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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.8 s" _, x7 J/ @. m* @
9 O7 V# H# t, Q! j6 H5 p1 g4 ~9 XAs 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$147 per barrel in July -- it's clear the days of wondering how amazing the profits will be are over.
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4 x$ ^% Y. P- f0 ^" yThis 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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. x. h3 Y: d/ r/ qTake the mammoth Suncor Energy Inc. (SU/TSX) as an example of the dramatic cuts that may be coming.
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: {* `+ f- n1 z0 t3 f7 F( I" w"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.
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http://www.financialpost.com/money/story.html?id=895061 |
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