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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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' Q4 F& _" w1 U X8 m! X. c& @. k2 s* kThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details." p7 m$ g5 G% w
! M5 q8 o. N/ w2 S, A4 QTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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) s2 g# {+ b7 Y! h: m) ^3 H5 Q"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 $6-billion range," said Andrew Potter, an analyst at UBS Securities Inc.; M" h* m) r+ u$ `0 Q* z6 w2 v8 v
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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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