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Chicago Bridge & Iron Company (CBI)

  • Yesterday, 5:24 PM
    • CB&I (NYSE:CBI) says it has won the contract to perform early engineering and services work for a petrochemical plant a U.S.-Korean joint venture is planning in Louisiana.
    • CBI is the first major contractor brought on board by the joint venture of Axiall and South Korea’s Lotte Chemical that plans to build an ethane cracker plant expected to produce ~1M metric tons/year of ethylene; a final investment decision on moving forward with the project is expected by year's end.
    • The companies are not releasing project and contract costs, but new ethane crackers typically are multibillion-dollar projects.
    | Yesterday, 5:24 PM | 7 Comments
  • Mon, Aug. 31, 8:27 AM
    • CB&I (NYSE:CBI) has been awarded a $300M contract by Sunoco Partners Marketing & Terminals for the expansion of the Marcus Hook Industrial Complex in Pennsylvania.
    • The scope of work includes engineering and procurement of four large low-temperature tanks that will be used for the storage of refrigerated ethane, butane and propane.
    | Mon, Aug. 31, 8:27 AM | 4 Comments
  • Thu, Jul. 23, 7:15 PM
    • CB&I (NYSE:CBI) -0.5% AH after reporting better than expected Q2 earnings but coming up a bit light on revenue expectations.
    • "The business is still real solid, but we had the anticipation of some business that just didn’t drop” in H1, CEO Philip Asherman says, adding that he expects some sizable contracts to come through later this year in the petrochemical sector and with other projects.
    • New awards for Q2 totaled $2.8B, with new awards for H1 at $5.9B; backlog remained fairly constant at $29.4B, including an YTD adverse foreign exchange impact of $270M.
    • CBI today announced a new contract for more than $100M to help a Louisiana refinery reduce emissions, and another deal for maintenance work at three Canadian oil sands facilities, but does not name the companies.
    • Asherman seems excited about CBI’s selection as part of a joint venture for Anadarko Petroleum’s large liquefied natural gas project in Mozambique; the CEO says much of CBI’s efforts will largely be split between the U.S. and Africa going forward.
    | Thu, Jul. 23, 7:15 PM | Comment!
  • Thu, Jul. 23, 4:15 PM
    • Chicago Bridge & Iron (NYSE:CBI): Q2 EPS of $1.55 beats by $0.14.
    • Revenue of $3.21B (-2.4% Y/Y) misses by $300M.
    • Press Release
    | Thu, Jul. 23, 4:15 PM | 13 Comments
  • Wed, Jul. 22, 5:35 PM
  • Mon, Jul. 20, 2:54 PM
    • Chevron (CVX -0.2%) faces a potential new round of strikes at the Gorgon liquefied natural gas project in Western Australia after unions won official approval to ballot workers on a potential strike.
    • The move risks further delaying the start of production at the project, Australia's biggest single resources venture, beyond its H2 2015 target which already has slid by more than a year from the original schedule.
    • Regulators ruled Friday that various unions could hold a protected ballot of employees of U.S. engineering company CB&I (CBI +0.8%), which is fulfilling a $2.3B contract on mechanical, electrical and instrumentation work at the onshore LNG plant under construction.
    | Mon, Jul. 20, 2:54 PM | 7 Comments
  • Mon, Jul. 20, 8:22 AM
    • Chicago Bridge (NYSE:CBI) has been awarded a contract in excess of $90M by NefteGazIndustriya through project developer MAVEG Industrieausruestungen for the Afipsky Oil Refinery.
    • The scope of work includes detailed engineering and procurement of a steam methane reformer for a large-scale hydrogen plant, hydrocracking heaters and Breech-Lock exchangers.
    | Mon, Jul. 20, 8:22 AM | 6 Comments
  • Tue, Jul. 7, 10:41 AM
    • Chicago Bridge (CBI -5.2%) is again heading south despite another maintenance contract. Shares are now down 18.6% over the past month.
    • The new $120M award was granted by a leading hydrocarbon operator for its facilities in Peru.
    | Tue, Jul. 7, 10:41 AM | 28 Comments
  • Mon, Jul. 6, 8:55 AM
    • The contract, awarded by the Omaha Public Power District, is for maintenance and modifications for the district's fossil and nuclear plants in Nebraska.
    | Mon, Jul. 6, 8:55 AM | 18 Comments
  • Tue, Jun. 30, 1:41 PM
    • CB&I (CBI +0.6%) says it has been awarded a contract to build storage as part of a $1.5B petrochemical project owned by Occidental Petroleum (NYSE:OXY).
    • CBI says it will build the project’s ethylene storage facility near Houston, and has a new $115M contract to engineer and build the surface facilities and piping at the salt cavern storage location.
