News of 1Q earnings from Pioneer Natural Resources hit the wire yesterday at 4:05 pm. To no one’s surprise the largest oil producer in Texas exceeded estimates, averaging 361 MBOD and generating $2.3 billion in revenues. Seven minutes later, another press release from Pioneer. This time, announcing its CEO, Scott Sheffield, would resign his post at year end but keep his seat on the company’s board.
Reese Energy Company today pays tribute to one of the shale industry’s most undaunted, outspoken leaders—a man who’s lived many lives in a business shaped by booms and busts. His latest announcement marks the second time Sheffield has retired in a career that put him squarely at the genesis of the shale revolution years after snapping up oil leases to hundreds of thousands of Permian acres on the cheap. He learned early that mastering the complexities of global oil markets—and how governments shape them—meant the difference between success and failure. Sheffield’s prowess in this area has guided him well from his early days as CEO of Parker & Parsley, its merger with Mesa, the formation of Pioneer, and lobbying Congress to lift the ban on U.S. crude exports. His first retirement in 2016 lasted a whole two years until the market pendulum called him back. We’ll see if his second attempt sticks.