PROG Holdings Reports First Quarter 2025 Results

Tengizchevroil Ramps-Up Production Following Announcement of First Oil

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) is pleased to announce that it successfully led a joint venture that supported the completion and startup of Tengizchevroil’s (TCO) Future Growth Project (FGP) at the Tengiz oil field in Kazakhstan. The Fluor-led joint venture, including partners Worley, Kazakh Institute of Oil and Gas, and KazGiproNefteTrans Engineering Company, has provided a suite of engineering, procurement, construction, operations and maintenance services for TCO since 2011.

An aerial view of the Third-Generation Plant, part of TCO’s Future Growth Project in Kazakhstan. (Photo: Business Wire)

“Achieving first oil is a significant accomplishment and we congratulate the TCO team,” said Mike Alexander, President of Fluor’s Energy Solutions business. “Fluor has supported TCO for the past 14 years and has been active in the Republic of Kazakhstan since 1982, working on projects that have helped shape the oil and gas industry.”

As part of the FGP, a new Third-Generation Plant (3GP) was built at the Tengiz oil field, which was discovered in 1979 and ranks as one of the world’s largest and deepest fields. This project milestone marks the beginning of a ramp-up of crude oil production over the coming months. Once all Tengiz facilities are operating at full capacity, TCO’s total annual crude oil production is expected to reach approximately 40 million tons per annum.

As part of its work on the project, significant contributions and commitments to building a sustainable economic future for residents have been made. These include the development of programs for schools and universities to train craft labor and professional engineers, as well as new capabilities for the Republic of Kazakhstan in engineering, high-tech equipment servicing, project management, construction and fabrication.

Tengizchevroil LLP is a Kazakhstani partnership owned by Chevron (50%), KazMunayGas (20%), ExxonMobil (25%) and Lukoil (5%).

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 27,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250304925263/en/

Brett Turner

Media Relations

864.281.6976

Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What is the expected annual crude oil production capacity of TCO's Tengiz facilities after the expansion?

Once all Tengiz facilities are operating at full capacity, TCO's total annual crude oil production is expected to reach approximately 40 million tons per annum.

How long has Fluor been involved with TCO's Future Growth Project?

Fluor has supported TCO for 14 years, since 2011, providing engineering, procurement, construction, operations and maintenance services.

What was Fluor 's revenue in 2024?

Fluor reported revenue of $16.3 billion in 2024.

Who are the ownership partners of Tengizchevroil (TCO)?

TCO is owned by Chevron (50%), KazMunayGas (20%), ExxonMobil (25%), and Lukoil (5%).