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FTI > SEC Filings for FTI > Form 10-Q on 25-Apr-2014All Recent SEC Filings

Show all filings for FMC TECHNOLOGIES INC

Form 10-Q for FMC TECHNOLOGIES INC


25-Apr-2014

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 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 increase in 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 March 31, 2014, 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 throughout 2014. Despite market concern over increasing field development costs, our customers remain committed to their deepwater asset portfolios and are seeking solutions from subsea suppliers that will improve their productivity and profitability. We have standardized many aspects of subsea development which has helped several of our customers achieve high returns on some of the most challenging deepwater projects and accelerate first oil production. As additional customers look to achieve similar cost efficiencies, we expect these standardization practices to enable us to assist our customers' pursuit of improved returns. In addition, our technology and experience in improving customer returns over the life of the field supports our pursuit of subsea processing and service technology development. Regarding our surface technologies portfolio, the slowdown that began in the North American surface market in 2012, resulting from oversupply of equipment and lower natural gas prices, led to curtailed fracturing capacity expansion throughout most of 2013. In the first quarter of 2014, North American surface orders began to recover and benefited our first quarter 2014 results. While the sustainability of these orders is difficult to predict, our increased machinery capacity investments made in 2012 will allow us to take full advantage of any North American surface market improvements. Additionally, we initiated efforts to integrate our North American surface wellhead and completion service businesses to strengthen our market presence and service offerings.


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