Conference calls between corporate execs and financial analysts to discuss earnings reports are usually dry affairs.
And then there was Friday’s earnings call with Primoris Services Corp., a Dallas-based construction services company that works on pipelines and other energy-related infrastructure.
At one point Primoris president and CEO Brian Pratt was talking about how much business there is to be found in the U.S.
There could be even more “If these a**holes would get off our backs and let us build the system and drill the wells,” Pratt said on the call.
“People are just silly if they think we can’t be energy independent within a couple of years if they will just take the handcuffs off and let us go out and do it,” he later added during discussion of the company’s 2013 profit growth.
Primoris works on a range of energy, industrial and civil infrastructure projects.
Pratt, during the call, also contrasted the legal environment in the U.S. with Mexico, where his company has done projects in the past.
“Mexico is not a bad place to work. The problem you have there is there is really no legal system. And the joke in Mexico is a good judge is a judge that stays bribed. It’s a tough place to work,” he said.
Pratt didn’t rule out more projects there but said there’s plenty of money to be made north of the border.
“It’s just the opportunity is here and you don’t have to screw around with people that want to tempt you to violate the FCPA, which we won’t do,” Pratt said, referring to the Foreign Corrupt Practices Act, a U.S. law aimed at preventing bribery of foreign officials.
A replay of the call, courtesy of the financial news website Seeking Alpha, is available here. The portion about opportunities in Mexico and the U.S. starts at the 47-minute mark.
Elsewhere on the call Pratt expressed confidence about expansion of the pipeline market to move oil from the booming Bakken region, although he predicted that construction of the Keystone XL pipeline is a “long shot.”
“There is going to be projects built to get oil out of the Bakken whether it be Keystone or somebody else,” he said.
TransCanada Corp.’s proposed Keystone XL project would largely carry crude oil from Alberta’s oil sands to Gulf Coast refineries, but would also carry some oil from the Bakken shale formation that underlies northwestern North Dakota and surrounding regions. It remains under Obama administration review.
Pratt also said the market for building natural gas lines is promising.
What We're Following See More »
Despite trailing Hillary Clinton by a significant margin, Bernie Sanders wasn't going the way of Ted Cruz tonight. The Vermont senator upset Clinton in Indiana, with MSNBC calling the race at 9pm. Sanders appears poised to win by a five- or six-point spread.
And just like that, it's over. Ted Cruz will suspend his presidential campaign after losing badly to Donald Trump in Indiana tonight. "While Cruz had always hedged when asked whether he would quit if he lost Indiana; his campaign had laid a huge bet on the state." John Kasich's campaign has pledged to carry on. “From the beginning, I’ve said that I would continue on as long as there was a viable path to victory,” said Cruz. “Tonight, I’m sorry to say it appears that path has been foreclosed."
The Republican establishment's last remaining hope—a contested convention this summer—may have just ended in Indiana, as Donald Trump won a decisive victory over Ted Cruz. Nothing Cruz seemed to have in his corner seemed to help—not a presumptive VP pick in Carly Fiorina, not a midwestern state where he's done well in the past, and not the state's legions of conservatives. Though Trump "won't secure the 1,237 delegates he needs to formally claim the nomination until June, his Indiana triumph makes it almost impossible to stop him. Following his decisive wins in New York and other East Coast states, the Indiana victory could put Trump within 200 delegates of the magic number he needs to clinch the nomination." Cruz, meanwhile, "now faces the agonizing choice of whether to remain in the race, with his attempt to force the party into a contested convention in tatters, or to bow out and cede the party nomination to his political nemesis." The Associated Press, which called the race at 7pm, predicts Trump will win at least 45 delegates.