Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources (PXD.N) the oilfield's biggest prize.
Scott Sheffield, Chairman and Chief Executive Officer of Pioneer Natural Resources Company, speaks to guests and investors during the OGIS conference for mid- and small-tier oil and gas companies in New York, April 8, 2014. REUTERS/Eduardo Munoz/File Photo
Sheffield emerged as a shale statesman, encouraging the U.S. to lift a 40-year ban on exports of U.S. crude oil and snatching up rivals while publicly warning of a coming consolidation."Pioneer sat in a position of being a predator and prey, said Dan Pickering, a long-time shale investor and head of investment firm Pickering Energy Partners. "He was thinking multiple steps ahead."Oil runs in the family's blood.
It grew from a small, $30 million family business in West Texas to one of the largest after combining with corporate raider Boone Pickens' Mesa Energy in 1997 and later discovering the shale oil hidden below its acreage. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026.
Sheffield long espoused Pioneer and other shale firms needed "size and scale" to survive the next downturn as many oil companies have been wiped out over the years by OPEC price wars.
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