Early this 12 months, Scott Sheffield realized he had an issue. Traders had been cooling on
, the corporate he constructed into one of many leaders of the American fracking growth.
Like many shale corporations, Pioneer was pumping loads however making little. It was spending lots of of thousands and thousands greater than budgeted because it strained to satisfy a purpose Mr. Sheffield set years again—producing one million barrels of oil and fuel a day inside a decade, sufficient to rival OPEC nations reminiscent of Libya.
So in February, the corporate’s board replaced Chief Executive Timothy Dove, who had presided over the fee overruns, with Mr. Sheffield, who had retired as CEO in 2016, and requested him to engineer a turnaround.
Mr. Sheffield has since launched into an excessive belt-tightening routine on the Irving, Texas-based producer. Pioneer is chopping greater than one-quarter of its workforce, together with a cadre of senior executives, partially by means of layoffs and buyouts. Amongst those that are leaving is Mr….