Pioneer Natural Resources’ Scott Sheffield is ready for retirement

Retirement


When Scott Sheffield agreed to return to his post as Chief Executive Officer of Pioneer Natural Resources in 2019, it had been three years.

“Then COVID hit and the board decided to consolidate and buy Parsley Energy and DoublePoint Energy, which ultimately took nearly five years,” he told Reporter-Telegram in a telephone interview.

Nearing the age of 71, he told the board it was time to focus on succession planning.When Sheffield retired again at the end of the year, current president and chief operating officer Rich Dealy took over as CEO. take over the role.

“Rich is ready for this year,” Sheffield said, noting that the seven months until his actual retirement is as long as it was in 2016 when Tim Dove was chosen to replace him.

“Rich is ready,” he repeated. “Making Pioneer a leader in the Permian Basin, reducing flaring, methane and he reduced CO2 emissions, changed the capital framework, increased efficiency and achieved everything I set out to achieve.”

Deeley told Reporter-Telegram that his new role brings great opportunities and great challenges.

“We plan to continue what we’ve been doing, which is to focus on strategy,” Deeley said. “I think we have a great strategy going forward.”

Execution will be a focus, he said, citing Pioneer’s development of wells over 15,000 feet in lateral length, saving significant capital per foot, compared to 10,000-foot lateral wells. said they also generate 20% higher returns on average. Pioneer plans to produce over 100 wells this year, he with 15,000 feet lateral.

Pioneer also remains committed to reducing emissions, with 100% of its vehicles being electric (the company is building a highline to power driving) or dual-fuel by the second half of this year. is expected to use

A partnership with NextEra Energy Resources is developing a 140-megawatt wind farm at Pioneer’s site at Hutt Ranch in southeastern Midland County.

Deeley also oversaw Pioneer’s expansion of its focus beyond the Spraberry Trend into the Barnett Shale, primarily through the drilling of four Barnett/Woodford formation wells in the Midland Basin and the expansion of the company’s enhanced oil recovery project. Budget $150-$200 million for additional testing.

“We are expanding with a footprint of 1 million acres. We have EOR opportunities, we have long-term carbon capture opportunities. We are only producing 50% more, which would be great for the basin,” he said.

Sheffield was born into the industry as the son of an ARCO executive. In 1979, he became his fifth employee at Pioneer’s predecessor, Parker & Parsley Petroleum, six years later he was promoted to CEO and in 1991 chairman.

Reflecting on his career, Sheffield said he was proud to have made the Permian Basin the world’s largest production basin.

“It wasn’t just me, it was over 2,000 talented employees,” he said.



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