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Oilman T. Boone Pickens to close energy fund

T. Boone Pickens
T. Boone Pickens, Founder & Chairman of BP Capital Management. Photo: Riccardo Savi / Getty Images for Concordia Summit

Oilman and energy trader T. Boone Pickens, 89, said he is closing the hedge fund he's run for the past 20 years, BP Capital, per the WSJ. He cited his deteriorating health and the fund's weak financial performance.

Why it matters: It's the end of an era for a key energy figure, but separately, and more broadly, his decision to wind down the fund reflects the struggles being felt industry-wide. Several other commodity funds have also closed recently as a result of low returns and falling oil prices.