Welcome to MasTec's fourth quarter 2021 earnings conference call, initially broadcast on Friday, February 25, 2022. Let me remind participants that today's call is being recorded. At this time, I would like to turn the call over to our host, Marc Lewis, MasTec's Vice President of Investor Relations. Marc?
Thank you, Christina, and good morning, everyone. Welcome to MasTec's fourth quarter earnings call. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these Communications, we may make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans, and anticipated trends in the industries where we operate. These forward-looking statements are the company's expectations on the day of the initial broadcast of this conference call, and the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties, and assumptions are detailed in our press release and filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these Communications.
In today's remarks by management, we'll be discussing adjusted financial metrics reconciling yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP measure can be found in yesterday's Q4 earnings press release. With us today, we have José Mas, our CEO, and George Pita, our Executive Vice President and CFO. The format of the call will be opening remarks and analysis by José, followed by a financial review from George. These discussions will be followed by a Q&A period, and we expect the call to last about 60 minutes. We had another great quarter, and we have important things to talk about today, so I'll go ahead and turn it over to José. José?
Thanks, Marc. Good morning, and welcome to MasTec's 2021 fourth quarter and year-end call. Today, I'll be reviewing our fourth quarter and full year results, as well as providing my outlook for 2022 and the markets we serve. I'd like to start today by thanking the men and women of MasTec. Their sacrifices and hard work helped us achieve another record year of revenue and EBITDA. I am honored and privileged to lead such a great group. The men and women of MasTec are committed to the values of safety, environmental stewardship, integrity, honesty, and in providing our customers a great quality project at the best value.
These traits have been recognized by our customers, and it's because of our people's great work that we've been able to deliver these outstanding financial results in a challenging environment and position ourselves for continued growth and success. Now some fourth quarter highlights. Revenue was $1.8 billion. Fourth quarter Adjusted EBITDA was $219 million, and fourth quarter Adjusted EPS was $1.35. For the full year, 2021 revenue was $8 billion. 2021 Adjusted EBITDA was $931 million. 2021 full year adjusted earnings per share was $5.58, and cash flow from operations for the year was approximately $800 million. In summary, we had a good quarter and another great year.
While quarterly results were generally in line, we enjoyed solid quarterly year-over-year growth in our non-Oil & Gas segments, with revenues increasing 43% and non-Oil & Gas EBITDA increasing 75% during this year's fourth quarter compared to last year's fourth quarter. With that said, we were impacted by both inflation and supply chain issues in our business. Revenue would have been higher and was impacted by delayed material availability, causing project delays primarily in our Communications and Clean Energy segments. I'd also like to point out that our fourth quarter EBITDA was achieved despite a year-over-year Oil & Gas EBITDA reduction of nearly $115 million. As we've discussed over the last year, our priority and focus in MasTec has been to diversify our business and grow our non-Oil & Gas segments and really transform our earnings mix.
Our true success in 2021, irrespective of our financial performance, was our ability to position our company for significant long-term growth and earnings potential. For 2022, we expect our Oil & Gas segment to be our smallest revenue-generating segment and comprise no more than 20% of revenue. We expect our Communications, Power Delivery, and Clean Energy segments to collectively grow revenue by approximately 50% compared to 2021 and EBITDA by almost 85%. While we would obviously like to see the transition happen faster and quite frankly with less hiccups along the way, we are convinced that the MasTec of tomorrow is much better positioned to enjoy growth opportunities and margin expansion opportunities than we've ever been.
Before getting into segment specifics, I'd like to touch on 2022 guidance for a moment. Just over a year ago, towards the end of 2020 and still in the middle of the pandemic and in the midst of a changing and challenging Oil & Gas environment, we laid out a path and a goal to ultimately achieving a $10 billion revenue run rate. While the goal was longer term in nature, in 2021, we made a number of acquisitions that we think position us very differently and have significantly improved our growth potential. Today, we are excited and proud that our 2022 revenue guidance is approximately $10 billion in revenue. I can guarantee you that when we laid out that goal in 2020, we didn't think we'd be here 15 months later.
More importantly, as we dissect the revenue guide, we are confident and optimistic that every segment will enjoy further growth in 2023 and beyond. The size and number of opportunities continues to grow and expand. We are responding to this opportunity and continue to invest in our business. Full year EBITDA guidance is approximately $950 million. Assumptions in the guidance include Oil & Gas revenue reducing by approximately $600 million and an approximately $275 million reduction in EBITDA. The reduction in revenue is offset by approximately $1.5 billion in revenue associated from the Henkels & McCoy acquisition that we announced in December and over 20% growth in each of the other non-Oil & Gas segments. The EBITDA offset is comprised by the acquired Henkels EBITDA and margin improvements in each segment that George will cover later.
Our revenue guidance today assumes low double-digit year-over-year growth in the first half of the year, mostly the impact of the acquisitions, then over 35% year-over-year growth in the second half of 2022. Our first quarter on a year-over-year basis is impacted by a reduction of $508 million in revenue in Oil & Gas and a $143 million EBITDA reduction in the segment. Part of this reduction was caused by a delay on the Mountain Valley Pipeline, which was supposed to originally start in February. Our guidance now assumes activity late in the year. As 2022 progresses, I am confident we will be able to demonstrate the improved growth opportunities and margin in our business.
As we prepare for significant growth during the year, we will exit 2022 at a very strong run rate, which will set us up for a very strong 2023. Now I'd like to cover some industry specifics. Our Communications revenue for the quarter was $682 million, a 20% year-over-year increase and a sequential increase over the third quarter, which is atypical. During the fourth quarter and early in the first, we have expanded into 18 new geographic wireline fiber markets, which will represent over $125 million of our 2022 segment growth in addition to strong expansion in our current markets. We have also continued to diversify and grow our wireless operations and experienced solid growth in 2021 with T-Mobile, Verizon, and DISH Network.
Just yesterday, DISH Network announced their intent to launch markets by June 2022. Today, we are working in 17 of those markets. As AT&T increases its build plan towards the second half of 2022, we will have a much broader and diversified service offering with all of the major carriers in a very active build cycle. We expect 2022 Communication revenues to grow nearly 25% year-over-year. Backlog is up over 20% year-over-year to a record level of $4.5 billion. While we have seen some impact from the Rural Digital Opportunity Fund, the vast majority of infrastructure and rural dollars available for broadband expansion have yet to be awarded.
