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FACT BOOK FLUOR CORPORATION FACT BOOK SIX

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FACT BOOK FLUOR CORPORATION FACT BOOK SIX Powered By Docstoc
					            FLUOR CORPORATION

                   FACT BOOK
              SIX MONTHS ENDED
                  April 30, 1999




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                 For information write to:
                       Lila Churney
           Vice President, Investor Relations
                    Fluor Corporation
                  One Enterprise Drive
           Aliso Viejo, California 92656-2606
                             or
               Telephone: (949) 349-3909

              Editor: Tammy Trenkmann
              Manager, Investor Relations
                   (949) 349-3984
                                                    CONTENTS



Financial Results and Operating Statistics
      Highlights ................................................................................................... 2
      Selected Graphs ........................................................................................ 3
      Condensed Consolidated Statement of Earnings ...................................... 4
      Condensed Consolidated Balance Sheet .................................................. 6
      Condensed Consolidated Statement of Cash Flows ................................. 8
      Eleven-Year Financial Summary ............................................................. 10
      Statistical Highlights................................................................................. 12
      Consolidated Quarterly Backlog and New Awards .................................. 14



Update of Operations
      Strategic Business Enterprise Financial Review ...................................... 16
      Fluor Corporate Organizational Chart ...................................................... 17
      Contract Announcements ......................................................................... 18
      Significant Corporate News Releases ...................................................... 23




      Company Description:
      Fluor Corporation (NYSE:FLR) conducts business on a global basis in the
      fields of engineering, procurement and construction, global services and
      coal production.




                                                                                                                         1
                                                           HIGHLIGHTS
                                        (dollars in millions, except per share data)
    Three Months Ended April 30                                                1999              1998          % Change

    Revenues                                                      $        3,091.3       $    3,282.1                (6%)
    Net (Loss) Earnings                                                      (72.9) *             54.3                 NM
    Diluted (Loss) Earnings Per Share                                        (0.97) *            0.67                  NM
    New Awards                                                    $        1,621.1       $    2,776.6               (42%)
    New Awards Gross Margin                                                   7.6%               5.9%                 29%
    Backlog                                                       $       10,222.5       $   13,914.0               (27%)
    Backlog Gross Margin                                                      5.0%               3.9%                 28%
    Cash Dividend Per Share                                       $           0.20       $       0.20                   --
    Work Performed                                                $        2,601.8       $    2,807.4                (7%)
    Return on Average Shareholders’ Equity*                                   6.9%              15.7%               (56%)
    *Based on trailing 12 months

    Six Months Ended April 30                                                  1999              1998          % Change

    Revenues                                                      $        6,475.4       $    6,681.1                (3%)
    Net (Loss) Earnings                                                       (21.8) *           109.1                 NM
    Diluted (Loss) Earnings Per Share                                         (0.29) *           1.33                  NM
    New Awards                                                    $        3,322.0       $    5,378.7               (38%)
    New Awards Gross Margin                                                    8.1%              6.0%                 35%
    Backlog                                                       $       10,222.5       $   13,914.0               (27%)
    Work Performed                                                          5,492.0            5,763.9               (5%)
    Cash Dividend Per Share                                       $            0.40      $       0.40                   --

    Backlog by Industry and Geographic Region                                            April 30, 1999

    Process                                                       $          4,141                                    41%
    Industrial                                                               3,755                                    37%
    Power/Government                                                         1,166                                    11%
    Diversified Services                                                     1,161                                    11%
       Total Backlog                                              $         10,223                                   100%
    United States                                                 $          4,795                                    47%
    Asia Pacific                                                             1,248                                    12%
    Americas                                                                 2,593                                    25%
    Europe/Africa/Middle East                                                1,587                                    16%
       Total Backlog                                              $         10,223                                   100%

    Key Financial Statistics                                          April 30, 1999                      October 31, 1998
    Working Capital                                               $          (272.0)                      $        (218.4)
    Cash and Short-term Investments                               $           207.9                       $         340.5
    Total Short-Term Debt                                                    416.0                                  428.5
    Total Long-Term Debt                                                     300.0                                  300.6
       Total debt                                                 $          716.0                        $         729.1
    Total Debt to Capitalization                                               33%                                   32%
    Shareholders’ Equity                                          $         1,480.7                       $       1,525.6
    Shareholders’ Equity Per Share                                            19.54                                 20.19
    Closing Stock Price                                                      33 3/8                       $       38 13/16
    NM=Not Meaningful.
    * Includes a $136.5 special provision for strategic reorganization.

2
                                                                SELECTED GRAPHS




Earnings from Continuing Operations                                                                     Closing Stock Price
                   (dollars in millions)                                                                               (in dollars)

                                                                                                                                                         6 5 1/ 2
                                                   268
                                            232              235                                                                               56 1/ 2
                                                                                                                                    4 9 1/ 2
                                     192                                                                  4 5 5/ 8 4 4 5/ 8
                               167                                                                                         40 3/4                                   4 1 1/ 8
                                                                                                                                                                               3 8 13 / 16
                   153                                146*
                         135                                                                         32 3/8                                                                           33 3/8
             119                                                                            28 3/4
       84                                                                         19 5/ 8
 39


88 89 90 91 92 93 94 95 96 97 98                                                  88 89 90 91 92 93 94 95 96 97 98 99*
Shaded portion excludes nonrecurring                                             *April 30, 1999
*Includes project and cost reduction provisions




                   Cash Dividends                                                                               Total Return
                           (dollars)                                                                          Fluor vs. S&P 500
                                                                .80
                                                          .76
                                                    .68                          600
                                             .60
                                      .52
                               .48                                               400
                                                                       Dollars




                         .40
                   .32
             .24                                                                 200
       .14
 .02                                                                               0
                                                                                            87           89            91               93                  95                 97            99*
88* 89 90 91 92 93 94 95 96 97 98

*Dividends were resumed in the fourth quarter of 1988                                                                         Fluor                       S&P
at $0.02 per share following a suspension which                                  *Six months ended April 30, 1999.
began in the second quarter of 1987.




