California Resources leads energy space lower; L Brands drops after Thursday asset sale

By James McCandless

San Antonio, Dec. 14 – At the end of the week in distressed trading, the space shifted its focus to energy names.

California Resources Corp.’s notes were lower in tandem with oil futures at the top of the distressed space.

Elsewhere in energy, EP Energy Corp.’s, Ensco plc’s and Parker Drilling Co.’s issues were also negative.

Away from oil, Ferrellgas Partners LP’s paper trended lower.

In retail, L Brands, Inc.’s notes dropped a day after the company announced an asset sale to a private equity firm.

Rite Aid Corp.’s and PetSmart, Inc.’s issues were also falling.

Frontier Communications Corp.’s paper was mixed.

Lower oil futures saw California Resources’ notes falling in tandem, traders said.

The 8% notes due 2022 lost 1 point to close at 75¾ bid.

The Los Angeles-based independent oil and gas producer’s notes continue to act as a bellwether for the energy sector.

“It seemed like a pretty typical day in distressed land,” a trader said. “The bellwethers were all active.”

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