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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.
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& k3 w$ `: I9 l6 a/ U1 _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 f$ H, d& @, A* w4 o6 W! @
/ W5 T* v+ |5 K5 wThis 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.; T; r& E3 M% F5 E
) [# M, t. |# ~Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.% Z2 _" t0 X8 L( w* c
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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." @! Z- R+ c4 v8 c0 |
% c# t6 h/ [: @/ z& F, Shttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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