                                                                                                                                                                                               3
    CONDENSED CONSOLIDATED STATEMENT OF EARNINGS




Description                                                                   1999*                                                             1998*

( $ in t ho us a nds e xc e pt pe r s ha re       YT D      Q4        Q3           Q2             Q1               FY       Q4          Q3           Q2             Q1
a m o unt s )                                     19 9 9   10 / 3 1   7/ 31       4/ 30          1/ 3 1          19 9 8    10 / 3 1     7/ 31       4/ 30          1/ 3 1




Revenues                                      6,475,372                          3,091,307      3,384,065   13,504,773    3,294,823 3,528,852      3,282,079      3,399,019




Cost of Revenues                              6,428,916                          3,137,71 †
                                                                                         2      3,291,204   13,095,436    3,179,290    3,421,976   3,184,891      3,309,279


Corporate Administrative & General
Expense                                          19,780                               10,222       9,558       22,598          8,261      3,774           0,1 5
                                                                                                                                                         1 1            448




Interest, Net                                    16,300                               7,896        8,404        24,1 3
                                                                                                                    1         8,986       6,870          3,423       4,834




Total Costs & Expenses                        6,464,996                          3,155,830      3,309,166   1 42,1
                                                                                                             3,1 47       3,196,537 3,432,620      3,198,429      3,314,561




Earnings (Loss) Before Taxes                     10,376                           (64,523)        74,899      362,626       98,286       96,232         83,650      84,458




Income Taxes                                     32,190                               8,372        23,818     127,282        34,481      33,795         29,361      29,645




Net Earnings (Loss)                                ,81
                                                (21 4)                            (72,895)         51,081     235,344       63,805       62,437         54,289       54,813


Net Earnings (Loss) Per Share
Diluted                                           (0.29)                               (0.97)        0.68        2.97           0.84        0.81          0.67         0.66




Dividends-Common                                   0.40                                0.20          0.20        0.80           0.20       0.20           0.20         0.20




Closing Stock Price                              33 3/8                               33 3/8       37 7/8          3/1
                                                                                                               38 1 6       38 1 6
                                                                                                                                3/1          /1
                                                                                                                                         42 1 6          47 1/4         1 6
                                                                                                                                                                    37 1 /1


*Quarterly Data Unaudited
All EPS amounts have been calculated in accordance with FAS #128.
†
  Cost of Revenues for 2Q99 includes a $136,500 special provision for strategic reorganization.




    4
                                1997*                                                           1996*                                                              1995*

      F/Y      Q4           Q3          Q2            Q1             YT D       Q4          Q3            Q2            Q1               F/Y       Q4          Q3           Q2           Q1
     1997     10/ 31       7/ 31       4/ 30         1/ 31           1996      10/ 31       7/ 31        4/ 30         1/ 31            199 5     10/ 31       7/ 31       4/ 30        1/ 31




14,298,541   4,002,742    3,675,905   3,185,833     3,434,061     1 5,1
                                                                 1 ,01 92     3,327,728    2,702,821 2,582,229       2,402,414      9,301,384    2,575,614    2,436,831 2,229,313 2,059,626




14,022,570   3,868,300    3,567,314   3,259,669     3,327,287   10,565,449    3,194,973 2,589,959       2,477,175 2,303,342         8,910,076    2,465,525 2,335,885      2,133,971 1,974,695




    13,230      (5,491)      4,654        3,197        10,870       48,120       13,567       9,956         1
                                                                                                           1 ,334      13,263         48,636        13,786      12,793       12,451      9,606




    7,472       3,926         1,893       1,374          279         1
                                                                   (1 ,595)      (2,319)      (1,960)     (3,362)      (3,954)        (19,542)      (5,224)     (6,426)     (4,093)     (3,799)




14,043,272   3,866,735    3,573,861   3,264,240     3,338,436   10,601,974    3,206,221 2,597,955       2,485,147    2,312,651 8,939,170         2,474,087 2,342,252      2,142,329   1,980,502




  255,269      136,007      102,044     (78,407)      95,625         3,21
                                                                   41 8          21
                                                                                1 ,507      104,866       97,082       89,763        362,214       1 ,527
                                                                                                                                                    01          94,579      86,984      79,124




  109,082      47,963       35,802       (8,273)      33,590        45,1
                                                                   1 34         42,648       36,789       33,382       32,315        130,446       35,556       34,427      31,662      28,801




    46,1
   1 87        88,044       66,242      (70,134)      62,035      268,084       78,859       68,077       63,700       57,448        231,768        65,971      60,152      55,322      50,323




      1.75        1.06         0.79       (0.84)         0.74         3.21         0.94        0.82         0.76         0.69            2.81        0.80         0.73        0.67          0.61




     0.76         0.19         0.19        0.19          0.19        0.68          0.17         0.17         0.17         0.17          0.60          0.15        0.15         0.15         0.15




     411/8       411/8        611/2            55       711/8        65 1/2       65 1/2      60 1/4        66 1/8             67       56 1/2       56 1/2      56 1/2       511/2       46 1/4




                                                                                                                                                                                        5
CONDENSED CONSOLIDATED BALANCE SHEET


                                                                       1999                                          1998
                                                      Q4          Q3*         Q2 *         Q1*         Q4         Q3*        Q2 *       Q1*
($ in thousands)                                     10/31        7/31        4/30         1/31       10/31       7/31       4/30       1/31


Assets

    Current Assets

      Cash and Cash Equivalents                                               207,871     308,248      340,544    308,727    319,491    305,413

      Marketable Securities                                                          -            -           -          -          -          -

      Accounts and Notes Receivable                                           945,363     871,732      959,416    923,270    956,139    915,909

      Contract Work in Progress                                               625,557     620,422      596,983    612,301    564,819    529,664

      Net Assets of Discontinued Operations                                          -            -     36,300           -          -          -

      Inventories and Other Current Assets                                    442,395     418,693      343,908    315,284    342,338    290,680

    Total Current Assets                                                    2,221,186    2,219,095    2,277,151 2,159,582 2,182,787 2,041,666

    Property, Plant & Equipment, net                                        2,179,076    2,175,380    2,147,308 2,098,245 1,985,196 1,951,083

    Goodwill, net                                                             118,527     135,213      139,091    146,448    160,744    157,900

    Investments                                                               138,063     135,811      137,562    122,941    119,497     98,811

    Other Assets                                                              356,928     352,451      318,096    329,055    310,126    293,676

Total Assets                                                                5,013,780    5,017,950    5,019,208 4,856,271 4,758,350 4,543,136


Liabilities and Shareholders’ Equity

    Current Liabilities

      Trade Accounts and Notes Payable                                        893,296     945,558      972,096    864,143    958,636    706,070

      Commercial Paper & Loan Notes                                           374,048     378,164      428,458    323,832     99,763     49,871

