American Oil and Gas Reporter - PBIOS 2016 Official Program Guide - 103

Permian Basin Reports
pany and its return for investors. Our track record is strong; growing our market cap from $32 million to $28 billion over 19 years
is something to be proud of.
But I also am really proud of Pioneer's culture and its people.
We have built a company that, for the past seven years, has been
among the top three best places to work in the Dallas-Fort Worth
area, and a few months ago, Indeed.com ranked us as the fourth
best place to work in the United States.
Pioneer's culture extends to the communities where we operate. We want those communities to think of us as a company
that is responsible when it comes to safety and the environment,
and we want to be supportive of those communities, which is why
we spend time building houses for Habitat for Humanity, giving
back to schools, supporting the United Way, and so much more.

ship is about tough choices. What advice would you offer young
executives when it comes to making difficult business decisions?
I always have talked with my son, Bryan, about the fundamentals, including maintaining a strong balance sheet, hiring the right
people, innovating and becoming more efficient as you find the
best rock, and building a corporate culture that outlasts you. And
I think people at Pioneer would tell you we bring the best and
brightest to the table when it is time to set a strategy or make a
difficult decision.
The most difficult decisions always involve people. We had
a major layoff not long after Parker & Parsley merged with Mesa
Petroleum to form Pioneer. Those of us who were here then remember how difficult that was, not only from a personal standpoint, but also when the company was in a position to grow and
had to play catch up. Our management team has done its best to
build a company that could sustain commodity cycles. You see
that with the most recent downturn. While other companies were
forced to do major layoffs, we were not.
Keeping an eye on the basic fundamentals, as I mentioned earlier, is what makes Pioneer successful today, and positions the
company to remain so long after I retire.
r

You have a son following in your footsteps as an executive at an independent oil and gas company. What guidance would you offer him and other up-and-coming industry professionals? Is there a particular philosophy you have used to mold
your management style? It has been said that corporate leader-

Total Recoverable Resource (billion boe)
0

100

120

140

160

Ghawar, Saudi Arabia
Permian Basin, USA

Produced to Date

Midland Basin

Delaware Basin

Burgan, Kuwait
Safaniyah, Saudi Arabia
Eagle Ford Shale, USA
Samotlorskoye, Russia
Shaybah, Saudi Arabia
Romashkinskoye, Russia
ADCO, UAE

"U.S. now holds more oil reserves than
Saudi Arabia"
-Rystad Energy, July 4, 2016

Zuluf, Saudi Arabia
Cantarell, Mexico

"The Midland and Delaware basins hold the largest number of undrilled, low-cost tight
oil locations in the lower-48. No other region comes close." - Wood Mackenzie
Total recoverable reserves = oil + gas for all ﬁelds
Source: Pioneer Natural Resources; data on international ﬁelds from Wood Mackenzie

OCTOBER PBIOS 2016 103

American Oil and Gas Reporter - PBIOS 2016 Official Program Guide

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