Is There Enough Gas In The Tank To Take CB&I Back Up?
Stephen Simpson, CFA • 15 Comments
Stephen Simpson, CFA • 15 Comments
Chicago Bridge: The 2 Sweetest Words
Bumbershoot Holdings • 41 Comments
Bumbershoot Holdings • 41 Comments
Wed, Feb. 24, 5:35 PM
- ACTG, ADSK, AEGR, AGO, AHT, AIRM, AL, ALEX, AMH, ATLS, AXLL, BGS, BIDU, BIO, BLOX, BMRN, BVN, CBI, CBPO, CLVS, COWN, CSU, CVT, DGI, DK, DKL, DLR, EBS, ENV, EOG, EVC, GERN, GG, GPS, GSAT, HASI, HEI, HK, HLF, HTGC, HWAY, IART, IM, IMMR, INTU, KBR, KHC, KND, KW, KWR, LYV, MACK, MAIN, MDVN, MELI, MHK, MITT, MNST, MTZ, NDLS, NNI, NTRI, OLED, OUT, OVAS, PANW, PBA, PEGA, PFMT, PODD, PRAA, RARE, RBA, RLOC, RPTP, RRC, RRMS, RTRX, SBAC, SEM, SEMG, SPLK, SPNC, SSRI, STAG, STMP, STRZA, SWN, TSRO, TWOU, TXMD, UHS, WIFI, WPG, WTW, XNPT, ZOES
Wed, Feb. 17, 4:29 PM
Wed, Feb. 10, 12:38 PM
- Colombia's government is preparing a complaint against contractor CB&I (CBI -3.2%), which directed construction on the newly renovated Reficar refinery, after accusations that poor management sent the project ~$4B over budget, Reuters reports.
- The refinery, part of state-run Ecopetrol (EC +1.8%), reopened late last year after a multi-billion-dollar overhaul meant to increase its capacity to 165K bbl/day from 80K bbl/day to 165,000.
- Colombia's comptroller estimates final costs came in at $8B vs. the original $4B projection, although EC says the total is still being calculated.
Tue, Feb. 9, 2:24 PM
- CB&I (CBI -0.7%) says it expects Q4 earnings to beat expectations and will increasingly focus on petrochemical and liquefied natural gas projects along the Texas and Louisiana coasts while riding out the oil bust.
- CBI sees Q4 EPS of $1.56 vs. $1.48 analyst consensus estimate on revenues of $3.3B vs. $3.46B consensus, while expecting to report $3.3B in new awards for the quarter; for FY 2016: CBI sees EPS of $5.00-$5.50 vs. $5.19 consensus on revenues of $11.4B-$12.2B vs $12.7B consensus, with anticipated new awards of $13B and a $23B backlog.
- When asked whether CBI is taking on marginal terms to get more contracts and maintain market share during the downturn, CEO Phil Asherman says the company can deliver accurately on fixed-term contracts with its efficiencies and lower reliance on subcontractors.
Mon, Jan. 4, 4:58 PM
- Southern Co. (NYSE:SO) subsidiary Georgia Power says it completed the settlement process between the co-owners of the Vogtle nuclear expansion and the project's contractors, Westinghouse and CB&I (NYSE:CBI), and says its ~$350M portion of the settlement cost is significantly less than the claims that were in litigation.
- Georgia Power says the agreement settles all claims in litigation, reaffirms current in-service dates, adds additional contractual protections and positions Westinghouse and its affiliates as the primary contractor over the project.
- In tandem with the completion of the settlement, SO also says Westinghouse has contracted with Fluor (NYSE:FLR) to manage the construction workforce at the Vogtle expansion site.
Mon, Jan. 4, 8:23 AM
- Chicago Bridge (NYSE:CBI) has completed the sale of its nuclear construction business to Westinghouse Electric Company.
- "We have completed all of the required closing requirements and have transferred total responsibility for the Stone & Webster nuclear construction business to Westinghouse, as defined in the purchase agreement," CEO Philip Asherman said. "Our focus will be on continued growth and improved cash flows from CB&I's solid backlog and integrated business model."
- CBI -2.6% premarket
Dec. 22, 2015, 8:30 AM
- The company has been granted a contract valued at approximately $200M for maintenance and modification services at a nuclear generating station in the U.S. Northeast.
- Another contract has been awarded by Hengli Petrochemical Refinery for the design of a grassroots propane and butane dehydrogenation unit to be built in China.
- Previously: New contracts at Chicago Bridge (Dec. 21 2015)
Dec. 21, 2015, 8:30 AM
- A multi-year extension on an existing contract valued at more than $100M for long-term maintenance services at multiple specialty chemical facilities throughout the U.S. Gulf Coast.
- A contract valued in excess of $365M by Lotte Chemical Louisiana to provide construction services for a monoethylene glycol facility in Lake Charles, Louisiana.
