The privately held fund founded by famed investor George Soros has sold all of its shares in Chesapeake Energy, Chevron and NRG Energy.
According to the Wall Street Journal, Soros Fund Management exited its positions in Oklahoma-based Chesapeake Energy, Houston-based NRG Energy and Chevron in the fourth quarter of 2015.
Earlier this month, Chesapeake reassured investors that has no plans to file for bankruptcy after media reports claimed the company was looking into restructuring options.
Chesapeake, the second largest gas producer in the United States, confirmed that law firm Kirkland & Ellis LLP is advising the company “as it seeks to further strengthen its balance sheet following its recent debt exchange.”
The company suspended dividend payment on each series of its outstanding convertible preferred stock in late January.
Soros Fund Management also bought 685,157 shares in Houston-based Baker Hughes in the fourth quarter of 2015 and 50,700 shares in pipeline firm Kinder Morgan, the Wall Street Journal said.
News of the sell off comes just two weeks after T. Boone Pickens revealed that he has exited all of his oil and gas holdings.
According to data compiled by Bloomberg, Pickens began selling his oil holdings in the third quarter of last year.
Pickens said he plans to re-enter the energy sector but has adopted a wait-and-see approach until record high crude inventories begin to show draws.