT WHAT YOU TELL US IN HERE, HERE, HOW TO GET IT DONE?

PICKENS: I DON'T TALK A LOT ABOUT MAKING MONEY IN HERE. THAT'S TITLE KIND OF MAKES ME A LITTLE BIT, YOU KNOW, NERVOUS. I'M NOT THE KIND OF GUY TO BE BRAGGING ABOUT HOW MUCH MONEY I'M WORTH.

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