| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for EXCO Resources, Inc. > News item |
Energy names weaken as supply glut pressures oil prices; Cliffs extends early tender date
By Stephanie N. Rotondo
Phoenix, March 12 – Another decline in oil prices was weighing down distressed energy names in Thursday trading.
Prices fell after the Energy Information Administration said Wednesday that U.S. stockpiles were at 80-year highs.
West Texas Intermediate crude declined $1.24, or 2.57%, to $46.93 a barrel. Brent crude slipped 50 cents to $57.04.
Among oil and gas names, EXCO Resources Inc.’s 7½% notes due 2018 were “down significantly,” according to a trader.
Among other big losers, Comstock Resources Inc.’s 7¾% notes due 2019 were seen down 7 points from trades a week ago, with a trader placing the issue at 49¾.
In Swift Energy Co., the 7 7/8% notes due 2022 declined 4 points from Monday, ending Thursday’s session at 47. The 8 7/8% notes due 2020 closed down 1¾ points at 47½.
And, Midstates Petroleum Co. Inc.’s 10¾% notes due 2020 dropped 5 points to 56, a trader said.
“Yikes,” he said.
Another trader noted that the weak oil environment was also weighing on recent new deals from the sector.
Meanwhile, Cliffs Natural Resources Inc. announced early tender results on Wednesday, reporting that $635 million of its four series of notes had been validly tendered.
Additionally, the company said it extended the early tender date to midnight ET at March 25.
One trader said the bonds were better on the day after the announcement.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.