We continue to enjoy significant growth opportunities in the segment and are working with a number of customers as they work through their future build plans. Moving to our Oil & Gas pipeline segment, revenue for the quarter was $335 million versus $600 million last year. Margins were again strong for the quarter as mix was favorable. Looking ahead at 2022, guidance is $1.8 billion-$1.9 billion, which includes a couple of hundred million from the Henkels acquisition. We expect 2022 to be a trough year in this segment. While commodity prices have significantly increased, and we believe the need and demand for infrastructure will increase, reactivating projects is time-consuming, making 2022 project starts difficult. For example, customers are facing challenges with pipe delivery schedules based on supply chain issues.
With that said, we are in a number of discussions with customers about projects we believe will be built in 2023 and beyond. We expect award activity to pick up significantly in the second half of 2022. Awards, coupled with the continued growth of carbon capture and sequestration and the potential of hydrogen, have improved our longer-term outlook of our pipeline business. Moving to our Power Delivery segment, revenue was $285 million versus $126 million in last year's fourth quarter. The growth was largely driven by the INTREN acquisition. At year-end, we announced the acquisition of Henkels & McCoy, one of the largest private electrical power transmission and distribution utility contractors in the United States. With the combined acquisitions during 2021, we have transformed this segment into a significant growth engine for MasTec with significant margin expansion opportunities.
In 2020, this segment generated just over $500 million of revenue. In 2022, we expect revenue for this segment of over $2.5 billion. This segment will represent over 25% of MasTec's revenue. More importantly, the scale we have been able to create positions us as a leader in the market with great opportunities ahead. With changes in electrical transmission and distribution needs, our customers have a clear goal of modernizing the power grid with a focus on reliability, fire hardening, renewable connectivity, including both wind and solar, and growth in electric vehicle usage. Our combined service offerings allow us to provide our customers with cost-effective solutions at scale to meet their demands. While early in our integration efforts, feedback from our customers have been excellent, and we look forward to providing a differentiated solution in the market.
I'd also like to take this opportunity to again welcome all of the Henkels & McCoy team members to the MasTec family. While it's only been two months, I believe the energy and collaboration have been very motivating, and I can say with confidence, after having spent time with their members, that the benefits and potentials of this transaction are far greater than we expected. Moving to our Clean Energy and infrastructure segment, revenue was $515 million for the fourth quarter versus $346 million in last year's fourth quarter. EBITDA margins improved to 6.8% in the fourth quarter versus last year's fourth quarter of 3.2% and sequentially from 2.7%. While margins were much improved, we did have a couple of projects slip due to material deliveries.
In 2022, we expect another strong year of growth, with growth approaching 25% and full year margins approaching 7%. While backlog is up nearly 50% year-over-year, the reality is backlog doesn't reflect the true strength of the market. We are working under a number of LNTPs, limited notice to proceed, while we finalize pricing and schedules, and the value captured in backlog is only a fraction of the total contract value. Outstanding verbal awards and negotiations actually exceed the total backlog for the segment. This level of activity is without infrastructure-related dollars that have not yet been allocated. We expect that to be yet another catalyst for our infrastructure business. We believe our diversification is our strength in this segment, and we are capable of meeting any of our customers' demands.
We are actively working on renewable projects, including wind, solar, and biomass, baseload gas generation projects, including dual-source hydrogen-capable projects, as well as our growing presence in the infrastructure market. With a clear national focus on sustainability and Clean Energy, we have seen a significant increase in planned Clean Energy investments from our customers as they improve their carbon footprint. As a leading Clean Energy contractor and partner, MasTec is uniquely positioned to benefit from these investments. To recap, we had another great year. While times can be challenging and uncertain, opportunities always arise from these challenges. Our customers are looking for ways to change and improve their business models and are looking for strong partners to help them. In that lies our opportunity. Our greatest strength has been to understand the trends in our industry and our customers' needs.
Our ability to provide services, whether existing or new, has always been a strength. I'm excited for what the future holds for MasTec. I'd like to again thank the men and women of MasTec for their commitment to safety, their hard work, and their sacrifices. Keep up the good work. I'll now turn the call over to George for our financial review. George?
Thanks, José, and good morning, everyone. Today, I'll cover our 2021 fourth quarter and annual financial results, as well as our updated 2022 guidance. As Marc indicated at the beginning of the call, our discussion of financial results and guidance will include non-GAAP adjusted earnings and Adjusted EBITDA. Reconciliation and details of non-GAAP measures can be found on our press release. Fourth quarter results were generally in line with our guidance, with a 10.5% increase in revenue to $1.8 billion, Adjusted EBITDA of approximately $219 million, and Adjusted EBITDA margin rate at 12.1% of revenue. Fourth quarter 2021 diluted earnings of $1.35 per adjusted diluted share, $0.02 per share above our guidance.
These results capped a strong year, with record annual 2021 revenue increasing 26% and approximating $8 billion, and record Adjusted EBITDA at $931 million or 11.7% of revenue. As expected, fourth quarter 2021 non-Oil & Gas segment results showed significant improvement, with revenue growing 43% or $440 million over the prior year, and Adjusted EBITDA growing 75% or $56 million. On a rate basis, year-over-year non-Oil & Gas segment results improved 170 basis points to 8.9% of revenue. On a sequential basis, non-Oil & Gas segment Adjusted EBITDA margin rate results improved approximately 120 basis points over the third quarter, despite slightly lower revenue levels.
As we have indicated in the past, megatrends in telecom wireline and wireless, as well as in power generation and delivery as the nation moves towards carbon neutrality, provide significant growth opportunities across our non-Oil & Gas segments, and we expect continued improvement in these segments during 2022 and beyond. We continued our strong cash flow from operations performance during the fourth quarter and generated $793 million in cash flow from operations for the annual 2021 period. Importantly, despite approximately $1.5 billion in 2021 acquisition investments, we ended the year with ample liquidity of over $1 billion and comfortable leverage metrics. In a testament to the strength of MasTec's cash flow profile and working capital management, we are proud that Moody's, S&P, and Fitch have all recently granted us an investment-grade credit rating despite the significant 2021 cash outflows for M&A.
Now I will cover some more detail regarding our segment results and expectations. Fourth quarter Communications revenue was $682 million with an Adjusted EBITDA margin rate of 11.2% of revenue, a slight improvement over the same period last year, and a sequential improvement of 50 basis points when compared to the third quarter. Annual Communications segment revenue was $2.55 billion and Adjusted EBITDA margin rate was 10.6% of revenue. We look forward, we expect that annual 2022 Communications segment revenue will range between $3.1 billion-$3.2 billion, a 20%-25% growth over 2021. Annual 2022 Adjusted EBITDA margin rate is expected in the low to mid-11% range.
