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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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CEO Sheffield says Pioneer expects production growth of 0-5% in 2021

December 3, 2020 by PBOG

Irving-based Pioneer Natural Resources chairman and CEO Scott D. Sheffield said Tuesday Pioneer is putting drilling rigs back to work in Permian Basin with plans for production growth of 0 to 5 percent in 2021 as demand recovers. He told Reuters’ Future of Oil & Gas 2020 virtual conference he expects global oil demand to recover to pre-pandemic levels of 100 million b/d by 2022 or early 2023. He said demand in 2021 is likely to be about 97 million b/d. He also said the industry will “still need some help from OPEC” with supply cuts of 3 million to 5 million b/d next year. Pioneer, one of the largest independent U.S. shale operators, expects to close on its $4.5 billion acquisition of Parsley Energy in 2021Q1.

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