Pioneer Natural Resources

ExxonMobil to sell conventional Permian oil assets for $1 billion amid shale production focus

August 28, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian basin as the company focuses on growing shale production after buying Pioneer Natural Resources Co. earlier this year. The package includes older wells in the Permian’s Central basin that produce small but stable amounts of oil, according to people familiar

Permian producer Diamondback Energy shareholders approve $26 Endeavor Energy merger with Q4 2024 closing date

May 1, 2024

World Oil (WO) – Last week, Diamondback Energy’s shareholders voted to approve its “transformational” combination with Endeavor Energy Resources, L.P. According to a letter to shareholders, the combination will create a “must-own North American independent oil and gas company.” Additionally, the combined business will have an “unmatched depth of high-quality inventory in the core of the Midland basin,” part of

As oil majors cast shale nets, Texas oilman Sheffield made Pioneer the prized catch

October 16, 2023

Nasdaq HOUSTON – Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources PXD.N the oilfield’s biggest prize. The CEO concentrated the business, exiting less productive properties and dumping an in-house service arm, and set out a mission to make Pioneer the leanest,

ExxonMobil announces merger with Pioneer Natural Resources in an all-stock transaction

October 11, 2023

Oil and Gas 360 SPRING, Texas & IRVING, Texas–(BUSINESS WIRE)– Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pioneer. The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023. Under the terms of the agreement,

Pioneer Natural Resources announces that Scott D. Sheffield to retire at year-end; Richard P. Dealy named as next Chief Executive Officer

April 27, 2023

Oil and Gas 360 DALLAS–(BUSINESS WIRE)–Apr. 26, 2023– Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that the Board of Directors (Board) has named Richard (“Rich”) P. Dealy as the Company’s next Chief Executive Officer (CEO), effective January 1, 2024. Dealy will replace current CEO Scott D. Sheffield, who will retire at the end of 2023. Sheffield is expected to continue to serve on

Shale giants swear they won’t drill more, even at $200 a barrel

February 18, 2022

World Oil (Bloomberg) — The Texas wildcatters that ushered in America’s shale revolution are resisting the temptation to pump more oil as the market rallies, signaling higher gasoline prices for consumers already battered by the worst inflation in a generation. Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert

Pioneer CEO says Biden needs to “back off” anti-oil policies

November 5, 2021

World Oil HOUSTON (Bloomberg) –President Joe Biden should “back off” from domestic anti-oil policies if he wants to keep crude prices in check, according to one of America’s biggest shale drillers. “The President is realizing all the efforts when he came into office of stopping offshore leasing, stopping drilling on federal leases offshore, New Mexico, both in the Bakken and

As oil-well backlog shrinks, U.S. shale may upset investors and drill more

September 14, 2021

Reuters Publisher’s Note: Northern Oil and Gas, Inc. was a presenter at EnerCom’s The Oil & Gas Conference, view their replay at 1:00pm MST. U.S. energy producers have cut so deeply into a once-large reserve of oil wells waiting to be turned on they soon may have to resume drilling to keep production from sagging, executives and analysts said. This

Pioneer CEO stays on the sidelines of latest shale M&A round

August 5, 2021

World Oil HOUSTON –With more consolidation brewing in the largest U.S. oil patch, the boss of one of the largest independent shale producers says he’s not interested, and warned that investors are still skittish about deals. “There’s no more reason for Pioneer to do any more M&A,” Scott Sheffield, the chief executive officer of Pioneer Natural Resources Co., said in

Pioneer Natural Resources warns of $832 mln derivatives loss

July 27, 2021

Nasdaq Independent shale producer Pioneer Natural Resources PXD.N on Tuesday warned it would be hit by an $832 million second-quarter loss on oil and gas derivatives. Many producers locked in sales when oil prices rose above $40 a barrel last year, but are now facing losses after crude prices jumped above $60 a barrel during the quarter Clc1. For the first

Pioneer Natural, Devon profits beat as oil prices rebound

May 5, 2021

Reuters U.S. shale producers Pioneer Natural Resources and Devon Energy Corp beat Wall Street expectations for first-quarter profits on Tuesday, as COVID-19 vaccine rollouts and easing travel restrictions lifted crude prices. U.S. energy companies have delivered strong profits this year on a rebound in oil prices and deep cost cuts implemented in 2020 at the peak of the pandemic-driven downturn

Pioneer’s $6.4 billion deal for DoublePoint accelerates U.S. shale oil consolidation

April 2, 2021

Reuters U.S. oil producer Pioneer Natural Resources agreed on Thursday to acquire privately-held rival DoublePoint Energy for about $6.4 billion, speeding up a consolidation of shale oil producers. Oilfield rollups have accelerated this year as energy prices recover following last year’s coronavirus-driven market crash. Companies with strong balance sheets have been snapping up debt-laden and privately-held operators, and promising to

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