      Advanced Billings on Contracts                                          588,938     608,446      546,816    593,452    537,561    527,043

      Other Accrued Liabilities                                               636,859     518,233      548,184    561,830    579,043    534,427

    Total Current Liabilities                                               2,493,141    2,450,401    2,495,554 2,343,257 2,175,003 1,817,411

    Long-term Debt Due After One Year                                         300,002     300,000      300,428    300,405    300,565    300,439

    Deferred Income Taxes                                                     128,754      99,379      105,515     81,317     74,712     60,917

    Other Noncurrent Liabilities                                              611,178     602,494      592,102    612,759    612,804    623,805

    Total Shareholders’ Equity                                              1,480,705    1,565,676    1,525,609 1,518,533 1,595,266 1,740,564

Total Liabilities and Shareholders’ Equity                                  5,013,780    5,017,950    5,019,208 4,856,271 4,758,350 4,543,136

*Unaudited
Note: Certain prior year amounts have been reclassified to conform with the 1999 presentation.




6
                    1997                                                1996                                                  1995
  Q4         Q3*           Q2 *       Q1*           Q4           Q3*           Q2 *         Q1*           Q4           Q3*           Q2 *         Q1*
 10/31       7/31          4/30       1/31         10/31         7/31          4/30         1/31         10/31         7/31          4/30         1/31




 299,324     198,319       233,996    124,574     246,964       228,603        245,318     193,972      292,934       305,730        312,487     313,840

  10,089      33,960        39,059     44,121      69,378       113,736        137,710     149,873      137,758       127,273         98,677     111,893

 917,604     847,235       835,618    767,861     742,547       572,016        590,279     596,569      470,104       400,431        369,641     333,163

 691,395     649,259       567,873    578,027     561,490       465,736        373,321     376,247      362,910       328,234        303,940     250,002

         -           -            -          -             -            -             -            -             -             -            -            -

 294,974     278,105       237,607    195,766     176,444       151,128        161,908     156,471      147,965       130,876        151,627     148,989

2,213,386 2,006,878 1,914,153 1,710,349          1,796,823     1,531,219    1,508,536     1,473,132    1,411,671     1,292,544     1,236,372    1,157,887

1,938,790 1,861,307 1,804,977 1,755,170          1,677,662     1,609,792    1,571,348     1,494,751    1,435,811     1,388,135     1,360,071    1,319,383

 158,399     157,806       108,789    131,072      84,772        71,873         65,405      37,388       33,303        24,510         18,534      18,933

  96,549      91,423        97,569     86,290     108,107       101,364        103,745     115,259       88,488        85,455         44,701      55,602

 278,216     299,713       310,209    322,394     284,362       284,170        271,566     277,231      259,633       229,691        227,590     231,649

4,685,340 4,417,127 4,235,697 4,005,275          3,951,726     3,598,418    3,520,600     3,397,761    3,228,906     3,020,335     2,887,268    2,783,454




 858,187     669,104       613,672    646,442     704,186       386,666        356,362     333,852      372,301       308,028        309,762     254,113

  81,886     119,481          899     161,526      29,916        29,854         29,880      29,880       29,937        24,918         19,934      19,901

 525,518     483,375       538,741    434,617     445,807       561,771        597,188     569,363      393,438       365,793        251,025     260,031

 512,593     534,330       523,143    409,242     465,659       424,704        441,914     418,678      442,969       372,946        425,937     410,278

1,978,184 1,806,290 1,676,455 1,651,827          1,645,568     1,402,995    1,425,344     1,351,773    1,238,645     1,071,685     1,006,658     944,323

 300,508     300,524       300,464       365        2,967         3,336          4,711       2,815        2,873        26,516         23,902      24,098

  66,739      62,458        54,772     54,781      42,632        38,875         41,879      42,717       44,211        41,773         40,002      40,099

 598,859     567,975       572,122    574,093     590,833       553,772        509,256     516,546      512,363       514,408        511,793     516,100

1,741,050 1,679,880 1,631,884 1,724,209          1,669,726     1,599,440    1,539,410     1,483,910    1,430,814     1,365,953     1,304,913    1,258,834

4,685,340 4,417,127 4,235,697 4,005,275          3,951,726     3,598,418    3,520,600     3,397,761    3,228,906     3,020,335     2,887,268    2,783,454




                                                                                                                                                         7
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                                              April 30,
 ($ in thousands)                                                                                               1999*                       1998
 CASH FLOWS FROM OPERATING ACTIVITIES
 Net (loss) earnings                                                                    $                      (21,814)           $    235,344
 Adjustments to reconcile net (loss) earnings to cash provided by operating activities:
      Depreciation, depletion & amortization                                                                  153,629                  288,870
      Discontinued operations                                                                                        -                        -
      Change in accounting principle                                                                                 -                        -
      Deferred taxes                                                                                            5,216                   28,780
      Special provision, net of cash paid                                                                     130,424                         -
      Provisions for impairment/abandonment of joint ventures and investments                                         -                       -
      Gain on sale of business                                                                                       -                        -
      Change in operating assets & liabilities, excluding effects of business
      acquisitions/dispositions                                                                              (188,557)                 168,576
      Other, net                                                                                              (21,342)                 (19,051)
 Cash provided by operating activities                                                                         57,556                  702,519
 CASH FLOWS FROM INVESTING ACTIVITIES
 Capital expenditures                                                                                        (250,728)                (600,933)
 E&C businesses acquired                                                                                             -                        -
 Coal businesses and reserves acquired                                                                               -                 (12,004)
 (Purchase) sale of marketable securities                                                                            -                        -
 Proceeds from sales and maturities of marketable securities                                                         -                  10,089
 Investments, net                                                                                              (6,863)                 (20,745)
 Proceeds from sale of property, plant and equipment                                                           77,634                  125,493
 Collection of notes receivable                                                                                      -                        -
 Initial pretax cash proceeds from sale of Doe Run                                                                   -                        -
 Contributions to deferred compensation trust                                                                        -                 (21,365)
 Net assets held for sale, including cash                                                                            -                 (26,375)
 Proceeds from sale of business                                                                                36,300                         -
 Other, net                                                                                                    (4,205)                 (17,477)
 Cash utilized by investing activities                                                                       (147,862)                (563,317)
 CASH FLOWS FROM FINANCING ACTIVITIES
 Increase in long-term borrowings                                                                                    -                        -
 Increase (decrease) in note payable to affiliate                                                              41,972                         -
 Payments on long-term debt                                                                                          -                    (285)
 Increase (decrease) in short-term borrowings, net                                                            (54,410)                 341,809
 Cash dividends paid                                                                                          (30,318)                 (63,497)
 Purchases of common stock                                                                                           -                (378,979)
 Stock options exercised                                                                                        1,852                    9,935
 Other, net                                                                                                    (1,463)                  (6,965)
 Cash provided (utilized) by financing activities                                                             (42,367)                 (97,982)
 Increase (decrease) in cash and cash equivalents                                                            (132,673)                  41,220
 Cash and cash equivalents at beginning of period                                                             340,544                  299,324
 Cash and cash equivalents at end of period                                              $                    207,871             $    340,544

*Unaudited
Notes: Prior periods have been restated to exclude from continuing operations the Lead segment which was discontinued in 1992. Certain prior year
amounts have been reclassified to conform with the 1999 presentation.




