SandRidge weaker on rig count cut; SEC wraps Linn hedging probe; Energy XXI swings to loss

By Stephanie N. Rotondo

Phoenix, Feb. 9 – The trading week began with another gain in oil prices, which helped to push up names like Samson Investments Co.

A trader said that company’s 9¾% notes due 2020 improved 4 points to 38½, as West Texas Intermediate crude gained $1.17, or 2.26%, to $52.86.

“That’s a nice little pop,” he said of Samson’s gains. “Funny how oil can do that.”

Along with the oil price gains, several names in the oil and gas sector had news out, which helped move those issues one way or another.

For instance, SandRidge Energy Inc. was mostly weaker Monday as it was reported that company was cutting its drilling rig count by 75%.

But Linn Energy LLC was pushing higher as the company said a Securities and Exchange Commission investigation into its hedging practices concluded with no further action being taken.

Away from oil, RadioShack Corp.’s notes were seen up a couple points as the newly bankrupt company progressed with its case.

Energy XXI paper was weaker Monday after the company reported a loss for its fiscal second quarter.

For the quarter, the Houston-based oil and gas company posted a net loss of $376.6 million, or $4.01 per share. For the same quarter of fiscal 2014, the company had reported a profit of $7.6 million, or 10 cents per share.

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