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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.. {& J! D. {" e6 X
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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.' Z* _% Z6 c* g2 I7 s. I* [0 D& q
% j6 S2 F' _2 c2 n# ]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.0 B! L# X8 \" Q9 m# I5 ]) r
" A' E7 K' t) O( J2 e+ wTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.3 R7 `+ V4 G4 @% H! E! P, e
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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.8 z+ Q9 ]# U9 a8 G0 z
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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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