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Released June 21, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The Dow Jones Industrial Average (DJIA) is like a TV show that has been on for so long that the entire original cast has been replaced. At least that's the case now, with General Electric (NYSE:GE) (Boston, Massachusetts) being booted earlier this week, after years of struggling amid rough market conditions. Industrial Info is tracking tens of billions of dollars' worth of projects involving GE across the globe, including $18 billion involving its oil and gas businesses and $56 billion involving power subsidiary Alstom.
GE had been a regular on the Dow since the Dow's creation in 1896. In a sign of the times, GE is being replaced with Walgreens Boots Alliance (NYSE:WBA) (Deerfield, Illinois), a holding company for numerous retail operations that are more in line with today's Dow mainstays, such as Walmart Incorporated (NYSE:WMT) (Bentonville, Arkansas), Procter & Gamble Company (NYSE:PG) (Cincinnati, Ohio) and Coca-Cola Company (NYSE:KO) (Atlanta, Georgia). Walgreens is vying with CVS Health Corporation (NYSE:CVS) (Woodsocket, Rhode Island) to become America's friendly, one-stop neighborhood pharmacy.
To make matters worse, GE could face a hefty fine for broken promises. The company bought French-based Alstom SA's energy business in 2015 and vowed to create 1,000 net new jobs in France by the end of this year, according to Reuters. But John Flannery, the chief executive officer of GE, recently told French Finance Minister Bruno Le Maire that the target was now "out of reach" because of difficult market conditions, and Le Maire responded that GE will be fined 50,000 euros for each job not created, in accordance with the terms of the deal.
Click on the image at right for a graph detailing the top 10 countries for GE Alstom projects.
The Alstom business has numerous subsidiaries of its own, including Alstom Hydro Incorporated, which is at work on a $160 million rewind at Priest Rapids Hydro Power Station in Mattawa, Washington. Grant County Public Utility District is rewinding stators on 10 generators and refurbishing other equipment at the 955-megawatt (MW) facility. Alstom Hydro also is at work on a $12 million overhaul at a hydro station in Fort Frances, Ontario, where it is replacing four propeller turbines and rewinding seven electric generators at the 10-MW facility. For more information, see Industrial Info's reports on the Priest Rapids and Fort Frances projects.
Many of GE's problems are related to its ventures into financial services. The company had to drop most of its financial-service businesses following the 2008 recession, and tried to shift its focus to high-tech industrial services. But the finance-related problems didn't end there: Earlier this year, GE revealed that the U.S. Securities and Exchange Commission was investigating $15 billion in unexpected expenses in one of its insurance units.
GE executives also have taken heat for the company's acquisition of Baker Hughes, under which it moved most of its oil and gas-related business. But the subsidiary got some good news last week, when it won a deal to supply turbomachinery equipment for Cheniere Energy's (NYSE:LNG) (Houston, Texas) recently sanctioned, $3 billion Train 3 at its LNG liquefaction facility in Corpus Christi, Texas. Bechtel Corporation (San Francisco, California), Cheniere's engineering, procurement and construction (EPC) partner for the project, selected Baker Hughes to provide six gas turbines and various compressors for the train, which is expected to produce about 4.5 million tons per year of liquefied natural gas (LNG). For more information, see Industrial Info's project report.
Baker Hughes provided the same type of equipment for the $5.5 billion Train 1 and $5.5 billion Train 2 in Corpus Christi, both of which are under construction and set to be completed in the first and third quarters next year, respectively; each has a 4.5 million-ton-per-year capacity. Baker Hughes also provided similar technology for Cheniere's $2.5 billion Train 5 at its Sabine Pass LNG production facility in Cameron, Louisiana, which is under construction and set to be completed in the first quarter of 2020, with the same capacity. For more information, see Industrial Info's project reports on Corpus Christi's Train 1 and Train 2, and Sabine Pass Train 5.
