Projections of Lower 48 oil production growth this year are “way too high,” Pioneer Natural Resources Co. CEO Scott Sheffield said Thursday.


Irving, TX-based Pioneer is among the largest producers in the Permian Basin, with operations focused on the Midland sub-basin.

As evidence, Sheffield pointed to comments by oilfield services CEOs, including Halliburton Co.’s Jeff Miller and Helmerich & Payne Inc.’s John Lindsay, who indicated that drilling equipment was nearly sold out.

Fracturing fleets “are pretty much used up,” particularly for the high-tech equipment, Sheffield told analysts during a conference call to discuss first quarter earnings. “The good-spec rigs are pretty much used up and you can always do newbuilds, but you’re going to pay significantly...