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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.0 n! ?6 ?3 W- [0 H5 [
5 \* \0 P- F, L) Y' S# 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. J4 m- D" \5 B" j8 A3 \' V
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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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6 R9 V+ O0 B4 P# QTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.# f" d+ K' ^, T+ n/ l7 s# ]2 J
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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.3 u8 A+ P. _; h' \: f+ h0 E! q5 U! E
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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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