Pioneer CEO Waves White Flag, Says Days of Independent Shale Over

Do you know what the single most responsible force was in liberating the United States from the grip of the dictator thugs of OPEC? Independent shale oil companies. Over the past decade, companies like EOG Resources, Apache, Continental Resources, Concho Resources, and Pioneer Resources broke the grip of OPEC over U.S. oil supplies. Pioneer, as we told you yesterday, has agreed to sell itself to Exxon Mobile for $64.5 billion (see Shale Megadeal: Exxon Buys Pioneer Natural Res. for $64.5 Billion). A few hours after that major announcement, Pioneer CEO Scott Sheffield said in an interview, "Shale companies cannot survive on their own long term," and "They’re going to have to merge up, consolidate, and be part of diversified companies." Et tu, Brute? Sheffield has raised the white flag of surrender and plunged a dagger in the back of shale. What a shame.

---

To view this content, log into your member account. (Not a member? Join Today!)