Pioneer Natural Resources

Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operated in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company was the largest acreage holder. In May 2024, the company was acquired by ExxonMobil.
As of December 31, 2022, the company had of proved reserves, of which 41% was petroleum, 23% was natural gas liquids, and 28% was natural gas. In 2022, the company produced per day, of which 58% was petroleum, 23% was natural gas liquids, and 19% was natural gas.

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History

Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by Thomas Boone Pickens.
In May 2016, CEO and chairman Scott D. Sheffield was succeeded by Timothy Dove. Sheffield returned to the roles in 2019 after Dove's retirement. In January 2024, Richard P. Dealy was named as CEO.

Acquisition by ExxonMobil

In May 2024, in the largest merger in the petroleum industry in 20 years, Pioneer was acquired by ExxonMobil, making ExxonMobil the largest producer of shale gas in the Permian Basin.
Approval for the transaction from the Federal Trade Commission was accompanied by a consent decree alleging that former Pioneer CEO Scott D. Sheffield colluded with OPEC to raise oil prices and making the merger conditional on Sheffield's being barred from joining ExxonMobil's board of directors or serving as an advisor to Exxon after the merger.

Antitrust lawsuit

In January 2024, a class action lawsuit was filed by drivers in three US states accusing Pioneer, along with seven other oil and gas producers, of an illegal price fixing scheme to constrain production of shale oil that led to American drivers paying more for gasoline than they would have in a competitive market. In May 2024, plaintiffs asked for the communications records of former CEO Scott Sheffield.
Philanthropy
Pioneer Natural Resources operated an extensive philanthropic program focused on education, disaster relief, and community development through various charitable initiatives and partnerships. In 2022, the company contributed nearly $8 million in social investments and employee-led giving to hundreds of charities in the Permian Basin and Dallas-Fort Worth area.

Philanthropy

In March 2022, Pioneer made a $20 million humanitarian aid donation to relief organizations operating in Ukraine and surrounding regions following Russia's invasion. A portion of these funds, totaling $2.1 million, was directed through the Ukrainian-American Stanford Alumni Society to purchase critical medical equipment including anesthesia machines, portable X-ray machines, and ventilators for over 20 hospitals throughout Ukraine.
The company was a founding member of the Permian Strategic Partnership, an unprecedented coalition of oil and gas companies formed in 2017 to address community challenges in the Permian Basin. The partnership committed over $100 million in member company contributions, leveraging approximately $125 million in member funds into $1 billion in collaborative investments with other stakeholders to improve healthcare, education, infrastructure, affordable housing, and workforce development in West Texas and New Mexico.
In education, Pioneer made substantial contributions to Texas A&M University's College of Engineering, including a $600,000 donation in 2014 to support petroleum and mechanical engineering departments and establish the Pioneer Natural Resources Company Resource Room and scholarship fund. The company also contributed to nine endowments across multiple engineering departments at Texas A&M, funding scholarships, fellowships, and faculty development programs.
Pioneer's charitable activities were administered through the Pioneer Natural Resources Foundation, a 501 private foundation that distributed $781,387 in charitable disbursements during fiscal year 2024. The foundation operated with all administrative costs covered by the company to ensure donations went directly to charitable organizations.