Billionaire oilman T. Boone Pickens isn’t bullish on natural gas, but he isn’t ready to write off struggling gas producer Chesapeake Energy Corp.
Pickens told CNBC’s Squawk Box he expects Chesapeake to make it through its current cash crunch behind “visionary” CEO Aubrey McClendon.
“He gets over his skis sometimes, but don’t bet against Aubrey. They’ll pull it out.”
Pickens said Chesapeake should not have any trouble selling its valuable holdings in west Texas’ oil-rich Permian Basin, which he expects to draw about $6 billion.
The Holdenville native also backed off previous comments about ending his lobbying efforts in Washington, D.C., because of the country’s continued failure to establish a national energy policy.
He has been pushing for legislation that would favor domestic natural gas as fuel for heavy trucks rather than diesel made from imported oil, as detailed in his Pickens Plan.
“What I said was when I get through with this project, I’m finished. I’m not going to go back and ask for anything again. I said I was going to retire from Washington.”
Pickens said he would continue to talk to lawmakers about energy policy because it is an important national security issue.
“I do understand energy, I think, better than anybody in the United States. I’m trying to help.”