Occidental notes decline after earnings report; Adient rises on first-quarter results

By James McCandless

San Antonio, May 6 – More names releasing earnings were the prime focus of the distressed debt market in the middle of the week.

Occidental Petroleum Corp.’s notes declined after releasing its earnings report and cutting its production budget.

The 2.9% senior notes due 2024 were docked 2½ points to close at 77½ bid. The 2.7% senior notes due 2022 lost 2¾ points to close at 88¼ bid.

After the close on Tuesday, the Houston-based independent oil and gas producer released its first-quarter earnings report.

The company reported a loss of 52 cents per share, slightly worse than the 50 cents per share loss projected by analysts.

Revenues came in at $6.45 billion, surpassing analyst predictions.

As part of its report, the company announced a $1.4 billion write-down related to a pipeline investment, reduced its budget by $2.4 billion to $2.6 billion and withdrew its guidance for the rest of the year.

Elsewhere, auto parts maker Adient plc’s notes rose after beating expectations on earnings for the first quarter.

The 4 7/8% senior notes due 2026 picked up 1¼ points to close at 77¼ bid.

On Tuesday, the Dublin-based auto parts maker reported a profit of 62 cents per share, almost double analyst expectations of a 32 cents per share profit.

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