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FTI > SEC Filings for FTI > Form 10-Q on 25-Oct-2013All Recent SEC Filings

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Form 10-Q for FMC TECHNOLOGIES INC


25-Oct-2013

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Business Outlook
Overall, management is optimistic about business activity for the remainder of 2013 and entering into 2014 as global economic growth continues to recover. While expectations of future energy demand remain closely tied to economic activity in major world economies, total world consumption of crude oil and liquid fuels is expected to slightly increase in the remainder of 2013 and through the first half of 2014. As a result, we currently expect crude oil prices to remain at a level that supports exploration and production activity, especially in subsea markets.
Our strong subsea project backlog as of September 30, 2013, combined with continued demand for subsea systems and services related to exploration and production activity, supports our expectations of improved results. Our mix of projects in subsea backlog continues to improve, and as a result, we continue to expect margin improvement in the fourth quarter of 2013 and entering into 2014. Despite slower than expected progress from efforts to reduce costs in our Eastern region subsea business, our investments in talent, supply chain, and facilities are beginning to deliver positive results in most of our other regions. We believe these investments will support continuous improvement in our quality, delivery, and cost performance while maintaining and strengthening our market leadership. In addition, we continue to focus on subsea processing and subsea services as key growth platforms so that we can expand our role as life-of-field partners with our customers by lowering their costs and improving their recovery.
Regarding our surface technologies portfolio, the slowdown in North American surface activity in the latter half of 2012, resulting from oversupply of equipment and lower natural gas prices, led to curtailed fracturing capacity expansion. This curtailment continued in the first nine months of 2013. As a result, the slowdown had a negative impact on profits in our fluid control business and fracturing rental assets in our surface wellhead business in the first nine months of 2013 compared to the prior year. We do not expect significant increases in U.S. rig counts in the fourth quarter of 2013; thus North American surface volumes in our fluid control and surface wellhead business is expected to remain stable. Seasonal activity growth in our completion services business as well as continued strong order activity in our international surface wellhead business in the fourth quarter of 2013 is expected to improve segment revenue and margin.


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