We expect slower first half 2022 year-over-year Communication segment revenue growth, somewhere in the high teens to low 20% range, with accelerating second half 2022 year-over-year revenue growth in the mid- to high 20% range. First half 2022 Communication segment Adjusted EBITDA margin rate is expected in the high single digit to low double-digit range, with second half 2022 Adjusted EBITDA margin rate expected to accelerate in the mid- to high 12% range. Within expected first half 2022 results, we expect meaningfully lower revenue and Adjusted EBITDA margin rate performance in the first quarter due to the combination of wireless revenue pushing out of the quarter, new market startup costs as we initiate new RDOF wireline market operations, and the impact of low margin acquired Henkels & McCoy revenue.
We also expect ramping revenue growth and Adjusted EBITDA margin rate performance thereafter as the year progresses. Fourth quarter Clean Energy and Infrastructure segment or Clean Energy revenue was $515 million and Adjusted EBITDA was approximately $34.7 million or 6.8% of revenue. Annual Clean Energy segment revenue was approximately $1.9 billion and Adjusted EBITDA margin rate was 4% of revenue. Fourth quarter Clean Energy revenue grew 49% over last year, and Adjusted EBITDA margin rate grew 360 basis points to a 2021 high of 6.8% of revenue. Sequentially, Clean Energy segment Adjusted EBITDA margin rate improved 410 basis points over the third quarter.
As we look forward, we expect that annual 2022 Clean Energy segment revenue will range between $2.3 billion-$2.4 billion based on our updated view of project timing. Annual 2022 Adjusted EBITDA margin rate is expected in the mid-6% to low-7% range, a substantial improvement compared to 2021. We expect stronger year-over-year 2022 revenue growth and Adjusted EBITDA margin rate performance in the second and third quarters based on project timing and seasonality. Fourth quarter Oil & Gas segment revenue was $335 million and Adjusted EBITDA was approximately $81.3 million. As expected, this was a substantial year-over-year decrease, with fourth quarter Adjusted EBITDA decreasing $115 million when compared to the fourth quarter last year.
2021 Oil & Gas segment revenue was approximately $2.5 billion, with Adjusted EBITDA margin rate at 21.9% of revenue. As we look forward, we expect that 2022 Oil & Gas segment revenue will decrease and range between $1.8 billion-$1.9 billion. 2022 Adjusted EBITDA margin rate is expected in the mid-teens. Based on currently expected project timing, we expect a meaningful shift in first half 2022 revenue when compared to the same period last year. First half 2022 segment revenue is expected to range between $500 million-$600 million and first half 2022 Adjusted EBITDA margin rate is expected in the low double-digit range.
We expect significant revenue and Adjusted EBITDA margin rate ramp up during the second half of 2022, with second half 2022 revenue ranging between $1.2 billion-$1.3 billion. Based on this revenue expansion, second half 2022 Oil & Gas segment Adjusted EBITDA margin rate in the mid- to high-teens . As noted in our prior calls, we believe that a number of green shoots exist for this segment, with future opportunities for both hydrocarbon and carbon capture pipeline services expected to develop and be awarded during 2022, giving this segment significant growth opportunity in 2023. During the fourth quarter, we renamed our electrical transmission segment to Power Delivery to better reflect our expanded service offerings and capacity in the utility service market, including electrical and gas distribution as a result of recent acquisition activity.
We believe that our recently expanded operations, coupled with our existing operation, provide a compelling suite of service offerings to support our customers' needs as they work to transition to renewable power generation. For the sake of clarity, based on the timing of acquisition closing, fourth quarter acquisition activity had no impact on fourth quarter Power Delivery segment operating results. Fourth quarter Power Delivery segment revenue was $285 million, and Adjusted EBITDA margin rate was 7.1% of revenue. This represented a 650 basis point improvement over last year's fourth quarter results. Annual 2021 Power Delivery segment revenue was approximately $1 billion, with annual Adjusted EBITDA margin rate at 6.7% of revenue.
It is worth noting that second half 2021 Adjusted EBITDA margin rate for this segment was 8.5% of revenue, a 460 basis point improvement over last year's second half, and meaningfully higher than the annual 2021 Adjusted EBITDA margin rate of 6.7%. As we look forward, we expect that annual 2022 Power Delivery segment revenue, inclusive of fourth quarter 2021 acquisition activity, will range between $2.5 billion-$2.6 billion. Annual 2022 Adjusted EBITDA margin rate is expected in the high single- to low double-digit % range, a substantial improvement compared to 2021. Fourth quarter corporate segment results were a cost of approximately $4 million as we benefited from expected legal and earn-out settlements. Annual 2021 corporate segment results were a cost of $72 million or 91 basis points.
When combined with income from investments as shown in our other segment, the combined annual 2021 corporate and other segment impact was a net cost of 48 basis points, in line with our expectation. As we indicated during the Henkels acquisition call, we will integrate corporate functions over the course of 2022 and expect higher annual 2022 corporate costs while this process is underway. Annual 2022 corporate segment costs are expected to approximate 120-125 basis points. On a combined basis, 2022 corporate segment costs and income from investments as reported in our other segment is expected to approximate a net cost of 90-95 basis points, which equates to an approximately 50 basis point increase over annual 2021 levels. We expect that these costs will eventually normalize back to 2021 levels as cost rationalization efforts occur during the year.
While we are early in this process, our initial estimate is that we will incur acquisition integration costs of approximately $40 million over the course of 2022. Now I will discuss a summary of our top 10 largest customers for the annual 2021 period as a percentage of revenue. Enbridge was 16% of revenue. Newly defined AT&T services totaled 9% of revenue. As previously indicated in our third quarter filing, reported AT&T revenue amounts have been reclassified to exclude DIRECTV services for all periods, as this entity has been spun off into a separate third-party entity. Revenue performed for AT&T includes wireless, wireline, and other services, including smart city deployment projects. NextEra Energy was 7% of revenue, comprising services across multiple segments, including Clean Energy, Communications, and Power Delivery. Comcast, Equitrans Midstream, and Duke Energy were each 4% of revenue.
