• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 18 hours How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Oil Prices Gain 2% on Tightening Supply

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Pioneer CEO Sees $100 Oil By End Of Year

  • Pioneer CEO Sheffield: WTI to be in the low $90s by the end of the year.
  • Pioneer's CEO reiterated that capital discipline is still the name of the game, adding that its shareholders haven't changed their view on that.
  • Sheffield said that OPEC would likely cut production again, with Saudi Arabia unlikely to allow Brent to stay at $75 per barrel.
Pioneer rig

Brent crude oil will be around $100 per barrel by the end of the year, Pioneer CEO Scott Sheffield has predicted.

Oil has been rangebound over the last five or six months, Sheffield said, although Chinese demand is picking up
"significantly".

"I think that what we'll see…. Brent will break $90 this summer and climb back up to $100 sometime in the second half of the year." He expects WTI to be in the low $90s by the end of the year.

Despite the calls for $100 oil, Pioneer's CEO reiterated that capital discipline is still the name of the game, adding that its shareholders haven't changed their view on that. "We see no change at all," Pioneer CEO Scott Sheffield told Bloomberg today.

"We had a record year in '22. We had about $8.4 billion in free cashflow. We returned $8 billion of it back to the investors in regard to both dividends and buybacks—no change at all."

Sheffield said nothing has changed, and it's just business as usual, with Pioneer set up to grow 5% per year, after flat production last year. Pioneer put out guidance for about 3-3.5%, Sheffield said, although he expects Pioneer will beat that.

The status quo with regards to capital discipline comes despite his outlook at higher oil prices by the end of the year, and despite chastisement from the White House to the oil industry at large over the lack of investments and production while crude oil and gasoline prices were higher last year.

Last month, Sheffield said that OPEC would likely cut production again, with Saudi Arabia unlikely to allow Brent to stay at $75 per barrel. Since then, Brent prices have risen to $82, and Russia announced a 500,000 bpd cut starting next month.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News