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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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* ?6 H* ?" z$ G4 `0 YAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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( F3 X; v& J3 _0 r% ZThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.( [* N6 o2 U: }, A6 k$ w
$ }6 T! w7 n' G0 w) I- 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.: w, n. @2 ^( Q* q+ u! x
4 h# C& y- e5 G4 _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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