Ex-Pioneer CEO: Shale Can’t Thrive at $50 Oil

The founder of Pioneer Natural Resources has a warning for the U.S. oil producers—the next two years will not be easy, and “drill, baby, drill” isn’t happening at $50 oil price. Scott Sheffield, who founded Pioneer Natural Resources and sold last year the top Permian basin producer to ExxonMobil for $60 billion, expects two or three years in which the U.S. shale patch will have to reinvent itself – once again – if it wants to remain a relevant force on the market at a lower price of oil, which the Trump Administration…