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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.8 @8 P) Q6 o6 D. H1 ~) P( v
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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3 e7 ~1 {' \2 x7 L. lThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.0 V7 ?$ ?! l( ?' ?6 e9 C
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.7 A* P& p) Y" \4 L$ K# M
: o+ @" r0 W0 Q' j8 [9 q3 X) v/ x"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.5 s9 P+ a( A. S! ]4 H
" l0 i5 v b' x# e, o: O; g% t3 lhttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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