The former head of the Lincoln Oil Corp. is making a big bet on oil prices, and his $100 million investment in Lincoln is helping him diversify his portfolio.
In a statement Wednesday, Marc D. Nelson said he’s making the big investment to diversify and grow his portfolio of oil, gas and coal stocks, which includes his own.
The investment will provide Lincoln with a better position to compete with its peers in the oil, natural gas and petrochemical industries and help it achieve the financial goals it set in 2010 to become a leading global producer of refined petroleum products.
In the statement, Nelson said Lincoln was among the companies that invested heavily in natural gas exploration, drilling and production in 2010, but that its investments in the industry slowed after it discovered the West Texas Intermediate (WTI) oil market.
Nelson said that while his investment has generated a “positive impact,” he’s also taken advantage of a number of other opportunities to diversification in the U.S. and around the world.
The investment was announced as Lincoln continued to try to keep up with the global market.
The company has a strong pipeline of natural gas, with more than 3.5 million barrels of crude oil per day, and a growing surplus of natural-gas storage.