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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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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.6 y& Y% H2 a" Z% Q) `7 m6 u
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This time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.2 E7 y0 P. g1 I8 Z
Z/ j. b' W' A3 N, \* z9 rTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.0 A1 R, L$ t1 S- f
# p6 e( D% _8 Z9 w ~"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.0 G, X4 A/ d( D: O* \3 i% D( m5 O
& ?4 ]- v) F/ n6 B, |# y1 b, K& S5 Xhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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