Whiting driven down amid quarterly loss; J.C. Penney notes eyed in retail sector

By James McCandless

San Antonio, Feb. 27 – As the spread of the coronavirus preoccupied markets, the distressed debt space saw blanket weakness.

Whiting Petroleum Corp.’s notes were driven down after reporting a loss for the fourth quarter.

The 6¼% senior notes due 2023 dropped 5½ points to close at 45 bid. The 6 5/8% senior notes due 2026 were pushed down 5¾ points to close at 36½ bid.

Before the market opened on Thursday, the Denver-based independent oil and gas producer reported a loss for the fourth quarter.

The company reported a 22 cents per share loss, narrower than the 44 cents per share loss that analysts were expecting.

Revenues were also higher than predicted at $380.6 million.

The company has seen a reduction in average crude production and lower commodities prices.

“On a normal day, these bonds might’ve picked up a few points,” a trader said. “But everyone’s pulling out of beta energy.”

Meanwhile, department store name J.C. Penney Co., Inc.’s notes varied after reporting a Q4 earnings beat while warning of lower sales in 2020.

The 8 5/8% notes due 2025 shaved off ¾ point to close at 56½ bid. The 5 7/8% senior secured notes due 2023 gained ¾ point to close at 86 bid.

© 2015 Prospect News.
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