State-owned Empresa Nacional del Petroleo (Enap), has let a contract to Fluor Corp., Irving, Tex., to provide engineering, procurement, and construction on a project aimed at improving environmental performance of subsidiary Enap Refinerias SA's 116,000-b/d Bio Bio refinery at Hualpen, in Chile's Bio Bio region.
State-owned Empresa Nacional del Petroleo (Enap), has let a contract to Fluor Corp., Irving, Tex., to provide engineering, procurement, and construction on a project aimed at improving environmental performance of subsidiary Enap Refinerias SA’s 116,000-b/d Bio Bio refinery at Hualpen, in Chile’s Bio Bio region.
Fluor Corporation (FLR) recently announced that it has clinched a major engineering, procurement, construction and construction management contract from Denmark-based pharmaceutical behemoth, Novo Nordisk.
Macroeconomic conditions, especially prolonged volatility in oil and gas prices, have significantly thwarted growth of companies operating in the energy domain, particularly the oil and gas sector.
WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individual to a key Administration post: Patrick K. Nakamura – Member, Federal Mine Safety and Health Review Commission President Obama also announced his intent to appoint the following individuals to key Administration posts: Jeri L. Williams – Member, Medal of Valor Review Board Phil Fuentes – Member, President’s Advisory Commission on Educational Excellence for Hispanics Charles H. Ramsey – Member, National Infrastructure Advisory Council Dan Tangherlini – Member, National Infrastructure Advisory Council Thelma Duggin – Member, Board of Trustees of the Woodrow Wilson International Center for Scholars David C. Jacobson – Member, Board of Trustees of the Woodrow Wilson International Center for Scholars Tom A. Bernstein – Member, United States Holocaust Memorial Council David Marchick – Member, United States Holocaust Memorial Council Michael Polsky -- Member, United States Holocaust Memorial Council Richard Price -- Member, United States Holocaust Memorial Council Ronald A. Ratner -- Member, United States Holocaust Memorial Council President Obama said, “I am proud that such experienced and committed individuals have agreed to serve the American people in these important roles. I look forward to working with them.” President Obama announced his intent to nominate the following individual to a key Administration post: Patrick K. Nakamura, Nominee for Member, Federal Mine Safety and Health Review Commission Patrick K. Nakamura was confirmed as a member of the Federal Mine Safety and Health Review Commission (FMSHRC) in 2010. Prior to his service on the FMSHRC, Mr. Nakamura was a Partner at the law firm formerly known as Nakamura, Quinn & Walls, LLP from 1989 to 2010. He also served as a Partner at the law firm Stropp & Nakamura from 1984 to 1989 and was an Associate at the law firm Cooper, Mitch & Crawford from 1983 to 1984. Prior to entering private practice, Mr. Nakamura was an attorney with Legal Services Corporation of Alabama where he provided legal services to indigent clients from 1978 to 1982. Mr. Nakamura received a B.A. from the University of California, Berkeley and a J.D. from the Georgetown University Law Center. President Obama announced his intent to appoint the following individuals to key Administration posts: Jeri L. Williams, Appointee for Member, Medal of Valor Review Board Jeri L. Williams is the Chief of Police of the Phoenix Police Department, a position she has held since October 2016. Chief Williams previously served as Chief of Police at the Oxnard Police Department from 2011 to early 2016. She also served as Interim Fire Chief at the Oxnard Fire Department from 2015 to 2016. Prior to becoming the Police Chief in Oxnard, Chief Williams spent 22 years at the Phoenix Police Department, starting as a Patrol Officer in 1989, rising through the ranks to become the Assistant Chief of the Southern Division before leaving the force in 2011. Chief Williams received a B.A. from Arizona State University and an M.Ed. from Northern Arizona University. Phil Fuentes, Appointee for Member, President’s Advisory Commission on Educational Excellence for Hispanics Phil Fuentes has been an owner and operator of McDonald’s franchises since 1989. Since 2013, Mr. Fuentes has served as a Director of the Urban Partnership Bank in Chicago, and he has also served on the Board of Directors of Illinois’s Regional Transportation Authority since 2008. From 1999 to 