As we look through Q4 and realize some of the early benefits of the restructuring plan, we gained confidence in our solid liquidity position and our viable options for generating cash flow such that we no longer deemed it necessary or advisable to proceed with the sale of this important and attractive asset. The web replay will be available for 30 days. While the SEC investigation may not be concluded in the near term, we anticipate filing our Form 10-K when our reviews are complete. Backlog. It's going to be both and we are -- given our financials -- let me put it differently, given our financial position, we are going to be very, very deliberative in terms of how we proceed with those sales and we're going to use effort to maximize value as opposed to try and do something quick and just get the cash right upfront. So obviously, our clients are much more disciplined now than they have been in the past about that, but I don't expect that the plans are going to be contracted any more than that they had previously announced. No, our yard got back to work on February 10. Or is there anything else that's driving that? 2012 Fluor's Centennial event across 6 continents. Stock Advisor launched in February of 2002. That is probably the most critical gate in that entire process. Got it. Well, our pipeline in E&C, we pretty much identified some of that pipeline, and it looks very solid at this point. A replay of today's conference call will be available at approximately 10:30 a.m. Eastern Time today accessible on Fluor's website at investor.fluor.com. Jason Landkamer -- Director, Investor Relations. The Formosa project is a doozy, promising to generate 8,050 construction jobs. Please go ahead, Mr. Landkamer. Formosa plans to operate the complex under its subsidiary and Louisiana registered company, FG LA LLC, and is branding the site as “The Sunshine Project.” FG LA LLC is a Taiwanese privately held company, which is a member of Formosa Plastics Group. So the combination of these factors really drove our decision to keep Government. So, I guess, to what extent now going forward do you have some more visibility to kind of your arms around what's going on and cleaner in quarters? Argentina Propane/Butane Export Terminal. Duarte, Dominican Republic . New awards for 2020 will be led by the Mozambique Rovuma LNG project. The Other segment includes our two fixed government projects; Radford and Warren and our investment in NuScale. Fourth quarter awards were driven by EPC contracts for data centers in our advanced manufacturing and technologies group. And with that, thank you, operator and thanks to all of you for participating on our call today. Toni Says: Social Security account suspended… Need to enroll Medicare online!! Now turning to Slide 8. In the course of responding to the SEC's data requests and conducting our own internal review, the Company is looking at its prior revenue recognition, charges, and related control environment, focusing initially on the Radford contract. We expect to work off the majority of our problem projects this year and have a backlog that consists mainly of projects bid under the proper conditions. Before we turn it over to G&A -- our Q&A, excuse me, we want to note that there is no additional information that we can share regarding the delay in our financial filings beyond what we provided today in our remarks and in our press release. I mean, your observation is correct that it's tricky or difficult to forecast claim revenue. While we are unable to announce our final financial results, we can provide key preliminary unaudited highlights for 2019. We often have commented with the charges we took last year on the infrastructure projects that we will have a number of lower [Indecipherable] margin projects and that's impacting the outlook for margins in Infrastructure through this year. On the AMECO front, this transaction continues to progress and our plan to sell this business remains unchanged. So, are the revenues in E&C now much lower than what we would have been thinking about a few months ago? Please go ahead, your line is open. FG is committed to working with our contractors to ensure hiring qualified local candidates is a priority. 2017. Couple of methanol projects have been canceled, a couple of projects that have moved into 2020, Rovuma being one of them. We also see a number of refinery and petrochemical projects in Europe, North America, and Asia-Pacific. Before I discuss our 2020 outlook, I want to provide an update on a few of the financial initiatives we addressed on our strategic review call in September. RESERVE — More than 110 years after its construction, the roof of the deteriorating Leon Godchaux Grammar School caved in amid wind and rain around ... Yeah, Steve, I mean, thanks for that question. Last quarter, we talked about the Formosa Sunshine project in Louisiana and remain optimistic about this project moving forward. Steven Fisher -- UBS Investment Research -- Analyst. So just the first question, in terms of your 2020 outlook for margins for different segments, comparing that to our 2019 Q4 guidance, the margins seemed a little bit lower in our EMC Infrastructure & Power and Diversified Services. Yeah, let me answer that question in a few different parts. Industry Served. And for most of our projects, our intent is to be cash positive. A question-and-answer session will follow management's presentation. It would be helpful to get a little bit of context as possible just around how much claims are driving that dynamic and just what gives you confidence around the line of sight around those claims, given those are things that seem to be tricky to pin down in a particular year in terms of getting the cash in the door? Both the Radford and Warren projects are continuing to progress and we do not expect to take any additional forecast revisions in the fourth quarter. There are several important business updates we'd like to share with you this morning. ... 