Sheffield

Pioneer Natural Resources Co. announced that CEO Timothy L. Dove, who has been with the company for 24 years, would retire immediately. Chairman Scott D. Sheffield is again taking the helm. Sheffield, founding CEO who served from 1997-2016, has been chairman since 1999. Lead director J. Kenneth Thompson has been named chairman. Pioneer in its 4Q2018 report said net income fell by more than half year/year to $324 million ($1.89/share) from $665 million ($3.87). Mark-to-market derivatives gains recorded during 4Q2018, excluding one-time items, put adjusted net profits at $202 million ($1.18). “Tim has expressed his desire to retire and we have mutually agreed that now is the right time,” Sheffield said. “Over the last several years, our industry has changed significantly, and we have become a pure-play Permian company…In the coming weeks, I plan to engage with our employees and shareholders to understand their views on how to expand Pioneer’s industry leadership position.”

Pioneer Natural Resources Co. said Scott D. Sheffield will retire as the company’s CEO effective Dec. 31. Pioneer’s board approved a transition plan under which President and COO Timothy L. Dove will succeed Sheffield as president CEO. Sheffield will continue as executive chairman through Dec. 31, 2017 at which time he will retire as an executive and employee of the company but remain on the board. Sheffield joined Pioneer’s predecessor company, Parker & Parsley, as a petroleum engineer in 1979. Dove joined Parker & Parsley in 1994 as vice president of business development and was promoted to senior vice president in 1996 where he served until the formation of Pioneer in 1997. In 2004, Dove was named president and COO. He was elected to the board of directors in 2013.

A call to action was sounded on Tuesday at the Rocky Mountain Energy Summit for U.S. oil and natural gas operators to take what industry pioneers created and continue reinventing for the future — with the public’s backing.

A ballot initiative sponsored by former natural gas industry executive Sheffield Nelson to raise Arkansas’ severance tax on natural gas production has passed the muster of the state attorney general and would go before voters next year if proponents can garner enough signatures.

A ballot initiative sponsored by former natural gas industry executive Sheffield Nelson to raise Arkansas’ severance tax on natural gas production has passed the muster of the state attorney general and would go before voters next year if proponents can garner enough signatures.

The Pennsylvania House of Representatives, which last year approved a natural gas severance tax bill only to see it die in a subsequent lame duck session, will have another chance to implement the tax during its 2011 current session.

Former natural gas industry executive Sheffield Nelson has filed a ballot initiative in Arkansas to raise the state’s severance tax on natural gas production to 7% from the current 5% of market value.

Former natural gas industry executive Sheffield Nelson has filed a ballot initiative in Arkansas to raise the state’s severance tax on natural gas production to 7% from the current 5% of market value.

Former natural gas company executive and Arkansas gubernatorial candidate Sheffield Nelson has said he may push to allow the state’s voters to decide next year whether the severance tax on natural gas production should be raised to 7%.