DIRECTV was 3%, and T-Mobile, Verizon Communications, and Exelon Corporation were each 2% of revenue. Individual construction projects comprised 62% of our annual 2021 revenue, with master service agreements comprising 38%. With the combination of expected resurgence in wireless MSA work, coupled with INTREN and Henkels acquisitions, whose revenues are primarily MSA-driven, we expect annual 2022 revenue from recurring type MSA work will substantially increase and approach 50% of our total revenue. Lastly, as we have indicated for years, backlog can be lumpy as large contracts burn off each quarter and new large contract awards only come into backlog at a single point in time. As of December 31st, 2021, we had record total backlog of approximately $9.9 billion, sequentially up $1.4 billion and up approximately $2 billion when compared to the same period last year.
Importantly, Communications and Clean Energy segments backlog both represented record fourth quarter levels, reflecting the continued strength in these growing end markets. Fourth quarter 2021 Power Delivery segment backlog was approximately $2.9 billion, a sequential growth of approximately $1.5 billion, with this increase primarily due to our fourth quarter acquisition of Henkels. Now I will discuss cash flow, liquidity, working capital usage, and capital investments. We ended 2021 with $1.1 billion in liquidity and net debt defined as total debt less cash and cash equivalents at $1.65 billion, which equates to a 1.8x leverage metric on a standalone basis, and this metric is even lower if the pro forma benefit of fourth quarter acquisition EBITDA is considered.
By any measure, year-end 2021 liquidity and leverage metrics are very comfortable as reflected by our recent investment-grade ratings. It is worth noting that our strong cash flow metrics as of year-end 2021 include over $600 million in fourth quarter cash acquisition outflow. Annual 2021 cash provided by operating activities was approximately $793 million. We ended the fourth quarter of 2021 with DSOs at 77 days, excluding the impact of fourth quarter acquisitions, compared to 86 days last year. As we look forward to 2022, we continue with the anticipation that our DSO target range will continue in the mid- to high 80s. We are proud of the strength, resilience, and consistency of MasTec's cash flow profile.
In summary, our long-term capital structure is extremely solid with low interest rates, no significant near-term maturities, and ample liquidity, giving us full flexibility to take advantage of any potential growth opportunities to maximize shareholder value. Moving to our 2022 guidance view, we project annual 2022 revenue of approximately $9.95 billion with Adjusted EBITDA of $950 million or 9.6% of revenue, and diluted earnings of $5.32 per adjusted diluted share. These measures are essentially unchanged from our 2022 expectation communicated with the Henkels acquisition in December. For the first quarter, we expect revenue of $1.8 billion with Adjusted EBITDA of $90 million or 5% of revenue, and adjusted diluted loss of $0.12 per share.
This represents a $114 million decrease in first quarter Adjusted EBITDA when compared to the same period last year. This decline is due to the combination of a seasonally slow quarter, a meaningful shift in Oil & Gas project activity, including the delayed start of the MVP pipeline project, timing of other project shifts, and the impact of selected low-margin revenue from fourth quarter 2021 acquisitions. More specifically, due to the project timing shifts, first quarter 2022 Oil & Gas segment revenue is expected to approximate $200 million with Adjusted EBITDA in the low double-digit range. This creates a significant first quarter 2022 year-over-year decline in both revenue and Adjusted EBITDA.
First quarter results are embedded in our annual 2022 guidance view for this segment of $1.8 billion-$1.9 billion in annual revenue at a mid-teens Adjusted EBITDA margin rate. First quarter 2022 Communications segment results will be impacted by the negative impact of wireless revenue pushing out of the quarter, new RDOF wireline market startup costs, as well as the impact of acquired Henkels Telecom revenue with low project margins and a high overhead. Accordingly, first quarter 2022 Communications segment Adjusted EBITDA is uniquely expected to decrease on a year-over-year basis when compared to the first quarter of 2021. All of these factors are expected to subside beginning in the second quarter, and consequently, we expect sequential improvement during the second quarter with a strong second half of 2022.
First quarter results are embedded in our 2022 guidance view of $3.1 billion-$3.2 billion in annual revenue and an Adjusted EBITDA margin rate in the low- to mid-11s. As we have previously provided color regarding our annual 2022 segment expectations, I will briefly cover some other annual guidance expectations for modeling purposes. We anticipate net cash CapEx spending in 2022 at approximately $100 million, with an additional $200 million-$220 million to be incurred under finance leases. This level includes some initial CapEx investments for recent fourth quarter acquisitions. We expect annual 2022 interest expense levels to approximate $67 million. For modeling purposes, we estimate our 2022 share count at 76.1 million shares, and this includes shares issued in connection with the fourth quarter Henkels acquisition.
We expect annual 2022 depreciation expense to approximate 3.5% of revenue. Lastly, we expect annual 2022 adjusted income tax rate will approximate 24%. This concludes our remarks, and now we'll turn the call back to the operator for our Q&A. Operator?
Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. As a reminder, please limit yourself to one question and one follow-up question. You may rejoin the queue for additional questions. Again, press star one to ask a question. We'll take our first question from Steven Fisher with UBS.
Thanks, and good morning.
Morning, Steven.
It sounds like there's a variety of issues weighing on the first quarter here. I'm wondering just how much visibility do you actually have to some of these challenges moderating and then normalizing by the time we get into the second quarter?
Yeah, sure, Steven. You know, when we think about early 2022, and we kinda compare it to historical, especially 2021, right? The biggest challenge that we're facing in Q1 on a year-over-year basis is our Oil & Gas business, right? I mean, if you look at last year's EBITDA, we did $203 million of EBITDA in the first quarter. $168 million came from our Oil & Gas business. If you look at our non-Oil & Gas business on a year-over-year basis from 2021 to 2022, it's almost doubling.
Right? With that said, it should have been better, and we get that. You know, there are some push-outs in Clean Energy and Communications that we thought would have made that number slightly better in Q1. The biggest issue we have in Q1 on a year-over-year basis is what's happening in the Oil & Gas business, and really the push out of MVP, which was a big part of our original expectations in Q1. As we think about the full year, it doesn't really change our view on the full year, right? We've got excellent visibility on the full-year plans of our customers in, you know, in all of our non Oil & Gas segments.
If we talk about Communications and the things that are impacting it and the opportunities that exist with our customers, you know, we talked about, you know, in the prepared remarks, we have 35 new markets that we've opened in that business between the fourth quarter and the first quarter. You know, obviously there's some financial challenges with opening that many offices early, but the revenue opportunities that are gonna flow through for the balance of the year are quite clear and visible to us. When we look at Clean Energy and the projects that we've signed with our customers, that we're working on with our customers, the reality is the amount of activity there. We think we've got a conservative guide for the year based on, you know, we have concerns around supply chain and some of those things.
