Analysts have aggressively cut their earnings forecasts for the nation’s energy sector as reporting season accelerates in Toronto this week, with oil-sands giant Suncor Energy Inc. due to report fourth-quarter results Tuesday. Earnings in the country’s oil and gas industry are now expected to decline 19 per cent over the course of 2023 — a significant deterioration from previous expectations of a roughly 8 per cent decline, according to data compiled by Bloomberg Intelligence.
“Energy sectors around the globe are expected to pull back in 2023 off a difficult 2022 comparison, though Canada had, at the end of November, been expected to suffer the least,” Bloomberg Intelligence senior associate analyst Gillian Wolff and chief equity strategist Gina Martin Adams wrote Tuesday. “Now, Canada is expected to decline more on par with the U.S. and Europe, with energy sectors in emerging markets taking the lead for 2023 earnings expectations.
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