Fluor 2006 Annual Report Download

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2006 Annual Report
FLUOR CORPORATION
A COMPANY
THAT DELIVERS

Table of contents

  • Page 1
    2006 Annual Report A COMPANY THAT DELIVERS FLUOR CORPORATION

  • Page 2
    ... Global Services New Awards and Backlog Data Selected Financial Data Officers Board of Directors Performance Graph and Form 10-K FLUOR CORPORATION Fluor Corporation (NYSE: FLR) is one of the world's largest publicly traded engineering, procurement, construction, maintenance and project management...

  • Page 3
    ...long term. In 2004 our key objective was building a foundation for growth. In 2005 our focus was on meeting the challenge of global expansion. In 2006 we showed our customers and stakeholders that now, more than ever, Fluor Corporation is a company that delivers. (cover) Dow/PIC Petrochemical plant...

  • Page 4
    ... hard work of our 37,600 From our new global headquarters in Irving, Texas, I am delighted employees have resulted in strong financial performance, which has created value for you - our shareholders. Moreover, we are well positioned to capitalize on the wealth of business opportunities fact, Fluor...

  • Page 5
    Fluor Corporation 2006 Annual Report 3 and industrial plant sites - and to do so in all corners of the globe - attracts professionals with a passion for the engineering, industry offers so many unique and exciting career opportunities. global presence, a diverse array of industries served, our ...

  • Page 6
    ... large, complex projects in the world's most challenging locations. INDUSTRIAL & INFRASTRUCTURE Transportation, telecommunications, mining and life sciences are the lifeblood of a strong global economy. As international economies continue to grow, so will opportunities for Fluor to deliver the...

  • Page 7
    ... Corporation 2006 Annual Report 5 "Every time you flip a light switch, gas up the car for a family vacation or sip your morning coffee from an insulated cup, you're touching something that Fluor helped create." - Alan Boeckmann, Chairman and Chief Executive Officer POWER The International Energy...

  • Page 8
    ...oil upgrading project at Marathon's projects in the U.S. and Canada in 2006. in Louisiana, as well as the front-end engineering and design refinery in Detroit. Fluor worked on ten other major refinery In the Middle East, Fluor has completed FEED services funds into upstream oil and gas production...

  • Page 9
    Fluor Corporation 2006 Annual Report 7 "The bigger the project and the harsher the conditions, the greater our value becomes for the customer. We have a reputation for making the most complex jobs run like clockwork." - Jeff Faulk, Group President, Oil & Gas (background) RasGas Common Offplot ...

  • Page 10
    ... prices and the need to new oil and gas fields in Kazakhstan, Russia, the Middle East, West Africa, China, Mexico and Trinidad and Tobago. We Neftegas in Sakhalin Island, Russia, and began work on completed a major oil and gas processing facility for Exxon 2006 we won a $2.2 billion EPCM contract...

  • Page 11
    ... as a company whose core business is providing the specialized engineering talent and management to handle the largest projects in the most difficult locations and conditions imaginable, Fluor is to deliver these projects successfully. one of a few companies with the global reach and resources term...

  • Page 12
    ... tremendous value as an integrated operation. �ery few companies deliver conceptual buildup, project development, design, procurement and construction as a single operations and maintenance source." - Stephen Dobbs, Group President, Industrial & Infrastructure (background) Amgen multi-product...

  • Page 13
    Fluor Corporation 2006 Annual Report 11 (left) The unique Cesar Pelli-designed performing arts center in Orange County, California, showcases Fluor's execution expertise. (right) A Fluorled consortium provided the Netherlands with 90 km of high-speed rail line. A COMPANY THAT DELIVERS RELIABLE ...

  • Page 14
    ...States. These include joint ventures to build a transportation hub at the World Trade Center site in Lower Manhattan each in excess of $1 billion on both coasts of the United Fluor is also proud to be involved in landmark projects mining companies naturally target the most accessible When basic...

  • Page 15
    ... those have been developed, however, this highly specialized market, and we anticipate much more opportunity ahead. While the life sciences market as a whole has softened, Fluor did book a sizable new biotech program for a longare poised for additional work in Europe. term client in Puerto Rico...

