How Worley is "firing on all cylinders" according to CFO Tiernan O'Rourke

There are some significant and seismic shifts going on in the energy market right now that will create opportunities potentially for decades to come.

I’m talking about, of course, the energy transition.

At the coalface of this transition – pardon the pun – lies Worley (ASX: WOR), the mining services company that delivers projects and provides engineering, procurement and construction expertise to the upstream, midstream, chemicals, power, and mining and minerals sectors.

Worley is firmly leaning into the transition and has been for some time, with an ambitious target of generating 75% of its revenues from sustainability-related projects by 2026.

So, how are they going so far?

To find out, I sat down with Worley CFO, Tiernan O’Rourke, post the company results release on 23 August. Despite a 78% fall in annual profit, due to a previously flagged asset sale, the market responded positively to the results and pushed the share price to a five-year high.

Rather than the fall in profit, the market was instead focused on the 16% lift in underlying earnings, to $635 million, and 17% increase in group revenue, to $11.3 billion.

Perhaps more importantly, Worley is well on its way to its 2026 target of having 75% of its revenues come from sustainability-related projects, with that number coming in at 41%.

In this C-Suite interview, we cover the key points from Worley’s full-year results and how O’Rourke and the Worley team are positioning for the structural change that is occurring in the energy market. O’Rourke also shares how the business plans to use AI to make things more efficient and allow the Worley workforce to focus on more value-adding tasks.

You can access detailed information on Worley including share price, charts, detailed financial information and significant shareholders on Market Index.

Key points

• 0:25 – Key financial figures and forward guidance
• 1:53 – Areas for improvement
• 2:25 – The three risks that are ahead
• 4:25 – Earnings sustainability and key areas for growth
• 7:00 – Major projects
• 9:06 – What a soft economic landing would mean
• 11:04 – Why should investors be excited about Worley over the next 12 months?