Two years ago, almost exactly two weeks before Australian Edge launched on Sept. 26, 2011, Australia and New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY) and economic consultants Port Jackson Partners released a report entitled Earth, Fire, Wind and Water that predicted a resources and commodities boom capable of generating AUD480 billion of exports and creating 750,000 jobs over the ensuing 20 years.

The report noted that almost AUD2 trillion would need to be invested in the Australian economy for the Land Down Under to be able to capitalize on the developing world’s progress toward urban industrialization.

It forecast a “new economy” based primarily on mining and resource extraction, at the same time highlighting benefits that would flow through to the services, education and tourism sectors.

Commodity export earnings in this scenario were to grow from AUD210 billion in fiscal 2011 to AUD480 billion by fiscal 2030, providing an ample revenue base for Australia, and that the number of workers employed in the mining industry would more than double from 693,000 to 1.45 million.

Back then ANZ surmised that the Australian dollar could hit USD1.25 because of sustained commodities prices and higher global infrastructure investment.

And here we now sit, with the aussie at USD0.9272 as of Sept. 12, 2013, down from USD1.0470 the day the ANZ/Port Jackson Partners report dropped and USD0.9833 the day AE debuted and 25.8 percent below USD1.25.

Australia’s mining sector has experienced a sharp slowdown, marked by downward revisions to revenue and earnings guidance, misses of those lower targets when actual numbers are reported and reduction or omission of dividend payments.

The S&P/Australian Securities Exchange Materials Index is down 10.76 percent on a total return basis in local currency terms from Sept. 15, 2011, through Sept. 12, 2013, 19.87 percent including the impact of the softer Australian dollar versus the US dollar.

The broad-based S&P/ASX 200 Index, meanwhile, is up 41.22 percent in local terms, 26.81 percent in US dollar terms. The S&P 500 Index is up 45.52 percent, the MSCI World Index 38.72 percent.

For investors with Australian mining and resources equity holdings this has clearly been a difficult stretch. But a return to the longer-term positive trend seems inevitable, and there are signs resumption of emerging-market-led demand growth is already underway.

The path to annual commodity export revenue of AUD480 billion is not straight up. And it may not happen in 2013; it may happen before that, perhaps a few years later. What’s driving the cart, however, is one of the most powerful forces we know: demographics.

On Oct. 2, 2013, Australia’s Bureau of Resources and Energy Economics (BREE) will release its Resources and Energy Quarterly (REQ) for the September quarter.

The most recent REQ, released June 26, 2013, forecast Australia’s resources and energy commodity export earnings would be AUD177 billion for fiscal 2013, which ended on June 30. That’s down from a March forecast of AUD186 million. And it pales compared to actual earnings of AUD210 million for fiscal 2011.

The downward revision was based on prevailing evidence of softening in the Chinese economy as well as concerns about the possible “tapering” by the US Federal Reserve of its “quantitative easing” program before the end of 2013 that contributed to large fluctuations in global equity markets and a more than a 10 percent depreciation of the Australian dollar relative to the US dollar from its average first quarter 2013 value.

A depreciating dollar increases the Australian dollar value of resources and energy exports denominated in US dollars. Unfortunately for Australian commodity exporters, uncertainty about Chinese growth and a recession in the eurozone led to a weakening in several key commodity prices.

Gold suffered the steepest decline, falling in value by 12 percent in a single week in mid-April. But the spot price of iron ore declined from USD152 per metric ton in February to USD103 in June. And thermal coal slid from an average price of USD91 per metric ton in the March quarter to around USD85 in June.

As of June BREE had built into its forecast an assumed depreciation of the Australian-US dollar exchange rate for fiscal 2014 that would provide additional support for the Australian dollar value of resources and energy exports.

Based on this assumption, BREE forecast resources and energy export earnings to rise by approximately 11 percent in fiscal 2014 to about AUD197 billion.

Solid numbers China in recent weeks may drive the September REQ forecast for fiscal 2014 even higher.

China’s annual industrial output rose 10.4 percent in August, while fixed-asset investment, an important driver of economic activity, rose 20.3 percent in the first eight months of the year compared to the same period of 2012. And retail sales were up 13.4 percent.

