Scott Sheffield, CEO of Pioneer Resources, speaks during CERAWeek in 2015
Letter from the US: OPEC+ and the trillion-dollar mistake?
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy
US oil companies, and potentially many oil-exporting countries, are in big trouble thanks to Scott Sheffield, the former CEO of US independent Pioneer Natural Resources. Beginning around 2017, Sheffield went from supporting open markets and aggressive exploration to pushing market management and allegedly working with oil-exporting nations and potentially US producers to limit output and support prices. The hundreds of emails and WhatsApp messages to and from Sheffield and others in the industry expose oil-exporting countries and some independent firms to potential criminal and/or private litigation for conspiracy. The damages awarded from such litigation could be astronomical. In late 2017,
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