Pioneer’s Recent Multibillion-dollar Buying Spree Strengthens US Shale, CEO Says

Pioneer Natural Resources’s acquisition of privately backed DoublePoint Energy “helps the situation,” CEO Scott Sheffield said in reference to rising fears of a U.S. shale drilling binge.

Emily

Patsy

Hart Energy

Thu, 05/06/2021 - 04:00 AM

Pioneer’s Recent Multibillion-dollar Buying Spree Strengthens US Shale, CEO Says

Pioneer Natural Resources CEO Scott Sheffield speaking at a Hart Energy DUG event. (Source: Hart Energy)

Pioneer Natural Resources Co. is doing its part to help the U.S. shale industry, claims Scott Sheffield, the company’s CEO.

As the oil sector continues to rebound from the pandemic-driven crash of last year, some in the industry have raised concern over whether rising oil prices will derail that recovery by encouraging another drilling binge by U.S. shale producers. The main concern, Sheffield told analysts on an earnings call May 5, are privately held producers.

“Our acquisition helps the situation,” said Sheffield, referring to the company’s recent purchase of DoublePoint Energy LLC, a private equity-backed E&P company with a formidable position in the Midland Basin.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.

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