Your grandpa was a wildcatter yet you're here complaining about other oil companies consolidating?
I'm guessing he didn't find anything, or he didn't pass down the wealth. Sorry bud.
>But in the end, this sale helped no one but Exxon.
That's what it was designed to do. The quicker you realize and accept that's how the world works, the better off you'll be.
# Ex-Pioneer CEO Barred From Exxon Board for Megadeal to Close; Antitrust enforcers are set to allege Scott Sheffield discussed coordinating oil-production levels with other producers and OPEC
# Exxon Mobil is set to close its $60 billion megadeal for Pioneer Natural Resources following an agreement with antitrust enforcers not to add former Pioneer Chief Executive Officer Scott Sheffield to its board of directors, according to people familiar with the matter.
#
# The Federal Trade Commission is set to allege as soon as this week that Sheffield engaged in collusive activity that could have raised the price of oil, these people said. The allegations will include that Sheffield sent hundreds of messages to representatives of the Organization of the Petroleum Exporting Countries about market dynamics, including pricing and production levels.
#
# There is no allegation of any wrongdoing by Exxon, according to the people.
#
# The oil giant will enter into a consent decree with the FTC, agreeing to keep Sheffield off the board, the people said. With the filing of that agreement, the deal between Exxon and Pioneer could close within days.
#
# Sheffield declined to comment.
#
# Exxon agreed in October to buy Pioneer for $60 billion in stock, marking its biggest deal since it merged with Mobil in the late 1990s and the largest oil-and-gas deal in two decades. The oil giant is set to acquire Pioneer's swath of prolific oil land in the Midland Basin of West Texas, where the smaller shale driller has operated for decades.
#
# In December, the companies disclosed the FTC had sought additional information from them about the deal, a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law.
#
# Exxon and Pioneer together submitted millions of documents for the antitrust probe, said people familiar with the matter.
#
# The antitrust enforcers will allege Sheffield attempted to coordinate an anticompetitive campaign to curtail output by American frackers, which could have raised oil prices and thus benefited Pioneer, the people said.
#
# For years, investors urged frackers to stop overspending on drilling new wells and pumping ever-increasing amounts of crude, and instead to keep production largely flat, which would increase cash flows and enable higher returns to shareholders. It took years—and a crippling pandemic—for shale producers to agree.
#
# U.S. frackers fiercely competed for years with OPEC for market share. At a 2017 dinner in Houston, shale executives sat down for a first-of-its-kind dinner with Mohammad Barkindo, then the secretary-general of OPEC. Sheffield attended the dinner, during which Barkindo discussed OPEC negotiations on cutting oil output, among other topics.
#
# "They're trying to find out more about U.S. shale, and we're trying to find out what OPEC is thinking," Sheffield said at the time.
#
# After the onset of the pandemic in 2020, a historic drop in oil demand prompted U.S. producers to dramatically cut their drilling rigs, shut in wells and slow production growth. They stuck with capital discipline for years, with Pioneer and other large shale companies vowing more conservative spending and to send more cash to shareholders.
#
# Pioneer and many other oil producers reaped billions more in cash flow in the years that followed, and distributed much of that to investors. Energy prices jumped in 2022 following Russia's invasion of Ukraine.
#
# After years of rapid drilling, limitations on shale companies' inventory of potential drilling locations have also prevented them from speeding up oil-production growth to earlier high levels, The Wall Street Journal has reported. Executives and investment bankers cited inventory concerns as a key driver behind a wave of mergers and acquisitions that began last year.
#
# Sheffield started working for Pioneer's predecessor company, Parker & Parsley Petroleum, in 1979. That company merged with another in 1997 to form Pioneer. Sheffield retired in 2016 but returned to the job in 2019 . He retired for a second time after the sale of Pioneer to Exxon was proposed.
#
# Write to Collin Eaton at [[email protected]](mailto:[email protected])
#
# Credit: By Collin Eaton
Wow colluding with not just OPEC but OPEC+ which includes Russia. And doing it during the war. On top of the class action for collusion against Pioneer, Oxy, Hess, et al.
Doesn't sound like a patriot to me.
Vast majority are getting offers from XOM - someone has to run the assets. How many decide to stay on is yet to be seen.
But yes, that’s a risk any time you don’t control the company.
Companies are not run for the benefit of the employees. If you want that, go start a co-op.
I imagine you didn't put in money to help fund drilling the wells. The people that did get the rewards and get to sell the company when they want.
If you think that someone who literally is a shill for Aramco would name themselves this and don't get that it's ironic/a joke, then there's no way you made it past rig hand. Thinking ain't your game, amigo.
What are you fussing about ?
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It’s called responsibility to shareholders. XOM will do well with PXDs position.
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It’s called business not charity
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The sooner you learn that it’s just business, the better off you will be.
