Shale Pioneer Sheffield Warns Oil Chiefs of Grim Times Ahead

Scott Sheffield, the retired shale impresario who built a fortune drilling for Permian Basin oil, has grim advice for former rivals as President Donald Trump pushes for “drill baby drill” to bring down energy prices.

“You’ve really got to hunker down,” Sheffield said during a Bloomberg Television interview on the sidelines of CERAWeek by S&P Global conference on Tuesday. “You may have to lay off some people. You’ve got to focus on your best prospects. We’ll see what happens over the next two or three years.”