We've built that into our forecast. The reality is, if everything went our way, you know, revenues in that segment would be substantially higher for the full year. We've kind of embedded that through the year. I think you know, we knew 2022 was gonna be a difficult year in Oil & Gas . We knew it was gonna be a transition year, and I think it, you know, it obviously demonstrates in a big way in Q1. I feel really confident as the year progresses, that the rest of the businesses will perform.
Well, that's helpful. Just to follow up there on the Oil & Gas . I guess, how much confidence do you have that MVP is actually going to start on schedule again? You know, what needs to really happen there, and what are these other awards that you expect in the second half in that segment, and the confidence of the customers are actually gonna move forward?
Yeah. A couple things, right? When we talk about the second half awards, which we're actually a lot more bullish about today than we've been, we haven't included any of those revenues within our expectations for 2022, right? Our 2022 year is really based on work that we have on hand. You know, obviously, there's always small work that pops in that you kind of anticipate, but that's kind of how we've guided 2022. Now within that guidance, there's a lot for MVP, obviously, 'cause we're planning to complete it. We're hopeful that if MVP doesn't kick off, some of these other projects that we're expecting might have early starts that might make up for it.
With that said, right, I mean, if you listen to Equitrans, I mean, they're working really hard to figure out, you know, how to get that project restarted. We've got a lot of work to do that really isn't impacted by some of the things that have happened. Again, there's been a lot of recent developments on that. We'll defer to them as they talk publicly about it. You know, we're still very confident that that project will ultimately get built. The question is, how much of it happens in 2022 and how much pushes out into 2023.
Thanks, José.
Thanks, Steven.
We'll take our next question from Marc Bianchi with Cowen.
Hey, thanks. Sorry about that. I guess you know, back to the second half implication here. You know, there's a lot of weight in the second half for you guys here. You just went through in a lot of detail on Oil & Gas . But just maybe talk through some of the risk factors, if you could. You know, if we're sitting here 90 days from now, and guidance is being either upgraded or downgraded, what would be kind of the top one, two, or three variables that would contribute to a change?
Sure. Marc, we think about, you know, not just the second half of the year, but really how revenue goes into the second quarter, right? If you look at our Communications business, you know, we've got a pretty significant ramp from Q1 to Q2, which we feel, you know, comfortable about. We've got revenues increasing almost $200 million between that timeframe, and then another $100 million into Q3. Even if you split it and you said $150 million a quarter, that's really not completely atypical from where we've been historically. The good part about that is we've got the work, we've got the work orders. You know, obviously we've got to work through the material deliveries to make sure all of that is there.
We feel very confident that, you know, we've made the right decisions and we've hired the people and put the plans in place to be able to execute on that. If you look at Clean Energy, it's similar, right? We've got a ramp from Q1 to Q2 of almost $150 million. A further ramp in Q3 to about $100 million. All of that is identified with customers that have, you know, awarded work. We've, you know, gone through those projects and assessed, you know, where they are from a permitting perspective, material perspective, and you know and made our best estimates relative to that today.
You know, like I said to Steve, you know, one of the things that we're pretty excited about is, you know, if you look at Clean Energy, if everything went our way, there's, you know, substantially more revenue that we could accomplish in 2022, and I think we've been very conservative in how we've looked at it, you know, looking at the second, third, and fourth quarter. You know, again, on a year-over-year comparison, our first quarter is actually, you know, almost double from an earnings perspective from a non-Oil & Gas environment. I know it's not enough, it's not where we wanna be, but I do think it's important to note that.
Great. You know, the second half, I know this isn't. There's a fair amount of seasonality that the business has, and maybe the second half is generally higher than the first half because of the seasonality effects. If I just kind of annualize where you are here, where you're sort of pointing us for the second half, it looks like revenues. You know, a lot of information from George that I still need to unpack, but it looks like revenues may be $11.5 billion on an annualized basis, and EBITDA may be in the $1.3 billion range. I mean, as you step into 2023, what would you sort of point to as, you know, moving those numbers up or down? Also curious if you kind of agree with that quick math on the second half.
I'll let George address the second half. When we talk about 2023, I think, you know, if you look at our full year 2022 and you look at what's happening, right? Our Oil & Gas business will be down about $900 million organically. If you take where we finished 2021 and we've guided 2022, our 2022 guidance, you know, includes about $200 million of Oil & Gas work from Henkels. If you back that out on a pure organic basis, we're down $900 million. If you look at our non-Oil & Gas segments organically, right? They're growing about $900 million. The balance is our acquisition revenue that, you know, gets us to where we need to get to, right? You know, we feel really comfortable that that's gonna play out, right?
Again, we've kind of done this on a project-by-project basis, working ourselves all the way up. I think the important part of that story when you look beyond 2022 is the fact that, you know, we think our business has the ability to grow, you know, by over $1 billion, as we'll demonstrate in 2022. I think we'll demonstrate it again in 2023, which gives us significant confidence as to, you know, the profile that we laid out.
I mean, if, you know, just taking a step back a few months ago, you know, we laid out a longer term range of, you know, $3 billion-$3.5 billion in our Power Delivery business, $3 billion-$3.5 billion in our Clean Energy segment, $3.5 billion-$4 billion in comms, and $1.5 billion-$2 billion in pipeline. I think that, you know, the reality is at the lower end of those ranges, you know, we think are very achievable in 2023, just based on the growth rates that we expect in 2022 on our non-Oil & Gas businesses. George, you wanna talk about second half?
Yeah, I mean, you know, what happens, and this is not unusual, is typically our second half of the year has a higher revenue component than our first half. Say, for 2022, that might be a little bit more pronounced because of the shift that's happening in Oil & Gas . Across most of our businesses, when you look at Communications or all the other ones, really that's not an unusual factor. Typically it leads to, you know, more than, you know, if we're looking at the year, I'd say somewhere in the high 50%-low 60% range of the revenue is done in the second half of the year, and it's closer to the 40-something% in the first half. That's the expectation again this year.
You know, when you look at some of the things we've talked about, ex Oil & Gas , right? You know, on the Communication side, we've talked about certain things that are really gonna be ramping up here as we move out throughout the year, both in terms of new markets that are starting up and also wireless spending that's really ramping starting in the second quarter into the second half. They're all really, in our minds, very clear and evident, right? In terms of the trends that are happening, and that's what's baked into our guidance view, which we feel, you know, very comfortable with for second half of the year.
Got it. Thanks so much, guys.
Thank you.
We'll take our next question from Fahad Nadeem with Goldman Sachs.
