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Source: FuelFix

Oil and gascompanies became lazy and sought fewer efficiencies in the days of $100 oil,but reality has set in and they are being much more frugal, Irving-based FluorCorp. Chairman and CEO David Seaton said Thursday.

“I’m hearingfrom many oil and gas customers that $70 is the new $100,” Seaton said, meaningthey’re also “planning for significantly less than $70 (oil).”

U.S. oilprices have recently hovered close to $45 a barrel.

Fluor postedrelatively flat net income of $176 million from continuing operations for thethird quarter that was down 3 percent from last year. Revenues were down muchmore and the energy engineering and construction company reduced its earningsoutlook.

Energycompanies are now focusing on less expensive projects and that means lessrevenue for engineering and construction companies, Seaton said. All theclients want to seek as many cost savings as possible. But Fluor had alreadyworked to cut overhead and to prepare for more mid-sized projects. “I’d like tothink we’re brilliant but really our timing is just right,” he said.

Fluor also isdoing well with refining, petrochemical, power and infrastructure constructionand maintenance projects, Seaton said, emphasizing that everything isn’treliant on oil and gas production. Even still, exploration and productionprojects take years to plan and implement, so companies will still keep signingoff on some key projects, he said.

Fluor stillhas a strong backlog, he said, and received $5.3 billion in new awards for thethird quarter. Earlier this month, Fluor said it will receive $2.6billion as the portion of its contract to build one of the world’s largestrefinery complexes near Kuwait City. Fluor also is expanding in China in newjoint ventures.

Mostrecently, Fluor signed on as the new contractor to finish major nuclear powerexpansion projects in Georgia and South Carolina with Westinghouse ElectricCompany. The deal was made after Westinghouse bought out The Woodlands-basedCB&I, which has been its construction partner. The positive for Fluor is itwon’t assume any of the liability from the delays that have plagued theprojects, Seaton said.

Fluor’s thirdquarter revenue was $4.4 billion, down from $5.4 billion a year ago, mainly dueto the oil downturn.

Fluor said itdropped and narrowed its 2015 guidance for earnings per share from continuingoperations to a range of $4.05 to $4.20 per diluted share, down from theprevious range of $4.05 to $4.35 per diluted share. For 2016, Fluor is settingits initial earnings per share guidance at a range of $3.50 to $4.00 perdiluted share.

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