SCOTT D. SHEFFIELD

The world’s largest producer of both oil and natural gas is the United States. These fossil fuels power the nation’s economy, but their extraction and burning result in greenhouse gas emissions contributing to global warming. The sector struggled during the previous ten years due to its excessive expenditure, which resulted in a global oversupply of oil and gas and lowered prices. However, the governing bodies intervened. Moreover, the pandemic also worsened the situation. However, owing to adequate measures, the sector could recover and, within a short span, could record profits. Due to the extensive exploitation of conventional reserves, most U.S. oil output comes from unconventional oil drilling. In addition, oil companies have been able to reach reserves that were previously inaccessible thanks to hydraulic fracturing. Pioneer Natural Resources Corporation is an American oil exploration business with its main office in Irving, Texas. The Cline Shale is where it operates. As it collected land and drilling opportunities, the business earned a reputation for making wise choices, frugal hedging, and cunning agreements. The firm has the most acreage in the Cline Shale, a portion of the Spraberry Trend of the Permian Basin, where it operates. After Chevron Corp (CVX.N) and ConocoPhillips (COP.N), Pioneer is the third-largest oil producer in the Permian basin, the largest in the United States. Refinitiv statistics show a market capitalization of around $49 billion.

HOW DID PIONEER BEGIN?

Parker & Parsley Petroleum Corporation and T. Boone Pickens-owned MESA Inc. merged in 1997 to form Pioneer Natural Resources. Pioneer produced oil on the Alaskan North Slope for the first time as an independent operator in 2008. In 2013, these assets were sold for $550 million. “Our roster of talented scientists and engineers identified efficiencies that cut the time needed for horizontal drilling and completion by seven days per well. In addition, our sharp business savvy means our debt levels and cash flow remained solid through five downturns. Then, when others threw in the towel, we kept moving forward. Whether working with our employees, suppliers, interest owners, or valued allies in the Permian Basin, we approach each task with hard work, innovation, and perseverance,” Scott D. Sheffield, CEO. Reuters recognized Pioneer’s influence during the U.S. shale boom: “Fortune benefited the daring drillers who discovered and pumped oil quickly,” says Reuters. “Today, some estimates hold that the untapped resources spindled deep below the Permian Basin’s surface could rival the supply of what’s now considered the world’s largest oilfield in Saudi Arabia. Achieving such a milestone is a prize greater than financial wealth; it’s a geopolitical game-changer. We’ve long known the Permian’s enormous potential and recently decided to become a Permian pure-play company.” says the CEO.

OUTLOOK FOR THE FUTURE

Pioneer has ambitious goals for the future. “we are dedicated to identifying solutions that help us achieve those goals. Our team’s source and explore new technologies; partner with global laboratories, researchers, and universities; and hold internal idea-sourcing challenges to apply world-renowned solutions to our oil and gas industry work,” concludes the CEO.