April 26, 2026 
4 min read Fluor has been moving away from legacy fixed price contracts toward a higher mix of reimbursable work as it navigates a recovery from earlier losses. The company provides engineering procurement and construction services across large scale infrastructure and energy programs.
Fluor operates through distinct business units that serve a range of sectors and project types.
Urban Solutions covers mining metals advanced technology projects such as data centers and life sciences and traditional infrastructure like bridges and roads.
Energy Solutions includes work tied to the energy transition such as hydrogen and lithium projects as well as chemicals and conventional oil and gas programs.
Mission Solutions provides technical services and base operations support for U.S. government agencies including the Department of Energy and the Department of Defense.
Highlighted initiatives slated for the company include a TeraWulf data center engagement an X-energy nuclear project an America First refining project and work related to uranium enrichment among other contracts. Those engagements align with several White House priorities around energy and infrastructure.
The company completed a sale of a stake in NuScale Power and announced a substantial stock buyback program funded in part by that disposition. The firm reports a stronger cash position following the transaction and has emphasized moves to improve profitability and free cash flow.
Risks for the business stem from concentration in sectors that are sensitive to interest rates and to the presence or absence of government subsidies. Exposure to energy transition projects and to data center work ties performance to policy and capital spending cycles.
Devon Energy is a U.S. focused independent oil and natural gas exploration and production company with a concentration on onshore assets. The company has pursued strategic transactions that have meaningfully altered its resource mix.
A recent merger brought a large natural gas portfolio into Devon's asset base and a subsequent integration of an acquisition expanded its footprint in key U.S. basins. The company continues to optimize operations following those transactions.
The merger with Coterra in 2026 increased Devon's exposure to natural gas reserves. The company also completed the acquisition of Grayson Mill Energy in late 2024 and has been working to integrate those assets which materially increased its presence in the Williston Basin.
Management has put in place a business optimization plan that targets enhancements to free cash flow through operational efficiencies and the application of AI driven drilling techniques. The plan includes quantified objectives tied to cash flow improvements.
As a result of the merger Devon has increased its ability to supply natural gas to utilities and to data center operators. The company has executed supply agreements intended to support power needs for continuous operations at large scale computing facilities.
The company recorded a notable revenue increase for 2026 and expects the effects of the merger to be reflected in revenue and net income. On a valuation basis the company reports a lower price to earnings multiple relative to several large integrated oil peers.
Principal risks include volatility in commodity prices which can move with geopolitical developments such as shifts in the Middle East. Regulatory changes at the federal level also present a potential headwind or tailwind for the broader industry depending on policy direction.
This material is provided for informational and educational purposes only and does not constitute financial advice. All investments carry risk, including the potential loss of capital.
