Last up is Calpine ( CPN), another firm that's tangled in the web of unrequited M&A within BP Capital's portfolio. Back in 2008, NRG Energy made an unsolicited bid to buy CPN for $22.70 per share, an offer that's probably looking a whole lot more attractive now that Calpine sells for 2012 prices in the low $16 range. Calpine is another power generation firm, albeit one that jives more directly with the Pickens Plan than most - it operates modern natural gas-powered generation turbines with 28 GW of capacity between them. Calpine's exposure to natural gas-fired plants means that the firm benefits more than most when natgas is sitting at low levels. Unfortunately for Calpine, low nat gas prices tend to go hand-in-hand with low wholesale power prices, which means that the firm's margins haven't expanded as many investors had hoped. If the company can get a handle on some of its costs - namely its debt load - it'll look like a better bet for 2012. BP Capital bought 290,000 shares of CPN last quarter, bringing on a $5 million stake in the company. To see the rest of T. Boone Pickens' plays check out the T. Boone Pickens - BP Capital Portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.