Pioneer chief says shale M&A is not over yet
Pioneer chief says shale M&A is not over yet
New York, 8 December (Argus) — US shale mergers still have further to run even though the best acreage has largely been snapped up, according to the chief executive of top Permian basin producer Pioneer Natural Resources.
"A lot of it is over, the good stuff has been bought," Scott Sheffield said in an interview on the sidelines of the World Petroleum Congress in Houston today. "There will be another round of consolidation as companies delever over the next three years."
Pioneer has been one of the most active buyers in recent years, purchasing Parsley Energy for $4.5bn late last year and then private equity-backed DoublePoint Energy for $6.4bn in April.
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