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

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.