S E C O N D Q U A R T E R 2 0 1 9

Fluor Corporation 2Q 2019 Earn ings Conference Cal l

S E C O N D Q U A R T E R 2 0 1 9

This presentation contains forward-looking statements concerning the expected financial performance of Fluor Corporation and its subsidiaries (“we,” “our” or the “Company”) and the Company’s strategic and operation plans, including statements about our projected earnings level, revenue, margins, tax rate, expenses, market outlook, new awards, and backlog levels. Words such as “believes,” “expects,” “anticipates,” “assumes,” “may,” “positions,” “looking ahead,” “views,” “think,” “target,” “trend,” “can,” “appears,” “estimates,” “should,” “prospects,” “outlook,” “guidance” or other similar expressions often identify forward-looking statements. Such statements are based on current management expectations as to what may occur in the future. Risks and uncertainties may cause actual results to differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Investors are cautioned not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the date hereof. The company disclaims any intent or obligation, other than as required by law, to update this information in light of new information or future events. Additional information about potential risk factors that could affect the Company’s business and financial results is included in our Form 10-K filed on February 21, 2019.

During this presentation, we may discuss certain non-GAAP financial measures. Reconciliations of historical non-GAAP amounts, to the comparable GAAP measures, are reflected in our earnings release and are posted in the investor relations section of our website at investor.fluor.com. Reconciliations of forward-looking non-GAAP financial measures are not available due to the inability to reliably estimate the amounts of items excluded from such measures.

Safe Harbor Statement

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Actions We Have Undertaken this QuarterThe Board commissioned our Executive Chairman and Chief Executive Officer to effect a complete review of Fluor’s business

• Met with the business groups regarding their project teams, clients, suppliers, and subcontractors

• Evaluated and modified our bidding and execution strategies

• Assessed the organization, its leadership and its governance

• Brought back Mike Steuert as CFO and engaged Lazard as a strategic advisor

Ongoing actions:

• Taking a critical look at the performance of major investments

• Reviewing our balance sheet, cash flow, and liquidity

• Began an analysis of our current portfolio of businesses

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Recent Board DevelopmentsThe Board has taken steps to improve visibility into contracting progress, including risks we are assuming in new projects as well as how we are approaching existing

projects

• Agreed to form a Risk Committee led by Jim Hackett

• Role is to assist the Board in fulfilling its risk oversight responsibilities

• Will enhance the Board’s exercise of its duties in keeping with our mandate of good corporate governance

• Planning to bring on at least two new Board members by the end of September

• New Board members will have capital project and industry expertise

• Not increasing the overall size of the Board

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Changes to Fluor’s Management Team• Appointed Mike Steuert as Chief Financial Officer

• Previously served as Fluor’s CFO from 2001 to 2012

• Appointed Mark Fields as President of our Energy & Chemicals segment

• Has nearly 40 years of experience including extensive mega-project execution

• Appointed Terry Towle as President of standalone Infrastructure segment

• Will report directly to CEO

• Has been operationally responsible for eleven infrastructure projects over the last ten years

• Expanded authority of long-time Fluor employee Garry Flowers to include risk management

• Has provided support and has been instrumental in developing resolution strategies on a number of challenging projects

during his career

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Energy & Chemicals• Will only pursue fixed-price work where there is a limited bid slate and we have identified a quantifiable advantage over other

bidders, or where it is a sole-sourced negotiated lump sum agreement

• Will only bid on projects where Fluor executed the FEED package or otherwise was allowed to perform sufficient diligence

Establ ishing New Pursui t Cr i ter ia

Infrastructure• Will focus our efforts in North America and continue to extend presence in states where we have an established track record

and strong DOT relationships

Government• Will no longer pursue lump-sum projects

For lump-sum projects, the terms and conditions must have an appropriate allocation of risk between client and contractor and, in ALL cases, risk projects

will be subject to initial bid / no bid approvals followed by a later final bid approval by the Fluor executive team

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Segment Updates

2Q 2018

2Q 2019

CONSOLIDATEDNEW AWARDS AND BACKLOG

(Dollars in Billions)

8

Energy & ChemicalsSecond Quarter Updates• Results for the quarter include adjustments of $186 million related to the offshore project and

additional project charges totaling $87 million related to two fixed-price downstream projects and a

large upstream project

• Awarded a reimbursable EPFC contract for a refinery expansion project in the United Kingdom

and a FEED for INEOS’ new processing plant in the United Kingdom

• LNG Canada is on track with overall schedule and budget, remain on schedule to release module

design packages to our fabrication yard in Q1 2020

• Moving forward with Formosa Sunshine project in Louisiana

• Expect reimbursable EPC award in 2H 2019

• South Louisiana Methanol project indefinitely delayed

• We expect Lake Charles Methanol project to move forward early next year

12.4

15.5

Backlog

0.50.7

New Awards

2Q 2018

2Q 2019

CONSOLIDATEDNEW AWARDS AND BACKLOG

(Dollars in Billions)

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M i n i n g , I n d u s t r i a l , I n f r a s t r u c t u r e , & P o w e r

Second Quarter Updates• Results for the quarter include project adjustments of $109 million on three gas-fired power

plant projects

• No remaining material exposure to gas-fired power in our backlog

• Results for the quarter also include project adjustments of $55 million on several

infrastructure projects, including the Purple Line in Maryland

• Revised Purple Line forecast based on increases to our cost forecast and changes to

the timeline

• Announced award of the $1.7 billion I-635 LBJ East Infrastructure TXDOT project in Dallas,

also won a $263 million award for NCDOT on Interstate 26 near Asheville

• Both will be booked in the third quarter

• Booked over $300 million in copper mining work in the second quarter

12.413.5

Backlog

3.6

0.5

New Awards

2Q 2018

2Q 2019

CONSOLIDATEDNEW AWARDS AND BACKLOG

(Dollars in Billions)

