Fluor JV Reaches New Milestone in TCO's Project at Kazakhstan

Core Viewpoint - Fluor Corporation, through its joint venture, has successfully completed and initiated operations for Tengizchevroil's Future Growth Project, marking a significant milestone in crude oil production in Kazakhstan [1][3]. Group 1: Project Completion and Impact - The joint venture, which includes Worley and Kazakh Institute of Oil and Gas, has been involved in the Tengiz Future Growth Project since 2011, providing engineering, procurement, construction, operations, and maintenance services [1]. - The new Third-Generation Plant (3GP) is expected to significantly boost crude oil production, with an anticipated annual output of approximately 40 million tons once all facilities are fully operational [3]. Group 2: Business Strategy and Financial Outlook - Fluor has been implementing a "Building a Better Future" strategy for over four years, focusing on growth in non-traditional oil and gas markets, securing fair contracts, and maintaining financial discipline [4]. - The company's backlog is projected to be $28.5 billion by the end of 2024, with 80% of this backlog being reimbursable contracts, indicating a strong financial position despite market softness [5]. Group 3: Market Performance - Fluor's stock experienced a 3% increase in after-hours trading following the project milestone announcement [2]. - Over the past year, Fluor's shares have decreased by 2%, contrasting with an 18.8% decline in the Zacks Engineering - R and D Services industry, highlighting the company's relative stability [6].