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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.: m9 o& i+ k& ^% w/ @8 q1 A
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over./ J: }* Z; z7 c) S
% \6 R# V% g4 n! \& b/ ]! }7 gThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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, u3 b; k8 V j& G# A- w7 p$ kTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.) X2 \: W- A2 o N7 U" f% R6 A% n
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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.; T" p" x4 P( }1 I
3 n5 b& R5 Q- O; q5 G: L1 ^ Whttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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