Oct. 7, 2014, 8:28 AM| 3 Comments
Oct. 3, 2014, 8:28 AM
- Toyo Engineering (OTC:TYOQF) awards CB&I (NYSE:CBI) with a contract valued in excess of $200M for the engineering and supply of ethylene heaters for Petronas' Refinery and Petrochemicals Integrated Development project in Malaysia.
- The plant will utilize SRT VII cracking heaters, the latest generation of SRT high selectivity heaters designed for cracking gas and liquid feedstock, to produce 1.1M metric tons per annum of ethylene.
Sep. 16, 2014, 9:13 AM
- Enable Midstream Partners' (NYSE:ENBL) unit, Enable Products, has awarded Chicago Bridge & Iron (NYSE:CBI) a contract for the engineering and procurement of equipment and process modules for a new natural gas facility.
- The plant will use CB&I's NGL-MAXSM gas processing technology and will have a total processing capacity of 200M scf of gas per day.
Sep. 12, 2014, 8:11 AM| Comment!
Aug. 26, 2014, 8:51 AM
- CB&I (NYSE:CBI) has been awarded a contract by Shenhua Ningxia Coal Industry Group for the license and engineering design of a grassroots petrochemicals unit to be built in Ningxia, China.
- The unit will produce 196K metric tons of propylene annually by using CB&I's proprietary Olefins Conversion Technology, and the company's Comonomer Production Technology to produce and recover 20K of comonomer grade 1-butene.
Aug. 21, 2014, 10:07 AM
- Chicago Bridge & Iron (CBI +1.3%) receives a contract from Polski Koncern Naftowy Orlen (OTC:PSKOF) for the license and engineering design of a propylene production unit to be located in Poland.
- The unit will produce 100K metric tons of propylene annually by using CB&I's proprietary Olefins Conversion Technology.
Aug. 15, 2014, 8:59 AM
- Chicago Bridge & Iron (NYSE:CBI) +3.7% premarket after Berkshire Hathaway reported a 12% higher stake to 10.7M shares, valued at ~$621M at yesterday’s closing price; CBI shares had tumbled 22% during the June quarter.
- Among other stocks enjoying an apparent premarket Buffett bounce are two new Berkshire stakes, Now Inc. (NYSE:DNOW) +1.9% and Charter Communications (NASDAQ:CHTR) +1.6%.
Aug. 6, 2014, 9:28 AM
Jul. 24, 2014, 4:15 PM| 18 Comments
Jul. 23, 2014, 5:35 PM
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Jul. 17, 2014, 8:51 AM
- Chicago Bridge & Iron (NYSE:CBI) has announced contract orders from Entergy Operations valued at over $100M for modifications and upgrades at several nuclear plants throughout the U.S.
- Since the Japanese Fukushima Daiichi nuclear meltdown, the Nuclear Regulatory Commission has required U.S. nuclear plants to upgrade their structures to decrease the possibility of damage in the event of a complete loss of power.
Jul. 7, 2014, 8:15 AM
- Chicago Bridge & Iron (CBI) has been awarded a contract of over $60M by Petrofac (POFCF, POFCY), for the construction of product storage spheres at a refinery in Saudi Arabia.
- "We currently are constructing crude oil storage tanks for Petrofac at the same project site," says President Luke Scorsone. "This new sphere award builds on CB&I's service offerings for our client and the operational excellence we have demonstrated in Saudi Arabia since the 1930s."
Jul. 1, 2014, 9:02 AM
- Chicago Bridge & Iron (CBI) has announced three new contracts totaling over $200M:
- The first contract worth over $90M, will provide technology licenses, front end engineering and design services for NefteGazIndustriya's Afipsky Oil Refinery in Russia.
- CB&I's second contract is valued at $110M, and has been awarded by an unnamed leader in the global chemicals industry for industrial services at its multiple chemical facilities throughout the U.S.
- LSB Industries' (LXU) subsidiary, El Dorado Ammonia, awarded CB&I with its last contract, to engineer and construct a storage tank for LSB's ammonia plant expansion project in Arkansas.
Jun. 18, 2014, 8:02 AM
- "CBI's management team operates our company with the absolute highest integrity, and we take great issue with erroneous claims such as these," says CEO Philip K. Asherman. The company notes the author of the negative report is likely short the stock and thus urges readers to view the conclusions skeptically.
- Q2 results are set for release in late July, and CB&I expects them to be within the ranges of previously issued guidance.
- Press release
- DA Davidson upgrades the stock to a Buy from Neutral, citing valuation.
- Previously: Chicago Bridge & Iron slips on "creative accounting" allegation
- Shares +1.1% premarket after yesterday's 7.2% decline.
Jun. 17, 2014, 1:36 PM
- "Management has misled shareholders and analysts into believing that nothing is wrong with its Shaw Group acquisition or business," writes Prescience Point, arguing Chicago Bridge & Iron (CBI -2%) used "creative acquisition accounting" to create a $1.56B loss reserve.
- CB&I, says Prescience, is struggling with certain Shaw contracts that could prove to be severely loss-making, and is using said reserve to mask their impacts.
- "We believe CB&I will be forced into a goodwill write-down or financial restatement, either of which would trigger debt default, heightening the risk of liquidity crisis or dilutive equity raise." The stock, says Prescience, is worth about $37 per share, about 50% below the current level.
May. 1, 2014, 8:55 AM| Comment!
CBI vs. ETF Alternatives
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.
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