The Mother Fracker Reckons with the Mother of All Busts
ne morning in mid-April, Scott Sheffield, the chief executive of Pioneer Natural Resources, one of the largest oil producers in America, seated himself in the wood-paneled boardroom of his company’s headquarters in Irving, gazed into his computer’s camera, and begged a trio of Texas politicians for a lifeline. Over the past two months, oil prices had tanked 60 percent, effectively ending a years-long Texas boom and heralding what many in the industry were calling “the mother of all busts.” As an estimated 30,000 viewers around the world watched online, Sheffield beseeched the three members of the Texas Railroad Commission, the elected body that regulates the state’s oil industry, to limit production, in a bid he hoped would ultimately boost the global price of crude.
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