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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.6 u" L! f+ U$ B+ B% M3 U7 P6 r& a
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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.
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( Q/ k: }$ A$ p/ U/ zTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.8 ]! _) _& Y, f Z
' c4 J$ X" U9 u& ?) i, }1 ^/ q+ a"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.- W; z0 T0 V, y# X- X2 Q
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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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