Hey, morning guys.
Good morning.
First I wanted to ask about the timing on some of the delays related to materials availability in Communications and Clean Energy. Can you provide some details on what parts of the businesses are being most affected? Like in Clean Energy, is it centered more on solar, or is it really across wind, biomass, and the construction piece as well? Then in Communications, is there kind of a difference between the wireless and wireline, or is it also more broad-based?
I guess the easy answer is it's pretty broad-based. To give you know certain examples, if we think about our Communications business, you know, the crazy part about it is it's not the big items, right? In wireless, it's not the radios, it's not the fiber and wireline, but it's the miscellaneous type supplies that are becoming harder to get. You know, the jumpers in wireless, the pedestals and hand holes on the wireline side. So it's stuff that you know I think they're gonna be easier to fix, right? I think they're you know supply chain issues that are more transitory in nature when you know usually you worry about the major supplies and it's you know some of the smaller stuff that I think has been having a bigger impact.
When we think about Clean Energy, you know, obviously the biggest concern in that business is probably the panels on the solar side. But, you know, a lot of the same issues where a lot of the minor material might be missing and, you know, obviously delays a project, makes you jump around a little bit. Some of those things our customers are responsible for, so, you know, we've got ways to offset that. But from a schedule perspective, it delays you and it doesn't allow you to capture revenues the way that we can.
Look, I think everybody's really mindful of it, and I think what's happening in the market is everybody's waiting to start to make sure that, you know, they don't wanna start with things that are missing, which I think is the right thing to do. What that does is it's pushing project starts back a little bit. I think, you know, the good thing is once you start on these projects, you don't have the starts and stops. I do think that's really important from an earnings perspective. We're encouraging our clients and our customers to do that as well, and I think that's currently what's happening, and it's part of the reason for some of the push, you know, into Q2 and into the second half of the year.
Got it. Thanks. Thanks for the color. Then just as a follow-up on the guidance for Power Delivery in light of the H&M acquisitions, can you talk to some of the assumptions that are baked into the H&M piece of the margin guide specifically, given H&M's, you know, relatively lower margins last year? Do you have more, I mean, and since the acquisition, have you all learned more on kind of what drove the margin difference between H&M and legacy MasTec, besides maybe some specific troubled projects?
Yeah, it's a great question, right? When we announced the Henkels & McCoy acquisition, we talked about, you know, roughly, you know, 4%-5% EBITDA margins. You know, if we talk about, you know, if we think about using the $70 million number on a full year basis, you know, they have multiple businesses, right? We've kind of split them within our business. There's gonna be a component that falls in Communications, a component that falls in Oil & Gas , and a component that falls in Power Delivery. I mean, the reality is that their best margin component of the three is Power Delivery. It's, you know, it's having more of an impact on our Communications margins, quite frankly, and our Oil & Gas margins.
On our Power Delivery side, they're not at the same level that we were, but they're a lot closer. They have a very high corporate cost that is also reflected. I think George spoke about that in the comments. As we look at it's probably the strongest of the three and probably the most important 'cause it's where we think we'll end up growing the most. From an integration perspective, maybe just to touch on that, we couldn't be more excited. We've learned a lot more about the company in two months. We think the opportunities far outweigh anything we could have imagined going into this.
Again, we almost feel like, you know, what we've included in our annual guide is somewhat conservative. We think that, you know, over time, in the not too distant future, you know, we'll be able to get them to 8%-10% EBITDA margins, which is a substantial increase from where they've been. You know, it's gonna be hard to get there in 2022 because we got a lot of things we need to clean up and work on. You know, when we look at 2023 and beyond, we're super excited about what we think we can accomplish there. Quite frankly, we're hopeful, you know, to some of the earlier questions about what could, you know, what could positively impact our year, right?
It's you know, outperforming what we're guiding there and you know, being able to you know, take advantage of some of the synergies and some of the things that we see there in terms of improving the business faster than we expected.
Thanks a lot. I'll turn it over.
Thank you.
We'll take our next question from Jamie Cook with Credit Suisse.
Hi. Excuse me. Hi. Good morning. I guess two questions. One, José Mas or George Pita, I'm just trying to understand better the EBITDA ramp for 2022. Can you just help me? I think the second quarter is critical. Do we expect EBITDA to be up year-over-year, flat? Just any color on the second quarter just given the weak start to 2022, and then I'll ask my follow-up after that. Thanks.
If you look at Q2, we're expecting to be, you know, slightly under where we were in the previous year. A lot of that's also gonna be driven by Oil & Gas , right? Oil & Gas , we probably think will be down about $100 million, and we should be down somewhere between $25 million-$50 million in the second quarter on a year-over-year basis. A lot closer to where we were last year, offsetting a lot of the Oil & Gas drop off with the rest of the business.
Yeah, Jamie, we'll certainly see some improvement on the Communication side with, you know, more dollars versus last year for sure, improved rate, certainly. I think that what we're seeing is, again, across our non-Oil & Gas segments, that those items in the second half of the year continue to ramp and express themselves more fully, right? We have a couple things going on. The first half of the year, we have a bigger, you know, much bigger drop happening in the Oil & Gas space year-over-year, which is impacting our total numbers. That's less pronounced, much less pronounced in the second half of the year.
You add to that that the non-Oil & Gas segments are improving each quarter, and they continue to improve from Q2 to Q3 to Q4, and the combination is where you end up with the mix guide that we have in the second half.
Okay. Thank you. I guess the other thing that sort of struck me about your guide is the Communications margins in the back half of the year, you know, finally coming in at a very healthy rate. I guess my question is, while you probably don't wanna talk to 2023, given the revenue trajectory and, you know, better utilization and projects ramping, to what degree are those margins and Communications sort of structurally at a higher level as we think about going into 2023? Thank you.
It's a good question, and it's something we should achieve, right? If you look at the second half of the year, we should, you know, we should be north of 12 in both of those quarters, and I think that's a proper estimate to take into 2023 on a full year basis.
Okay. Thank you.
Thanks, Jamie.
We'll take our next question from Noelle Dilts with Stifel.
Hi. Thanks for taking my question. I had a question on Communications. On AT&T's call, they talked a bit about, you know, this idea that they would ramp on 5G deployments in late spring, early summer as the radios became available for this recently awarded Auction 110 spectrum, and then they could do a single tower climb for the C-band spectrum awarded last year. Is that really what we should think about as the kind of key factor in AT&T's timing, being the availability of these radios? Any thoughts on that would be great. Thanks.
