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Pioneer Natural Resources’ longtime CEO also sold more than $117 million in company shares during his tenure at the Irving shale driller.
The 71-year-old Sheffield, who has led Irving-based Pioneer for more than 20 years, is in line to receive at least $151 million in mostly stock – and potentially more – from the, according to Pioneer’s 2023 proxy filing. That’s a payout that might have stunned Sheffield when he started in the industry as a young roughneck drilling vertical wells in the Permian Basin in 1979.
“At some point in the next several years, the majors may reach out,” Sheffield said in April 2019 at a conference in New York. “They’re drilling their inventory faster than the independents, and so they are going to run out a lot faster.” Once Sheffield amassed the drilling rights abandoned by international companies in the 1980s and 1990s, he later became one of the leading voices in the oil lobby that persuaded the U.S. government to lift a four-decade ban on most domestic crude exports in 2015.
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