2010, Mr. Fuentes served as Director of Clarity Communication Systems, Inc. Mr. Fuentes also served as President of Array Technical Services, Inc. from 1985 to 1989. He is a member of the Coca-Cola Hispanic Advisory Council. Mr. Fuentes received a B.A. from Northeastern Illinois University and an M.B.A. from Rosary College. Charles H. Ramsey, Appointee for Member, National Infrastructure Advisory Council Charles H. Ramsey is the Deputy Monitor for the Cleveland Police Department, a position he has held since March 2016. Since January 2016, Mr. Ramsey has served as a consultant on policing and crime prevention and as a Distinguished Visiting Fellow at Drexel University’s Lindy Institute for Urban Innovation. From 2008 to 2016, he was the Commissioner of the Philadelphia Police Department. During that tenure, he was appointed Co-Chair of the President’s Task Force on 21st Century Policing, which he headed from 2014 to 2015. In addition, Mr. Ramsey was President of the Major Cities Chiefs Association from 2011 to 2015 and President of the Police Executive Research Forum from 2010 to 2015. From 1998 to 2007, he was Chief of Police for the Washington, D.C. Metropolitan Police Department. He began his career in law enforcement in 1968 as a police cadet with the Chicago Police Department, and was eventually promoted to Deputy Superintendent in 1994. Mr. Ramsey received a B.S. and an M.S. from Lewis University. Dan Tangherlini, Appointee for Member, National Infrastructure Advisory Council Dan Tangherlini is Founder and President of Seamless Docs Federal, positions he has held since April 2016. Mr. Tangherlini was Chief Operating Officer at Artemis Real Estate Partners from 2015 to 2016. He previously served as Administrator of the General Services Administration (GSA) from 2013 to 2015. Mr. Tangherlini was Assistant Secretary for Management, Chief Financial Officer, and Chief Performance Officer at the Department of the Treasury from 2009 to 2013 and was designated from 2012 to 2013 to serve as Acting Administrator of GSA. Prior to holding these positions, Mr. Tangherlini worked for the District of Columbia government as City Administrator and Deputy Mayor from 2007 to 2009, Interim General Manager of the Washington Metropolitan Area Transit Authority in 2006, Director of the D.C. Department of Transportation from 2000 to 2006, and Chief Financial Officer of the D.C. Metropolitan Police Department from 1998 to 2000. Mr. Tangherlini served in the Office of Policy at the Department of Transportation from 1997 to 1998. He began his career as a Presidential Management Fellow, serving in the Office of Management and Budget from 1991 to 1997. Mr. Tangherlini received a B.A. and an M.P.P. from the University of Chicago and an M.B.A. from the Wharton School of Business at the University of Pennsylvania. Thelma Duggin, Appointee for Member, Board of Trustees of the Woodrow Wilson International Center for Scholars Thelma Duggin is President of the AnBryce Foundation, a position she has held since 2010. Ms. Duggin was a Senior Vice President at UnitedHealth Group from 2002 to 2010 and President of AmeriChoice of New York and AmeriChoice of New Jersey, Inc. from 1999 to 2002. She was Coordinator of Minority Affairs to the Secretary of Transportation from 1983 to 1985. Ms. Duggin worked at the White House as Special Assistant to the President and Director of the 50 States Project for Women from 1982 to 1983, and as Deputy Special Assistant to the President from 1981 to 1982. She serves on the Board of Directors and Executive Committee of the National Symphony Orchestra and the Board of Trustees of The Aspen Institute. Ms. Duggin received a B.S. from Edgewood College. David C. Jacobson, Appointee for Member, Board of Trustees of the Woodrow Wilson International Center for Scholars David C. Jacobson is Vice Chair of the Bank of Montreal Financial Group, a position he has held since 2013. Previously, Mr. Jacobson served as the United States Ambassador to Canada from 2009 to 2013 and as Special Assistant to the President for Presidential Personnel at The White House in 2009. He was an Attorney and Partner at Sonnenschein, Nath & Rosenthal L.L.P. from 1978 to 2008. Mr. Jacobson is a member of the boards of various organizations, including the Chicago Council on Global Affairs, the Museum of Contemporary Art Chicago, the University of Chicago Harris School of Public Policy, and the Canada Institute at the Woodrow Wilson Center. Mr. Jacobson received a B.A. from