A handful of U.S. bond funds with heavy exposure to energy debt managed to beat their benchmark in March by avoiding the most calamitous corners of an industry waylaid by a crash in prices that dragged crude to 18-year lows.
FILE PHOTO: A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. REUTERS/Angus Mordant
The bonds recovered to 67.50 cents on the dollar by the end of March, after Denver-based DCP Midstream announced it would cut 2020 capital spending by 75% to about $150 million. One of the fund’s largest energy holdings at the end of February was debt issued by California Resources Corp . The company, which was spun off from Occidental Petroleum in 2014, has struggled with the debt load it inherited from its former parent.
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