Chinese power output also climbed for a fourth straight month in August to the second-highest monthly growth this year. Power production and consumption have been rising steadily since May. Electricity output was 498.7 billion kilowatt-hours in August, up 4.02 percent from July and 13.4 percent from the same period a year earlier.

What Earth, Fire, Wind and Water does get right–setting aside what today, in the context of what’s actually happened over the past 24 months–is that we are in the midst of fundamental global process that will see billions more people achieve middle-class living standards. And it has decades to run.

It’s easy to see now that there will be significant ebbs within this longer-term flow.

But investors can build wealth by focusing on high-quality, well-managed companies that maintain conservative financial policies and consistently and efficiently execute on operating plans.

Our focus is on three broad categories of companies: diversified miners–by resource and geography–with significant iron ore production; energy companies with liquefied natural gas (LNG) exposure; and service providers with operations concentrated in the production phase as opposed to the mining and exploration phases as well as engineering firms with global reach and variegated capabilites.

Iron Ore

Steel production in China is bouncing back–and with it demand for iron ore. That’s good news for two Aggressive Portfolio Holdings that are the world’s leading producers of this key industrial commodity.

Rio Tinto Ltd (ASX: RIO, NYSE: RIO) is now on well on track to reaching iron ore shipments of 290 million metric tons per annum (Mmtpa) from its key Pilbara operations, as management has “officially” guided to a ramp-up quicker than the market had expected. Shipments should reach 270 Mmtpa by November 2013 and 290 Mmtpa by May 2014.

But Rio shipped 22.8 Mmtpa in August–and annualized pace of 273.6 Mmtpa–despite the fact that its new Cape Lambert port facility was used for only the last few days of the month. Assuming no weather events or other unplanned disruptions, it’s pretty plain that Rio can operate in excess of its 270 Mmtpa official capacity–and much closer to its near-term goal of 290 Mmtpa.

With the Cape Lambert port now fully operational, rail is the key bottleneck holding Rio back from being fully operational at 290 Mmtpa. The rail upgrade is on track for completion sometime during the second quarter of 2014. But Rio could get the job done ahead of time.

Beating expectations will not only impress analysts. It will have a meaningful impact on earnings.

Note that Rio Tinto’s New York Stock Exchange (NYSE) listing is an American Depositary Receipt that represents one share of the company’s London Stock Exchange listing. Rio Tinto is dual-listed in Sydney and London.

The shares on the respective exchanges represent ownership in the same underlying company. But there will be slight differences in pricing.

Rio Tinto is a buy under USD65 on the Australian Securities Exchange (ASX) using the symbol RIO.

Rio Tinto is a buy on the New York Stock Exchange (NYSE), also using the symbol RIO, under USD55.

BHP Billiton Ltd (ASX: BHP, NYSE: BHP) reported an 8.7 percent revenue decline to USD65.968 billion for fiscal 2013, as underlying earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 16 percent to USD28.4 billion. Profit attributable to shareholders was off 29.5 percent to USD10.876 billion.

The company booked USD922 million of one-time items, including the writedown of several assets. Management continues to rationalize the portfolio by selling projects not considered strategic, with transactions totaling USD6.5 billion announced or completed during the period.

BHP generated net operating cash flow of USD18.3 billion during a challenging fiscal year, while a low debt-to-equity ratio of 29 percent is further evidence of a balance sheet strong enough to endure a downturn.

Management reported a 13th consecutive annual production record for Western Australia Iron Ore (WAIO). The WAIO Jimblebar Mine Expansion, which will increase supply-chain capacity to 220 Mmtpa is on track to generate first production in the fourth quarter of calendar 2013, ahead of schedule. The project remains on budget in local currency terms, although the capital cost in US dollars is expected to be 10 percent higher than the original budget.

This increase was offset by a change in scope and a USD400 million reduction in the budget for the WAIO Port Blending and Rail Yard Facilities project, which reflects management’s decision to prioritize capital-efficient growth in the inner harbor.

In August 2013, BHP announced that it plans to invest USD2.6 billion to finish the excavation and lining of the Canada-based Jansen potash project production and service shafts and to continue the installation of essential surface infrastructure and utilities.

This is something of a side-step from new management’s more cost-conscious approach. But the long-term opportunity to further diversify BHP’s commodity base–and into a key fertilizer input that will grow in importance with rising and evolving emerging Asian food consumption–is a net positive.

