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Most oil issues firmer as crude rebounds; Bristow struggles after earnings miss
By Paul Deckelman
New York, May 26 – Traders in distressed bonds said that their sector was mostly quiet on Friday, in line with generally reduced trading in the larger high-yield bond market ahead of the three-day Memorical Day holiday observance in the United States.
They said that most energy-oriented names were doing better on Friday, bouncing back after falling Thursday in line with a steep slide in world crude oil prices. Investors were disappointed that OPEC and key non-OPEC producers had only extended their existing plans for curbing global daily oil output and had not increased the size of the planned output cuts.
The bonds of such oil names as California Resources Corp. and Denbury Resources Inc. as well as offshore energy driller Transocean Ltd. were all seen benefitting on Friday from a sizable snapback on the world crude markets.
Some energy issues, however, failed to share in the rebound, including Chesapeake Energy Corp.’s new 10-year notes, which priced earlier in the week. That paper was in retreat on Friday.
Bonds of Bristow Group Inc., which provides helicopter transport services mostly to the offshore energy drilling industry, were under pressure on Friday, in line with a sharp downturn in the company’s shares in the wake of its latest quarterly earnings report, which missed analysts’ expectations for the most part and which was said to have offered uninspiring guidance.
GenOn Energy Inc.’s paper was on the downside in the wake of a Standard & Poor’s ratings downgrade, although the power producer is continuing with its previously announced distressed-debt exchange.
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