8
        1997            1996            1995            1994            1993                1992

$   146,187     $   268,084     $   231,768     $   192,399     $   166,800         $     5,818

    248,353         194,129         146,957         114,258         111,793             135,259
           -               -               -               -        (34,184)            127,275
           -               -               -               -               -             53,008
     25,428          12,631           1,709           2,801          (6,082)            (55,674)
           -               -               -               -               -                   -
     22,962                -               -               -               -                   -
     (7,222)               -               -               -               -                   -

    (67,224)        (60,353)          9,408         141,723         (61,430)             38,436
    (39,860)         (7,632)        (23,491)          7,428          11,812               2,011
    328,624         406,859         366,351         458,609         188,709             306,133

    (466,202)       (392,436)       (318,942)       (236,623)       (158,822)           (223,199)
    (141,718)        (87,085)        (16,230)               -               -                   -
     (39,482)         (5,010)               -        (38,164)        (10,700)            (63,937)
            -        (67,069)       (132,934)        (60,213)         50,249              38,458
      59,289         134,496         115,553          39,930                -                   -
      (9,275)          3,991         (16,667)            214         (13,561)                   -
      50,996          29,486          17,406          18,271           9,841              11,493
      77,496          11,072           6,978                -               -                   -
            -               -               -         51,869                -                   -
     (43,026)               -        (21,513)               -               -                   -
            -               -               -               -               -                   -
      11,992                -               -               -               -                   -
     (12,041)        (23,771)        (14,686)         (1,172)          8,626              (1,169)
    (511,971)       (396,326)       (381,035)       (225,888)       (114,367)           (238,354)

    304,097                -               -               -               -                   -
           -               -               -        (30,000)         30,000                    -
     (8,378)        (42,456)        (35,604)         (1,994)        (45,689)            (17,969)
     21,692          26,109           9,980         (10,096)             96                  29
    (63,750)        (56,830)        (49,712)        (42,828)        (39,340)            (32,486)
    (33,924)               -               -               -               -                   -
     16,007          17,351           9,757          11,946           8,709               2,540
        (37)           (677)         (1,271)           (125)         (8,620)             (8,569)
    235,707         (56,503)        (66,850)        (73,097)        (54,844)            (56,455)
     52,360         (45,970)        (81,534)        159,624          19,498              11,324
    246,964         292,934         374,468         214,844         195,346             184,022
$   299,324     $   246,964     $   292,934     $   374,468     $   214,844     $       195,346




                                                                                                9
 FLUOR CORPORATION ELEVEN-YEAR FINANCIAL SUMMARY
                                                                        Common               *Pretax                                     Net
      Year
                                 Work                                  Stock Price          Earnings                     *Earnings    Earnings
     Oct. 31
                 *Revenues    Performed    New Aw ards    Backlog        Range     P/E       (Loss)  *Pretax  *Tax        (Loss)       (Loss)
                   ($000)       ($000)        ($000)      ($000)        (Dollars) Range      ($000) Margin % Rate %       ($000)       ($000)

       1999


     4th Qtr**
     10/31/99


     3rd Qtr**
     7/31/99


     2nd Qtr**
                  3,091,307    2,601,800      1,621,100   10,222,500       37-26    27-19   (64,523)    (2.1)   (13.0)     (72,895)    (72,895)
      4/30/99


     1st Qtr**
                  3,384,065    2,890,200      1,700,900   11,064,500       45-38    15-12     74,899    2.2     31.8        51,081      51,081
     1/31/99


       1998      13,504,773   11,593,100      9,991,900   12,645,300       52-34    24-11   362,626     2.7     35.1      235,344     235,344



       1997      14,298,541   12,795,200     12,122,100   14,369,900       75-41    45-19   255,269     1.8     42.7      146,187     146,187



       1996      11,015,192    9,870,300     12,487,800   15,757,400       71-55    24-19   413,218     3.8     35.1      268,084     268,084



       1995       9,301,384    8,378,500     10,257,100   14,724,900       59-42    22-17   362,214     3.9     36.0      231,768     231,768



       1994       8,485,267    7,673,000      8,071,500   14,021,900       56-39    25-18   303,299     3.6     36.6      192,399     192,399



       1993       7,850,169    7,109,700      8,000,900   14,753,500       47-39    84-19   242,200     3.1     31.1      166,800     166,800



       1992       6,600,696    5,888,900     10,867,700   14,706,000       48-35   100-17   215,350     3.3     37.2      135,250        5,818



       1991       6,571,958    5,791,800      8,531,550   11,181,300       55-31    29-18   228,401     3.5     33.0      153,089     164,148



       1990       7,248,868    6,352,800      7,632,300    9,557,800       49-29    29-16   153,580     2.1     22.3      119,388     154,626



       1989       6,127,211    5,240,800      7,135,300    8,360,900       37-19    27-14    135,638    2.2     38.0        84,069     112,662



       1988       5,008,931    4,267,900      5,955,200    6,658,600       23-11    32-15     62,070    1.8     38.0        38,588      60,209


 * From continuing operations              ** Unaudited   NM = Not Meaningful
   Note: 1988 to 1992 financial data shown above has been restated to exclude from continuing operations the Lead segment which was
   discontinued in the fourth quarter of fiscal 1992.


