| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for QEP Resources, Inc. > News item |
Energy sector under pressure; Occidental, QEP notes drop; PBF sees minor improvement
By Abigail W. Adams
Portland, Me., Oct. 29 – Earnings and energy were the major themes in the distressed debt space on Thursday.
The badly battered energy sector took a further beating on Thursday as investor concern over weakened supply sent crude oil futures down another 3% after Wednesday’s steep decline.
Occidental Petroleum Corp.’s notes were among the hardest hit with the capital structure down 1 to 3 points, a source said.
Occidental’s 6 5/8% senior notes due 2030 dropped 1 3/8 points to close the day at 88 7/8, a source said.
The 3.5% senior notes due 2025 were down 2¼ points to 81.
While volume was light, the 4.3% senior notes due 2039 dropped 3 points to 66½.
QEP Resources, Inc.’s 5¼% senior notes due 2023 were also trading off alongside the broader sector despite reporting upbeat guidance.
The 5¼% senior notes due 2023 were down 2¾ point to close the day at 80¼.
However, PBF Holding Co. LLC’s notes saw a minor reprieve with the notes making nominal gains following the petroleum refiner’s earnings report.
While the notes were improved on Thursday, they have dropped double digits over the past two weeks.
The 7¼% senior notes due 2025 were up ½ point to 42, a source said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.