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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.5 d! e* ]+ k( _) w8 j* }2 q! ~
- T# }8 l- d! P% @& n" kAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over. d u4 K' \4 W, c3 q
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This time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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& P( k$ v, C6 I4 \6 ?Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.2 y7 @0 n0 O" ?# v8 y( F
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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.2 |2 v( Q1 g5 ?- l+ Z
7 p2 F3 @ Y" X- Q1 N) R/ B& ^9 c2 g8 Ahttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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