Pioneer Natural Resources

{{for|the unrelated Canadian gasoline retail brand|Pioneer Energy}}

{{Infobox company

| name = Pioneer Natural Resources Company

| logo = Pioneer Natural Resources logo.svg

| traded_as = {{NYSE was|PXD}}

| industry = Petroleum industry

| hq_location = Irving, Texas, U.S.

| founded = {{Start date and age|1997}}

| fate = Acquired by ExxonMobil

| defunct = {{end date and age|2024|5|3}}

| key_people = {{nowrap| Richard P. Dealy, President & CEO}}

| products = {{ubl|Petroleum|Natural gas|Natural-gas condensate}}

| production = {{convert|617|e3BOE|lk=in}} per day (2022)

| revenue = {{increase}} {{US$|24.294 billion|link=yes}} (2022)

| net_income = {{increase}} US$7.845 billion (2022)

| assets = {{decrease}} US$35.740 billion (2022)

| equity = {{decrease}} US$22.541 billion (2022)

| num_employees = 2,213 (December 2023)

| website = {{URL|https://pxd.com}}

| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001038357/000103835723000039/pxd-20221231.htm | title=Pioneer Natural Resources Company 2022 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}

}}

Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operated in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company was the largest acreage holder. In May 2024, the company was acquired by ExxonMobil.

As of December 31, 2022, the company had {{convert|2.376|e9BOE|lk=in}} of proved reserves, of which 41% was petroleum, 23% was natural gas liquids, and 28% was natural gas. In 2022, the company produced {{convert|649|e3BOE|lk=in}} per day, of which 58% was petroleum, 23% was natural gas liquids, and 19% was natural gas.

History

Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by Thomas Boone Pickens.{{cite news | url=https://www.nytimes.com/1997/04/08/business/mesa-is-to-merge-with-parker-parsley.html | title=Mesa Is to Merge With Parker & Parsley | first=Carol Marie | last=Cropper | work=New York Times | date=April 8, 1997}}

In May 2016, CEO and chairman Scott D. Sheffield was succeeded by Timothy Dove. Sheffield returned to the roles in 2019 after Dove's retirement.{{cite press release | url=https://www.businesswire.com/news/home/20160519006534/en/Pioneer-Natural-Resources-Company-Chairman-CEO-Scott | title=Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor | publisher=Business Wire | date=May 19, 2016}}{{cite news |date=February 22, 2019 | title=Pioneer Natural Resources CEO to retire |work=American City Business Journals | url=https://www.bizjournals.com/dallas/news/2019/02/22/pioneer-natural-resources-ceo-to-retire.html}} In January 2024, Richard P. Dealy was named as CEO.{{Cite press release |title=Pioneer Natural Resources Announces that Richard P. Dealy Commences Role as Chief Executive Officer |url=https://www.businesswire.com/news/home/20240102914539/en/Pioneer-Natural-Resources-Announces-that-Richard-P.-Dealy-Commences-Role-as-Chief-Executive-Officer | publisher=Business Wire | date=January 2, 2024 |archive-url=https://web.archive.org/web/20240102144938/https://www.businesswire.com/news/home/20240102914539/en/ | archive-date=2024-01-02 | url-status=live}}

=Divestitures and acquisitions=

Examples of acquisitions by Pioneer include the 2004 acquisition of Evergreen Resources for $2.1 billion, the 2021 acquisitions of Parsley Energy for $4.5 billion and DoublePoint Energy for $6.4 billion, and the acquisition of Carmuse Industrial Sands in 2012 for $297 million.{{cite press release |url=https://www.businesswire.com/news/home/20040504005506/en/Pioneer-Evergreen-Announce-2.1-Billion-Merger |title=Pioneer and Evergreen Announce $2.1 Billion Merger |publisher=Business Wire |date=May 4, 2004}}{{Cite press release |url=https://www.businesswire.com/news/home/20210401005969/en/Pioneer-Natural-Resources-Announces-Bolt-On-Acquisition-of-DoublePoint-Energy-in-the-Midland-Basin |title=Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin |publisher=Business Wire |date=April 1, 2021}}{{Cite press release |url=https://www.businesswire.com/news/home/20210112005984/en/Pioneer-Natural-Resources-Completes-Acquisition-of-Parsley-Energy-Following-Stockholder-Approvals |title=Pioneer Natural Resources Completes Acquisition of Parsley Energy Following Stockholder Approvals |publisher=Business Wire |date=January 12, 2021}}{{cite press release |url=https://www.businesswire.com/news/home/20120402006705/en/Pioneer-Natural-Resources-Announces-Closing-Carmeuse-Industrial |title=Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition |publisher=Business Wire |date=April 2, 2012}}