10
      *Diluted Net Diluted           Shares to                                                          Percent of Total
     Earnings   Earnings             Compute *Operating               Shareholders’                      Capitalization
    (Loss) Per (Loss) Per Per Share   Diluted    Profit                Equity Per     Return on
      Share1     Share1    Dividend    EPS1     (Loss) Shareholders’    Common        Average      Long-Term Shareholders’         Salaried
     (Dollars)  (Dollars)  (Dollars) (Millions) ($000)  Equity ($000)    Share        Equity 2 %    Debt %   Equity %             Employees




        (0.97)      (0.97)       0.20        75.2    (45,164)     1,480,705   19.54          6.9         16.8              83.1       29,731



         0.68        0.68        0.20        75.6     95,800      1,565,676   20.66        14.9          16.1              83.9       31,009



         2.97        2.97        0.80        79.1    415,100      1,525,609   20.19        14.5          16.5              83.5       30,751



         1.75        1.75        0.76        83.5    276,980      1,741,050   20.79          8.7         14.7              85.3       31,392



         3.21        3.21        0.68        83.4    454,534      1,669,726   19.93        17.4           0.2              99.8       27,514



         2.81        2.81        0.60        82.6    397,058      1,430,814   17.20        17.6           0.2              99.8       18,880



         2.34        2.34        0.52        82.2    354,276      1,220,456   14.79        17.1           2.0              98.0       17,088



         2.04        2.04        0.48        81.7    291,277      1,044,122   12.72        17.4           5.4              94.6       17,759



         1.66        0.07        0.40        81.3    270,939        880,802   10.81          0.6          6.5              93.5       17,939



         1.89        2.03        0.32        80.8    226,921        900,645   11.10        20.2           7.8              92.2       18,091



         1.48        1.92        0.24        80.5    195,365        741,256    9.22        23.3           7.2              92.8       22,188



         1.05        1.41        0.14        79.7    168,446        589,914    7.39        21.5           9.6              90.4       20,059



         0.48        0.75        0.02        79.8    101,194        467,120    5.91        14.2          16.9              83.1       17,876


1
     EPS for all periods have been calculated in accordance with FAS #128.
2
     Based on earnings and equity for previous 12 months.


                                                                                                                                       11
FLUOR CORPORATION — STATISTICAL HIGHLIGHTS
                                                                                               1999*                                                                                    1998*
                                                        YT D                  Q4            Q3            Q2            Q1                YT D              Q4                   Q3               Q2              Q1
($ in thousands)                                        1999                 10/ 31        7/ 31         4/ 30         1/ 31              1998             10/ 31               7/ 31            4/ 30           1/ 31

ENGINEERING AND CONSTRUCTION

 Revenues                                           5,947,387                                          2,837,953     3,109,434       12,377,476           3,002,738        3,253,885            3,014,378       3,106,475

 Operating (Loss) Profit                                 (19,832)                                        (76,905)†      57,073            242,348           65,733               65,361              57,867       53,387

 Operating Margin                                             -0.3%          #DIV/0!      #DIV/0!          (2.7%)†         1.8%              2.0%                 2.2%               2.0%                1.9%        1.7%

 New Aw ards                                        3,322,022                                             ,621 37
                                                                                                         1 ,1        1,700,885        9,991 3
                                                                                                                                           ,91            1,904,302        2,708,909            2,776,559       2,602,143

 Backlog, at end of period                         10,222,533                                          10,222,533     1
                                                                                                                     1 ,064,483      12,645,333         12,645,333        13,739,091             3,91
                                                                                                                                                                                                1 3,982          4,01
                                                                                                                                                                                                                1 8,083

 Work Performed                                     5,492,049                                           2,601,849    2,890,200       1 ,593,1
                                                                                                                                      1      02           2,807,462                ,71
                                                                                                                                                                              3,021 5           2,807,360       2,956,565
COAL (short tons in thousands)

 Revenues                                               527,985                                          253,354       274,631        1 27,297
                                                                                                                                       ,1                  292,085              274,967              267,701     292,544

 Operating Profit                                        70,448                                            31,741       38,707            172,762               52,101           43,672              40,298        36,691

 Operating Margin                                             13.3%          #DIV/0!      #DIV/0!           12.5%          4.1
                                                                                                                          1 %               15.3%               17.8%              15.9%                 5.1
                                                                                                                                                                                                        1 %         12.5%

 Steam Coal Sold (short tons)                            10,695                                            5,327         5,368             19,398               5,274             4,679                4,416       5,029

 Metallurgical Coal Sold (short tons)                     7,430                                            3,435         3,995             1 0
                                                                                                                                            8,21                4,582             4,479                4,446       4,703

 Total Coal Sold (short tons)                              8,1
                                                          1 25                        0            0       8,762         9,363             37,608               9,856             9,158                8,862       9,732
COAL PRICING (average realized
prices)

 Metallurgical Coal ($/ton)                               32.88                                            32.73         32.91              33.07               32.94             33.15                32.90       33.28

 Steam Coal ($/ton)                                           26.21                                         26.14        26.33              26.79               26.50             26.78                27.06       26.88



*Quarterly data unaudited.
**Purchased coal sales are immaterial as they have been replaced with produced coal from reserves acquired in recent years.
†
  Includes special provision of $136.5 million pretax for strategic reorganization.
N/A = Operating profit not reported on a quarterly basis prior to 1997.                               Backlog              US
                                                                                                                                            International vs. U.S.
                                                                                                                           Int’l
                       E&C Operating Profit                                                                                                         dollars in billions
                         dollars in millions
                                              320                                                                                                                                15.8
                                          286                                                                                                      14.7    14.8          14.7            14.4
                                   259                                242                                                                                          14
                              221                                                                                                                                                               12.6
                      166 191                                                                                                               11.2
                                                                                                                                                                                                        10.2
          117 135
                                                                                                                                     9.6
                                                              122*                                                             8.4




           89 90 91 92 93 94 95 96 97 98
         *Includes project and cost reduction provisions                                                                       89    90     91     92      93     94     95     96      97      98     99*
                                                                                                                               *At April 30, 1999

                 E&C Operating Margin (%)                                                                                                    New Awards
                                                                                                                                            dollars in billions 12.5
                                        3.4 3.4                                                                                                                      12.1
                            3.2   3.1             3.2                                                                                      10.9*
                      2.8                                                                                                                                  10.3          10.0
          2.2   2.1                                                                                                                    8.5
                                                                1.9                                                                7.6          8.0 8.1
                                                                                                                               7.1
                                                        0.9




