Historic Midland

envy of the industry today. P&P’s reputation for
finding oil and its prudent operations brought
in a mass of lucrative deals, including acquisitions
of Indian Wells, MGF, Mobil, Damson and
others. By 1991, P&P went public, acclaimed by
Forbes as one of the nation’s fastest growing and
well-managed companies. In 1994, P&P went
international by acquiring Bridge Oil, and later
sold its Australian interests for historic profits,
which enabled the company to reduce its debt
while adding over 300 million barrels of oil
equivalent (BOE) in proven reserves through
other acquisitions and discoveries. By 1997,
P&P was 700 employees strong, had $1.3 billion
in assets, and was primed to take on its
largest challenge ever: merging with Mesa
Petroleum, a like-size company focused on natural
gas production. Pioneer Natural Resources
Company is formed!
Today Pioneer, with headquarters in
Irving, Texas, three major divisions covering
seven states, plus Gulf of Mexico offshore and
international interests in several countries,
has become the third largest independent
E&P company in the U.S. With Scott
Sheffield as CEO, Pioneer has an enterprise
value of $4.2 billion, daily production of
60,000 BO and 440 million cubic feet of natural
gas, reserves exceeding 611 million BOE
and unlimited national and international
potential. Its more than 1100 employees and
its 150,000 stockholders will prosper in
Pioneer’s mission of uncommon value to
employees and investors, creating a culture
that is “opportunity-driven,” being financially
flexible and credible, with a long-lived
reserve base as its foundation.
An impressive story! From a simple partnership
in 1962 to an industry leader seeking premier
objectives by putting its people and
investors first, Pioneer was born from a handshake
in Midland, Texas.
Sharing the Heritage | 83