  • Page 16
    ... Fluor business units to assist in our Government efforts is proven and unique in the industry." - John Hopkins, Group President, Government GOVERNMENT (DOLLARS IN BILLIONS) REVENUE BY SEGMENT GO�ERNMENT 2004 2005 20� 200� (background) Fluor built this neighborhood in Louisiana...

  • Page 17
    ... decontaminated. (left) Fernald plant in 1988 and (right) at completion in 2006. A COMPANY THAT DELIVERS VALUE TO THE PUBLIC SECTOR Federal spending is nearly $400 billion annually and holding steady - which translates into ongoing opportunities for Fluor. Our Government business grew substantially...

  • Page 18
    ..., with fuels ranging from coal, oil and natural gas to nuclear. Fluor can play in all of these fields." - David Constable, Group President, Power POWER (DOLLARS IN BILLIONS) REVENUE BY SEGMENT POWER 2004 2005 4� 200� (background) Fluor is providing full EPC on this 200MW plant for...

  • Page 19
    Fluor Corporation 2006 Annual Report 17 (left) Fluor designed and constructed the Chuck Lenzie Generating Station, a 1,200 MW gas-fired power plant in Nevada. (right) To meet new clean-air standards, Fluor is adding FGD units to this E. ON U.S. coalfired power plant in Kentucky. A COMPANY THAT ...

  • Page 20
    ...to get done. This drives collective success." - Kirk Grimes, Group President, Global Services GLOBAL SERVICES (DOLLARS IN BILLIONS) REVENUE BY SEGMENT GLOBAL SER�ICES 2004 2005 15� 200� (background) Fluor provides maintenance services at this TXU power plant in Monticello, Texas.

  • Page 21
    ... Corporation 2006 Annual Report 19 (left) Fluor is providing engineering, procurement and project management services for this Shell Chemical plant in the Netherlands. (right) AMECO, a unit of Global Services, provides tools and equipment for construction work at a power plant for Newmont mining...

  • Page 22
    ... Gas Industrial & Infrastructure Government Global Services Power Total New Awards Oil & Gas 54% Industrial & Infrastructure 23% Government 11% Global Services 9% Power 3% NEW AWARDS BY REGION Year Ended December 31 ($ in millions) United States Americas Europe, Africa and Middle East Asia Pacific...

  • Page 23
    ...$ 9,380.3 281.2 186.7 - - 186.7 Fluor Corporation 2006 Annual Report 21 2006 2005 2004 2003 $ 8,805.7 268.0 179.5 (...New awards Backlog at year end Capital expenditures-continuing operations Cash provided by (used in) operating activities Salaried employees Craft/hourly employees Total employees...

  • Page 24
    ...Steven Gilbert Senior Vice President, Human Resources and Administration (1970) Kirk D. Grimes Group President, Global Services (1980) John L. Hopkins Group President, Government (1984) Other Corporate Officers Dave Marventano Senior Vice President, Government Relations (2003) Joanna M. Oliva Vice...

  • Page 25
    Fluor Corporation 2006 Annual Report 23 BOARD OF DIRECTORS (From left to right): Dr. Peter S. Watson President and Chief Executive Officer of Dwight Group (2005) (3) (4) Peter J. Fluor Fluor's lead independent director; Chairman and Chief Executive Officer of Texas Crude Energy, Inc.; Director of...

  • Page 26
    ... and directors' signatures, and executive officer certifications. The graph to the right depicts the company's total return to shareholders from January 1, 2001, through December 31, 2006, relative to the performance of the S&P 500 Composite Index and the Dow Jones Heavy Construction Industry Group...

  • Page 27
    ..., 400 Crescent Court, Dallas, Texas. Stock Trading Fluor's stock is traded on the New York Stock Exchange. Common stock domestic trading symbol: FLR. Company Contacts Shareholders may call (888) 432-1745 Shareholder Services: Lawrence N. Fisher (469) 398-7221 Investor Relations: Kenneth H. Lockwood...

  • Page 28
    Fluor Corporation 6700 Las Colinas Boulevard Irving, Texas 75039 Fluor.com