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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.0 W1 l! @# ?6 h3 r, s% G
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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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over." F6 a: \% v- U7 b4 E2 P
; ]2 b. t, W7 \. N7 qThis time around, capital expenditure plans will be under the microscope. Budgets may still be undergoing finishing touches, but do not expect the Street to wait for the nitty-gritty details.
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9 p$ t% E" [/ f' K( {Take the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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1 T C. U4 j0 F- j+ T) f+ M! w: ?, {$ u"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.- l& b6 N! o9 [% Q3 c8 G
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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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