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Pioneer Natural Resources CEO Scott D. Sheffield to retire

Pioneer Natural ResourcesPioneer Natural Resources Company, an oil and gas company, announced that Scott D. Sheffield will retire as the company's chief executive officer from December 31, 2016.

Mr. Sheffield will continue as executive chairman of the Company's board of directors through December 31, 2017, at which time he will retire as an executive and employee of the Company but remain on the board.

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Mr. Sheffield joined Pioneer's predecessor company, Parker & Parsley, as a petroleum engineer in 1979. In 1981 he was promoted to vice president - engineering, and in 1985 he was elected president and a director. Mr. Sheffield became Parker & Parsley's chairman and chief executive officer in 1989.

In 1997, Pioneer was formed from the merger of Parker & Parsley and Mesa Petroleum, and Mr. Sheffield was named chief executive officer. In 1999, he was elected chairman of Pioneer's board of directors.

Mr. Sheffield is a distinguished graduate of the University of Texas with a Bachelor of Science degree in petroleum engineering. The Permian Basin Petroleum Association recently honored him as the recipient of its prestigious Top Hand award.

He is also a 2013 inductee into the Permian Basin Petroleum Museum Hall of Fame. That same year he was honored with the Maguire Energy Institute at SMU Cox School of Business L. Frank Pitts Energy Leadership Award.

Pioneer announced that the Company's president and chief operating officer, Timothy L. Dove, will succeed Mr. Sheffield as the Company's president and chief executive officer upon his retirement.

Mr. Dove joined Parker & Parsley in 1994 as vice president of business development and was promoted to senior vice president in 1996 where he served until the formation of Pioneer in 1997. With Pioneer, he held the position of executive vice president - business development until 2000 when he was promoted to executive vice president and chief financial officer.

In 2004, Mr. Dove was named the Company's president and chief operating officer. He was elected to the board of directors in 2013.

Prior to joining Parker & Parsley, he worked for Diamond Shamrock Corporation and a successor, Maxus Energy Corporation.

Mr. Dove holds a Bachelor of Science degree in mechanical engineering from the Massachusetts Institute of Technology (MIT) and a Master of Business Administration from the University of Chicago. He currently serves on the Corporate Development Committee of MIT.



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