BHP’s focus on large, long life, low-cost, expandable upstream assets diversified by commodity, geography and market is a solid foundation for long-term growth. A turn toward “austerity” is also a positive. The company’s dividend grew by 3.4 percent to USD1.16 per share for fiscal 2013 compared to USD1.12 for fiscal 2012.

BHP Billiton is a buy up to USD40 on the ASX. BHP’s New York Stock Exchange (NYSE) listing is an American Depositary Receipt (ADR) that represents two ordinary shares traded on the ASX. Buy BHP on the NYSE up to USD80.

LNG

The liquefied natural gas (LNG) demand story is primarily an Asian one, but it’s not focused on China. Japan remains the world’s leading importer of LNG, and its appetite has only increased in the aftermath of the March 2011 To-huku earthquake of Japan’s Pacific coast that triggered a massive tsunami and caused a number of nuclear accidents, primarily meltdowns at three reactors in the Fukushima Dai-ichi Nuclear Power Plant complex.

Australia is currently the third-largest exporter of LNG and is the only significant LNG exporter among Organization for Economic Cooperation and Development (OECD) nations. As of now Australia exports entirely to the Asia-Pacific region.

Three factors stand to underwrite the industry for decades:

• There is abundant new supply, as sources including shale and coal seams mean more gas than ever before.
• Demand is rising as emerging Asia seeks to diversify fuel sources and regional and global shifts away from nuclear power in the aftermath of Fukushima continue.
• And natural gas represents the solution to a global problem, as it will help the world transition to lower-emission economy.

Our top pick in the LNG space is Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY), which owns 29 percent of the key Papua New Guinea LNG project.

When PNG LNG comes online, Oil Search’s output will quadruple to 25.6 million barrels of oil equivalent in 2015 from 6.4 million in 2013. And production may reach 35.6 million barrels by 2020. Oil Search owns 29 percent of PNG LNG.

Revenue is projected to rise 234 percent to USD2.42 billion by 2015, from USD725 million in 2012, faster growth than any of the 33 other exploration and production companies with a market value of over USD10 billion for which estimates are available, according to data compiled by Bloomberg. The overall group is projected for average sales growth of 49 percent.

And Oil Search’s estimates, courtesy of Goldman Sachs, don’t include the potential for expansion to a third and fourth train.

The project is on track to post first LNG sales in 2014 and to come in within the USD19 billion budget established in November 2012. The liquefaction facilities, as currently devised, will comprise two LNG production trains with total capacity of 6.9 million metric tons per year.

Oil Search reported a 2013 first-half profit increase of 6 percent to USD113.5 million, though sales were off 4 percent to USD381 million and output declined 2.1 percent to 3.19 million barrels of oil equivalent.

Management noted in its discussion of results that expansion of PNG LNG could be delayed. But management also signaled a significant dividend boost once it comes on line.

Oil Search is a buy under USD8 on the ASX using the symbol OSH and on the US over-the-counter (OTC) market using the symbol OISHF.

Oil Search also trades as an ADR on the US OTC market under the symbol OISHY. Oil Search’s ADR represents 10 underlying shares traded on the ASX and is a buy under USD80.

During the second quarter of 2013, the PRL 3 joint venture, which includes ExxonMobil Corp (NYSE: XOM), operator and 33.2 percent owner of PNG LNG, narrowed the range of options under review for the potential development of the P’nyang gas field in Papua New Guinea.

A preferred development plan is expected to be selected soon, with a decision made on whether to progress into front-end engineering and design work. The primary focus is the use P’nyang gas as the foundation for a third PNG LNG train.

Oil Search, which has a 38.5 percent stake in the field, estimates that P’nyang has about 2.5 trillion to 3 trillion cubic feet of gas, a little more than half the 4 trillion to 5 trillion cubic feet that Exxon estimates will be needed to support a third train.

Exxon is in talks with Houston-based InterOil to invest in the latter’s Papua New Guinea gas assets, which would presumably provide the remaining resources to support a third train.

Oil Search and Santos Ltd (ASX: STO, OTC: STOSF, ADR: SSLTY), which owns 12 percent of PNG LNG, would presumably have to sign on to Exxon’s InterOil plan, but both would benefit from expansion of the project and exposure to new trains offering higher returns.