                                                                      -0.3

         89 90 91 92 93 94 95 96 97 98 99*                                                                                 89 90 91 92 93 94 95 96 97 98
        *Six months ended April 30, 1999; Excludes special provision of                                                  *Includes $2.2 billion for a 5-year contract with U.S. Dept. of Energy
        $136.5 million pretax.
12
                                           1997*                                                                         1996*                                                                                1995*
   FY               Q4              Q3                 Q2               Q1                FY             Q4          Q3              Q2              Q1              FY              Q4                 Q3               Q2           Q1
  1997             10/ 31           7/ 31             4/ 30            1/ 31             1996           10/ 31      7/ 31           4/ 30           1/ 31           1995            10/ 31             7/ 31            4/ 30        1/ 31




 3,21 5
1 7,51         3,698,463          3,417,425          2,917,306        3,184,321 10,054,365             3,064,370   2,462,584    2,336,041             91
                                                                                                                                                   2,1 ,370       8,451,626        2,350,050      2,223,663            2,023,132   1,854,781

   122,214          87,431           71,090             1
                                                      (1 0,278)          73,971          320,008            N/A         N/A             N/A              N/A       286,025                 N/A             N/A              N/A          N/A


      0.9%             2.4%                2.1%            -3.8%            2.3%                3.2%        N/A         N/A             N/A              N/A             3.4%              N/A             N/A              N/A          N/A

 2,1 48
1 22,1         2,675,657          2,672,069          3,183,843        3,590,579 12,487,756             3,424,356   3,107,400    2,967,500         2,988,500       10,257,100       2,673,900          2,61 ,900
                                                                                                                                                                                                          1            2,719,400   2,251,900

14,369,900    14,369,900          15,341,407         6,1
                                                    1 36,494       15,976,453        15,757,410        1        0 5,599,200
                                                                                                        5,757,41 1             15,362,000       1 08,200 1
                                                                                                                                                 5,1      4,724,900 14,724,900 14,549,600 14,404,200                                4,1 5,700
                                                                                                                                                                                                                                   1 1

12,795,201     3,726,509               2,21
                                   3,21 6            2,728,143        3,128,333      9,870,287         2,995,687   2,394,200    2,309,800         2,170,600       8,378,500        2,330,300      2,200,000            2,007,900   1,840,300



  ,081
 1 ,026            304,279         258,480            268,527          249,740           960,827        263,358     240,237         246,188           1
                                                                                                                                                    21 ,044        849,758          225,564            21 68
                                                                                                                                                                                                         3,1             206,181    204,845

  154,766           46,990           38,632            36,575           32,569           134,526            N/A         N/A             N/A              N/A          1 ,033
                                                                                                                                                                     11                    N/A             N/A              N/A          N/A

     14.3%            15.4%            14.9%               13.6%            13.0%            14.0%          N/A         N/A             N/A              N/A             1 %
                                                                                                                                                                          3.1              N/A             N/A              N/A          N/A

    19,300            5,217           4,624                4,915         4,544            17,520          4,875       4,228           4,433           3,984          15,777              4,052           3,878            3,825        4,022

    16,343            4,821           3,940                3,998         3,584             13,571          3,671      3,562           3,536           2,802              1
                                                                                                                                                                        1 ,633           3,149           2,987            2,823        2,674

   35,643           10,038            8,564                8,913          8,128            31,091         8,546       7,790           7,969           6,786          27,410              7,201           6,865            6,648        6,696




    33.26            33.77            33.28                32.80          33.18            33.36          34.08       32.82           33.22           33.26             32.75            33.31           32.92            32.53         32.11

    27.69            26.98            27.38                27.79          28.61            28.83          28.23       28.99           28.87           29.37             29.53            29.61           29.42            29.69        29.39




                                   Coal Operating Profit                                                                                                        Coal Reserves
                                     dollars in millions                            173                                                                       millions of short tons
                                                                            155                                                                                                                       1,764 1,828
                                                                                                                                                                                        1,499 1,549
                                                                      135                                                                                                         ,41
                                                                                                                                                                                 1 1
                                                                111                                                                                                     1,089
                                              95                                                                                                                  972
                                       80 81*                                                                                                      784      761
                         61                                                                                                                 737
                   51 60



                   89 90 91 92 93 94 95 96 97 98                                                                                            89 90 91 92 93 94 95 96 97 98
               *Excludes nonrecurring charge of $10 million


                                                                                                                                                         Coal Sold
                          Co al O p e ratin g M arg in                      (%)
                                                                                                                                                   thousands of short tons
                                                                   14.0 14.3      14.5
                                                            13.1                         13.3
                                                    12.4
                                     1
                                    1 .5
                                            1 .3*
                                             1


                            8.0
                    7.0
             6.3


                                                                                                                                              89     90      91     92     93      94      95    96      97       98

                                                                                                                            Steam             11.9 13.1 13.5 13.7 16.0 16.7 15.8 17.5 19.3 19.4
                                                                                                                            Metallurgical 4.6 5.5 3.4 3.8 5.2 7.1 11.6 13.6 16.3 18.2
          89              91               93              95          97           9 9 **                                  Purchased         9.3 8.0 6.6 4.4 2.3 1.3                       *     *       *       *
         *Excludes nonrecurring charge of $10 million                                                                 *Amounts are immaterial
         **Six months ended April 30, 1999
                                                                                                                                                                                                                                    13
FLUOR CORPORATION — CONSOLIDATED BACKLOG
($ in millions)

Backlog by Industry Groups

               Fiscal                                                                    Power/                   Diversified
   Year        Period              Process                 Industrial                  Government                  Services                 Total
                               $             %           $          %                  $        %                $          %           $           %
      1991      Year          5,043              45     4,127             37           1,445           13         566           5    11,181         100
      1992      Year          6,305              43     3,737             25           3,804           26         860           6    14,706         100
      1993      Year          7,430              50     3,449             23           3,212           22         663           5    14,754         100
      1994      Year          7,668              55     3,564             25           2,369           17         421           3    14,022         100
      1995      Year          6,671              45     4,516             31           3,275           22         263           2    14,725         100
      1996      Year          4,903              31     6,496             41           3,621           23         737           5    15,757         100
      1997      Year          6,384              44     5,178             36           2,092           15         716           5    14,370         100
      1998       Q1           6,563              47     4,677             33           1,630           12        1,148          8    14,018         100
                 Q2           6,129              44     5,280             38           1,371           10        1,134          8    13,914         100

                 Q3           6,339              46     5,239             38           1,149            9        1,012          7    13,739         100

