The CEO of Irving-based fracking company Pioneer Natural Resources will retire at the end of the year.
Scott Sheffield will step down as CEO and will be succeeded by Richard P. Dealy, who is currently serving as President and COO of the company, on January 1, 2024, the company announced.
Sheffield will remain on the board, while Dealy has been nominated to join the board.
The decision came a few weeks after a report that said Pioneer is in early talks to be acquired by ExxonMobil, according to The Wall Street Journal.
If completed, it would be Exxon’s largest deal since merging with Mobil in 1999.
Pioneer is the largest oil producer in Texas, with a sizeable presence in the Permian Basin. Last year its revenues were $24.3 billion.
Pioneer Natural Resources is the third-biggest company in North Texas in terms of market cap, at $50.85 billion, trailing only AT&T and Texas Instruments, according to Dallas Business Journal.
Sheffield started his career at Parker & Parsley in 1979, becoming the CEO and chairman before it merged with another oil company to form Pioneer in 1997. He retired in 2016 but later reclaimed his CEO duties in 2019.
The incoming CEO, Dealy, has over 30 years of oil industry experience.
“Rich is a disciplined and focused leader,” Sheffield said in a press release.
“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.”
Pioneer Chairman Ken Thompson said Dealy was the right choice to take over as CEO.
“The board is deeply grateful to Scott for his leadership over the years and respects his decision to retire in order to spend more time with his personal and philanthropic interests,” Thompson said in the press release.
Dealy said about his new role, “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.”
Pioneer reported its first-quarter earnings on Thursday, with earnings and sales topping Wall Street analyst estimates.
