Permian Basin explorer Pioneer Natural Resources Co. on Thursday announced a management shuffle, in part attributed to an evolving picture for Lower 48 oil and gas development.
The Irving, TX-based independent also is tightening up its operations by laying off about 300 people combined from headquarters and Permian operations.
The management overhaul is taking effect Jan. 1 to support “continued goals” of delivering long-term shareholder value. Pioneer in August increased its 2020 oil production guidance by 2.5% to average 203,000-213,000 b/d, even after it curtailed about 7,000 b/d net in 2Q2020. At the time, the company said it would keep about 6,000 b/d shut-in for the foreseeable future because of low oil prices.
CEO Scott Sheffield, who helped build Pioneer into a powerhouse Lower 48 operator, initially served from 1997-2016 and then took the helm again last year.
“When I returned as CEO in 2019 it was clear the shale