                 Q4           5,345              42     4,761             38           1,272           10        1,267          10   12,645         100
      1999       Q1           4,712              43     3,966             36           1,114           10        1,273          11   11,065         100
                 Q2           4,141              41     3,755             37           1,166           11        1,161          11   10,223         100
                 Q3                     #DIV/0!                   #DIV/0!                        #DIV/0!                 #DIV/0!            0   #DIV/0!
                 Q4                     #DIV/0!                   #DIV/0!                        #DIV/0!                 #DIV/0!            0   #DIV/0!
NEW AWARDS BY INDUSTRY GROUPS
      1996      Year          4,061              33     6,182             50           1,428           11         817           7    12,488         100
      1997      Year          6,090              50     4,057             33           1,150            9         825           7    12,122         100
      1998       Q1           1,532              59       599            23             140             5         331           13      2,602       100
                 Q2              792             29     1,703            61               63            2         219           8       2,777       100
                 Q3           1,609              59       778            29             182             7         140           5       2,709       100
                 Q4              545             29       367            19             426            22         566           30      1,904       100
                Total         4,478              45     3,447             34            811             8        1,256          13      9,992       100
      1999       Q1              981             58       329            19             194            11         197           12      1,701       100
                 Q2              371             23       734            45             351            22         165           10      1,621       100
                 Q3                     #DIV/0!                   #DIV/0!                        #DIV/0!                 #DIV/0!            0   #DIV/0!
                 Q4                     #DIV/0!                   #DIV/0!                        #DIV/0!                 #DIV/0!            0   #DIV/0!
                Total         1,352              41     1,063             32            545            16         362           11      3,322       100
*Backlog data has been reclassified to reflect the realignment in 1994 of the company’s operations into industry and regional groups.


                                                                                         Diversified
                                                                                          Services
                                    Backlog by Industry                        Power        11%
                                                                                7%
                                       April 30, 1999           Government                             Process
                                        $10.2 Billion              4%                                    41%

                                                                     Industrial
                                                                       37%
    14
Backlog by Regional Groups
                                            Europe,
          Fiscal        United             Africa and
  Year    Period        States            Middle East               Asia Pacific                  Americas              Total
                    $            %        $         %               $         %                  $        %         $           %
   1991   Year      7,915            71   2,174           20            377           3            715         6   11,181       100
   1992   Year     10,649            72   2,389           17            608           4       1,060            7   14,706       100
   1993   Year      9,045            61   3,178           22       1,679             11            852         6   14,754       100
   1994   Year      6,802            49   4,387           31       1,662             12       1,171            8   14,022       100
   1995   Year      6,666            45   3,088           21       3,303             23       1,668           11   14,725       100
   1996   Year      7,326            46   2,677           17       4,402             28       1,352            9   15,757       100
   1997    Q4       5,665            39   3,828           27       3,959             28            918         6   14,370       100
   1998    Q1       5,761            41   3,224           23       3,624             26       1,409           10   14,018       100
           Q2       5,926            43   3,098           22       3,085             22       1,805           13   13,914       100

           Q3       5,870            43   2,543           18       2,729             20       2,597           19   13,739       100

           Q4       5,911            47   2,023           16       2,260             18       2,451           19   12,645       100
   1999    Q1       5,058            46   1,857           17       1,695             15       2,455           22   11,065       100
           Q2       4,795            47   1,587           16       1,248             12       2,593           25   10,223       100
           Q3               #DIV/0!               #DIV/0!                     #DIV/0!                    #DIV/0!        0   #DIV/0!
           Q4               #DIV/0!               #DIV/0!                     #DIV/0!                    #DIV/0!        0   #DIV/0!
NEW AWARDS BY REGIONAL GROUPS
   1996   Year      5,749            46   2,141           17       3,283             26       1,315           11   12,488       100
   1997   Year      5,443            45   3,438           28       2,419             20            822         7   12,122       100
   1998    Q1       1,323            51    348            13            170           7            761        29    2,602       100
           Q2       1,452            52    332            12            233           8            760        27    2,777       100
           Q3       1,475            54    193             7            191           7            850        31    2,709       100
           Q4       1,386            73    201            11             52           3            265        14    1,904       100
          Total     5,636            56   1,074           11            646           7       2,636           26    9,992       100
   1999    Q1        701             41    448            26             89           5            463        28    1,701       100
           Q2        894             55    187            12             25           2            515        31    1,621       100
           Q3               #DIV/0!               #DIV/0!                     #DIV/0!                    #DIV/0!        0   #DIV/0!
           Q4               #DIV/0!               #DIV/0!                     #DIV/0!                    #DIV/0!        0   #DIV/0!
          Total     1,595            48    635            19            114           3            978        30    3,322       100

                                                             Asia Pacific     Australia
                                                                 7%             5%
                                                                                            Canada
                            Backlog by Region      U.S.                                      15%
                              April 30, 1999       47%                                    Europe
                               $10.2 Billion                                               10%

                                                          Middle East            Latin America
                                                              6%                      10%
                                                                                                                                15
STRATEGIC BUSINESS ENTERPRISE FINANCIAL REVIEW*
                                                                          1999                                               1998
                                             YTD         Q4       Q3           Q2          Q1         YTD        Q4        Q3        Q2        Q1
($ in thousands) (Unaudited)                 1999       10/31    7/31         4/30        1/31        1998      10/31     7/31      4/30      1/31
FLUOR DANIEL

Revenues                                   4,530,000                       2,084,900 2,445,100            NA       NA        NA        NA        NA

CFM Revenues %                                 44.7%                             34.9%     53.1%          NA       NA        NA        NA        NA

Gross Margin %                                  5.2% #DIV/0! #DIV/0!             5.7%       4.8%          NA       NA        NA        NA        NA

Operating Profit                              78,600                         38,800**     39,800          NA       NA        NA        NA        NA

Total Assets                             1,320,200***                     1,320,200***           NA       NA       NA        NA        NA        NA
FLUOR GLOBAL SERVICES

Revenues                                   1,417,400                         753,100     664,300          NA       NA        NA        NA        NA

Gross Margin %                                  9.2%                             8.8%       9.7%          NA       NA        NA        NA        NA

Operating Profit                              38,100                         20,800**     17,300          NA       NA        NA        NA        NA

Total Assets                                 952,700                         952,700             NA       NA       NA        NA        NA        NA
FLUOR SIGNATURE SERVICES

Total Assets                               461,700***                      461,700***            NA       NA       NA        NA        NA        NA
MASSEY COAL

Revenues                                     528,000                         253,400     274,600 1,127,300 292,100       275,000   267,700   292,500

