Good morning, here's what the Oilman has for you today:

• Millionaire of the Week: Scott Sheffield

• OPEC+ Gloves Come Off

• Upcoming Oil and Gas Events

• Tweet of the Day

OPEC+ Gloves Come Off

Saudi Arabia and Russia will extend their oil production cuts until the end of the year.

This is what the two said at the latest OPEC+ meeting.

Obviously, they’d had enough of cutting month-by-month.

If a month’s cut won’t do the job, extend, extend, extend

The Saudis and the Russians first said they’d cut supply by 1.3 million bpd combined in July.

The market shrugged it off, too busy watching China and the U.S.

They then extended the cuts.

Again, the market was otherwise occupied and paid no attention.

Really, how much can an oil giant take this kind of attitude?

Especially if you’re an oil giant that really needs higher oil prices.

The Saudis and the Russians really need higher prices.

That is the problem when you have an oil-dependent economy.

The bigger problem is all economies are oil-dependent

The reason prices surged on the OPEC+ announcement is that every country in the world depends on oil.

And there is not much non-OPEC supply growth.

U.S. shale could have changed the game, but U.S. shale has other priorities these days.

Tough luck for politicians due for re-election next year.

Tough luck for the average driver, too, just as inflation was getting under control.

Tough luck for pretty much everyone.

Except China. Because China spent a good deal of this year buying up tons of cheap oil to fill up its storage.

It’s as if it knew what was coming. And no one else did.

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Millionaire of the Week: Scott Sheffield

In April this year, the CEO of Pioneer Natural Resources, Scott Sheffield, announced he was retiring.

Sheffield is one of the longest-serving executives in U.S. oil and oversaw the transformation of a tiny Texas company into the biggest oil producer in the state.

A life in oil

Sheffield was born in the family of an oil engineer and ARCO executive.

He grew up in Iran and went on to earn a degree in petroleum engineering from the University of Texas.

For the first three years after his graduation, Sheffield worked at Amoco.

Then, in 1979, he became the fifth employee of a company formed in 1962 by two oilmen, Howard Parker and Joe Parsley.

From Parker & Parsley to Pioneer

The tiny company grew consistently over the years, focusing on its home state instead of looking for national or international expansion.

Under Sheffield’s leadership, Parker & Parsley in 1997 merged with MESA, T. Boone Pickens’ oil company.

The resulting company was named Pioneer Natural Resources.

Pioneer went on to become one of the largest operators in the Permian.

In 2021, Pioneer acquired Parsley Energy and Double Point Energy.

With these acquisitions, Pioneer became the largest oil producer in Texas.

Its market cap surged from $13 billion in 2020 to over $52 billion this year.

After witnessing two major oil crises and a number of normal downturns in the industry, Sheffield has this to say as he announced his retirement:

“The shale patch and services industry in general is more resilient than it ever has been to shocks.”

That’s no doubt thanks in part to people like him.

Upcoming Oil & Gas Events

• September 11-14: American School of Gas Measurement Technology, Marriott Houston Westchase, Houston, TX

• September 14: KOGA Fall Meeting, CountryMark Pavillion, MT Vernon, IN

• September 14: PIOGA’s Birds & BBQ Clay shoot, West Penn Sportsmen’s Club, Murrysville, PA

• September 14: Dallas Cowboys Golf Tournament, Cowboys Golf Club, Grapevine, TX

Around the Global Patch

🌏 Asian energy giant's offshore seismic tender frenzy.
🇨🇳 BRICS expansion boosts China's oil market influence.
🇷🇺 G7 maintains status quo on Russian oil price cap.

Tweet of the Day

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