The biggest independent oil and gas producers spent $200 billion more than they took in over the past decade. Now the bill is coming due.
Early this year, Scott Sheffield realized he had a problem. Investors were cooling on Pioneer Natural Resources Co., the company he built into one of the leaders of the American fracking boom.
Like many shale companies, Pioneer was pumping a lot but making little. It was spending hundreds of millions more than budgeted as it strained to meet a goal Mr. Sheffield set years back—producing a million barrels of oil and gas a day within a decade, enough to rival OPEC nations such as Libya.
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