Energy bonds mixed despite higher oil prices; TXU off after filing plan; Solarzyme gains

By Paul Deckelman

New York, April 14 – Bonds from some oil and natural gas companies were gainers in Tuesday’s market, pushed higher by a resumption of the upward move in oil prices.

Traders said that issuers benefiting included Halcon Resources Corp., Midstates Petroleum Co. Inc. and California Resources Corp.

However, other energy names, including offshore driller Transocean Ltd. and Energy XXI Ltd., failed to share in that upside.

Another gainer was Canadian-based but Colombia-focused Pacific Rubiales Energy Corp.

Elsewhere, the bonds of bankrupt power-generating company Energy Future Holdings Corp. – widely known in the market under its old name of TXU – were off after the issuer filed a plan of reorganization outlining how it hopes to restructure $42 billion in debt and exit Chapter 11.

In the convertibles market, Solazyme Inc. traded up, along with its underlying stock shares, on the news that the company, a developer of renewable oils from algae, will work with Flotek Industries Inc. to commercialize and market an advanced oilfield additive.

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