Pioneer Natural to Shuffle Exec Team in New Year as ‘Shale Model’ Transforms

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.

Pioneer in Permian footprint

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

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Warehouse Demand Doubles in a Year as Covid Transforms Shopping

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Demand for U.K. warehouses surged to a record in the third quarter, driven by the boom in online shopping that accelerated during the pandemic.

Warehouse owners leased out 13.3 million square feet (1.2 million square meters) in the three months through September, more than double the year-earlier level, according to a report from broker CBRE Group Inc. Retailers that operate exclusively online accounted for a third of demand.

chart, histogram: Record Demand

© Bloomberg
Record Demand

“The past six months’ take-up exceeds the annual total for eight of the past 10 years,” Jonathan Compton, senior director for U.K. industrial and logistics intelligence at CBRE, said in a statement. “Concerns around Covid-19 and Brexit have not suppressed demand, and consumers in the U.K.

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