class="wikitable sortable"
scope="col" \| # ! scope="col" \| Year ! scope="col" \| Acquisition / Divestiture ! scope="col" \| Buyer / Seller ! scope="col" style="width:80px;"\| Price ! scope="col" \| Description of Assets ! scope="col" class="unsortable" \| Ref(s).
1 \| {{dts\|2004\|05}} \| Acquisition \| Evergreen Resources Inc. \| $2.1 billion in cash and stock \| Natural gas assets in Colorado \| {{cite news \| url=https://www.thestreet.com/investing/stocks/pioneer-and-evergreen-in-21-billion-energy-merger-10158190 \|title=Pioneer and Evergreen in $2.1 Billion Energy Merger \| work=TheStreet.com \|date=May 4, 2004}}
2 \| {{dts\|2012\|04}} \| Acquisition \| Carmeuse Industrial Sands \| $297 million \| Producer of Hickory frac sand \|
3 \| {{dts\|2013\|05}} \| Divestiture \| Sinochem Group \| $1.7 billion \| 40% interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale \| {{cite press release \| url=https://www.businesswire.com/news/home/20130531005656/en/Pioneer-Natural-Resources-Announces-Closing-1.7-Billion \| title=Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem \| publisher=Business Wire \| date=May 31, 2013}}
4 \| {{dts\|2013\|10}} \| Divestiture \| Caelus Energy Alaska \| $550 million \| Interests in Alaska. In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope. \| {{Cite press release \| url=https://www.businesswire.com/news/home/20131025005106/en/Pioneer-Natural-Resources-Announces-Sale-Alaska-Subsidiary \| title=Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million \| publisher=Business Wire \| date=October 25, 2013 }}{{cite news \| url=https://www.alaskajournal.com/business-and-finance/2013-10-25/pioneer-sells-alaska-holdings-550m \| title=Pioneer sells Alaska holdings for $550M \| work=Alaska Journal of Commerce \| date=October 25, 2013}}
5 \| {{dts\|2014\|08}} \| Divestiture \| Linn Energy \| $340 million \| Non-producing assets in the Hugoton Basin \| {{cite press release \| url=https://globenewswire.com/news-release/2014/08/04/655854/10092844/en/LINN-Energy-Announces-340-Million-Acquisition-From-Pioneer-Natural-Resources.html \| title=LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources \| publisher=GlobeNewswire \| date=August 4, 2014}}
6 \| {{dts\|2015\|06}} \| Divestiture \| Enterprise Products Partners \| $2.15 billion \| Midstream joint venture with Reliance Industries for assets in the Eagle Ford Group. JV was formed in 2010. \| {{cite press release \| url=https://investors.pxd.com/news-releases/news-release-details/pioneer-natural-resources-announces-115-billion-eagle-ford-shale \| title=Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries \| date=June 24, 2010}}{{cite press release \| url=https://www.businesswire.com/news/home/20150601005884/en/Pioneer-Natural-Resources-Announces-Sale-Eagle-Ford \| title=Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion \| publisher=Business Wire \| date=June 1, 2015}}
7 \| {{dts\|2016\|06}} \| Acquisition \| Devon Energy \| $3.35 billion \| 28,000 acres in the Midland Basin \| {{cite press release \| url=https://www.businesswire.com/news/home/20160615006382/en/Pioneer-Natural-Resources-Company-Acquire-Approximately-28000 \| title=Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016 \| publisher=Business Wire \| date=June 15, 2016}}
8 \| {{dts\|2017\|03}} \| Divestiture \| Undisclosed \| $266 million \| 2,000 acres in Martin County, Texas \| {{cite press release \| url=https://www.businesswire.com/news/home/20170315006361/en/Pioneer-Natural-Resources-Company-Announces-Sale-Northeastern \| title=Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million \| publisher=Business Wire \| date=March 15, 2017}}
9 \| {{dts\|2021\|01}} \| Acquisition \| Parsley Energy \| $7 billion in stock \| Assets in the Permian Basin \|
10 \| {{dts\|2021\|04}} \| Acquisition \| DoublePoint Energy \| $6.4 billion in cash and stock \| Assets in the Midland Basin \|

class="wikitable sortable"

scope="col" | #

! scope="col" | Year

! scope="col" | Acquisition / Divestiture

! scope="col" | Buyer / Seller

! scope="col" style="width:80px;"| Price

! scope="col" | Description of Assets

! scope="col" class="unsortable" | Ref(s).

| {{dts|2004|05}}

| Acquisition

| Evergreen Resources Inc.