- A contract valued at approximately $2.8B with Oman Oil Refineries and Petroleum Industries Company for a steam cracker package in Oman.
Dec. 17, 2015, 4:41 PM
- CB&I (NYSE:CBI) says it was awarded a contract valued at more than $1.3B from a joint venture between Axiall (NYSE:AXLL) and Lotte Chemical Corp. to provide engineering, procurement, fabrication and construction services for an ethane cracker project in Lake Charles, La.
- The JV announces a final investment decision to construct the plant, which is expected to produce ~1M metric tons/year of ethylene; start-up is anticipated for the beginning of 2019.
Dec. 3, 2015, 4:50 PM
- Chicago Bridge & Iron (NYSE:CBI) declares $0.07/share quarterly dividend, in line with previous.
- Forward yield 0.68%
- Payable Dec. 31; for shareholders of record Dec. 18; ex-div Dec. 16.
Dec. 2, 2015, 8:20 AM| Dec. 2, 2015, 8:20 AM | 4 Comments
Nov. 23, 2015, 8:28 AM
- A joint venture between CB&I (NYSE:CBI) and CTCI Corp. has received a $2.8B award from Oman Oil Refineries and Petroleum Industries Company for the Liwa Plastics Industrial Complex Project in Sohar, Oman.
- The scope of work includes EPC for a grassroots 880-ktpa ethylene plant, pygas unit and MTBE unit, as well as all the related off-sites and utilities.
Nov. 5, 2015, 4:31 PM
- Chicago Bridge & Iron (NYSE:CBI): Q3 EPS of $1.54 beats by $0.01.
- Revenue of $3.32B (-1.8% Y/Y) misses by $290M.
Nov. 4, 2015, 5:35 PM
- AAOI, ABCO, ABTL, ACAD, ACET, ACHN, AEGR, AGO, AHS, AIRM, AL, ALEX, ALIM, AMBR, AMRS, AMTG, ANET, ARCW, ATHX, ATSG, BBG, BBRG, BCEI, BEBE, BLDR, BPI, BRKS, BRS, CALD, CBI, CERS, CLNE, CLVS, CMLS, CORT, CPST, CSOD, CTCT, CUBE, CYBR, CYTX, DATA, DIOD, DIS, DMD, DWA, EAC, EBS, ECOM, ECPG, ED, EFC, EGN, EGOV, ELON, EOG, ERII, EVC, EXAR, FICO, FNGN, FTEK, FXCM, GDOT, GERN, GLUU, GSAT, GSM, GST, GXP, HAIN, HBM, HE, HK, HNSN, HTGC, ICUI, INAP, INFI, INWK, IRG, JJSF, KHC, KTOS, LBTYA, LNT, MAIN, MASI, MDRX, MDVN, MED, MHK, MITK, MNST, MRC, MSCC, MTD, NEWR, NFG, NKTR, NVDA, OLED, ONTY, OREX, OUT, PCTY, PETX, PKI, PLT, PODD, PRAA, PRO, PXLW, QRVO, RATE, RBA, RLYP, RMAX, RPTP, RRMS, RRTS, SEMG, SHAK, SKUL, SLH, SNAK, SREV, SSRI, STMP, SWIR, SWKS, TCRD, TCX, TEAR, TNGO, TRIP, TRMR, TRQ, TRUE, TTWO, UBNT, UEPS, VRNS, VVC, WAGE, WG, WIFI, WTW, XOMA, YUME
Oct. 28, 2015, 3:50 PM
- Chicago Bridge & Iron (NYSE:CBI), which jumped after hours yesterday on news it was selling its nuclear construction business, is up 15.9% today as Credit Suisse says it's time to buy.
- Shares had fallen 22% in the past six months prior to the move.
- Credit Suisse has upgraded shares to Outperform, from Neutral, and raised its price target to $51 from $45. Shares had closed at $38.96, implying 31% upside.
- The Vogle and Summer construction projects had been a significant overhang on CB&I, says Credit Suisse's Jamie Cook, over concerns about fixed-price contracts with delays and overruns. A charge of $1-$1.2B is "large," says Cook, but "we see this as a positive catalyst as the charge is now known, over, and non-cash.”
- As previously noted, CB&I's deal with Westinghouse excludes a variety of CB&I's businesses, including fosil power generation, nuclear/industrial maintenance, the MOX project and Fed decommissioning.
- Previously: Westinghouse picks Fluor to manage nuclear builds; CB&I now up 10.4% (Oct. 27 2015)
- Previously: CB&I selling nuclear construction business to Westinghouse Electric (Oct. 27 2015)
Oct. 28, 2015, 9:12 AM
Chicago Bridge & Iron Co. NV engages in the provision of conceptual design, technology, engineering, procurement, fabrication, construction, and commissioning services to the energy, petrochemical, and natural resource industries. It operates through the following segments: Engineering,... More
Sector: Industrial Goods
Industry: General Contractors
Country: United States
Other News & PR