Fluor Reports 50 Percent Increase in First Quarter Earnings

* Earnings Per Share of $1.12, up 51 Percent
* New Awards of $5.5 Billion

IRVING, Texas--(Business Wire)--
Fluor Corporation (NYSE: FLR) today announced financial results for its first
quarter ended March 31, 2009. Net earnings attributable to Fluor for the first
quarter rose 50 percent to $205 million, up sharply from $137 million in the
first quarter of 2008. Earnings per diluted share were $1.12, up 51 percent from
$0.74 per diluted share for the same period last year. Segment profit for the
quarter grew by 33 percent to $332 million, compared with $249 million in the
first quarter of 2008. Strength in the Oil & Gas and Government segments were
the primary drivers of the profit growth over last year. Segment profit margin
rose to 5.7 percent, compared with 5.2 percent a year ago. Revenue increased 21
percent to $5.8 billion, up from $4.8 billion in the first quarter of 2008.

New project awards for the first quarter were $5.5 billion, which compares with
$5.7 billion in new awards a year ago. The first quarter of 2009 included $2.5
billion in Industrial & Infrastructure awards and $2.0 billion in Oil & Gas
awards, with the balance representing orders across the other three segments.
During the quarter, the company removed two previously disclosed project
cancellations from backlog - the $2.1 billion al-Zour refinery project in Kuwait
and approximately $580 million for the construction portion of two hydrocrackers
for Valero. First quarter backlog also included an $850 million reduction
associated with a revised scope on the BP Whiting refinery project. As a result,
consolidated backlog declined to $29.1 billion, down 7 percent from a year ago,
and down sequentially from $33.2 billion at December 31, 2008.

"Fluor booked a substantial $5.5 billion in new project awards and still
maintains a significant backlog, even after the project cancellations that we
experienced during the quarter," said Chairman and Chief Executive Officer, Alan
Boeckmann. "I`m very encouraged by Fluor`s ability to deliver solid results in
an increasingly difficult market environment."

Corporate G&A expense for the first quarter was $25 million, compared with $40
million in the first quarter of 2008. This 36 percent improvement is primarily
the result of lower compensation expense and the impact of overhead reduction
efforts. Fluor`s financial condition continues to be very strong, with cash and
marketable securities of $2.0 billion, up from $1.9 billion a year ago. During
the quarter the company repurchased approximately 1.8 million shares, or $60
million, of the company`s stock.

Outlook

While we are reassured by the strength of first quarter results, and are
tracking a number of large new award prospects that could positively impact the
year, recent cancellations including the $2.1 billion refinery in Kuwait, have
created some downward pressure on the 2009 earnings forecast. As a result, the
company is lowering 2009 EPS guidance to a range of $3.80 to $4.10 from the
previously issued range of $3.90 to $4.20 per share.

Business Segments

Fluor`s Oil & Gas segment reported first quarter 2009 revenue of $3.4 billion,
up 29 percent from $2.6 billion in the first quarter of 2008. Segment profit
grew to $201 million, up 46 percent over 2008. Increased results reflect the
significant level of new project awards over the last few years and the
associated increase in project execution activity. New oil, gas and
petrochemical awards in the first quarter totaled $2.0 billion, including
approximately $1.6 billion in awards for non-U.S. projects that were
concentrated in the upstream market. After reducing backlog by approximately
$3.5 billion for the previously discussed project cancellations and scope
reductions, ending backlog at March 31, 2009 for Oil & Gas declined to $16.3
billion, a 20 percent decrease from a year ago.

Fluor`s Industrial & Infrastructure segment reported revenue of $1.2 billion in
the quarter, up 48 percent from $796 million in the first quarter of last year,
reflecting a higher level of pass-thru costs associated with certain mining and
infrastructure contracts. Segment profit was $28 million, compared with $29
million in the first quarter a year ago. New awards for the quarter were $2.5
billion, including a large mining project in Australia. Backlog at the end of
the quarter rose to $8.1 billion, up 41 percent from $5.7 billion a year ago.

Revenue for the Government segment increased by 33 percent to $371 million in
the first quarter, compared with $280 million a year ago. Segment profit was $28
million, sharply higher than the $8 million reported last year. Increased
revenue and profit during the quarter was primarily driven by contributions from
the Savannah River project, LOGCAP IV task orders and FEMA task orders. First
quarter new awards totaled $243 million, which brought ending backlog to $574
million.

