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Chesapeake gains on asset sale, oils up as prices rise amid Canada fire; Weatherford walloped
By Paul Deckelman
New York, May 4 – Oil and natural gas issues were the focus of the day in the distressed-debt market on Thursday, particularly Chesapeake Energy Corp.
Its bonds were solidly higher after the big natural gas producer announced plans to sell some of its surplus acreage to Newfield Exploration Co., generating $470 million of proceeds.
It also announced quarterly results in line with analysts’ expectations.
Energy sector peers like California Resources Corp., Continental Resources Inc. and Whiting Petroleum Corp. were all seen having moved higher as oil prices improved; a large wildfire in Canada’s oil-producing region potentially threatening a disruption in crude supply was cited as a proximate cause for the upturn.
But things were less bullish for two companies providing services to the energy industry.
Oilfield services provider Weatherford International plc’s bonds fell sharply after the company reported disappointing quarterly results.
And CHC Group Ltd., which provides helicopter services to oil and gas companies, crash-landed in the bankruptcy courts Thursday, hurt by the energy industry downturn. Its bonds were active, though little changed on the session.
Away from the energy universe, communications satellite company Intelsat SA’s bonds lost altitude, with traders saying the company had pulled back after recently healthy gains.
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