MRC Global chairman: '2015 to be a challenging year'
MRC Global Chairman, President and CEO Andrew Lane said the company is bracing for a changing landscape in 2015.
MRC Global recently released its fourth quarter and annual 2014 results, which revealed record or near-record performances. However, MRC Global Chairman, President and CEO Andrew Lane said the company is bracing for a changing landscape in 2015.
“We expect capital spending in North America to be down more than 35%, impacting our upstream business most directly,” he said. “We believe the downstream business will be impacted more modestly. With lower revenue expected in 2015 we will focus on reducing costs and optimizing working capital, which we expect will increase operating cash flow and reduce outstanding debt between $200 and $300 million. Given the macro global energy outlook, we expect 2015 to be a challenging year for our company. However, we feel like we have positioned the company to weather this cycle and be in an even stronger position when we emerge.”