The Global Services segment reported a 23 percent decline in first quarter
revenue to $542 million, primarily due to lower levels of small capital projects
and delays in plant shutdown and turnaround orders. First quarter segment profit
was $55 million, compared with $54 million last year, reflecting an increased
mix of higher margin work and improved performance in the operations and
maintenance and equipment services business lines. New awards were $276 million
in the first quarter, and backlog declined to $2.3 billion from $2.6 billion a
year ago.

Fluor`s Power segment reported revenue of $339 million, down from $422 million
in the first quarter of 2008, mainly due to lower volume on the Oak Grove
project which is progressing toward completion. Segment profit was $20 million
in the first quarter, essentially flat with the first quarter of 2008. Power
segment new awards were $423 million, including a new gas-fired power plant.
Segment backlog was $1.9 billion, which compares with $2.2 billion in the first
quarter of 2008.

First Quarter Call

Fluor will host a conference call at 9:00 a.m. Eastern Daylight Time on Tuesday,
May 12, which will be webcast live on the internet and can be accessed at
http://investor.fluor.com. A supplemental slide presentation will be available
shortly before the call begins. The webcast and presentation will be archived
for 30 days following the call.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's
most challenging and complex projects. Through its global network of offices on
six continents, the company provides comprehensive capabilities and world-class
expertise in the fields of engineering, procurement, construction,
commissioning, operations, maintenance and project management. Headquartered in
Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22.3 billion
in 2008. For more information visit www.fluor.com.

Forward-Looking Statements: This release contains forward-looking statements,
including, without limitation, statements relating to future backlog, revenue
and earnings, expected performance of the Company's business and the outlook of
the markets which the Company serves. The forward-looking statements are based
on current management expectations and involve risks and uncertainties. Actual
results may differ materially as a result of a number of factors, including,
among other things: failure to achieve projected backlog, revenue and/or
earnings levels; the effects of the current worldwide financial crisis on us,
our suppliers and subcontractors; client cancellations of, scope adjustments to
or deferrals of existing contracts, including our government contracts that may
be terminated at any time, and the related impact on staffing levels and costs;
decreased capital investment or expenditures, or a failure to make anticipated
increased capital investment or expenditures, by the Company's clients; the
Company`s and our clients` ability to access capital markets; the cyclical
nature of many of the markets the Company serves, which may be impacted by the
current economic downturn and commodity price decreases; delays or defaults in
client payments; the Company's failure to receive anticipated new contract
awards; increased costs, especially on projects governed by fixed price
contracts;failure to meet timely completion or performance standards that could
result in higher costs, reduced profits or, in some cases, losses on projects;
failure to obtain favorable results in existing or future litigation or dispute
resolution proceedings; the financial viability of our clients, subcontractors,
suppliers and joint venture or teaming partners; foreign economic and political
uncertainties; the potential impact of certain tax matters including, but not
limited to, those from foreign operations and any audits by tax authorities; and
the timely and successful implementation of strategic initiatives. Caution must
be exercised in relying on these and other forward-looking statements. Due to
known and unknown risks, the Company's results may differ materially from its
expectations and projections.

Additional information concerning these and other factors can be found in press
releases as well as the Company's public periodic filings with the Securities
and Exchange Commission, including the discussion under the heading "Item 1A.
Risk Factors" in the Company's Form 10-K filed on February 25, 2009. Such
filings are available either publicly or upon request from Fluor's Investor
Relations Department: (469) 398-7220. The Company disclaims any intent or
obligation other than as required by law to update its forward-looking
statements in light of new information or future events.

FLUOR CORPORATION
CONSOLIDATED FINANCIAL RESULTS
(in millions, except per share amounts)
Unaudited

CONSOLIDATED OPERATING RESULTS

THREE MONTHS ENDED MARCH 31 2009 2008
Revenue $ 5,797.9 $ 4,807.0
Cost and Expenses:
Cost of Revenue 5,448.6 4,549.7
Corporate G&A 25.4 39.5
Net Interest Income (4.6 ) (10.0 )
Total Cost and Expenses 5,469.4 4,579.2
Earnings before Income Taxes 328.5 227.8
Income Tax Expense 107.2 83.5
Net Earnings 221.3 144.3
Net Earnings attributable to noncontrolling interest (16.5 ) (7.6 )
Net Earnings atrributable to Fluor Corporation $ 204.8 $ 136.7
Basic Earnings per Share
Net Earnings $ 1.13 $ 0.77
Weighted Average Shares 180.3 175.7
Diluted Earnings per Share
Net Earnings $ 1.12 $ 0.74
Weighted Average Shares 181.2 182.7
New Awards $ 5,493.5 $ 5,698.9
Backlog $ 29,131.8 $ 31,458.0
Work Performed $ 5,650.9 $ 4,064.3

