Richard P. Dealy has become chief executive officer of Dallas-based Pioneer Natural Resources, the company announced on Tuesday.
“I am honored to step into the role of CEO and lead our more than 2,000 talented employees who continue to deliver on our strategy with unmatched operational excellence and integrity,” Dealy said in a news release.
Dealy succeeds Scott D. Sheffield, who retired on Sunday and is now special advisor to the CEO. Sheffield founded the company in 1997. He announced his retirement in April.
Dealy was the company’s president and chief operating officer and has more than 30 years of industry experience.
“Rich is a disciplined, focused, and enthusiastic leader,” Sheffield said in the release. “He has been a major reason for our success, and the company could not be in better hands.”
Under Dealy’s leadership, Pioneer became the largest producer of oil in the U.S. while recording six straight years of operational efficiency, the company said. He also “successfully integrated” the acquisitions of Double Point Energy and Parsley Energy.
From November 2004 to December 2020, Dealy was chief financial officer and executive vice president. He’s a member of the board of directors of the American Exploration & Production Council and Compass Minerals International. With his promotion, he and Sheffield will remain on Pioneer’s board of directors.
Pioneer’s work is concentrated in West Texas, where the Permian Basin accounts for almost 40% of all oil production in the U.S., according to the Federal Reserve Bank of Dallas. A Permian pure-play company, Pioneer began drilling the area decades ago, when it produced 10 to 12 barrels a day, according to the company’s website.
