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.
Christy H. Novak will succeed Scott K. Duff as vice president, corporate controller and Chief Accounting Officer effective November 1, 2021.
Chisholm Energy was formed in 2016 and has built a portfolio of acreage in the New Mexico portion of the Delaware Basin, according to its website.
Energy transition initiatives are attracting interest from private equity investors but several roadblocks remain, says Ravi Purohit, partner with Latham & Watkins.