Energy names solidly higher on oil price gains; Altice improves but wireline names lower

By Paul Deckelman

New York, Dec. 1 – Traders in distressed debt and bonds of otherwise underperforming companies and sectors said that oil and natural gas exploration and production company bonds were up solidly on Friday, pushed higher by a second straight session of rising oil prices.

They saw gains in such names as California Resources Corp., Denbury Resources, Inc., Sanchez Energy Corp. and Jones Energy Corp.

Away from the oil patch, the battered bonds of European cable and broadband service provider Altice were seen rebounding on Friday.

But domestic wireline names like Frontier Communications Corp. and CenturyLink, Inc. were on the downside.

In the convertibles space Lam Research Corp.’s paper was being hammered down for a third consecutive session.

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