And Exxon would likely offer either compensation for the dilution Oil Search and Santos would suffer or stakes in InterOil that would preserve the ratio of equity shares in PNG LNG.

Santos reported a 2013 first-half net profit of USD271 million, up 3 percent year over year, as  sales revenue ticked up 1 percent to USD1.237 billion. Production was 4 percent to 24.5 million barrels of oil equivalent, but costs were down 5 percent.

Management has also indicated that it plans a significant dividend increase once PNG LNG enters production. Santos is a buy under

Santos is a buy on dips to USD13.50 on the ASX using the symbol STO and on the US OTC market using the symbol STOSF.

Santos also trades as an ADR on the US OTC market under the symbol SSLTY. Santos’ ADR represents one underlying share traded on the ASX and is a buy under USD13.50.

Woodside Petroleum Ltd’s (ASX: WPL, OTC: WOPEF, ADR: WOPEY) Pluto LNG project is largely responsible for Australia’s ascension from No. 4 in the International Gas Union’s ranking of LNG exporters in 2011 to No. 3 in its 2013 list.

Woodside has significantly added to its production capacity with the Pluto LNG project and is set to benefit from the considerable cash flows from this facility in the years to come. It also has a mix of other potential expansion projects within its portfolio, is expanding its international footprint to diversify away from growing costs at home and has the balance sheet to support its ambitions.

Woodside reported net profit after tax (NPAT) of USD873 million, up 7.5 percent compared to the first half of 2012. Management declared an interim dividend of USD0.83 per share, up 27.7 percent compared to the 2012 interim dividend.

The increased dividend reflects Woodside’s strong financial position and reduced near-term capital expenditure profile. Indeed, its gearing ratio is down to 13 percent, which is one of the factors underpinning a new policy of paying out 80 percent of underlying net profit.

Management revised its 2013 production guidance range from 88 million barrels of equivalent (boe) to 94 million to 85 million to 89 million due to an unplanned shutdown at Pluto and a longer-than-expected scheduled refurbishment of the Vincent floating production storage and offloading vessel (FPSO).

Woodside has recently adopted a conservative approach to capital spending, reducing its exposure to the Browse LNG joint venture to 14.7 percent. And the recently announced decision to recommend Royal Dutch Shell Plc’s (London: RDSA, NYSE: RDS/A) floating LNG (FLNG) technology as the preferred development to commercialize the three Browse gas fields further emphasizes this approach.

Woodside Petroleum is a buy under USD42 on the ASX using the symbol WPL and on the US OTC market using the symbol WOPEF.

Woodside also trades as an ADR on the US OTC market under the symbol WOPEY. Woodside’s ADR is also a buy under USD42.

Australia Pacific LNG is a joint venture among AE Portfolio Aggressive Holding Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY), ConocoPhillips (NYSE: COP) and China Petroleum & Chemical Corp (Hong Kong: 386, NYSE: SNP), better known as Sinopec.

Sinopec joined AP LNG in April 2011, taking a 15 percent equity stake and committing to purchasing 4.3 million metric tons of output from the project. In January 2012 the state-owned entity boosted its stake to 25 percent and committed to buying another 3.3 million metric tons per annum of LNG from the project through 2035.

The amended agreement increased Sinopec’s purchase commitment to 7.6 million metric tons per annum, the largest LNG supply deal in Australia.

AP LNG is a coal-seam gas-to-LNG project located on Australia’s east coast. The project is already supplying CSG to power stations to produce electricity. It also supplies CSG to major industrial customers, homes and businesses throughout Queensland. The LNG component of the project received final approval from Origin and ConocoPhillips in July 2011 and will is on pace to make its first delivery in 2015.

For fiscal 2013 Origin reported statutory NPAT of AUD378 million, down from AUD980 for fiscal 2013, and underlying profit of AUD760 million, down from AUD893 million and at the lower end of a guidance range provided in February 2013.

Paper losses on hedges, higher spending on the company’s “Retail Transformation” plan, transition costs relating to recently acquired New South Wales energy assets and a lower contribution from the Energy Markets business hit NPAT.

Underlying profit reflects the Energy Markets result, higher underlying depreciation and amortization charges and an increase in underlying net financing costs.

