Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that Scott D. Sheffield will retire as the
Company’s chief executive officer effective Dec. 31, 2016. Pioneer’s
board of directors approved a transition plan under which the Company’s
president and chief operating officer, Timothy L. Dove, will succeed
Sheffield as the Company’s president and chief executive officer upon
his retirement. Sheffield will continue as executive chairman of the
Company's board of directors through Dec. 31, 2017, at which time he
will retire as an executive and employee of the Company but remain on
the board.
“Scott Sheffield has truly been a visionary leader in the energy
industry,” said Lead Director Ken Thompson. “For more than 30 years, he
guided Pioneer and its predecessor companies to build one of the premier
oil shale resource companies in the United States. Despite the
challenges facing the energy industry today, Pioneer is in excellent
financial shape with great assets and a strong, experienced leadership
team in place. Pioneer’s corporate culture is second to none thanks to
Scott, and it shows in our people, assets, balance sheet and top-tier
performance.”
What started as a $32 million company in 1985 has grown to a $28 billion
company today. With Sheffield at the helm, Pioneer and its predecessor,
Parker and Parsley Petroleum Company, built a legacy position in the
heart of the Spraberry/Wolfcamp Field in the Permian Basin during the
1980s and 1990s. Pioneer advanced into successful upstream ventures
around the globe, but ultimately the Company found its greatest success
by returning to its roots in the Permian Basin and bringing
technological advances to the Spraberry/Wolfcamp Field, thus making the
field the second largest oil field in the world.
Sheffield is recognized for his leadership in bringing an end to the
domestic oil export ban last year, four decades after its adoption in
the U.S. His tenure at Pioneer will be remembered for its well-timed
strategic decisions, financial discipline, solid growth and strong
management teams with attention to seamless leadership transitions,
particularly as it relates to his own successor.
“Tim’s strategic thinking and depth of experience was critical to our
efforts to transform the Company into a leading developer of U.S.
onshore unconventional resources,” said Sheffield. “I am confident he is
the best person to serve as Pioneer’s next CEO. His leadership skills,
operational knowledge, keen financial mind and work ethic will ensure we
continue to enhance shareholder value. With more than 30 years of
industry experience each, Tim and the other members of our Management
Committee are one of the best and most cohesive management teams in the
business.”
“It is the ultimate honor to succeed Scott Sheffield,” said Dove. “He
laid a solid foundation on which we have built one of the most
successful independent E&P companies. Pioneer has a special culture with
talented people who give us a competitive advantage. With more than
20,000 drilling locations in some of the best rock in the world, we have
the assets and people to continue to achieve top-tier performance in the
coming years.”
Sheffield intends to spend his time with his five children and 10
grandchildren and pursue his favorite hobbies of tennis, golf, fishing,
skiing and hunting. He and his wife, Kimberley, will permanently reside
in Santa Fe, N.M.
Biographies:
Sheffield joined Pioneer’s predecessor company, Parker & Parsley, as a
petroleum engineer in 1979. In 1981 he was promoted to vice president -
engineering, and in 1985 he was elected president and a director.
Sheffield became Parker & Parsley’s chairman and chief executive officer
in 1989. In 1997, Pioneer was formed from the successful merger of
Parker & Parsley and Mesa Petroleum, and Sheffield was named chief
executive officer. In 1999, Sheffield was elected chairman of Pioneer’s
board of directors. Sheffield is a distinguished graduate of the
University of Texas with a Bachelor of Science degree in petroleum
engineering. The Permian Basin Petroleum Association recently honored
Sheffield as the recipient of its prestigious Top Hand award, which
recognizes individuals who have demonstrated exceptional leadership
within the oil and gas industry and the Permian Basin community. He is
also a 2013 inductee into the Permian Basin Petroleum Museum Hall of
Fame, memorializing those whose achievements and outstanding
contributions to the industry helped build the Permian Basin. That same
year he was honored with the Maguire Energy Institute at SMU Cox School
of Business L. Frank Pitts Energy Leadership Award. Under Sheffield’s
leadership, Pioneer was recognized by its employees as one of the top
three employers among large companies in the Dallas/Ft. Worth area for
the last six years.
Dove joined Parker & Parsley in 1994 as vice president of business
development and was promoted to senior vice president in 1996 where he
served until the formation of Pioneer in 1997. With Pioneer, Dove held
the position of executive vice president - business development until
2000 when he was promoted to executive vice president and chief
financial officer. In 2004, Dove was named the Company’s president and
chief operating officer. Dove was elected to the board of directors in
2013. Prior to joining Parker & Parsley, Dove worked for Diamond
Shamrock Corporation and a successor, Maxus Energy Corporation. Dove
holds a Bachelor of Science degree in mechanical engineering from the
Massachusetts Institute of Technology (MIT) and a Master of Business
Administration from the University of Chicago. With Dove’s leadership
and guidance, Pioneer has become one of the most efficient operators
among the U.S. shale resource companies. While playing an important part
in Pioneer’s strategic vision, Dove led the teams who advanced
horizontal drilling and completion technology into the Company’s core
assets in the Permian Basin and Eagle Ford Shale. Dove currently serves
on the Corporate Development Committee of MIT. He was also a member of
the Dream Dallas Advisory Council for Habitat for Humanity. He
previously served as a trustee for the KidLinks Foundation, as chairman
for the Dallas Wildcat Committee and as president of the Dallas
Petroleum Club board of directors.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United
States. For more information, visit Pioneer’s website at www.pxd.com.
Except for historical information contained herein, the statements in
this news release are forward-looking statements that are made pursuant
to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements and the business
prospects of Pioneer are subject to a number of risks and uncertainties
that may cause Pioneer's actual results in future periods to differ
materially from the forward-looking statements. Pioneer undertakes no
duty to publicly update these statements except as required by law.
U.S. investors are urged to consider closely the disclosures in the
Company’s periodic filings with the SEC. Such filings are available from
the Company at 5205 N. O'Connor Blvd., Suite 200, Irving, Texas 75039,
Attention: Investor Relations, and the Company’s website at www.pxd.com.
These filings also can be obtained from the SEC by calling
1-800-SEC-0330.
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