I think it's both of the things that you mentioned, Noelle. You know, we're not actually very worried about the radio supply chain. You know, I think that it's been somewhat delayed, so I think there's plenty of time for that to work its way through the system. You know, the bigger issue is their desire to do, you know, the double spectrum on the one tower climb, and I think that's where they're gonna end up. You know, once they start, we think, you know, it's gonna have a huge impact on our business 'cause we've obviously been waiting for them to get going for a long time. I think once they get going, it's gonna be a meaningful shift to our business, and it's gonna last for a really long time.
We're excited, you know, that at least, you know, we have clear direction. Obviously, we would have loved for it to have started faster, and it's part of, you know, what's going on with our first half of the year. You know, I think I don't think they could be any more specific than the comments that he made yesterday, and I think that's what we expect. Again, once it starts, we're pretty excited about what that means for us.
Okay, great. Could you just expand upon the type of work you have remaining for MVP? Is it, you know, still just mostly water crossings that have to get done?
You know, obviously, the difficulty with MVP is a couple miles that are really causing a lot of the angst and issues. There's a lot more to do than that. You know, I don't wanna publicly get into, 'cause I don't know what our customer has said publicly, so I'm gonna refrain from, you know, talking specifics. But there's, you know, there's a lot of work that we can do that isn't really impacted by the decisions. There's some work that we can't do that is impacted by the decisions. You know, what they ultimately decide to do relative to the full route is gonna depend on, you know, when we start and how quickly we finish. Again, it's, you know, there's been a lot of change in that here in the last few weeks.
We've kind of really pushed that way deep into the year, and you know, I think if we've gotta make up for it, we've got opportunities to do that. We'll be, you know, really forthright as we know more. Right now we're gonna defer to them to make comments on the constructability and where they are.
Okay. Thank you.
Thanks, Noelle.
We'll take our next question from Andy Kaplowitz with Citigroup.
Good morning, everyone.
Morning, Andy.
José, could you give us a little more color on what's happening in Clean Energy? You did seem to improve margin a bit in Q4. I think you gave that 7% margin guidance for 2022. Would you say that you've gotten over the hump in terms of margin and peer performance in the segment? Obviously there's been a fair amount of consternation in wind markets given the PTC uncertainty. I know you're still forecasting almost 25% revenue growth for the segment, but what's embedded in your outlook for wind?
Yeah. Andy, I guess to start with margins, right? I mean, it's not. The challenge with the business is margins aren't constant, right? We're not gonna, you know, even though we say 7% for the year, it is seasonal, right? First quarter's gonna be lower because there's a number. You know, they do a lot of work in the north that's impacted by weather, so margins will be lower in Q1. They'll pick up in Q2. They'll be strongest in Q3. They should be strong in Q4. The blend of that we think will be 7%, right, for the year or close to it. We're, you know, we've worked it up on a project-by-project basis to get there. Our view on wind is wind will be down in 2022 versus 2021.
It was down in 2021 versus 2020. Solar's gonna be way up for us. The reality is, like I said earlier, right, we've taken very conservative views on the revenue attainability. You know, if things went our way, revenues are gonna be substantially higher in this business than what we forecasted. 2023 should be an incredible year relative to bookings and what we're seeing from customers. You know, long term our view hasn't changed, right? We think this, you know, we don't think 7% is the right margin profile for the business. We're growing at, you know, considerable rates and that growth is coming at a cost. We're doing it predominantly organically, which is expensive.
We think when we look at the outer years, you know, it's gonna be a business that's gonna approach double-digit margins with very, very strong revenue. I think the earnings potential in the business over the next 2 years is fantastic. You know, I think the problem projects have probably depressed margins through 2021 that we've talked about. You know, for all intents and purposes, they're behind us, right? We might have a little bit of bleed into Q1, and we had some in Q4, but outside of that, you know, those projects will be done. Quite frankly, the project mix right now is really good. We're performing at really high levels across, you know, our full book of business and we're pretty excited about that.
If we can continue on that, again, I think the second half of the year going into 2023 is gonna be fantastic.
José, maybe you could give us more color. Sorry, go ahead.
No, it's a siren that's here. Just go ahead. Sorry.
Got it. José, maybe give us more color on the new RDOF setup that you have. How much is it costing you in Q1? All this extra fiber activity, I mean, you were bullish on fiber before, but this seems like a new level of activity. Does any of it have to do with sort of infrastructure money coming in later this year or 2023?
Yeah. What we're gearing up to today is based on, you know, money that's already been awarded. It was part of the original RDOF rounds. The truth is that, and this is our challenge, right, that the opportunity subset only continues to increase. You know, we're in discussions for certain things that are really meaningful, that could have a very meaningful impact to our business, and the reality is that, you know, we don't have that embedded. You know, we've taken our full year guidance and, you know, we're talking about low to mid-elevens, and that's probably lower than what we've talked about in the past. The reason for that is we're investing in the business 'cause we expect a lot more growth than what we'll even see in 2022.
You know, these offices, obviously when you start an office, it's expensive. You don't have a lot of revenue coming in. You're gearing up, and your first few months are tough, and that's kinda what we're seeing. We saw some of that in Q4. We're gonna see more of that in Q1. I think it begins to subside in Q2 as you're actually ramping and running on those projects. You know, it's. We think we're making the right decisions for the long term of the business and the long-term opportunities in the business, but, you know, it obviously comes at a short-term cost. You know, we understand the frustration that exists in the market relative to margins, right? Both in Communications and Clean Energy.
Again, we think that, you know, the market affords the opportunity right now to invest in these businesses in a meaningful way. We think we're gonna get a great return on that investment. We've decided to do this predominantly organically, which is a lot more expensive, but over time, a lot more valuable. You know, that's kinda what you're seeing in both of those segments.
Appreciate it, José.
Thanks, Andy.
We'll take our next question from Justin Hauke with Robert Baird.
Yeah. Hi, good morning. So, most of my questions are answered. The question I guess I had was, you know, relative to the guidance framework that you gave back in late December, you know, where the EBITDA was, you know, on the higher end, it was gonna be closer to $1 billion. I'm just trying to understand the weakness, the incremental weakness in Oil & Gas and Communications. Is that more a reflection of both your organic portfolio and Henkels & McCoy? Or is it a function of just getting closer to, you know, what was already known as kind of the challenges of the Henkels & McCoy portfolio that you were bringing in those specific verticals? I'm just trying to understand if it's a general. Maybe just where the source of the moderation is.
