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CALGARY - Energy companies start reporting their third-quarter results today amid an environment of plunging oil prices and with credit and equity markets in disarray.4 f6 m6 n' }) z8 T- R
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As oil closed at US$74.25, up US$2.40 on the day -- above last week's low of US$67 but a far cry from its peak of US$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.: A$ c6 s5 D; g" s$ X' M q
+ Q9 {/ p l; t, d! @& TThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.( Y& _9 f* W' B' x( \
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.- p; I6 n, B- }* b: b: C
1 J) c& N8 l/ A$ k- z. v# T"We would not be surprised to see Suncor take a more conservative stance towards spending by scaling back its $9-billion to $10-billion 2009 capex program to the $5-billion to $6-billion range," said Andrew Potter, an analyst at UBS Securities Inc.0 T* X7 p4 I2 ]/ o9 q* L" `. E
6 _% A) C8 ^/ y, O/ Dhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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