Occidental rises after new CFO named; PG&E lower in utilities space

By James McCandless

San Antonio, April 6 – As markets opened the week broadly higher, the distressed debt space was focused on noncohesive energy names.

Occidental Petroleum Corp.’s notes rose after the company named a new chief financial officer at the end of last week.

Despite weaker oil futures, California Resources Corp.’s and Antero Resources Corp.’s issues saw varied activity as Diamond Offshore Drilling, Inc.’s paper gained.

In the utilities space, PG&E Corp.’s notes tracked lower as wildfire victims said that they want a better settlement.

Meanwhile, automotive name Tenneco Inc.’s issues dipped after an activist investor bought a large stake in the company.

Tobacco producer Pyxus International Inc.’s paper was pushed lower after receiving a ratings downgrade.

In manufacturing, United States Steel Corp.’s notes diverged in the wake of last week’s ratings cut.

Elsewhere, in retail, L Brands, Inc.’s issues trended upward.

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