    • OXY announced the overall project in 2013 with a projected 2017 opening to take advantage of cheap shale gas feedstock.
    | Tue, Jun. 30, 1:41 PM | 6 Comments
  • Wed, Jun. 24, 3:19 PM
    • Chicago Bridge & Iron (CBI -1.9%) is maintained with an Underperform rating and $30 price target by Macquarie, which sees news on nuclear flow continuing to be negative with the likelihood of further project delays.
    • The firm notes that milestone activities related to Southern's (NYSE:SO) Vogtle nuclear plant have continued to slip, with only 23.7% of construction completed as of April; CBI CFO Michael Taff has said cost overruns would be borne by partner Westinghouse, but Macquarie thinks that is unlikely and CBI will be held partially responsible.
    • While some delays may be related to reactor design amendments, the project schedule also is impacted by "required repair work on... legacy modules from Lake Charles," which the firm says "further confirms that CBI will be held partially responsible."
    | Wed, Jun. 24, 3:19 PM | 41 Comments
  • Thu, Jun. 4, 10:39 AM
    • Chicago Bridge & Iron (CBI -1.7%) backed its 2015 guidance at the Credit Suisse 2015 Engineering & Construction Conference today: Revenue of $14.4B-$15.2B (vs. $14.05B consensus) and EPS of $5.55-$6.05 (vs. $5.68 consensus).
    • Operating margin profiles: Engineering & Construction 4%-7%; Technology 25%-30%; Fabrication Services 10%-13%; Capital Services 3%-6%.
    | Thu, Jun. 4, 10:39 AM | 8 Comments
  • Fri, May 29, 8:45 AM
    • CB&I (NYSE:CBI) has "room to run," says Cowen, lifting its price target on shares from $57 to $63.
    • The firm currently has an Outperform rating on the stock.
    | Fri, May 29, 8:45 AM | 10 Comments
  • Mon, May 18, 7:45 AM
    • Anadarko Petroleum (NYSE:APC) confirms the selection of a joint venture between CB&I (NYSE:CBI), Chiyoda and Saipem as the engineering, procurement and construction contractor for the onshore portion of its Mozambique liquefied natural gas development.
    • The scope of the work for the LNG park includes two LNG trains, each with capacity of 6M metric tons/year which is an increase of 1M/train over the original plan, and two LNG storage tanks each with capacity of 180K cubic meters, condensate storage, a multi-berth marine jetty and associated utilities and infrastructure.
    • APC says it has secured non-binding long-term off-take agreements for more than 8M tons/year of LNG from potential customers and is making progress in turning them into binding sales and purchase deals.
    • CBI shares jumped 8% on Friday on initial word of the deal.
    | Mon, May 18, 7:45 AM | 4 Comments
  • Fri, May 15, 6:05 PM
    • After having exited a prior GM position a year ago, David Einhorn's Greenlight Capital bought 9.5M shares of the auto giant in Q1, per Greenlight's Q1 13F.
    • Einhorn previously disclosed the purchase, along with his reasoning, in his Q1 letter. "2015 should be a better year for GM: the company is a year closer to eliminating its losses in Europe; low gas  prices should stimulate demand for its highly profitable SUV and light truck product lines; raw material costs are low; and we believe that the worst of the product recalls is behind them." He also noted GM's buyback, and called earnings estimates beatable.
    • A 1.7M-share stake was taken in Macy's (NYSE:M), and a 1.1M-share stake in Ingram Micro (NYSE:IM). Greenlight's stake in Chicago Bridge & Iron (NYSE:CBI) was more than doubled to 6.7M shares, and its stake in AerCap (NYSE:AER) hiked by 49% to 5.6M.
    • On the flip side, Greenlight liquidated a 1.3M-share stakes in Aetna (NYSE:AET) and Amdocs (NASDAQ:DOX). The firm cut its stake in chipmaker/long-time holding Marvell (NASDAQ:MRVL) by 63% to 9M shares, and in chip equipment maker Lam Research (NASDAQ:LRCX) by 33% to 1.7M shares.
    | Fri, May 15, 6:05 PM | 5 Comments
  • Fri, May 15, 11:57 AM
    • CB&I (CBI +9.3%) soars following a Bloomberg report that Anadarko Petroleum (APC -0.1%) is poised to select it as the main contractor for construction of a potential $15B liquefied natural gas export project in Mozambique.
    • The decision is a milestone for one of the few energy mega-projects around the world to move forward after crude prices collapsed last year; APC believes as much as 75T cf of natural gas may lie in the Area 1 prospect off Mozambique’s shores.
    • Shares of Fluor (FLR -1.4%), which had been considered a contender for the project, are lower.
    | Fri, May 15, 11:57 AM | 51 Comments
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Company Description
Chicago Bridge & Iron Company provides conceptual design, technology, engineering, procurement, fabrication, construction and commissioning services to customers in the energy, petrochemical and natural resource industries.