With investors hesitating to invest as much money as they have in the past in the nation’s oil and gas industry, it means belt tightening for a lot of firms.
Ask Scott Sheffield, who returned as Chief Executive at Dallas-based Pioneer Natural Resources Company, a firm he had built into a leader of the country’s fracking boom.
The Wall Street Journal reported this week how Sheffield, who retired in 2016 and was chosen in February of this year to replace CEO Timothy Dove, has adopted a change in attitude regarding the frenzied pace of drilling well after well to keep the revenue alive.
Since his second go-around as CEO, Sheffield has cut more than a quarter of the company workforce and among those who were ushered out the door were senior executives.
Click here to read Wall Street Journal story.