Pioneer_Natural_Resources

Pioneer Natural Resources

Pioneer Natural Resources

American energy company

For the unrelated Canadian gasoline retail brand, see Pioneer Energy.

Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operated in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company was the largest acreage holder.[1] In May 2024, the company was acquired by Exxon Mobil.

Quick Facts Company type, Traded as ...

As of December 31, 2022, the company had 2.376 billion barrels of oil equivalent (1.454×1010 GJ) of proved reserves, of which 41% was petroleum, 23% was natural gas liquids, and 28% was natural gas. In 2022, the company produced 649 thousand barrels of oil equivalent (3,970,000 GJ) per day, of which 58% was petroleum, 23% was natural gas liquids, and 19% was natural gas.[1]

History

Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens.[2]

In May 2016, CEO and chairman Scott D. Sheffield was succeeded by Timothy Dove. Sheffield returned to the roles in 2019 after Dove's retirement.[3][4] In January 2024, Richard P. Dealy was named as CEO.[5]

Divestitures and acquisitions

Examples of acquisitions by Pioneer include the 2004 acquisition of Evergreen Resources for $2.1 billion, the 2021 acquisitions of Parsley Energy for $4.5 billion and DoublePoint Energy for $6.4 billion, and the acquisition of Carmuse Industrial Sands in 2012 for $297 million.[6][7][8][9]

More information #, Year ...

Acquisition by ExxonMobil

In May 2024, in the largest merger in the petroleum industry in 20 years, Pioneer was acquired by Exxon Mobil, making ExxonMobil the largest producer of shale gas in the Permian Basin.[19][20][21][22][23][24][25][26][27]

Approval for the transaction from the Federal Trade Commission (FTC) was accompanied by a consent order alleging that former Pioneer CEO Scott D. Sheffield colluded with OPEC to raise oil prices and making the merger conditional on Sheffield's being barred from joining ExxonMobil's board of directors or serving as an advisor to Exxon after the merger.[28][29]

Antitrust lawsuit

In January 2024, a class action lawsuit was filed by drivers in three US states accusing Pioneer, along with seven other oil and gas producers, of an illegal price fixing scheme to constrain production of shale oil that led to American drivers paying more for gasoline than they would have in a competitive market.[30][31] In May 2024, plaintiffs asked for the communications records of former CEO Scott Sheffield.[32]

References

  1. [1]
    "Pioneer Natural Resources Company 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. [2]
    Cropper, Carol Marie (April 8, 1997). "Mesa Is to Merge With Parker & Parsley". The New York Times.
  3. [3]
    "Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor" (Press release). Business Wire. May 19, 2016.
  4. [4]
    "Pioneer Natural Resources CEO to retire". American City Business Journals. February 22, 2019.
  5. [5]
    "Pioneer Natural Resources Announces that Richard P. Dealy Commences Role as Chief Executive Officer" (Press release). Business Wire. January 2, 2024. Archived from the original on 2024-01-02.
  6. [6]
    "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004.
  7. [7]
    "Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin" (Press release). Business Wire. April 1, 2021.
  8. [8]
    "Pioneer Natural Resources Completes Acquisition of Parsley Energy Following Stockholder Approvals" (Press release). Business Wire. January 12, 2021.
  9. [9]
    "Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition" (Press release). Business Wire. April 2, 2012.
  10. [10]
    "Pioneer and Evergreen in $2.1 Billion Energy Merger". TheStreet.com. May 4, 2004.
  11. [11]
    "Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. May 31, 2013.
  12. [12]
    "Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million" (Press release). Business Wire. October 25, 2013.
  13. [13]
    "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce. October 25, 2013.
  14. [14]
    "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  15. [15]
    "Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries" (Press release). June 24, 2010.
  16. [16]
    "Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion" (Press release). Business Wire. June 1, 2015.
  17. [17]
    "Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016" (Press release). Business Wire. June 15, 2016.
  18. [18]
    "Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million" (Press release). Business Wire. March 15, 2017.
  19. [19]
    "ExxonMobil Completes Acquisition of Pioneer Natural Resources" (Press release). Business Wire. May 3, 2024.
  20. [20]
    Kumar, Arunima (May 3, 2024). "Exxon Mobil completes $60 billion deal for Pioneer Natural". Reuters.
  21. [21]
    "Shale Firms Jump on Report of Exxon's Interest in Pioneer". Yahoo Finance. Retrieved 2023-04-10.
  22. [22]
    "Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge". PBS NewsHour. 2023-10-11. Retrieved 2023-10-11.
  23. [23]
    Morenne, Collin Eaton and Benoît. "Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant". WSJ. Retrieved 2023-10-11.
  24. [24]
    "Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge". PBS NewsHour. October 11, 2023.
  25. [25]
    Eaton, Collin; Morenne, Benoît (October 11, 2023). "Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant". The Wall Street Journal.
  26. [26]
    "Wolfcamp shale graduates to 'world class' play". Oil & Gas Journal. August 12, 2013.
  27. [27]
    "Midland Basin Map". United States Geological Survey. November 15, 2016.
  28. [28]
    "FTC bars former Pioneer CEO in Exxon Mobil deal, saying he colluded with OPEC". NPR. Associated Press. 2024-05-02.
  29. [29]
    Pequeño IV, Antonio (May 2, 2024). "FTC Will Approve Exxon's $60 Billion Merger With Pioneer—With One Caveat". Forbes.
  30. [30]
    Scarcella, Mike (2024-01-16). "Drivers sue US shale oil producers over alleged price-fixing scheme". Reuters. Archived from the original on 2024-01-21.
  31. [31]
    Kennedy, Charles (2024-01-16). "Lawsuit Accuses U.S. Shale of Cartel Behavior". OilPrice.com. Archived from the original on 2024-01-16.
  32. [32]
    Scarcella, Mike (May 9, 2024). "Consumers demand ex-Pioneer CEO records in shale-oil antitrust lawsuit". Reuters.
Share this article:

This article uses material from the Wikipedia article Pioneer_Natural_Resources, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.