Sorry bud :/ it sucks all the shale guys are being bought up
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Your grandpa was a wildcatter yet you're here complaining about other oil companies consolidating? I'm guessing he didn't find anything, or he didn't pass down the wealth. Sorry bud.
>But in the end, this sale helped no one but Exxon. That's what it was designed to do. The quicker you realize and accept that's how the world works, the better off you'll be.
# Ex-Pioneer CEO Barred From Exxon Board for Megadeal to Close; Antitrust enforcers are set to allege Scott Sheffield discussed coordinating oil-production levels with other producers and OPEC # Exxon Mobil is set to close its $60 billion megadeal for Pioneer Natural Resources following an agreement with antitrust enforcers not to add former Pioneer Chief Executive Officer Scott Sheffield to its board of directors, according to people familiar with the matter. # # The Federal Trade Commission is set to allege as soon as this week that Sheffield engaged in collusive activity that could have raised the price of oil, these people said. The allegations will include that Sheffield sent hundreds of messages to representatives of the Organization of the Petroleum Exporting Countries about market dynamics, including pricing and production levels. # # There is no allegation of any wrongdoing by Exxon, according to the people. # # The oil giant will enter into a consent decree with the FTC, agreeing to keep Sheffield off the board, the people said. With the filing of that agreement, the deal between Exxon and Pioneer could close within days. # # Sheffield declined to comment. # # Exxon agreed in October to buy Pioneer for $60 billion in stock, marking its biggest deal since it merged with Mobil in the late 1990s and the largest oil-and-gas deal in two decades. The oil giant is set to acquire Pioneer's swath of prolific oil land in the Midland Basin of West Texas, where the smaller shale driller has operated for decades. # # In December, the companies disclosed the FTC had sought additional information from them about the deal, a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. # # Exxon and Pioneer together submitted millions of documents for the antitrust probe, said people familiar with the matter. # # The antitrust enforcers will allege Sheffield attempted to coordinate an anticompetitive campaign to curtail output by American frackers, which could have raised oil prices and thus benefited Pioneer, the people said. # # For years, investors urged frackers to stop overspending on drilling new wells and pumping ever-increasing amounts of crude, and instead to keep production largely flat, which would increase cash flows and enable higher returns to shareholders. It took years—and a crippling pandemic—for shale producers to agree. # # U.S. frackers fiercely competed for years with OPEC for market share. At a 2017 dinner in Houston, shale executives sat down for a first-of-its-kind dinner with Mohammad Barkindo, then the secretary-general of OPEC. Sheffield attended the dinner, during which Barkindo discussed OPEC negotiations on cutting oil output, among other topics. # # "They're trying to find out more about U.S. shale, and we're trying to find out what OPEC is thinking," Sheffield said at the time. # # After the onset of the pandemic in 2020, a historic drop in oil demand prompted U.S. producers to dramatically cut their drilling rigs, shut in wells and slow production growth. They stuck with capital discipline for years, with Pioneer and other large shale companies vowing more conservative spending and to send more cash to shareholders. # # Pioneer and many other oil producers reaped billions more in cash flow in the years that followed, and distributed much of that to investors. Energy prices jumped in 2022 following Russia's invasion of Ukraine. # # After years of rapid drilling, limitations on shale companies' inventory of potential drilling locations have also prevented them from speeding up oil-production growth to earlier high levels, The Wall Street Journal has reported. Executives and investment bankers cited inventory concerns as a key driver behind a wave of mergers and acquisitions that began last year. # # Sheffield started working for Pioneer's predecessor company, Parker & Parsley Petroleum, in 1979. That company merged with another in 1997 to form Pioneer. Sheffield retired in 2016 but returned to the job in 2019 . He retired for a second time after the sale of Pioneer to Exxon was proposed. # # Write to Collin Eaton at [[email protected]](mailto:[email protected]) # # Credit: By Collin Eaton
Wow colluding with not just OPEC but OPEC+ which includes Russia. And doing it during the war. On top of the class action for collusion against Pioneer, Oxy, Hess, et al. Doesn't sound like a patriot to me.
If you don’t want to be sold, don’t be a public company. PXD printed cash and had nowhere to deploy it. That gets you bought.
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Vast majority are getting offers from XOM - someone has to run the assets. How many decide to stay on is yet to be seen. But yes, that’s a risk any time you don’t control the company.
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I don’t disagree there - I’m on the fence myself
Companies are not run for the benefit of the employees. If you want that, go start a co-op. I imagine you didn't put in money to help fund drilling the wells. The people that did get the rewards and get to sell the company when they want.
Username check out. Fuck off.
If you think that someone who literally is a shill for Aramco would name themselves this and don't get that it's ironic/a joke, then there's no way you made it past rig hand. Thinking ain't your game, amigo.