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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./ }% B5 t3 ]) G: X6 b
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.6 s" S; J! p6 m6 N {0 ~2 u& k* R
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This time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details./ z. d4 f, O) ?7 u% v7 o# i$ O1 b9 T
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.; t/ ^- [$ ?" l$ K; c& x) ~" k
* p t7 r) Q. B/ h+ N' i"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.& p7 h1 f" E9 c4 g6 q4 M
8 n- ]" X. }% A9 j9 T2 w ghttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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