Energy and airlines surge; Occidental notes in focus; United Airlines paper active

By Abigail W. Adams

Portland, Me., May 18 – Monday was a strong day for distressed energy and airline names as crude oil futures surged and airlines saw some positive headlines.

Occidental Petroleum Corp.’s senior notes were on the rise in high-volume activity even after the termination of a previously planned asset sale.

Denbury Resources Inc.’s and Transocean Inc.’s senior notes were also posting gains.

United Airlines Holdings Inc.’s, Delta Air Lines Inc.’s and American Airlines Group Inc.’s senior notes were active and up multiple points on the heels of upbeat travel data from the Transportation and Security Administration.

Monday was a strong day for the energy sector as WTI crude oil futures surged to a two-month high.

Occidental Petroleum’s senior notes were up multiple points in high-volume activity.

The Houston-based hydrocarbon exploration company’s 2.7% senior notes due 2022 were up more than 2 points to close Monday at 88 1/8, according to a market source.

Occidental’s 2.7% senior notes due 2023 rose 1½ points to 83½. The 3½% senior notes due 2029 were up almost 2 points to 67, a source said.

Occidental Petroleum’s notes were posting gains even as the sale of its Ghana asset to Total SA fell apart.

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