2017 Future Growth Project – Wellhead Pressure Management Project (FGP-WPMP) is a … I'm sorry, did you say it does include Radford and Warren and how many projects in total does that include, appreciating the fact that a bunch of projects identified on Q2 had non-cash charges? Thank you. Carlos? I'm just -- because you provided a range before when Government and AMECO were together. There is an inherent risk that actual results and experience could differ materially. Everybody just has to be aware that the books are open as we go through the remainder of this month and next month. We expect to complete a lot of those by the end of 2020. Well, let me start with that -- answer part of that, Andy, and maybe I'll ask Mike to follow up. And yes, it does include Radford and Warren. Project Highlights. A portion of this funding has already occurred so far in the first quarter. For additional information, see our release from this morning. Let me respond to that. Just wanted to understand a little bit more about what that is. D. Michael Steuert -- Executive Vice President, Chief Financial Officer. During this call, we may discuss certain forward-looking non-GAAP financial measures. Formosa plans to operate the complex under its subsidiary and Louisiana registered company, FG LA LLC, and is branding the site as “The Sunshine Project.” We started piling activities in the fourth quarter, which will continue into next year. And then it sounds like there is other assets that could potentially be up for sale. We're confident we are focusing on the right states where we have the right track record to win the right projects. As for NuScale, it cleared a major milestone in December when the NRC completed a Phase 4 review of its design application with no open items. In addition, this means that any financial information we provide today is preliminary, unaudited, and subject to change. John Bel Edwards on … Now, all of those don't represent cash flow. As a result, we continue to take significant actions to enhance our risk profile and implement stronger controls. According to a study conducted by LSU economist Dr. Jim Richardson, the project will generate about $362 million in taxes for state and local governments during construction, with nearly $207 million being collected in the St. James area. FG LA LLC’s proposed chemical complex, known as the Sunshine Project, was planned to be built in two phases with an estimated total investment of around $9.4bn. And then I guess my second question was just on the awards. Last quarter, Fluor and our joint venture partners were selected to lead the Central Plateau Cleanup Contract at the Department of Energy's Hanford site, near Richland, Washington. For our P3 monetization initiative, we are seeing significant interest in our assets, including those in Europe. This bid was under our current guidelines and we have built three PDH plants with the same technology. FG’s Think Local policy is the company’s commitment to hire locally and use local businesses as much as possible during construction and operations. NuScale remains on track to receive its final design approval in September of this year. So, it's operational. At this time, all participants are in a listen-only mode. But I think we're well positioned in those areas for additional work in the Government. Thank you. For Infrastructure & Power, backlog at the end of the fourth quarter was $6.9 billion, new awards in the fourth quarter were modest. There are couple that we just indicated that perhaps are little more sensitive to those changes than others and that's why we made the comment that, that really impacts all of our projects for the year. And that's why we did mention the two projects that were there because they are large projects that for us are somewhat more successful to changes as we go through the completion of our reviews that we hope that occurs as soon as reasonably possible. Trinidad and Tobago. Please go ahead, your line is open. Okay. Some other restructuring costs are to reduce headcount and also reduce savings. Right. Parks said FG has been actively involved in the community since the project was announced. You can find a discussion of our risk factors, which could potentially contribute to such differences in the Company's filings with the SEC. That project, as all of our projects now, meets our criteria and one of the ways that we can get comfortable with the lump sum projects is for us to do a reimbursable FEED and development phase. As reported, the SEC is conducting an investigation of the Company's past accounting and financial reporting and has requested documents and information related to projects for which the Company recorded charges in the second quarter of 2019. Yeah, let me just add something to that because we've always known that Government business to be very valuable business. We are seeing improved performance, so it's going to be gradual throughout 2020. Okay. That seems like one of the larger awards in the quarter, if not the largest award. Our efforts in our people have been very focused on cash conservation and generation. Let me make a statement that we do not believe at this time that we have material errors, that is the intent of the investigation. And for that reason, we had very strong interest from many well-funded buyers, both strategic and financial. And obviously, our -- the prospective buyers of that business thought so as well, because we have a lot of, lot of interest in that business. I just wanted to understand is that one of the fixed priced lump sum job and how are you going to manage the risk. I guess, for Carlos, you are looking at -- you indicated in your prepared remarks or maybe announced some delays in certainly projects moving to the right. Before getting started, I'd like to refer you to our safe harbor note regarding forward-looking statements, which is summarized on Slide 2. Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. Okay, Mike. Michael Dudas -- Vertical Research Partners -- Analyst. Formosa Petrochemical Corp. plans to bring $9.4 billion worth of sunshine to Louisiana. Our fourth quarter announcement was released earlier this morning. Good morning. Market data powered by FactSet and Web Financial Group. We anticipate full-year margins in the Energy & Chemicals group of approximately 3% to 5%, improving as the year progresses; Mining & Industrial margins of approximately 2% to 3%; Infrastructure & Power margins of approximately 1%; and Government margins of approximately 2.5% to 3.5%; and finally Diversified Services margins of 3% to 4%. (Bloomberg) --By the time the ribbon is cut in 2029 on the Sunshine Project, a $9.4 billion petrochemical plant under construction in rural Louisiana, single-use plastic bags will likely be restricted for most shoppers in the U.S.Right now there are bans, fees, and other rules on plastic for more than 1 in 5 Americans. With that operator, we are ready to take questions. The Academy will connect residents with resources to help them obtain the training, skills or education needed to work with the project. As a result, we have decided to retain this business, which will cease to be reported as a discontinued operation in the first quarter of 2020. With us today are Alan Boeckmann, Fluor's Executive Chairman; Carlos Hernandez, Fluor's Chief Executive Officer; and Mike Steuert, Chief Financial Officer. So, maintaining our investment grade credit rating, if you'd recall, is a primary objective and we believe that we have strengthened our financial position and we see additional needs to generate cash to make this possible. But of the ones that do have cash requirements going forward, that's what the $500 million represents. There are three main topics I'd like to cover today. Now, obviously, when we have a project that's in a loss position, which we announced in the second quarter, those projects remain in a cash positive position but we aggressively pursue that. These risk mitigating actions include realignment of our engineering, procurement, and project management disciplines, which now report directly into the business units, providing improved oversight. Last fall, as part of Fluor's strategic review to improve its financial position, the Company announced that it was initiating plans to sell substantially all of the Government business. But do we have an updated how to think about a range for the AMECO business, if you're willing to provide one? We have -- this is not be a predictable business side of the business, but we are very strong with FEMA as well and the LOGCAP business is going to be changing. I appreciate, Carlos, thank you. But looking at our cash flow for 2020, it's not based on insignificant [Phonetic] claim revenue. Okay, let me address cash flow. Both fabrication yards recently celebrated the first steel cut for the OSBL and ISBL portions of the project. Out of the $500 million of expected cash outflows to complete legacy projects, can you just give us a sense for how many projects we're talking about and does that include Radford and Warren as well? Branded as its Sunshine Project, FPC plans to operate the proposed complex under its Louisiana-based subsidiary FG LA LLC, LED said. So that's I think part of the reason why the revenue is not as high. Just additional context around the scope of what that $500 million addressable would be helpful. We do still expect a little bit modest growth in revenue for 2020, but there has been a movement to the right-hand number of projects. So, as we go through this year, we'll provide additional insight on cash flow, but right now, we're just giving high-level guidance in terms of our expectation that cash flow from continuing operations, including both from retaining our Government business, will fund most of the project losses that we expect to or required to fund in 2020. In Diversified Services, we expect to end the year with a backlog of $2.5 billion. Fluor Corp (NYSE:FLR)Q4 2019 Earnings CallFeb 18, 2020, 8:30 a.m. So it's really the margin development in 2020 is very highly impacted by how the specific projects progress throughout the year and that's why it impacts our quarter-to-quarter strengths. If you would please turn to Slide 3. I know you get the -- Plateau Contract is very supportive that you see through Government and how that can play out for even improved cash flow as some of these revenues click in and the risk business model changes as you move into later 2020 and '21? Thank you. Certainly, we had some unusual costs in the fourth quarter that were non-recurring to the U.K. pension adjustment, which was a good thing to look for that allowed us over the past year to really essentially cap and reduce our liabilities on the future pension expenses. Just going back on the cash flow, your comments around operating cash is being able to fund a substantial portion of what's needed to fund the loss projects. Mining awards have been late in 2019, as anticipated, but we expect to see the FEED work we have been completing convert into EPC awards in the back half of 2020. We have great relationships with the industry leaders and are working with them to successfully execute complex projects around the world. So yeah, we -- it's a very good question, I'm glad you asked it, we do believe that this entity is well on its way to commercial realization.
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