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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. P2 U3 \6 B% s9 T1 Q. s7 L
, D9 s4 L e% @- z$ VAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.% d. X& J0 a" t( U6 X
) g( f$ n( m1 M. _( {. ~; [This 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.* T2 r3 P9 k3 q; k
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Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.. S$ {: K3 }2 t) R, c) ?1 V2 `3 h
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"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.' A9 B) V8 p3 ?& m5 L! }9 g
6 F9 e" s' ]+ _2 t# ]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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