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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.
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over./ L: l6 [. t0 Y! c
3 p0 ^& _* [' q! f( Y! u& y. e7 zThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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" A5 W- {' ~( O5 c6 o3 E+ J, UTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming./ q* q0 z Q d$ S. w4 f8 K
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"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 $6-billion range," said Andrew Potter, an analyst at UBS Securities Inc./ n+ W/ s0 [$ v1 W, w% [
9 W' B: \. D1 b9 i3 Z: m: ?http://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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