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Chesapeake Energy continues to trend down; energy space mixed as oil gyrates
By Stephanie N. Rotondo
Seattle, Feb. 10 – The distressed debt market remained focused on energy names on Wednesday as oil prices remained depressed.
Domestic crude dropped 1.68% to $27.47 a barrel, despite a surprising drawdown of U.S. stockpiles. The commodity had rebounded initially, trading with a $29 handle.
The rebound was short-lived as OPEC released data showing higher global inventories than expected.
In the energy space, Chesapeake Energy Corp. continued to be the top trader, according to market sources.
There were “tons of trades” in the 8% second-lien notes due 2022, a trader said. He called the issue off nearly 4 points at 32¼.
However, he saw the 6 5/8% notes due 2020 rising almost a point to 14¼.
Another trader said the name traded off 2 to 3 points on the day, pegging the 8% notes in a 32 to 33 zip code.
Elsewhere in energy, results were mixed.
Denbury Resources Inc.’s 6 3/8% notes due 2021 were seen off 7½ points at 22 7/8. But its 5½% notes due 2021 were deemed unchanged at 19.
California Resources Corp.’s 5½% notes due 2021 were meantime pegged at 10½, up a touch. The 6% notes due 2024 were down a similar amount at 10 3/8.
Another trader called the 8% second-lien notes due 2022 down a couple points at 21.
Legacy Reserves LP’s 6 5/8% notes due 2021 closed at 12, off over 4 points, a trader said.
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