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HOUSTON - Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources the oilfield's biggest prize.
On Oct. 11, the 71-year-old's mission paid off as oil giant Exxon Mobil offered $59.5 billion for the oil and gas firm - more than twice its value in 2019. After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources.
On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. Those generated about $1 billion in cash to buy rivals. In comments after the deal was disclosed, Sheffield and Exxon CEO Darren Woods said they agreed to terms of a sale two weeks after the pair first sat down to negotiate.
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