Pioneer is a great company. I spent a decade there and I truly enjoyed it. Let's be honest though. Part of the success the company had was through pure dumb luck and the shale revolution. Just happened to be in the right assets at the right time. Sorry to say time is up. We are going through this because the company has zero idea how to move forward. Commodity prices are low, most shale basins are drilled up or to expensive to enter, and the world is trying to move on from fossil fuels. We have no clue what to do. So we are trying to scale down our operations to give ourselves time to think instead of blasting through the only asset we can make marginal money with at breakneck speed. We try and project that we have 20 years of drilling inventory. We dont. Fact is we are in the death spiral and i unfortunately dont have confidence in upcoming management to get us out. It may honestly not be their fault. The world is moving on...or thinks it is at the moment. Have yet to see the returns on renewables. That being said....Take the package and smile. Im leaving soon with a generous check. Im sad but I honestly think it will be better in the long run.
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Sounded like a director to me...Seemed to think there was a benefit to fusion.
Director, eh? Honestly you sound like a disgruntled employee. Just being fair.
I don't want to say that Pioneer is in its death throes, but it is certainly the beginning of the end. Mama Pioneer had a spectacular birth with the combination of Mesa and Parsley, great acreage position downstream, midstream, and with Gas Processing Plants in Texas and Kansas. In 1997 the throughput at Fain was 120 MMCFD and the liquids and helium where shear profits. Pioneer made money in spite of itself due to high oil prices, and low overhead; condensate was higher and helium was even higher. But somewhere after Pioneer left the deep GOM they got lost, they lost their identity, they lost their north star, and they lost the clear path to the future, never to recover it. I don't know if you can fault management or energy markets; I suspect it was a combination. I was there for 20 years and worked up from the field in Kansas to being a Director, left in May 2019. My observations Pioneer was run like 10 companies within one company, all where silos and nothing was integrated information withheld was job security. Fusion make an attempt to correct that but maybe it was too far gone, or the right people were not directing the program. The price today closed just short of $87.00 a share, I would think attractive to another company that could offer a premium of $100.00 a share and gain control. I think Pioneer management is tired of this and ready to let it go. The end is in sight it's not ugly just the evolution of an old tired and worn-out oil company, the rocks will survive. Take the package if offered, the next one will be 6 months unemployment. Take what you learned at Mama Pioneer; forget the bad and leverage the good, and move on to a new company that will appreciate your expertise.
Can you blame them? The selection process last year didn't leave much question about the value of proper nasal placement vs the value of speaking your mind.
Geo staff might be decent but the majority of them are too afraid to speak up or have their head so far up their managers asses. Geo managers are a whole other story.
What’s the next thing?
Doesn't mean that the only asset left to the company isn't something they didnt want. And much of the land out here in west Texas was bought by pioneer from exxon long ago. They leased up the area not long after oils initial discovery out here. Why do you think sooooo many of the leases in west Texas are from the 40s and 50s
How did Exxon luck into their acreage? Oh yeah. They bought it when it was hot and overpaid. How did shell luck into their acreage? They sold it before.. how about chevron? Chevron “lucked” into it the same way pioneer did.
@mti+175SGE2 how dare you how daaaare you
@dat spoken like a person who has only ever worked at pxd.
Finally!!!!
Intelligent conversation.
I simply love how Pioneer historically has been the last one to the buffet in all the other plays over the last 15 years. The company moved to LCO as best as I can tell for 3 reasons: 1. Nobody would be able to easily recruit too talent to Midland (it s—s) 2. Barnett shale (last to the party) 3. To be taken seriously as a oil company. Okay 4. So the spouses of the rich execs, mgrs, and top tier paid employees could live in a real city with real social happenings. Boy Barnett was a wonderful idea! And if any of you will remember it is shear dumb luck that pioneer exists at all. They were marketing Midland basin during the Barnett catastrophe!
Pioneer = Pure Dumb Luck
If it’s so bad simply leave. No wonder morale is down. Preaching how bad a company it is all the time. Go work for shell then. See how great it is to work there. If you don’t like the industry maybe it’s you.
The whole new plays idea was a farce. It was simply built to keep people in the company that might otherwise get bored and leave. They announced it in Jan and became irrelevant in March. I know they have continued their quest but to what end.
You’re right, this company doesn’t have the fore sight or leadership to Shepard us through this point. We will slowly get worse and worse.
Yeah when all the majors turn to renewables we can buy profitable fields for pennys on the dollar as they exit. O wait....we did that in the Spraberry and South Texas fields we are sooooo proud of. Seemed to work out for us. But yeah lets go try and compete with BP and Shell. That'll work out for us...
Agreed. Something that grinds my gears though is the way they went about assessing new plays. We refused to look at conventional, gas, offshore, or international assets. I understand theres risk in all of those and we arent quite geared for that. However, I see these emails from BMD talking about renewables and alluding to pxd assessing entering that market. Wait. Stop. We have a top notch geoscience staff that is gonna get slaughtered 50% soon and you are letting them go because you are afraid of offshore conventional exploration risk but entering the renewables market is perfectly logical?!?! We have zero experience in that! None. Nada. How is there no risk there? We may actually be better off doing something we have at least some experience in. Even the engineers are petroleum. Guess we are just trying to follow the trend. Idk. Seems like a waste of talent to me. O well.