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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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" ? R, F, N8 H* d" X% g' uAs 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., Z. z0 a. I3 \8 f0 \
- Z, B8 S* D" @) Y- I, ^' x3 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.
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1 m4 C% K: @; W xTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming. h! s; q9 D" Z9 J6 Z" o# E
' _. G3 F3 j5 P9 D4 V"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.) f& Y7 B4 P, v, r7 }4 N/ z9 R
J1 Y4 a& g/ ^" t2 o% @( c* w2 Khttp://www.financialpost.com/money/story.html?id=895061 |
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发表于 2008-10-22 16:11
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