EP Energy, Ensco, rest of distressed E&P lower and slower with post-holiday lull in effect

By Colin Hanner

Chicago, July 5 – The distressed debt market felt “kind of like July 3rd” on Wednesday, a trader said, referring to the minimal activity that was felt on a shortened market session on Monday prior to Tuesday’s Independence Day holiday.

Oil was markedly lower, reversing a trend of upward movement the commodity had felt the past few sessions. Several distressed exploration and production companies were lower with the downswing.

EP Energy Corp. saw some activity, a market source said, and Ensco plc was down in several of its issues. California Resources Corp. was lower on one print, a trader said.

“That’s it for the activity,” a market source said. “Or rather, the inactivity.”

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