10

GovernmentSecond Quarter Updates• Results for the quarter include a charge of $233 million for a government project on which the

company serves as a subcontractor to a commercial client

• Charge substantially driven by late engineering changes, cost growth and project

change orders that have been rejected

• The company continues to work with prime contractor to resolve these matters

• Won a nine-month extension for the LOGCAP IV contract in Afghanistan

• Recently announced our 14 month extension on our M&O contract at the Savannah River site

in South Carolina and will book our portion of this award in the third quarter

• Expect to hear about both the Tank Closure Contract and the Central Plateau Contract at the

Hanford site for the DOE later this year

2.3

3.9

Backlog

0.70.5

New Awards

2Q 2018

2Q 2019

CONSOLIDATEDNEW AWARDS AND BACKLOG

(Dollars in Billions)

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Diversi f ied ServicesSecond Quarter Updates• Stork restructuring going well and will be substantially complete by the end of the year

• Awards in the quarter include a four year framework agreement for plant turnaround

services for Ecopetrol on two refineries in Colombia for a Stork-led consortium

• AMECO:

• Exiting operations in Mexico and select international countries

• Will result in a restructuring charge of approximately $120 million ($37 million

this quarter)

• We expect to receive cash of approximately $90 million

2.22.7

Backlog

0.50.6

New Awards

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Second Quarter 2019 Overview• Results for the quarter include:

• $669 million of project charges

• $46 million for ongoing restructuring efforts in Diversified Services

• $26 million for pre-contract costs

• $19 million for the elimination of the embedded foreign currency derivatives of the company’s joint venture in Mexico

• 2Q cash plus marketable securities was $1.9 billion, essentially flat to last quarter

• Quarter end available domestic cash balance was approximately 20% of total cash and marketable securities

• Capital structure remains solid

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CFO Focus - Cash Flow Generation & Operational Efficiency

1. Cash Flow Generation• Cash flow from operations were $109 million

• Cash flow from operations for 2H 2019 likely to be negative as we fund troubled projects

2. Improving Fluor’s Cost Profile and Operational Efficiency• Optimizing our real estate footprint

• Improved discipline around overhead expenses

• Rebalancing staffing levels to meet the standards and demands of our clients

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CFO Focus – Maximizing Return on Investments3. Maximizing Return on Investments

A. Stork• Restructuring charge 1H 2019 of $36 million related to impairment, severance, and lease costs

• Full year costs anticipated at $50 million

• Business will be appropriately sized and positioned to add value for our broader organization

B. Fluor - COOEC joint venture fabrication yard • Believe this facility provides flexibility and schedule certainty required to execute large fixed-price contracts, most notably LNG Canada

• Have started conversations on how to restructure this investment to bring in new work on a profitable basis while reducing our exposure

C. NuScale• SMR design cleared the NRC’s second and third phases of review six weeks ahead of schedule, NRC on track to complete review by September 2020

• Our first potential customer is planning a 12-module SMR plant in Idaho

• Doosan Heavy Industries & Construction and Sargent & Lundy signed an agreement to invest in NuScale

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2019 Guidance• Due to the ongoing strategic review of our operations and the corporate actions announced today, we are

suspending our EPS guidance for 2019

• Providing 2H 2019 guidance around certain operational elements:

• Corporate G&A of $100 million excluding restructuring charges and pension settlements, both of which are likely to

be significant

• No additional NuScale investments, which is based on 2H investment requirements being met by new investment

from Doosan and Sargent & Lundy

• Following CFIUS approval of these investments, we will no longer be incurring expenses for the remainder of

this year

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Revenue and Margin Guidance – 2H 2019 vs. 2H 2018

Energy & Chemicals • Revenue decrease of 15% - 20% • Modest improvement in operating profit margins

Mining, Industrial, Infrastructure & Power

• Revenue growth of 30% - 40% primarily due to mining• Operating profit margins of 2% - 3%

Government • Revenue decrease of approximately 5% • Operating profit margins of 3% excluding NuScale

Diversified Services • Revenue growth of 8% - 10%• Flat margins

2019 Guidance

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Appendix

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$12.4 $11.3$17.8 $17.4 $15.5

$12.4 $16.5

$15.3 $15.1$13.4

$2.3

$5.1

$4.6 $4.2$3.9

$2.2

$2.0

$2.3 $2.6$2.7

2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

New Awards & Backlog

B A C K L O G ( $ B )

$0.5 $0.6

$8.8

$1.0 $0.7

$3.6

$5.4

$0.4

$1.3$0.5

$0.8

$3.3

$0.3

$0.6

$0.5

$0.3 $0.9

$0.8$0.6

2Q 18 3Q 18 4Q 18 1Q 19 2Q 19

N E W A W A R D S ( $ B )

Book-to-Bill: 1.10x 2.07x 2.11x 0.81x 0.57x

2Q new awards of $2.4B drove a book-to-bill ratio of 0.57x, down from1.10x a year ago. Backlog is $35.5B.

$3.4

$5.4

$9.6$10.1 $39.3

$35.5

$29.3

$34.9$40.0

E&C

MIIP

Govt

DS

$2.4

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2Q Backlog: $35.5 Bi l l ion

G e o g r a p h y C o n t r a c t Ty p e

United States31%

The Americas

(excl. U.S.)39%

EAME25%

Asia Pacific5%

Fixed Price49%

Reimbursable51%