Earlier this week, Baker Hughes was awarded an integrated well services contract for much of Equinor ASA's (NYSE:EQNR) (Stavangar, Norway) drilling and well-construction projects in the Norwegian sector of the North Sea. These include the main drilling and well services for the:
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
GE had been a regular on the Dow since the Dow's creation in 1896. In a sign of the times, GE is being replaced with Walgreens Boots Alliance (NYSE:WBA) (Deerfield, Illinois), a holding company for numerous retail operations that are more in line with today's Dow mainstays, such as Walmart Incorporated (NYSE:WMT) (Bentonville, Arkansas), Procter & Gamble Company (NYSE:PG) (Cincinnati, Ohio) and Coca-Cola Company (NYSE:KO) (Atlanta, Georgia). Walgreens is vying with CVS Health Corporation (NYSE:CVS) (Woodsocket, Rhode Island) to become America's friendly, one-stop neighborhood pharmacy.
To make matters worse, GE could face a hefty fine for broken promises. The company bought French-based Alstom SA's energy business in 2015 and vowed to create 1,000 net new jobs in France by the end of this year, according to Reuters. But John Flannery, the chief executive officer of GE, recently told French Finance Minister Bruno Le Maire that the target was now "out of reach" because of difficult market conditions, and Le Maire responded that GE will be fined 50,000 euros for each job not created, in accordance with the terms of the deal.
Click on the image at right for a graph detailing the top 10 countries for GE Alstom projects.The Alstom business has numerous subsidiaries of its own, including Alstom Hydro Incorporated, which is at work on a $160 million rewind at Priest Rapids Hydro Power Station in Mattawa, Washington. Grant County Public Utility District is rewinding stators on 10 generators and refurbishing other equipment at the 955-megawatt (MW) facility. Alstom Hydro also is at work on a $12 million overhaul at a hydro station in Fort Frances, Ontario, where it is replacing four propeller turbines and rewinding seven electric generators at the 10-MW facility. For more information, see Industrial Info's reports on the Priest Rapids and Fort Frances projects.
Many of GE's problems are related to its ventures into financial services. The company had to drop most of its financial-service businesses following the 2008 recession, and tried to shift its focus to high-tech industrial services. But the finance-related problems didn't end there: Earlier this year, GE revealed that the U.S. Securities and Exchange Commission was investigating $15 billion in unexpected expenses in one of its insurance units.
GE executives also have taken heat for the company's acquisition of Baker Hughes, under which it moved most of its oil and gas-related business. But the subsidiary got some good news last week, when it won a deal to supply turbomachinery equipment for Cheniere Energy's (NYSE:LNG) (Houston, Texas) recently sanctioned, $3 billion Train 3 at its LNG liquefaction facility in Corpus Christi, Texas. Bechtel Corporation (San Francisco, California), Cheniere's engineering, procurement and construction (EPC) partner for the project, selected Baker Hughes to provide six gas turbines and various compressors for the train, which is expected to produce about 4.5 million tons per year of liquefied natural gas (LNG). For more information, see Industrial Info's project report.
Baker Hughes provided the same type of equipment for the $5.5 billion Train 1 and $5.5 billion Train 2 in Corpus Christi, both of which are under construction and set to be completed in the first and third quarters next year, respectively; each has a 4.5 million-ton-per-year capacity. Baker Hughes also provided similar technology for Cheniere's $2.5 billion Train 5 at its Sabine Pass LNG production facility in Cameron, Louisiana, which is under construction and set to be completed in the first quarter of 2020, with the same capacity. For more information, see Industrial Info's project reports on Corpus Christi's Train 1 and Train 2, and Sabine Pass Train 5.
Earlier this week, Baker Hughes was awarded an integrated well services contract for much of Equinor ASA's (NYSE:EQNR) (Stavangar, Norway) drilling and well-construction projects in the Norwegian sector of the North Sea. These include the main drilling and well services for the:
- $450 million Oseberg H Unmanned Wellhead Platform installation in the Oseberg Field; see project report
- $200 million Oseberg H Unmanned Wellhead Platform drilling program in the Oseberg Field; see project report
- $73.55 million gas-processing module addition to the Troll C Crude Oil & Natural Gas Production Platform in the Gullfaks Field; see project report
- $50 million Grand Offshore Field Development drilling program in the Grane Field; see project report
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