Management maintained the final dividend at AUD0.25; the full-year dividend was also flat with fiscal 2012.

Delivery of the AP LNG project remains the key focus for the company. Substantial progress on the upstream and downstream components was made during fiscal 2013, and, the project is approximately 45 percent complete.

Management describes as a “step change” the impact Origin’s investment in the project will have on earnings and cash flow.

Origin continues to cut its capital expenditure on other projects and manage its funding position to support its commitments to AP LNG. The company has AUD5.3 billion in committed undrawn debt facilities and cash as of June 30, 2013, with maturities extending beyond fiscal 2015, which provides sufficient liquidity for Origin’s remaining AUD4.1 billion funding requirement.

Origin Energy is a buy under USD15 on the ASX using the symbol ORG and on the US OTC market using the symbol OGFGF.

Origin also trades as an ADR on the US OTC market under the symbol OGFGY. Origin’s ADR is also a buy under USD15.

Services

Mining services firms have been decimated in recent months, in terms of revenue, earnings and outlook as well as on the ASX.

There are certain firms whose numbers will hold up reasonably well and whose balance sheets position them to benefit from a return to more normal activity.

Among these are Aggressive Holding Ausdrill Ltd (ASX: ASL, OTC: AUSDF), which has generated steep losses since its addition to the Portfolio in March 2013.

Ausdrill actually reported a 6.6 percent increase in fiscal 2013 sales revenue to AUD1.129 billion, though NPAT declined by 19.4 percent to AUD90.4 million and earnings per share were down 20.5 percent to AUD0.2963.

Normalized NPAT was AUD101.1 million, implying an equal first half/second half earnings split. EBITDA was AUD288.5 million, while EBITDA margin was 22.6 percent, a slight improvement over the first half of fiscal 2013.

Operating cash flow was strong at AUD187.3 million, on an improvement in working capital versus the first half, when operating cash flow was AUD53 million.

Capital expenditure for the full year was AUD187 million but declined significantly during the second half to AUD62 million. Management forecast fiscal 2014 CAPEX of AUD50 million to AUD60 million, as the impact of the steep slowdown in the mining sector continues.

Net debt declined to AUD458 million from AUD481.2 million as of Dec. 31, 2012, while net debt as a percentage of net debt plus equity–Ausdrill’s definition of gearing–was 36 percent.

Second-half free cash flow was AUD72.5 million, providing a foundation for Ausdrill to meet its plant of paying down AUD80 million in fiscal 2014, AUD60 million in fiscal 2015, AUD90 million in fiscal 2016 and then AUD320 million in fiscal 2020.

Management declared a final dividend of AUD0.055, down from AUD0.08 a year ago.

Ausdrill offers an integrated mining solution, with its core business being hard rock surface mining services under three- to five-year contracts with long-standing customers. After investing a significant amount of capital the company now has a fleet of over 650 drill rigs, trucks, loaders and excavators and a significant amount of ancillary equipment.

Customers including BHP Billiton Ltd (ASX: BHP, NYSE: BHP), Fortescue Metals Group Ltd (ASX: FMG, OTC: FSUMF, ADR: FSUMY), Rio Tinto Ltd (ASX: RIO, NYSE: RIO), Barrick Gold Corp (NYSE: ABX) and Newmont Mining Corp (NYSE: NEM) are among the large and long-standing clients that account for more than two-thirds of Ausdrill’s revenue.

Ausdrill is a buy on the ASX using the symbol ASL under USD2.

Like Ausdrill MACA Ltd (ASX: MLD) is a solid mining services company with long-term relationships with big-name resource producers around the world. MACA offers contract mining, civil earthworks, crushing and screening and material haulage primarily for iron ore and gold mining companies.

MACA is also leveraged to continuing production rather than the capital-expenditure-heavy exploration and development cycle of the mining process. The company continues to win orders for new work, building an impressive backlog that makes its future cash flow highly visible.

Fiscal 2013 revenue grew by 42 percent to AUD475.9 million, as EBITDA surged by 35 percent to AUD116.3 million. NPAT was up 31 percent to AUD49.5 million.

Work in hand as of June 30, 2013, was AUD1.713 billion. Management is targeting fiscal 2014 revenue of AUD550 million, 15 percent year-over-year growth.

MACA is a buy on the ASX using the symbol MLD under USD2.50.

Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) is a services provider with production exposure that also mines and markets iron ore.

Mineral Resources’ core mining services operations are tightly tied to iron ore production as opposed to exploration and development.

Management declared a final dividend of AUD0.32 per share, up from AUD0.30 a year ago. Total dividends declared for fiscal 2013 were AUD0.48, up from AUD0.46 for fiscal 2012.

Company policy is to pay dividends equal to approximately 50 percent of NPAT.

Management reported company-record revenue of AUD1.097 billion, as earnings before interest, taxation, depreciation and amortization (EBITDA) surged 29 percent to AUD385 million. Statutory net profit after tax (NPAT) was up 2 percent to AUD180.4 million.

Earnings improved in the second half of the year over the first, on better mining services business performance as well as a recovery in iron ore prices, higher iron ore output and a weaker Australian dollar.

On the services side, contracting volumes have increased, with six crushing contracts commencing operations during fiscal 2013. The PIHA pipeline engineering and construction unit also posted a solid contribution, while the company broadened its service base into accommodation and materials-handling activities.

Mining operations produced a solid result despite low iron ore prices in the first half of the financial year, with iron ore export volumes up 44 percent from the prior corresponding period. The Carina project is on track to reach optimum output on schedule, and the new

Phil’s Creek mine is beginning to contribute to export volumes.

Mineral Resources is a buy under USD10 on the Australian Securities Exchange (ASX) using the symbol MIN and on the US over-the-counter (OTC) market using the symbol MALRF.

WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY) reported an 8.8 percent decline in net profit after tax (NPAT) to AUD322.1 million, though revenue was up 19.2 percent to AUD8.83 billion.

The Hydrocarbons unit posted solid revenue and earnings before interest and taxation (EBIT) growth, with good results coming from Australia, the US gas and downstream market and the Improve sector in Canada.

During the second half of the year lower demand and higher costs hurt WorleyParsonsCord, the Canadian construction and fabrication business.

Even with the significant downturn in the Western Australia market, the Minerals, Metals & Chemicals segment still delivered overall growth, largely in the chemicals market in China, Brazil and the US.

Infrastructure & Environment was hit by reduced demand for resource infrastructure services, particularly in Western Australia. Results for the unit also suffered due to reductions in government spending in South Africa and the US.

The Power segment was impacted by the cancellation of key projects in both Europe and Canada and increased material costs on a substantially complete lump-sum procurement project in Brazil.

The bottom line was further impacted by restructuring costs incurred as a result of job cuts.

In May management had guided to a decline in profit to as little as AUD320 million due to the postponement of projects in Western Australia and a slowdown in Canadian oil sands activity.

Operating cash flow for the period was AUD444 million, up from AUD438 million in fiscal 2012. WorleyParsons invested AUD347 million in the business in fiscal 2013, up from AUD106 million, for acquisitions, property, plant and equipment and computer software.

The company’s balance sheet remains strong, with a 25 percent gearing ratio and a cash-to-interest cover ratio of 10.6 times.

CEO Andrew Wood noted during the company’s conference call to discuss earnings that earnings across all its divisions, including hydrocarbons, minerals, metals and chemicals, infrastructure and environment, and power should improve in fiscal 2014. Mr. Wood added that organic growth as well as acquisitions would be part of the company’s strategy.

Management declared a final dividend in respect of fiscal 2013 of AUD0.51, in line with the year-ago level. Total dividends for fiscal 2013 were AUD0.925 per share, up 1.6 percent from AUD0.91 for fiscal 2012.

In July WorleyParsons won a contract from South Africa-based Sasol Ltd (Johannesburg: SOL, NYSE: SSL) for work on a gas-to-liquids and ethane cracker complex that’s expected to cost as much as USD21 billion. In June it was selected by Chevron Corp (NYSE: CVX) to provide engineering services for five years at the Super Oil’s operations in Western Australia.

WorleyParsons is a buy under USD24 on the Australian Securities Exchange (ASX) using the symbol and on the US over-the-counter (OTC) market using the symbol WYGPF.

WorleyParsons also trades on the US OTC market as an American Depositary Receipt (ADR) under the symbol WYGPY. WorleyParsons’ ADR is worth one ordinary, ASX-listed share and is also a buy under USD24.