Irving-based Pioneer Natural Resources, one of the nation’s largest independent oil and gas companies, said Wednesday that Richard P. Dealy, 56, will succeed Scott D. Sheffield, 71, as the company’s CEO effective Jan. 1, 2024. Sheffield, member of the Permian Basin Petroleum Museum Hall of Fame, graduate of University of Texas and “a trailblazer in this industry,” founded Pioneer in 1997 and led its transformation into the biggest crude producer in Texas. “It’s time for me to go back into a second retirement,” Sheffield told Financial Times – referring to his initial retirement in 2016 before returning three years later.
Dealy, 30-year veteran of Pioneer, most recently was president and COO since January 2021. “I really don’t see any changes,” he said. “I think the strategy that we put in place is working well.” Sheffield called Dealy, Pioneer’s former executive vice president and CFO, “a disciplined and focused leader.” Dealy is a graduate of Eastern New Mexico University.
Pioneer board chair Ken Thompson said, “Rich is the right leader to build on the strong foundation that Scott has established. He embodies the Pioneer culture, and now is the right time to implement the robust succession plan we have put in place.” Reuters said only Occidental, Chevron, Apache and ExxonMobil hold more Permian acreage than Pioneer.