Look, in Communications, it probably has a little bit more of an impact because you know, although the revenues aren't that big, it's you know, from a margin perspective, it has a slight impact. I think volume is really what's driving the early issues right, with the margin profile in that segment. You know, Henkels obviously isn't helping relative to that. From an Oil & Gas perspective, I think it's a more macro issue right? As we look at 2022, we know it's gonna be difficult. There's you know. It's almost scary to say, but there's an enormous amount of demand and interest in gas projects that we haven't seen in a long time.
We're very bullish that a lot of these projects are gonna come to fruition, and they're pretty exciting. The reality is we think the likelihood of that happening in any meaningful way in 2022 is pretty low because of all of the issues that exist in the market and the supply chain issues that exist. We think it bodes incredibly well for 2023, but you know, 2022 is challenging. Quite frankly, as MVP moves, there's not a lot of opportunities to make up that revenue with the level of work that exists out there. It's having a bigger impact on us than we probably would've wanted. That's all embedded in the numbers that we've laid out today.
Got it. Then maybe just, you know, asking one other question on MVP to the extent you can answer it this way maybe. Just because it is a discrete project and something you're calling out, maybe just how much revenue is embedded in your 2022 outlook specific to that project so that we kind of have something to know, you know, if that faces further delay, how sensitive is your guidance to it?
Yeah. It's a tough question to answer because we think there's opportunities to offset some of that revenue in the back end of the year, which we didn't include in guidance. We have, I'd say, about $500 million in anticipated MVP revenues that, you know, either we'd have to do some work on them or, you know, fill that with something else. You know, the reality is that the revenues will never be zero because they've got, you know, an active pipeline that's under construction that they have to maintain. So there's a level of service that we will always provide on that job. But, you know, those are, you know, that's kind of what's baked in at this point.
That's helpful. Thank you.
Thank you.
We'll take our next question from Adam Thalhimer with Thompson Davis.
Hey, good morning, guys. Just one question on 5G. José, you talked about AT&T. Can you round out the discussion and just kind of give us a little insight into Verizon, T-Mobile and DISH ?
Yeah. Thanks, Adam. Look, I think AT&T, obviously we talked about it's gonna be a second half build. I think T-Mobile, I'm not 100% certain, but I think this was the first time that T-Mobile hit our top 10 customer list. I think that our growth with T-Mobile in 2021 was exceptional. I think our business with them going into 2022 is gonna be really strong. We're super excited about what they mean to us as a customer and what it's gonna mean long term. I think Verizon's in a similar boat. I think we've now won more Verizon Wireless work than we probably ever had.
You know, there'll be, you know, they're similar to AT&T in that they had all the spectrum issues at the end of 2020, but I think they'll be more active in the first half of 2022. Then DISH is really getting started, right? I think, you know, on DISH's call yesterday, they talked about, you know, the challenges that they've had ramping up, but you know, the commitment that they have to ramping up, they laid out, you know, a number of initiatives, you know, to hit some targets by June of 2022. Then, quite frankly, you know, what they're gonna do going forward. I think we've, you know, again, we talked about being in 17 of their markets currently, which is, you know, pretty good market share.
I think the opportunity with them, they're building a whole new network, right? There's a whole new wireless carrier that's being invented, so the opportunity is significant. I think we'll be a major player for them, and a partner. You know, when you add up, you know, what we've been able to accomplish with T-Mobile, the success we're having with Verizon, the success and potential we have with DISH and AT&T finally getting back rolling, you know, the reality is that, you know, it should bode for an incredible second half of the year for us in that market.
Perfect. Thanks, José.
Thanks, Adam.
We'll go to our final question from Sean Eastman with KeyBanc Capital Markets.
Hi, gents. Thanks for squeezing me in here. The Power Delivery guidance for 2022 actually looks like it was increased pretty meaningfully on both the top line and margins relative to what was framed back in December. Just curious what's moved there, you know, what's going better in that segment?
Well, first, the acquisition that we made early in 2021 of INTREN and our you know legacy business, I think have both performed really well, have won a lot of work. We're very bullish on both of those. Again, as we've kind of dissected Henkels, you know, their Power Delivery business is actually, we think, the best component of that. You know, when you take out a lot of the corporate costs that they had that you know was dragging down their margins, we've moved it into our corporate costs as well, right? Which is increasing our total corporate cost. From a segment perspective, it's you know their margins are a little bit better than maybe we had originally anticipated.
You know, what we haven't embedded in this, quite frankly, is the growth opportunities that they have. You know, we feel good about hitting this margin profile. More importantly, we think that, you know, as we look forward and we get some wins and some opportunities, we're gonna be able to meaningfully grow their business and over time, continue to improve their margins. They still lag, you know, the balance of our business margins within that segment, right? They're still diluted to the segment, but I think over time, they should be accretive to the segment. I think there's a real big swing we can create with their assets.
Okay, got it. That's helpful. Just in light of you mentioning the carbon pipeline opportunities potentially going this year. Obviously, we're tracking a few very large pipelines in that space. One thing I've noticed is that the diameter of those pipelines has a big range, right? It seems like some sections are, you know, quite small diameter. Does that suggest, you know, maybe MasTec's only gonna be looking at a portion of those pipes? Maybe there's more competition on some portions of those pipes. How should we think about that?
Two things, right? I think when we think about the pipeline business, there's lots of different areas of the business, right? We have what we've historically done on the especially on the gas side, we've always been predominant in the gas. I think that business will show a lot of strength in 2023. I think there's a lot of projects that will be awarded in the second half of this year that are gonna be quite exciting. When we think about the newer technologies, whether they're carbon-based or hydrogen, it's a new market, right? It's a market where the customers are different. The work is slightly different, although it's very similar. I think it's gonna draw different players.
I think from a national perspective, I don't think anybody has the resume that we do, regardless of size of pipe or what needs to be done. I think we can be competitive at any type of job. You know, we would hope to participate in those as the years go on. We wanna do it right. There's no reason to buy jobs, but quite frankly, we think there's a lot of opportunity related to those, and there's gonna be a lot of opportunities in the future related to those. It's a very exciting dynamic of what's happening in the market.
Got it. Thanks for the time, José.
All right. Thank you, Sean.
That concludes today's question and answer session. I'll turn the call back to José Mas at this time for any additional or closing remarks.
Again, just wanna thank everybody for their interest and their participation today. We look forward to updating everybody as to our progress throughout 2022 in the coming months. Thank you for joining.
This concludes today's call. Thank you for your participation. You may now disconnect.