Pioneer Natural Resources found itself in the news on Monday afternoon, following money manager David Einhorn's presentation slamming the shale drilling industry at the Sohn Investment Conference in New York.
Eyes will be on the firm once again ton Tuesday as it is set to report earnings after the market close.
Einhorn went after the shale drillers, calling the new era of U.S. oil production wasteful, expensive, and a terrible investment.
Two of the companies he highlighted were shale explorers Pioneer Natural Resources and EOG Resources, shares in both of which plunged during his presentation.
“Pioneer burns cash and isn’t growing,” said Einhorn, who manages $12 billion as president of Greenlight Capital. “Why is the market paying $27 billion for this company?”
EOG Resources already reported mixed earnings after the market close on Monday, with first quarter earnings per share topping analyst estimates but revenue falling short.
On Monday, Einhorn also singled out Concho Resources, Whiting Petroleum, and Continental Resources.