Pioneer Natural Resources' Scott Sheffield to retire, appoints new CEO
(WO) – Pioneer Natural Resources Company announced that the Board of Directors has named Richard P. Dealy as the company’s next Chief Executive Officer, effective January 1, 2024. Dealy will replace current CEO Scott D. Sheffield, who will retire at the end of 2023. Sheffield is expected to continue to serve on the Board following his retirement. The Board also previously nominated Dealy for election to the company’s Board.
Dealy, currently the Company’s President and Chief Operating Officer (COO), brings more than 30 years of industry experience in roles spanning nearly all operations and business functions at Pioneer and its predecessor company. In his role as President and COO, Dealy has been pivotal to securing Pioneer’s leading operational and financial position.
During his tenure, Pioneer built one of the strongest investment grade balance sheets in the industry, became the largest oil producer in the Texas, had five consecutive years of operational efficiency improvements and successfully integrated the acquisitions of Parsley Energy and Double Point Energy.
“Rich is a disciplined and focused leader,” added Sheffield. “His three-decade track record of operational and financial contributions, industry knowledge and inspiring leadership have prepared him to take the helm of Pioneer with a sure hand and a clear strategic vision.”
“For over 30 years, Pioneer and its amazing people, along with this exciting and vitally important industry, have defined my professional life. I am thrilled by the opportunity to lead our world-class company– delivering on the strategy that we’ve laid out, creating value for our shareholders, and continuing to nurture a culture that makes Pioneer one of the best and most rewarding places in our industry to work,” said Rich Dealy.
During the transition period, Dealy will continue to work closely with Sheffield on executing the Company’s strategy.
Dealy was appointed President and Chief Operating Officer in January 2021. Previously, he had served as Executive Vice President and Chief Financial Officer from November 2004 through December 2020.
Dealy has held previous leadership positions throughout Pioneer during his more than 30 years of tenure, including as a director of the general partner of Pioneer Southwest Energy Partners, a publicly traded Master Limited Partnership from 2007 to its acquisition in 2013. He is a member of the Board of Directors of the American Exploration & Production Council (AXPC) and Compass Minerals International..
