Shares of Pioneer Natural Resources Co. (PXD) fell by over 2% in the extended session on Wednesday after the exploration and production company announced that its board has named Richard “Rich” P. Dealy as the company’s next chief executive officer, effective from January 1st. Current CEO Scott D. Sheffield will retire at the end of the year. Sheffield is expected to continue to serve on the board following his retirement. Dealy is currently Pioneer’s president and chief operating officer, and he brings “more than 30 years of industry experience in roles spanning nearly all operations and business functions, making him an ideal successor to Scott and CEO of our company,” Pioneer Chairman J. Kenneth Thompson said in a statement.
Richard “Rich” P. Dealy has been instrumental in driving the growth of Pioneer Natural Resources Co. over the years. Having spent more than three decades in the industry, Dealy has held various roles in the company and has helped orchestrate the strategic direction of Pioneer. His leadership, vast experience, and deep understanding of the organization make him well-suited to take on the role of Pioneer’s CEO.
Starting his career at Arthur Andersen & Co in 1985, Dealy joined Mesa Inc. in 1991, where he worked for six years before joining Pioneer in 1997 following the company’s merger with Mesa Petroleum. During his tenure at Pioneer, he has held various positions such as Vice President, Financial Reporting and Compliance, and Executive Vice President and Chief Financial Officer.
In his more recent position as President and Chief Operating Officer, Dealy has been steering the company’s growth and expansion plans, including several high-profile acquisitions, the execution of the company’s well drilling and production strategy, and management of the company’s corporate services functions. His appointment as the new CEO indicates that the company expects Dealy to guide Pioneer Natural Resources Co.’s future plans and direction.
Speaking about the announcement, outgoing CEO Scott Sheffield said, “It has been a privilege to lead Pioneer for over 30 years and to be a part of the amazing team that has built the company into the premier U.S. independent energy company. Rich and I have worked closely together for many years, and his depth of experience, passion for the industry and Pioneer, and commitment to our culture make him the right person to lead our company into the future.”
Under Sheffield’s leadership, Pioneer has transformed from a regional oil and gas company to one that is recognized as a leading independent oil and gas exploration and production company with a large footprint in the Permian Basin. According to the company, Pioneer now holds some of the best in-basin inventories of large scale, low-cost production assets in the industry. Pioneer’s strategic vision and the ability to leverage significant operational efficiencies have been key factors in ensuring that the company remains well-positioned to continue delivering strong returns for its shareholders.
Pioneer Board Chairman J. Kenneth Thompson also praised the appointment by saying, “On behalf of the Board, I would like to thank Scott for his steadfast leadership and vision, which have positioned Pioneer as a best-in-class company that we are all proud to be a part of. The Board is confident that Rich will continue to drive our growth and unlock value for our shareholders as CEO. His extensive experience and operational acumen make him the right choice to lead Pioneer into the future.”
As Dealy takes over the reins at Pioneer Natural Resources Co., he is faced with the challenge of steering the company towards continued growth and profitability in an era of dynamic industry changes, and rapidly evolving global energy markets. With a track record of successful leadership and a deep understanding of the company and industry dynamics, Dealy is well equipped to chart new growth strategies for Pioneer Natural Resources Co., ensuring that it remains a formidable player in the oil and gas sector.
