This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings.
“New awards for the quarter were $5.6 billion, including $2.4 billion in Oil & Gas, $1.9 billion in Government, $846 million in Power.
Consolidated backlog for the quarter was $36.5 billion. This compares with $37 billion last quarter.”
“In addition to petrochemicals, we continued to be optimistic about prospects for a number of LNG projects, including the ongoing FEED for Anadarko’s Mozambique project. As well as in North America, we expected to hear decisions in the next few quarters on our bids, both for the Kitimat project in Canada and the Cameron project in Louisiana.
In downstream, we continue to track several key prospects, including refinery work in Mexico, Canada, as well as in Middle East.”
“We continued to expect the demand for FEED work will translate into significant EPC awards over the next year, 1.5 years. Ending Oil & Gas backlog for the quarter was $18 billion, which is leveled with last quarter.”
“Moving to Industrial & Infrastructure. New awards for the quarter were $472 million. Backlog stood at $13.8 billion, continuing its downward trend from $18 billion a year ago. While a number of the new awards during the quarter were modest, the group is pursuing a number of road and rail infrastructure projects in North America and several developing opportunities in Mining & Metals.
“I’m pleased to announced that the San Francisco-Oakland Bay Bridge was completed and opened for traffic during the third quarter, which was on time. I want to commend our project team for its outstanding performance in delivering this complex project to our customer.”
“Ending backlog for the Government segment was $1.8 billion. This compares with $1.6 billion a year ago.”
“mining is not dead, regardless of what people say. So there’s a lot of opportunity there.”
“I’m very bullish on where Oil & Gas is and I feel confident that they can eclipse the former high.”
” I think what you’re seeing is the thirst for the PPP model, Public-Private Partnership model, I think, is only going to increase.”
“I think you’re going to continue to see margin in our Oil & Gas segment continue to rise every quarter over the next little while. But I’d caution you because a lot of those projects are fixed-price and they’re going to have a different curve than the refining boom that we enjoyed in the last cycle where there was pretty steady growth quarter-over-quarter. It’s going to look like a lot of the patterns of some of the Industrial & Infrastructure programs, where a lot of the profitability will fall out when we’ve mitigated the risk or passed that risk and have the ability to drop more profitability to the bottom line.”
“I think we have the ability over time — and I’m talking about the back-end of next year and as we get into ’15 and even into ’16 — that we will get back to those peak margins in Oil & Gas.”