Johns Hopkins University and a J.D. from Georgetown University Law Center. Tom A. Bernstein, Appointee for Member, United States Holocaust Memorial Council Tom A. Bernstein is President and Co-Founder of Chelsea Piers, L.P, where he has worked since 1992. He is also Co-Chairman of Chelsea Piers Connecticut, which he opened in 2012. Mr. Bernstein served as a Principal of Silver Screen Management, Inc. from 1983 to 1998. Mr. Bernstein was an attorney with Paul, Weiss, Rifkind, Wharton & Garrison from 1978 to 1983 and served as a Law Clerk to the Honorable Jack B. Weinstein of the U.S. District Court for the Eastern District of New York from 1977 to 1978. He serves as Chair of the Partnership for Public Service, Vice Chair of the Board of Human Rights First, and is a member of the Yale University Council and the Board of Directors of City Year New York. Mr. Bernstein was first appointed to the United States Holocaust Memorial Council in 2002, and has served as its Chairperson since 2010. Mr. Bernstein received a B.A. from Yale College and a J.D. from Yale Law School. David Marchick, Appointee for Member, United States Holocaust Memorial Council David Marchick is Managing Director and Global Head of External Affairs at the Carlyle Group, positions he has held since 2007. Mr. Marchick was an Attorney, Partner, and Vice Chair at Covington & Burling from 2001 to 2007. He previously served in the Clinton Administration as Deputy Assistant Secretary for Trade Policy and Transportation Affairs at the Department of State, Principal Deputy Assistant for Trade Development at the Department of Commerce, and Deputy Director of Presidential Correspondence at the White House. Mr. Marchick serves as the Chairman of the Board of the Robert Toigo Foundation and is a member of both the Council on Foreign Relations and the Committee on Conscience of the United States Holocaust Memorial Museum. Mr. Marchick received a B.A. from the University of California, San Diego, an M.A. from the University of Texas, Austin, and a J.D. from the George Washington University Law School. Michael Polsky, Appointee for Member, United States Holocaust Memorial Council Michael Polsky is Founder, President, and Chief Executive Officer of Invenergy, positions he has held since 2001. Mr. Polsky founded SkyGen Energy LLC and co-founded Indeck Energy Services Inc., and he previously held positions at Fluor, Brown Boveri Turbomachinery, and Bechtel Power Corporation. He serves on the boards of the University of Chicago, World Resources Institute, and the U.S. Olympic and Paralympic Foundation. Mr. Polsky is also a member of the American Society of Mechanical Engineers and the Economic Club of Chicago. Mr. Polsky received an M.S.M.E. from Kiev Polytechnic Institute and an M.B.A. from the University of Chicago. Richard Price, Appointee for Member, United States Holocaust Memorial Council Richard Price is Chairman and Chief Executive Officer of Mesirow Financial, positions he has held since 2011. Mr. Price has held various positions at Mesirow Financial since 1972, including President, Chief Operating Officer, and Vice Chairman. He has been a member of the Board of Directors of Mesirow Financial since 1987. Mr. Price is a member of the Board of Directors of World Business Chicago and The Executives’ Club of Chicago, and is Vice Chairman of the Chicagoland Chamber of Commerce. He also serves on the Board of Trustees of Rush University Medical Center, The Field Museum, and Ravinia Festival Association, as well as the Board of Directors of The Private Bank, Get In Chicago, and Big Shoulders Fund. Mr. Price was first appointed to the United States Holocaust Memorial Council in 2012. Ronald A. Ratner, Appointee for Member, United States Holocaust Memorial Council Ronald A. Ratner is Executive Vice President of Development at Forest City Realty Trust, a position he has held since 2016. Mr. Ratner has held numerous positions at Forest City since 1975, including President and Chief Executive Officer of Forest City Residential Group. He serves on the boards of the Cleveland Clinic and Enterprise Community Partners and previously served on the boards of The Ohio State University and Brandeis University. Mr. Ratner was first appointed to the United States Holocaust Memorial Council in 2010. Mr. Ratner received a B.A. from Brandeis University and an M.Arch. from the University of California, Los Angeles.
K Street scrambles to prepare for an administration it spent little time planning for.
