JUST IN: Oil tycoon and philanthropist T. Boone Pickens has died at age 91, spokesperson says.
OKLAHOMA CITY — T. Boone Pickens, a brash and quotable oil tycoon who grew even wealthier through corporate takeover attempts, died Wednesday. He was 91.
Even when Pickens and other so-called corporate raiders failed to gain control of their targets, they scored huge payoffs by selling their shares back to the company and dropping their hostile takeover bids. Pickens couldn't duplicate his oil riches in renewable energy. In 2009, he scrapped plans for a huge Texas wind farm after running into difficulty getting transmission lines approved, and eventually his renewables business failed.
Besides his peripatetic business and political interests, Pickens made huge donations to his alma mater, Oklahoma State University — the football stadium bears his name, and he gave $100 million for endowed faculty positions. A child of the Depression, Pickens credited his father with teaching him to take risks and praised his grandmother for lessons in being frugal. If young Boone continued to leave the lights on after leaving a room, she declared, she would hand the electric bill to the boy so he could pay it.
After just three years, he borrowed some money and found two investors to start his own business, called Petroleum Exploration. That was a predecessor to Mesa Petroleum, an oil and gas company in Amarillo, which Pickens took public in 1964.
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