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Fluor Wins FEED Contract for CRC's Carbon Capture Project
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Fluor Corporation (FLR - Free Report) has received a front-end engineering and design (“FEED”) contract from California’s largest oil and natural gas exploration and production company — California Resources Corporation (CRC) — to use its proprietary Econamine FG Plus (EFG+) technology for the latter’s carbon capture and sequestration project, Cal Capture.
Fluor’s Energy & Chemicals business will work as a licensor of the 550-megawatt, natural gas-powered Elk Hills Power Plant’s licensed process unit and required utility systems situated in Tupman. Moreover, the work will include Fluor’s advanced solvent formulation, together with a number of patented energy-saving features.
The EFG+ is an energy-efficient, cost-effective technology that helps in the removal of carbon dioxide from flue gas streams. Notably, the deal will benefit CRC with the design and permit of California’s first carbon capture and sequestration system.
The project is a collective effort among the Electric Power Research Institute, CRC and Fluor, funded by the U.S. Department of Energy.
Energy & Chemicals Business to Drive Growth
Fluor is tracking multiple large projects in the Energy & Chemicals unit. The company is an industry leader in nuclear remediation at government facilities throughout the United States. It is expected to benefit from rising demand for energy across the globe. Relative stability in commodity prices is expected to boost investments in downstream and petrochemicals.
The segment — which contributed nearly 41% to the company’s total revenues — reported a profit of $84.9 million in third-quarter 2019, up 69.1% from a year ago.
Per the preliminary financial results for the fourth quarter and 2019, new awards totaled $12.6 billion. Of these awards, $3.7 billion was recorded from the Energy & Chemicals unit, $1.9 billion from the Mining & Industrial segment, $2.6 billion from the Infrastructure & Power business, $2.2 billion from the Government unit, and $2.2 billion from the Diversified Services segment. Consolidated backlog for 2019 is projected to be $32.7 billion. Management is optimistic about the continuation of the trend of winning contracts, which will likely drive its top line.
The company’s stock has gained 39.7% in the past three months compared with the Zacks Engineering - R And D Services industry’s 21% rally. Continuous contract wins, strong end-market prospects, solid backlog level and a good business portfolio mix are expected to benefit the company in the future.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Fluor Wins FEED Contract for CRC's Carbon Capture Project
Fluor Corporation (FLR - Free Report) has received a front-end engineering and design (“FEED”) contract from California’s largest oil and natural gas exploration and production company — California Resources Corporation (CRC) — to use its proprietary Econamine FG Plus (EFG+) technology for the latter’s carbon capture and sequestration project, Cal Capture.
Fluor’s Energy & Chemicals business will work as a licensor of the 550-megawatt, natural gas-powered Elk Hills Power Plant’s licensed process unit and required utility systems situated in Tupman. Moreover, the work will include Fluor’s advanced solvent formulation, together with a number of patented energy-saving features.
The EFG+ is an energy-efficient, cost-effective technology that helps in the removal of carbon dioxide from flue gas streams. Notably, the deal will benefit CRC with the design and permit of California’s first carbon capture and sequestration system.
The project is a collective effort among the Electric Power Research Institute, CRC and Fluor, funded by the U.S. Department of Energy.
Energy & Chemicals Business to Drive Growth
Fluor is tracking multiple large projects in the Energy & Chemicals unit. The company is an industry leader in nuclear remediation at government facilities throughout the United States. It is expected to benefit from rising demand for energy across the globe. Relative stability in commodity prices is expected to boost investments in downstream and petrochemicals.
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The segment — which contributed nearly 41% to the company’s total revenues — reported a profit of $84.9 million in third-quarter 2019, up 69.1% from a year ago.
Per the preliminary financial results for the fourth quarter and 2019, new awards totaled $12.6 billion. Of these awards, $3.7 billion was recorded from the Energy & Chemicals unit, $1.9 billion from the Mining & Industrial segment, $2.6 billion from the Infrastructure & Power business, $2.2 billion from the Government unit, and $2.2 billion from the Diversified Services segment. Consolidated backlog for 2019 is projected to be $32.7 billion. Management is optimistic about the continuation of the trend of winning contracts, which will likely drive its top line.
The company’s stock has gained 39.7% in the past three months compared with the Zacks Engineering - R And D Services industry’s 21% rally. Continuous contract wins, strong end-market prospects, solid backlog level and a good business portfolio mix are expected to benefit the company in the future.
Zacks Rank
Fluor — which shares space with Gates Industrial Corporation plc (GTES - Free Report) , Quanta Services, Inc. (PWR - Free Report) and AECOM (ACM - Free Report) in the industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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