Shale producer Pioneer Natural Resources Co. said on Nov. 20 it would reinstate full salaries of its CEO and other executives in 2021, after cutting them earlier this year as the COVID-19 pandemic crushed oil prices.
Pioneer had cut CEO Scott Sheffield’s annual base salary by 20% in May, a month after U.S. oil prices fell below $0 per barrel for the first time ever due to a slump in demand caused by the health crisis and a supply glut.
Oil prices have since recovered and were trading around $42 per barrel on Nov. 20, though recent restrictions have cast a shadow on demand recovery.
Rival Parsley Energy, which Pioneer agreed to buy in October, slashed executive pay by 50% in March.
Pioneer said in May it expects to save $100 million annually through job cuts and a new organizational structure.
This pair of private operators talks about how they assembled and delineated unique assets. What attracted them and what special sauce do they bring to development?
DUG Permian - Producer Panel: Admiral Permian Resources; Triple Crown Resources; Discovery Natural Resources (2019)
The Permian Basin’s original oil in place is world-class. These operators, Admiral Permian Resources, Triple Crown Resources and Discovery Natural Resources, describe the vast resource still remaining in their leasehold and how they’re capturing more and more of it.
Immediately southeast of the Haynesville, the eastern Louisiana Austin Chalk is making headlines from the great interest gained by EOG Resources Inc., ConocoPhillips, Marathon Oil Corp. and others, including one of the first to lease, PetroQuest.