Oil pares session gains; E&P lower; Energy Future surges on takeover talks; Valeant down

By Colin Hanner

Chicago, July 6 – The distressed debt market was quiet on Thursday, in line with the two prior trading sessions, market sources said.

“We haven’t really opened for business it seems,” a market source said.

“There was a little bit more going on today, but by no means was it active,” another market source said.

Distressed exploration and production companies were on the whole lower as crude oil futures rose slightly on Thursday, which initially gained after the Energy Information Agency reported a higher than expected decrease in U.S. crude inventories for last week.

California Resources Corp. was higher, then lower with the rise and fall of oil, and EP Energy Corp. was fractionally higher.

As Berkshire Hathaway Energy Co. looks closer to closing on a deal to acquire Oncor, Energy Future Holdings Corp. surged on the session. Energy Future is the majority owner of Oncor.

Valeant Pharmaceuticals International Inc. was down nearly a whole point following a blunt outlook by JPMorgan on Thursday, which prompted its stock to plummet as well.

Intelsat SA was slightly lower on the session, though had some notable volume behind it.

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