More Videos
- Millions Could Have to Repay Part of Obama's Tax Credit
- What Recovery? Many Homeowners Still Underwater
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Madoff Auction: $4,750 for a Decoy Duck?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Retail Sales Show Gain, But Manufacturing Gauge Slips
- How Much Do You Know About Green?
- Solar Energy Emerges From a Dark Period
- Drillers Seek Scotch Lost in Antarctica in 1909
- Will the S&P 500 Close Above 1100?
- What Were The Northwest Pilots Really Doing?
- Your Jobless Recovery Game Plan
- S&P to Hit 1,175 in the Short Term: Strategist
- Busch: US Health Care Bill a Concern for the Chinese
- Underwater Mortgages Could Sink Even Deeper
- My Market and Fed Outlook Now: BlackRock's Doll
- Farrell: The Market is Still Seeking Reassurance
- GM Cuts Losses—Plans Early Loan Repayment
MOST SHARED
- BlackRock: Central Banks To Be Net Buyers of Gold
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- Millions May Have to Repay Part of Obama Tax Credit
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Weak US Housing Market Drags on Lowe's Profit
- Underwater Mortgages Could Sink Even Deeper
- Madoff Auction: $4,750 for a Decoy Duck?
- Devon to Sell its Gulf, International Assets
- U.S. May Wind Up Green With Envy
Text Size 
He's been knocked down before, he intends to recover again, but for now, Boone Pickens is out of the market.
The oil industry legend's BP Capital has been slammed by the credit crunch, shrinking by about 60 percent so far this year. That's a drop of some $2 billion since it peaked in late June.
"We're out of the market, and have been for several weeks," Pickens told CNBC's "Squawk Box." "I want to see a little more (from) the market before we move back in again; we're not going to be in any rush."
(Watch the accompanying videos for the full interview with Boone Pickens.)
He said his fund will have been cut down to around $500 million by the end of the week, when the last redemptions have been made.
The fund was badly hurt by the precipitous drop in the price of oil. Pickens predicts that price will recover to about $100 per barrel during 2009.
"This is the worst credit crunch I've ever had," he said, adding, "We've been through them before; you just work your way through it."
He predicts consolidation as the oil industry struggles to cope with the price plunge.
"I guess I'm kind of anxious to see the first offer for a company," he said. "We may be a few months away from it."
He declined to name names.
Print
Email
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- If a terrible driver on your morning commute has you feeling like you want to scream, check this out.
Data is a real-time snapshot *Data is delayed at least 15 minutes