Worley (ASX:WOR) share price slides despite new contract

The Worley Ltd (ASX: WOR) share price is in negative territory today despite a new contract award. Here are the details.

| More on:
falling infrastructure asx share price represented by disheartened looking builder on work site

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Worley Ltd (ASX: WOR) share price is in negative territory during mid-morning trade today despite news of a contract award.

At the time of writing, the global engineering company's shares are fetching $10.75 apiece, a decline of 1.1%.

What did Worley announce?

Investors appear unfazed by the company's latest contract win, sending Worley shares into the red.

In this morning's release, Worley advised it has been awarded a services agreement by CITGO Refining and Chemicals Company L.P.

Under the contract, Worley will provide maintenance, turnaround and sustaining capital services to CITGO's refineries in the United States.

Situated in Lake Charles, Louisiana and Corpus Christi, Texas, both facilities will see roughly 600 people perform upgrade works. Worley noted that the contractors to be used have previous experience at the sites, providing a seamless delivery of its services.

The contract will run for 5 years and will be managed by Worley's US field services team.

Worley CEO Chris Ashton welcomed the new deal, saying:

As a global professional services company with an extensive track record of sustaining and optimising refineries globally, we are pleased that CITGO has engaged Worley for services to its Louisiana and Texas facilities.

We look forward to supporting CITGO to deliver on its operational and production targets by providing sustainable and reliable site operations at these refineries.

About the Worley share price

Worley, a leading global engineering company, provides design and project delivery services, including maintenance, reliability support services, and advisory services. The business operates in the energy, chemical and resources sectors.

Over the past 12 months, the Worley share price has gained close to 30% but fallen around 6% year-to-date. The company's shares took a hit at the start of February after it provided a business update on the impact of COVID-19.

Worley has a market capitalisation of almost $5.6 billion at today's prices, with just over 522 million shares outstanding.

Should you invest $1,000 in Suncorp right now?

Before you buy Suncorp shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Suncorp wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Market News

US-China tariff deal sparks strong week for ASX 200

Energy shares ripped 5.77% higher while the ASX 200 lifted 1.37% over the five days.

Read more »

Coal miner standing in a coal mine.
Dividend Investing

Down 22% this year, does this ASX dividend share still offer investors a 10% yield?

There's a difference in trailing and forward dividend yields.

Read more »

Worker inspecting oil and gas pipeline.
Energy Shares

What's moving the Woodside share price on Friday?

Here's the latest news from the ASX 200 oil and gas giant.

Read more »

Miner looking at a tablet.
Share Gainers

Up 93% since April should I still buy Boss Energy shares now?

Boss Energy shares, the most shorted on the ASX, have almost doubled in value in one month. Now what?

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

ASX 200 energy shares plunge on shock OPEC move

ASX 200 energy shares like Woodside and Santos are tumbling on Monday. Let’s find out why.

Read more »

Female oil worker in front of a pumpjack.
Energy Shares

Should you buy Woodside shares in May?

Is this energy giant a good investment right now?

Read more »

Hand holding out coal in front of a coal mine.
Energy Shares

Down 20% this year, are Whitehaven Coal shares a buy, hold or sell according to Macquarie?

Here’s what’s in store for this Australian independent coal producer.

Read more »