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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.; D0 R# J0 ~* ^4 J$ i/ I8 c7 `
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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9 W+ t4 Q# ?7 y [This time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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4 X [1 E$ i' v0 k6 K2 ?- i3 VTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.9 E* s* F' W( G7 b4 Q, }
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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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8 ~7 O4 B: P+ A' M- n- jhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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