Leaving aside Donald Trump's foreign and social policies, which are best discussed in other forums, let's have a think about what a Trump presidency, aligned with GOP control of Congress, state houses, and state legislatures, might mean for the economy and markets.1. Trump has spent his entire career borrowing money and building stuff. It seems virtually impossible that he won't try to do the same in the White House. What will be interesting is to see how he interacts with the Tea party/fiscal hawk wing of the GOP; do they cut him some slack because he is ostensibly one of their own, or do they treat him like Obama? It's very early, of course, but it seems likely that he'll be able to get something through early doors, particularly because infrastructure stimulus is right up the Democrats' strasse.2. All else being equal, tax cuts and increased spending should raise bond yields. It seems ludicrous to even write this as some sort of "insight", given that it has historically been virtually axiomatic, but the last eight years have blunted the edge of many a macro blade. How far and how durable this trend might go of course depends on the size and efficacy of any stimulus packages.3. The repudiation of free trade is inflationary. Tariffs/barriers to entry/moving production back to high cost locales all raises the price of goods and services. As a reminder, here is what free trade has done to consumer goods prices:Clearly, the impact of a Trump administration on inflation will not be as swift as that of Brexit, given the different fortunes of the dollar and sterling. Still, from a longer-term perspective, it's worth keeping an eye on how policy may shift inflationary trends.4. Two-sided fiscal stimulus is something that markets have not had to confront in many years, nor has the Fed. While one has to be careful of drawing sweeping market conclusions the day after a surprise shift in narrative, it does seem reasonable to think that curves should be steeper, both across Treasuries and the money market curve. Lest we forget, Yellen's term expires in early 2018, and she seems about as likely to get re-appointed as she does to play center for the Knicks. Moreover, if Trump-o-nomics succeeds in engendering inflation, this will warrant a more aggressive response than markets have become accustomed to. Looking at a chart of the generic 2nd vs 8th eurodollar spread provides some perspective on how far things could go.5. In equity space, thinking in index terms is probably the wrong thing to do now that the initial flurry has finished. It's all about sectoral winners and losers. If the infrastructure spend is correct, then construction/engineering stocks look pretty attractive, especially as they had been beaten up over the last year or two. The chart below depicts Fluor, which your author bought earlier today.6. Keep an eye on China. The apparent stabilization of the cycle, combined with a little loosening of speculative restrictions, has seen base metals go doo-lolly recently. Yet we know that Trump is no fan of China/outsourcing, etc. The CFETS basket has quietly dipped to a new low recently, and one does wonder if PBOC won't engineer another depreciation before Trump gets in office.7. At the very least, Trump's ascension has changed the narrative and, most likely, the direction of policy. Whatever one thinks of him, his tenure in the White House does make it seem somewhat more likely that old school macro skills will come in handy, rather than experience watching a parade of zombies. While the recovery in Spoos has obviously seen vol sellers emerge from the woodwork, 5 point days in bonds just don't happen that often....nor do 30 bp swings in red Eurodollars. While the renaissance of macro has been called nearly as often as its death over the years, this time at least there's a discernible reason to expect a fundamental change in market conditions. If so, that's at least one development that virtually all readers could agree would be a welcome one.
After three consecutive earnings misses, multinational engineering and construction firm, Fluor Corporation (FLR) managed to crush estimates in its third-quarter 2016 results.
Watch out for the earnings reports of these engineering stocks on Nov 3: Fluor (FLR), Quanta Services (PWR), Willdan Group (WLDN).
Fluor Corporation (FLR) is set to report third-quarter 2016 results, after the closing bell on Nov 3.
Fluor Corp. said it fabricated and shipped 358 modules to the Athabasca region of Alberta for the Fort Hills Energy LP oil sands mining project. Fluor has an engineering, procurement, fabrication, and construction contract for the utilities portion of the project.
Scana Corporation's (SCG) principal subsidiary, South Carolina Electric & Gas Company (SCE&G), has placed the reactor vessel in the containment building of V.C. Summer Unit 2, in collaboration with co-owner, Santee Cooper.
Fluor (FLR) second-quarter 2016 adjusted earnings missed estimates significantly, even though revenues beat.
Watch out for the earnings reports of these engineering stocks on Aug 4: Fluor (FLR), Quanta Services (PWR), Willdan Group (WLDN).
Fluor Corporation (FLR) is set to report second-quarter 2016 results, after the closing bell on Aug 4.