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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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: G: s0 ~8 {# tAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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7 _. G$ i2 Y( F [# a/ W+ pThis 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.1 f% n# R9 G2 @, j9 n4 {" d
; h1 N5 s5 V- h3 [: g) O+ ~6 K0 E% YTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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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. o3 A0 R0 {3 ~
/ q, L( F. g1 K0 qhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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