| $2.1 billion in cash and stock

| Natural gas assets in Colorado

| {{cite news | url=https://www.thestreet.com/investing/stocks/pioneer-and-evergreen-in-21-billion-energy-merger-10158190 |title=Pioneer and Evergreen in $2.1 Billion Energy Merger | work=TheStreet.com |date=May 4, 2004}}

| {{dts|2012|04}}

| Acquisition

| Carmeuse Industrial Sands

| $297 million

| Producer of Hickory frac sand

| {{dts|2013|05}}

| Divestiture

| Sinochem Group

| $1.7 billion

| 40% interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale

| {{cite press release | url=https://www.businesswire.com/news/home/20130531005656/en/Pioneer-Natural-Resources-Announces-Closing-1.7-Billion | title=Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem | publisher=Business Wire | date=May 31, 2013}}

| {{dts|2013|10}}

| Divestiture

| Caelus Energy Alaska

| $550 million

| Interests in Alaska. In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope.

| {{Cite press release | url=https://www.businesswire.com/news/home/20131025005106/en/Pioneer-Natural-Resources-Announces-Sale-Alaska-Subsidiary | title=Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million | publisher=Business Wire | date=October 25, 2013 }}{{cite news | url=https://www.alaskajournal.com/business-and-finance/2013-10-25/pioneer-sells-alaska-holdings-550m | title=Pioneer sells Alaska holdings for $550M | work=Alaska Journal of Commerce | date=October 25, 2013}}

| {{dts|2014|08}}

| Divestiture

| Linn Energy

| $340 million

| Non-producing assets in the Hugoton Basin

| {{cite press release | url=https://globenewswire.com/news-release/2014/08/04/655854/10092844/en/LINN-Energy-Announces-340-Million-Acquisition-From-Pioneer-Natural-Resources.html | title=LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources | publisher=GlobeNewswire | date=August 4, 2014}}

| {{dts|2015|06}}

| Divestiture

| Enterprise Products Partners

| $2.15 billion

| Midstream joint venture with Reliance Industries for assets in the Eagle Ford Group. JV was formed in 2010.

| {{cite press release | url=https://investors.pxd.com/news-releases/news-release-details/pioneer-natural-resources-announces-115-billion-eagle-ford-shale | title=Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries | date=June 24, 2010}}{{cite press release | url=https://www.businesswire.com/news/home/20150601005884/en/Pioneer-Natural-Resources-Announces-Sale-Eagle-Ford | title=Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion | publisher=Business Wire | date=June 1, 2015}}

| {{dts|2016|06}}

| Acquisition

| Devon Energy

| $3.35 billion

| 28,000 acres in the Midland Basin

| {{cite press release | url=https://www.businesswire.com/news/home/20160615006382/en/Pioneer-Natural-Resources-Company-Acquire-Approximately-28000 | title=Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016 | publisher=Business Wire | date=June 15, 2016}}

| {{dts|2017|03}}

| Divestiture

| Undisclosed

| $266 million

| 2,000 acres in Martin County, Texas

| {{cite press release | url=https://www.businesswire.com/news/home/20170315006361/en/Pioneer-Natural-Resources-Company-Announces-Sale-Northeastern | title=Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million | publisher=Business Wire | date=March 15, 2017}}

