Icahn Posts Loss As Fund Hit In 2014 By Oil Plunge

Reuters

Feb 27 (Reuters) - Billionaire Carl Icahn's publicly traded investment fund posted a loss in 2014, undone by plummeting oil prices, the company said in a regulatory filing on Friday.

Icahn Enterprises posted a loss of $373 million, or $3.08 per depositary unit, for the year, driven by a loss of $384 million in the fourth quarter, as oil prices were halved since June by a global supply glut.

"This year's results were obviously disappointing, with the precipitous decline in oil prices impacting the profitability of many of our segments," Icahn said in a statement.

He noted that the company's holdings in Apple Inc, its largest position, helped cushion the losses stemming from energy investments. For the quarter, Icahn Enterprises lost $3.84 per limited partnership unit.

For the year, the company posted revenue of $19.2 billion.

(Reporting by David Gaffen; Editing by Bernadette Baum)

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Timothy Smith, SFO | May. 19, 2015
Its interesting to see Icahn seem surprised too. It should be noted he has made bearish comments earlier this year although he has been a buyer of certain oil & gas stocks. A bottom will be found soon and a lot of discounted values in my opinion. Timothy Smith Petro Lucrum, Inc.


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