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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.
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! T. S' K& g/ \+ y7 f1 d8 Z8 KThis 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.( F+ }* l+ i9 S2 u
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.1 n3 c2 J- Y: a1 g4 H) w
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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.0 \7 Q2 V a: z2 U4 d6 S
1 M3 b# x3 ^, Z& i9 dhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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