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" ... Scott Sheffield, 68, ran Parker & Parsley in the 1980s, which turned into Pioneer. From roots in the Permian basin, Pioneer began to explore. “They spent 20 years evaluating every play in the world except the Permian basin,” says Phillip Z. Pace, an investor with Chambers Energy Management. “I chased them to Alaska, Argentina, Tunisia.” No one could believe it, when, at the dawn of America’s shale fracking boom, Pioneer engineers began figuring out that they had been sitting on the moderlode all along, in the form of thin layers of oil-soaked rock waiting deep beneath the conventional reservoirs they had drilled decades before. ... "