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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. B; |3 l* r9 o0 {
0 z8 C: d! F4 q9 W) {8 DAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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" Q& {% z# X* g: o$ F) m1 t# q1 gThis 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.% V7 X- |6 p' e) k! n* i# T
1 Y* e1 \" o; p# R# j9 \Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.4 E7 q* c! M( Z# y8 X% Q4 A
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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.- w+ Y- k0 g' c7 ]4 v
0 b: S4 s1 s Q2 B) t9 fhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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