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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.& [8 V/ q1 P* N, N& t( a) z v
) h/ O- q% `" W7 G; BAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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This time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.2 M. B# z' ?& O5 C/ K; H
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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+ _$ k% j6 w; b# Q"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 $6-billion range," said Andrew Potter, an analyst at UBS Securities Inc.# V$ O6 l4 U7 l; u: |
. Z# H! F; G# q* Ihttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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