WEST TEXAS (KOSA) -- The CEO for Irving-based Pioneer Natural Resources told the Washington Post this week he's prepared for two years of lower than average oil prices.
Scott Sheffield said, "I consider this as a $1 trillion stimulus to the world economy with a $30 oil price decline.”
He says Pioneer is secure, but other companies drilling in the shale deposits in North Dakota, Oklahoma and even here in Texas will face difficulties.
“We are preparing for two years of low prices and will make the necessary adjustments to maintain our great balance sheet,” he told the Post.
But, he added, “there will be many bankruptcies in our industries and tens of thousands of layoffs over the next 12 months.”
Pioneer closed down $9.62 today or 12% at $70.24. It was at $105 at the close Friday afternoon.