Midstates debt up on earnings; SandRidge rises ahead of numbers; Energy XXI reports next

By Stephanie N. Rotondo

Phoenix, May 6 – Despite an overall negative tone to the markets on Wednesday, the distressed oil and gas space continued to trend toward the positive side.

Midstates Petroleum Co. Inc. got a sizable boost during the session. The company released earnings on Wednesday, showing a surprising adjusted profit.

SandRidge Energy Inc. put out its quarterly results after the market closed. Leading up to the release, the bonds were ticking upward.

However, Energy XXI’s debt was drifting lower ahead of its numbers.

The company is slated to publish the results on Thursday.

Investors were meantime pushing Seventy Seven Energy Inc.’s bonds higher, following that company’s earnings release on Tuesday.

For the quarter, the Oklahoma City-based oil producer posted a net loss of $37.6 million, or 78 cents per share. That compared to a loss of $18.6 million, or 40 cents per share, the year before.

On an adjusted basis, the loss was $21.6 million, or 46 cents per share. That came in above expectations of a loss of 57 cents per share.

Revenue declined 16% to about $430 million.

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