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Chevron (CVX) Inks Engineering & Procurement Deal With Worley

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Zacks Equity Research
·3 min read
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Chevron Corporation CVX recently offered Worley, an Australian offshore engineering firm an engineering and procurement services contract for the Ballymore oil and gas field in the Gulf of Mexico.

According to the agreement, Worley will deliver engineering and design solutions for the integration and subsea tieback of the Ballymore field, based close to Chevron’s Blind Faith platform. Located in the Mississippi Canyon protraction region, Ballymore is a massive oil and gas field at a depth of 1,993 meters of water, discovered by Chevron (60% operator) and TOTAL SE TOT (40%) in December 2017.

Worley is assisting with both the subsea and topsides designs as well as offering topsides procurement services. Its US Gulf Coast team will handle topsides facilities and project management while Intecsea will manage the subsea section of the project.

Notably, Intecsea is a global leader in subsea systems, offshore pipelines, floating systems and overall field growth, and is part of Worley's Advisian consulting sector. Meanwhile, Worley's global integrated distribution office in India will also provide assistance.

Also, recently, Chevron Australia awarded AGC Industries, which is an AusGroup Ltd. subsidiary, a 10-year significant maintenance master contract. It is the longest contract in the Australian oil and gas industry at the moment.

Chevron Australia will order full-service asset maintenance from AGC for its onshore and offshore natural gas and oil production facilities in north west Australia under the 10-year master contract.

Brief on the Company

Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing. Chevron recently issued capital spending and investment plans for the 2021-2025 forecast period.

Zacks Rank & Other Key Picks

Chevron currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the energy space include Matador Resources Company MTDR and Devon Energy Corporation DVN, each presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.

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TOTAL SE (TOT) : Free Stock Analysis Report
Chevron Corporation (CVX) : Free Stock Analysis Report
Devon Energy Corporation (DVN) : Free Stock Analysis Report
Matador Resources Company (MTDR) : Free Stock Analysis Report
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