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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.5 k5 C v3 w# |
3 O" X8 s9 h7 L# 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.- J7 @6 D& P2 e% {
/ {+ |2 M5 k+ H- w |% SThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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- ?" U8 a1 H+ d, y/ ]$ k$ CTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming., L; Q; r/ b# \8 S9 ?, B* v
" c9 w) ?: I+ Y* ?& D"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.' g9 i4 l3 I* a
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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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