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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 x* H8 D, F y2 O
+ d( N: w& y' H1 f3 x7 W5 j* EAs 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.- o: c, H) S5 r7 j6 ^; g( d
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This 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.9 `3 w" `' U2 g& z3 A
3 n9 {) k0 J, n" ZTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.8 A# o2 T4 R) q! @& b
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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.
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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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