Energy names mixed as oil prices ease; coal operator Murray continues gains; Sprint busy

By Paul Deckelman

New York, Jan. 5 – Distressed-debt traders and traders in the notes and bonds of otherwise under-performing companies saw some of the names in the recently red-hot oil and natural gas sector, such as exploration and production operators California Resources Corp., EP Energy Corp., MEG Energy Corp. and driller Ensco plc, come off the highs they had notched on Thursday after opening the year with three consecutive sessions of sizable gains fueled by surging crude oil prices.

Crude prices themselves were lower on Friday after several upside sessions before that.

But other energy credits, such as Continental Resources, Inc. and drillers Noble Holding International Ltd. and Transocean Ltd., were still seen better on the day.

Away from the oil sphere, another energy-related entity – coal producer Murray Energy Corp. – gained solidly in active trading for a second consecutive session.

Apart from energy, drugmaker Valeant Pharmaceuticals International Inc.’s paper was mostly higher.

In telecommunications, several series of wireless provider Sprint Corp.’s bonds were better – but wireline company Frontier Communications Corp. stayed lower.

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