BUSINESS SEGMENT FINANCIAL REVIEW

THREE MONTHS ENDED MARCH 31 2009 2008
Revenue
Oil & Gas $ 3,369.6 $ 2,603.3
Industrial & Infrastructure 1,176.5 796.2
Government 370.8 279.7
Global Services 542.1 706.2
Power 338.9 421.6
Total Revenue $ 5,797.9 $ 4,807.0

Segment Profit Margin $ and % $ % $ %
Oil & Gas $ 200.8 6.0 $ 137.5 5.3
Industrial & Infrastructure 28.1 2.4 29.4 3.7
Government 27.7 7.5 7.7 2.8
Global Services 55.5 10.2 53.5 7.6
Power 20.2 6.0 21.0 5.0
Total Segment Profit Margin $ and % $ 332.3 5.7 $ 249.1 5.2

FLUOR CORPORATION
Unaudited

SELECTED BALANCE SHEET ITEMS
($ in millions, except per share amounts)

AS OF MARCH 31 2009 2008
Cash and Marketable Securities $ 2,047.4 $ 1,884.8
Total Current Assets 4,958.8 4,448.8
Total Assets 6,719.5 6,169.5
Total Short-Term Debt 2.1 299.7
Total Current Liabilities 3,219.1 3,122.4
Long-term Debt 139.4 17.7
Shareholders' Equity 2,795.2 2,409.9

Total Debt to Capitalization % (based on Shareholders' Equity) 4.8 % 11.6 %
Shareholders' Equity Per Share $ 15.54 $ 13.60

SELECTED CASH FLOW ITEMS
($ in millions)

THREE MONTHS ENDED MARCH 31 2009 2008

Cash Provided by Operating Activities $ 76.0 $ 213.8

Investing Activities
Capital Expenditures (53.1 ) (58.8 )
Net (purchases) maturities of Marketable Securities (299.6 ) (218.8 )
Other Items 12.3 8.2
Cash Utilized by Investing Activities (340.4 ) (269.4 )

Financing Activities
Repurchase of common shares (60.1 ) -
Cash Dividends (22.8 ) (22.2 )
Repayment of Convertible Debt (9.8 ) -
Other Items (6.4 ) 15.3
Cash Utilized by Financing Activities (99.1 ) (6.9 )

Effect of Exchange Rate Changes on Cash (0.5 ) 16.6

Decrease in Cash and Cash Equivalents $ (364.0 ) $ (45.9 )

Depreciation $ 43.7 $ 37.6

FLUOR CORPORATION
Supplemental Fact Sheet
Unaudited

NEW AWARDS
($ in millions)

THREE MONTHS ENDED MARCH 31 2009 2008 % Chg

Oil & Gas $ 2,024 37 % $ 4,287 75 % (53 )%
Industrial & Infrastructure 2,527 46 % 386 7 % NM
Government 243 4 % 99 2 % 145 %
Global Services 276 5 % 637 11 % (57 )%
Power 423 8 % 290 5 % 46 %

TOTAL NEW AWARDS $ 5,493 100 % $ 5,699 100 % (4 )%

BACKLOG TRENDS
($ in millions)

AS OF MARCH 31 2009 2008 % Chg

Oil & Gas $ 16,299 56 % $ 20,413 65 % (20 )%
Industrial & Infrastructure 8,068 28 % 5,709 18 % 41 %
Government 574 2 % 538 2 % 7 %
Global Services 2,326 8 % 2,575 8 % (10 )%
Power 1,865 6 % 2,223 7 % (16 )%

TOTAL BACKLOG $ 29,132 100 % $ 31,458 100 % (7 )%

United States $ 13,673 47 % $ 14,539 46 % (6 )%
The Americas 2,201 7 % 1,651 5 % 33 %
Europe, Africa and the Middle East 9,866 34 % 12,465 40 % (21 )%
Asia Pacific 3,392 12 % 2,803 9 % 21 %

TOTAL BACKLOG $ 29,132 100 % $ 31,458 100 % (7 )%

NM = Not meaningful

Fluor Corporation
Media Relations:
Keith Stephens, 469-398-7624
or
Brian Mershon, 469-398-7621
or
Investor Relations:
Ken Lockwood, 469-398-7220
or
Jason Landkamer, 469-398-7222

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