PXD - Pioneer CEO sees slow U.S. oil production recovery despite Saudi move

Drilling in the U.S. shale patch is not likely to pick up significantly even after this week's surprise Saudi pledge to curb production sent prices surging, Pioneer Natural Resources (PXD) CEO Scott Sheffield says.U.S. oil output is expected to remain roughly flat at ~11M bbl/day for the next several years, while two of the biggest shale regions - North Dakota's Bakken and the Eagle Ford in Texas - may never see growth again, Sheffield tells an investor webcast hosted by Goldman Sachs."Even if oil went to $100/bbll and the world was short of supply," the economics would not support adding rigs because service costs would cut into margins, he says.The company is focused on completing its recent acquisition of Parsley Energy (PE), and "anything else we would look at after bringing in Parsley has got to be double-digit accretion that's got to be in the Permian Basin, the CEO says. "The chances

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Pioneer CEO sees slow U.S. oil production recovery despite Saudi move