Sheffield helped establish Pioneer as leading producer of onshore unconventional oil/gas resources
US shale oil producer Pioneer Natural Resources Co. says that CEO Scott Sheffield will retire at the end of the year and be replaced by Tim Dove, the company’s COO.
The retirement draws to a close one of the longest-tenured positions in the oil industry. Sheffield joined Pioneer‘s predecessor company, Parker & Palsey, in 1979 and became its chief executive in 1989.
He took the top spot at Pioneer when it was created in 1997 after its all-stock buyout of T. Boone Pickens’ Mesa Petroleum.
In the ensuing years Sheffield helped create what is considered one of the most-capable U.S. independent oil producers, with assets throughout Texas and Colorado.
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. 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,” said Lead Director Ken Thompson.
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.
“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,” said Thompson.
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.
“Tim’s strategic thinking and depth of experience was critical to our efforts to transform the company into a leading developer of US 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.”
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.