Pioneer Natural Resource CEO Scott Sheffield voiced his concerns about structurally low investment in upstream Sheffield: “I’m worried that it may get too high, above $100 (per barrel),” After half a decade of U.S. oil drillers underinvesting in projects and returning money to shareholders, it could take years to resume pre-pandemic production levels that could further roil oil markets for years to come. “I’m worried that it may get too high, above $100 (per barrel),” according to Scott Sheffield, CEO of shale explorer Pioneer Natural Resources Co., who was speaking to Reuters in an interview at the Petroleum Congress in Houston on Tuesday. “I hope it stabilizes between an $80 to $100 range over the next several years . We need stability in the oil markets,” he said. Sheffield said U.S. oil production would only increase by 3% annually because oil companies return cash to shareholders rather than boost […]