Superior Energy notes active after earnings miss; PG&E mixed amid creditor dispute

By James McCandless

San Antonio, July 24 – Energy and utilities names were the focus of the distressed space on Wednesday.

Superior Energy Services, Inc.’s notes were mixed after the company reported a higher quarterly loss than expected.

As oil futures moved lower, Ensco Rowan plc and Chaparral Energy, Inc.’s issues followed suit while California Resources Corp.’s paper rose.

In utilities, PG&E Corp.’s notes moved in opposite directions after another dispute arose over who is allowed to submit restructuring plans for the company.

Retailer Bed Bath & Beyond Inc.’s issues were active a day after it announced a round of executive layoffs.

Oil name Superior Energy’s 7 1/8% senior notes due 2021 lost 2½ points to close at 67½ bid. The 7¾% notes due 2024 added 1¾ points to close at 57¼ bid.

After the close on Tuesday, the Houston-based oilfield services provider issued its second-quarter earnings report.

The company showed a loss of 29 cents per share, a wider loss than the 23 cents per share loss expected by analysts.

In the utilities space, PG&E saw stronger movement in its 2034 benchmark notes, traders said.

The 3¾% senior notes due 2042 gave back ¾ point to close at 91½ bid. However, the benchmark 6.05% notes due 2034 gained 3¼ points to close at 115½ bid.

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