Value Investors Seth Klarman & George Soros Buying Energy Stocks

Marketfolly.com reports:

Seth Klarman’s hedge fund, Baupost Group has filed an activist stake via 13D filing and has disclosed a 16.1% ownership stake in Breitburn Energy Partners (NASDAQ: BBEP) due to activity on April 27th, 2009. They now own 8,495,939 shares. This is not a new position for Klarman, as they previously owned 8,157,439 shares. That figure was as of December 31st, 2008 when we looked at Baupost’s entire portfolio. Since December, Baupost has obviously added slightly to their stake in Breitburn.

George Soros Starts New Position in Plains Exploration (PXP)
George Soros’ hedge fund Soros Fund Management has disclosed a new position in Plains Exploration (PXP). In a 13G filed with the SEC, Soros Fund Management now shows a 5.38% ownership stake in PXP due to activity on April 21st, 2009. They now own 6,467,400 shares. Again, this is a new holding for Soros Fund Management, as they previously did not hold it when we last looked at Soros’ portfolio.

Their last disclosure unveiled positions held as of December 31st, 2008. PXP was nowhere to be found on that filing, but it will obviously be present on the next round of disclosures. Soros’ next 13F filing disclosing his entire long portfolio will be available in the next two weeks or so and we’ll be covering all the activity as always. This new position in PXP comes right after we just learned that Soros had updated his position in Mercury Computer (MRCY).

BreitBurn Energy Partners L.P. (NASDAQ: BBEP) is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. The Company’s assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Antrim Shale in Michigan, the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Sunniland Trend in Florida, the New Albany Shale in Indiana and Kentucky, and the Permian Basin in West Texas. It conducts its operations through a wholly owned subsidiary, BreitBurn Operating L.P (BOLP) and BOLP’s general partner BreitBurn Operating GP, LLC (BOGP). Its wholly owned subsidiary, BreitBurn Management Company, LLC (BreitBurn Management), manages its assets and performs other administrative services. As of December 31, 2008, the Company’s total estimated proved reserves were 103.6 million barrel of oil equivalent (MMBoe).




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