Latest news for Worley (OTC:WYGPF) Stock

Worley is a leading global provider of professional services, such as engineering, procurement, and construction management, to the oil, gas, mining, power, and infrastructure sectors. Purchase of Jacobs ECR in April 2019 reduced revenue contribution from hydrocarbons to just over 50%, from a prior 75%-80% position. Metals and mining contributes 23% and infrastructure and chemicals the balance. Worley has a global presence with about 59,000 staff in more than 50 countries. It has a strong presence in many developing economies, including Africa.

Analyst Color

Equities

News

Price Target

Reiteration

Markets

Analyst Ratings

Trading Ideas

General

WYGPF

Truist Securities analyst Neal Dingmann reiterated a Buy rating on the shares of Occidental Petroleum Corp (NYSE: OXY) with a price target of $80.00.

Occidental Petroleum&#39;s Bold $1.1B Move Into DAC: Analyst Deciphers The Future Impact On Revenue And Debt

Worley Ltd

Worley

Truist Securities&nbsp;analyst Neal Dingmann reiterated a Buy rating on the shares of&nbsp;Occidental Petroleum Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) with a price target of $80.00.

Occidental announced the $1.1 billion acquisition of existing technology provider&nbsp;Carbon Engineering Ltd&nbsp;in order to expedite&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33871148/occidental-petroleum-inks-1-1b-acquisition-deal-to-accelerate-net-zero-strategy" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">future direct air recapture (DAC) projects.</a>

While the purchase price is not terribly material for OXY, the purchase price is large enough to understand the company&rsquo;s future DAC focus, noted the analyst.

While the analyst would have likely preferred OXY to use the $1.1 billion for debt repayment first, the analyst understands the need to strengthen the DAC iron is hot.&nbsp;

The analyst believes the new company should soon generate incremental revenue from technology licensing and royalties, among other things.

Following last week&rsquo;s DOE announcement of OXY&rsquo;s IRA-funded award regarding the South Texas DAC Hub, today&rsquo;s acquisition reinforces OXY&rsquo;s long-term commitment towards DAC technology playing a key role in the company&rsquo;s low carbon ventures, said the analyst.

The deal, according to the analyst, not only brings the IP rights and expertise under the OXY umbrella through its&nbsp;1PointFive&nbsp;subsidiary, but it also creates a new technology based revenue stream through licensing and royalties agreements of Carbon Engineering&rsquo;s technology.

OXY has a DAC specific construction partnership with global engineer and constructor,&nbsp;Worley Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/WYGPF#OTC">WYGPF</a>) that will likely continue to grow alongside the DAC program, added the analyst.

Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33747810/occidental-subsidiary-1pointfive-bags-us-doe-grant-to-develop-south-texas-direct-air-capture-hub" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Occidental Subsidiary 1PointFive Bags US DoE Grant To Develop South Texas Direct Air Capture Hub</a>

Price Action: OXY shares are trading higher by 0.81% at $63.03&nbsp;on the last check Wednesday.

Occidental Petroleum's Bold $1.1B Move Into DAC: Analyst Deciphers The Future Impact On Revenue And Debt

Comments

Worley

News

Latest news for Worley (OTC:WYGPF) Stock

Wednesday, August 16, 2023

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga