Pickens Decides Not to Run for Governor of Texas

Oilman and takeover strategist T. Boone Pickens Jr. said Wednesday that he will not run for governor of Texas because he could not give all his attention to the state’s problems.

“I can’t make that commitment at this stage in my life,” Pickens said. “I’ve decided without regrets that I have other challenges and other responsibilities.”

Pickens made the disclosure to about 500 people at a Rotary luncheon. He said he must devote full attention to his business.

Pickens, 61, chairman of Mesa Limited Partnership of Amarillo, Tex., signed a contract on a $2-million home in the Dallas area earlier this month, the Dallas Times Herald reported Tuesday. His firm’s financial division is also moving from Amarillo to downtown Dallas.

Although Pickens said the moves were for business and not political reasons, he also said he faced some business problems that could block his path in a race for governor.

His partnership announced a $13.4-million loss for the second quarter of 1989, and he said Wednesday that the company will likely post a third-quarter loss.

“Mesa will weather the tough times, but I have a responsibility to my shareholders to see this through,” Pickens said.

Pickens also said he planned to escalate his fight to gain a seat on the board of a Japanese auto parts supplier in which he owns the largest stake but which refuses to allow him a share of management.