XOM - Pioneer's Sheffield waffles on oil production plans

In an interview with S&P Global, Pioneer's (NYSE:PXD) CEO said the past week brought about a "mindset change." In speaking about the war in Ukraine, and ability for the shale patch to add barrels, he indicated, "if there's a coordinated effort, we would definitely participate in that." His comments come after his company guided to falling production in 2022.  CEO Sheffield has been a figurehead for industry of late, and in an interview on CNBC during Q4 he indicated that his company would not grow production more than 5%, regardless of the oil price environment. Peers followed suit, Exxon (NYSE:XOM), Chevron (NYSE:CVX), Conoco (NYSE:COP), Devon (NYSE:DVN) and Marathon (NYSE:MRO) all planned for flat or lower production in 2022. Several other producers released similar plans.  The pivot comes after nearly a decade of the sector burning cash to fund growth. The result has been historically low prices for consumers, but worst-in-class share

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Pioneer's Sheffield waffles on oil production plans