| {{dts|2021|01}}

| Acquisition

| Parsley Energy

| $7 billion in stock

| Assets in the Permian Basin

| {{dts|2021|04}}

| Acquisition

| DoublePoint Energy

| $6.4 billion in cash and stock

| Assets in the Midland Basin

= Acquisition by ExxonMobil =

In May 2024, in the largest merger in the petroleum industry in 20 years, Pioneer was acquired by ExxonMobil, making ExxonMobil the largest producer of shale gas in the Permian Basin.{{Cite press release | url=https://www.businesswire.com/news/home/20240502661359/en/ExxonMobil-Completes-Acquisition-of-Pioneer-Natural-Resources | title=ExxonMobil Completes Acquisition of Pioneer Natural Resources | publisher=Business Wire | date=May 3, 2024}}{{Cite news | url=https://www.reuters.com/markets/deals/exxon-mobil-completes-60-billion-deal-pioneer-natural-2024-05-03/ | title=Exxon Mobil completes $60 billion deal for Pioneer Natural | first=Arunima | last=Kumar | work=Reuters | date=May 3, 2024}}{{Cite web |title=Shale Firms Jump on Report of Exxon’s Interest in Pioneer |url=https://finance.yahoo.com/news/shale-oil-drillers-jump-report-172018819.html |access-date=2023-04-10 |website=Yahoo Finance |language=en-US}}{{Cite web |date=2023-10-11 |title=Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge |url=https://www.pbs.org/newshour/nation/exxon-mobil-to-buy-pioneer-natural-for-59-5-billion-doubling-down-on-fossil-fuels-as-energy-prices-surge |access-date=2023-10-11 |website=PBS News Hour|language=en-us}}{{Cite web |last=Morenne |first=Collin Eaton and Benoît |title=Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant |url=https://www.wsj.com/business/energy-oil/exxon-buys-pioneer-in-60-billion-deal-to-create-shale-giant-207c168b |access-date=2023-10-11 |website=WSJ |language=en-US}}{{Cite news |title=Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge |url=https://www.pbs.org/newshour/nation/exxon-mobil-to-buy-pioneer-natural-for-59-5-billion-doubling-down-on-fossil-fuels-as-energy-prices-surge |work=PBS News Hour | date=October 11, 2023}}{{Cite news | first1=Collin | last1=Eaton | first2=Benoît |last2=Morenne |title=Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant |url=https://www.wsj.com/business/energy-oil/exxon-buys-pioneer-in-60-billion-deal-to-create-shale-giant-207c168b | work=The Wall Street Journal | date=October 11, 2023 | url-access=subscription}}{{cite news | title=Wolfcamp shale graduates to 'world class' play | url=https://www.ogj.com/articles/uogr/print/volume-1/issue-3/urtec-wolfcamp/wolfcamp-shale-graduates-to-world-class-play.html | work=Oil & Gas Journal | date=August 12, 2013}}{{cite web | title=Midland Basin Map | url=https://www.usgs.gov/media/images/midland-basin-map | publisher=United States Geological Survey | date=November 15, 2016}}

Approval for the transaction from the Federal Trade Commission (FTC) was accompanied by a consent order alleging that former Pioneer CEO Scott D. Sheffield colluded with OPEC to raise oil prices and making the merger conditional on Sheffield's being barred from joining ExxonMobil's board of directors or serving as an advisor to Exxon after the merger.{{Cite news | agency=Associated Press |title=FTC bars former Pioneer CEO in Exxon Mobil deal, saying he colluded with OPEC |url=https://www.npr.org/2024/05/02/1248798148/ftc-bars-pioneer-ceo-exxon-mobil-deal-opec |website=NPR |date=2024-05-02}}{{Cite web |last=Pequeño IV |first=Antonio | title=FTC Will Approve Exxon’s $60 Billion Merger With Pioneer—With One Caveat |url=https://www.forbes.com/sites/antoniopequenoiv/2024/05/01/ftc-will-approve-exxons-60-billion-merger-with-pioneer-with-one-caveat/ | work=Forbes | date=May 2, 2024}}

= Antitrust lawsuit =

In January 2024, a class action lawsuit was filed by drivers in three US states accusing Pioneer, along with seven other oil and gas producers, of an illegal price fixing scheme to constrain production of shale oil that led to American drivers paying more for gasoline than they would have in a competitive market.{{Cite web |last=Scarcella |first=Mike |date=2024-01-16 |title=Drivers sue US shale oil producers over alleged price-fixing scheme |url=https://www.reuters.com/legal/litigation/drivers-sue-us-shale-oil-producers-over-alleged-price-fixing-scheme-2024-01-16/ | website=Reuters |archive-url=https://web.archive.org/web/20240121051029/https://www.reuters.com/legal/litigation/drivers-sue-us-shale-oil-producers-over-alleged-price-fixing-scheme-2024-01-16/ |archive-date=2024-01-21 |url-status=live}}{{Cite web |last=Kennedy |first=Charles |date=2024-01-16 |title=Lawsuit Accuses U.S. Shale of Cartel Behavior | url=https://oilprice.com/Latest-Energy-News/World-News/Lawsuit-Accuses-US-Shale-of-Cartel-Behavior.html | website=OilPrice.com |archive-url=https://web.archive.org/web/20240116195209/https://oilprice.com/Latest-Energy-News/World-News/Lawsuit-Accuses-US-Shale-of-Cartel-Behavior.html |archive-date=2024-01-16 |url-status=live}} In May 2024, plaintiffs asked for the communications records of former CEO Scott Sheffield.{{cite news | url=https://www.reuters.com/legal/litigation/consumers-demand-ex-pioneer-ceo-records-shale-oil-antitrust-lawsuit-2024-05-09/ | title=Consumers demand ex-Pioneer CEO records in shale-oil antitrust lawsuit | first=Mike | last=Scarcella | work=Reuters | date=May 9, 2024}}

References

Category:Companies based in Irving, Texas

Category:Companies formerly listed on the New York Stock Exchange

Category:Energy companies established in 1997

Category:Non-renewable resource companies established in 1997

Category:Oil companies of the United States

Category:1997 establishments in Texas

Category:2024 disestablishments in Texas

Category:2024 mergers and acquisitions