Whiting Petroleum loss grows, bonds slip; MEG firms despite dip into red; First Quantum up

By Stephanie N. Rotondo

Seattle, July 28 – Earnings continued to be the main driver of distressed bonds during Thursday’s trading session.

In the oil and gas arena, Whiting Petroleum Corp. reported its earnings late Wednesday. The results showed a wider loss due to depressed crude oil prices.

Come Thursday, the bonds were busy, but lower.

MEG Energy Corp., a Canadian oilsands producer, then released its latest quarterly figures early Thursday. Like Whiting, the company also reported a wider loss due to declining oil prices.

However, its bonds traded up on the day.

In the mining space, First Quantum Minerals Ltd. swung to a profit year over year. That helped its debt trade up.

Elsewhere, Intelsat SA paper continued its upward move after reporting earnings that beat analysts’ expectations on Wednesday.

A trader said the 7¼% notes due 2020 ticked up 1½ points to 72, while the 7½% notes due 2021 added half a point to close at 70.

At another desk, the 6 5/8% notes due 2022 linked to Intelsat Jackson Holdings SA were seen rising a point to 69 bid.

For the quarter, Intelsat posted earnings per share of 98 cents on revenue of $542 million.

Analysts polled by Thomson Reuters had predicted EPS of 34 cents on revenue of $537.3 million.

Additionally, Intelsat reaffirmed its 2016 guidance, placing revenue between $2.14 billion and $2.2 billion.

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