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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.. R0 O. }8 R% H5 B
3 D! d8 X( U" y; P, s$ o6 [! bAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.' e! f; J8 k6 |1 h
. Q5 G$ H& s4 `. w" H6 n+ A. N, 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." T Y; z& I( N2 n/ d5 C
- ~2 Z6 E' K) C" _Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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- j+ }7 m- X8 w$ P: f) o"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.+ a. B3 J8 u2 ~- B: ~& W
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http://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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