Operating Profit                              70,400                          31,700      38,700      172,800   52,100    43,700    40,300    36,700

Total Assets                               1,906,200    #DIV/0! #DIV/0!    1,906,200             NA       NA       NA        NA        NA        NA



Quarterly Data Unaudited
NA=Strategic Business Enterprise (SBE) financial data not reported prior to 1999.
* As announced in March 1999, the company has reorganized its business segments into strategic business enterprises (SBE) (see the chart
on page 17). The Engineering and Construction business segment is now two separate SBE’s: Fluor Daniel and Fluor Global Services. Fluor
Daniel will concentrate on the company’s engineering, procurement and construction business. Fluor Global Services includes American
Eqipment Company, TRS Staffing Solutions, Government Services, Telecommunications, and Operations, Maintenance & Consulting. A new
SBE, Fluor Signature Services, is consolidating most of Fluor’s business, administrative and support functions, and will be operational by
October 31, 1999. Restatement of prior period comparisons will be completed by fiscal year end.
** Excludes one-time, special provision of $136.5 million pretax.
*** Total assets have been adjusted from amounts reported in the May 26, 1999 press release due to the reclassification of certain
investments.




16
                                                       FLUOR CORPORATION*



            Fluor                                                                    Fluor                                   Fluor
                                             Fluor Daniel                                               A.T.
        Constructors                                                                 Global                                Signature
                                  Industry Groups and Markets Served                Services           Massey               Services
        International




        Chemicals &     Oil, Gas
                                      Infrastructure   Mining    Manufacturing
        Life Sciences   & Power




     Petrochemicals       Power      Transportation    Mining   Consumer Products      American          Steam &             Business
                                                                                       Equipment     Metallurgical Coal   Administrative &
       Chemicals         Refining                               Food & Beverage        Company          Production        Support Services
     Pharmaceuticals    Production                              Micro-Electronics     Government
     Biotechnology &    Pipelines                                 Light Metals         Services
      Life Sciences
                           Gas                                                        TRS Staffing
                                                                                        Solutions
                                                                                       Operations,
                                                                                     Maintenance &
                                                                                       Consulting
                                                                                        Telecom


       *New organizational structure announced on March 9, 1999, as part of Fluor’s new strategic direction to
             position the company for long-term profitability, growth and increased shareholder value.
17
                  SUMMARY OF CONTRACT ANNOUNCEMENTS* THROUGH JUNE 25, 1999
*Certain contracts are not announced per client’s request

 Date      Contract Business Contract                         Complete Industry   Description
 Announced Value    Unit     Type                             Date     Served
           ($MM)
 5/19/99         Can          Global         Equipment        NA       Chemicals PRENTISS, ALBERTA, CANADA-American
                 $8.5+        Services       rentals,                            Equipment Company was awarded a contract from
                                             maintenance,                        Union Carbide Canada for the LP-7 project
                                             small tools,                        expansion to its existing complex. Union Carbide
                                             supplies and                        is constructing a 1.3 billion pounds per year, low-
                                             site services                       pressure polyethylene plant. The contract runs for
                                                                                 the duration of the program at the site.
 5/18/99         $300+        Oil, Gas & Engineering,         2002     Oil                             ,
                                                                                  FORT MCMURRAY ALBERTA, CANADA-Fluor
                              Power      procurement,                             Daniel and Fluor Constructors Canada Ltd. will
                                         construction                             participate in a project alliance for the expansion of
                                         management                               Suncor Energy’s oil sands facilities to increase
                                         and services                             synthetic crude oil production from 120,000 to
                                                                                  210,000 barrels per day.
 2/8/99          Not       Oil, Gas & Engineering,            2000     Power                         ,
                                                                                  HIDALGO COUNTY TEXAS-Duke/Fluor Daniel
                 Disclosed Power      procurement,                                awarded a contract by Duke Energy Power
                                      construction                                Services for a 500-megawatt, natural gas-fired
                                      services                                    merchant power plant. The total installed cost is
                                                                                  $175 million.
 2/4/99          $50          Operation-     Design,          2001     Chemicals N. & S. CAROLINA, VIRGINIA, RHODE ISLAND-
                              s, Mainte-     engineering,                        Fluor Daniel Maintenance Services awarded a 3-
                              nance, &       construction,                       year multi-site contract by Clariant to provide a
                              Consulting     maintenance &                       variety of services primarily focused on
                                             plant services                      maintenance and plant services. The contract value
                                                                                 was booked in Q498.
 2/1/99          Not       Oil, Gas & Engineering,            2000     Power                             ,
                                                                                  PENOBSCOT COUNTY MAINE-Duke/Fluor Daniel
                 Disclosed Power      procurement,                                awarded a contract by Duke Energy Power
                                      construction                                Services for a 520-megawatt, natural gas-fired
                                      services                                    merchant power plant.
1/13/99          Not       Energy & Engineering,       2001            Power      DEARBORN, MICHIGAN-Duke/Fluor Daniel
                 Disclosed Chemicals procurement,                                 awarded a turnkey contract by Dearborn Industrial
                                     construction,                                Generation, LLC, which is a company formed by
                                     commissioning,                               CMS Energy Corporation and DTE Energy
                                     startup & testing                            Services, to build a 550-megawatt power plant at
                                                                                  the Rouge complex. Total installed cost is $240
                                                                                  million.
12/10/98         $49          Energy & Construction           2000     Petro-    BAHIA BLANCA, ARGENTINA-Fluor Daniel and
                              Chemicals management &                   chemicals SADE Ingeniera y Construcciones S.A. awarded a
                                        services                                 contract by Polisur S.A., a joint venture of The Dow
                                                                                 Chemical Company (Dow) and Yacimientos
                                                                                 Petroliferos Fiscales (YPF), for its 270,000 metric
                                                                                 tons per year polyethylene project.
12/7/98          NA           Mining &       Feasibility study NA      Mining     BEIRA,MOZAMBIQUE-Fluor Daniel and the
                              Minerals                                            government of Mozambique signed a
                                                                                  memorandum of understanding regarding a U.S.
                                                                                  Trade and Development Agency-sponsored
                                                                                  feasibility study for the development of an
                                                                                  aluminum smelter project. Fluor Daniel will work
                                                                                  with Asea Brown Boveri AG and Kaiser Aluminum
                                                                                  Corp. in performing the study.
11/18/98         Not       Diversified Equipment              2008     Mining     LIMA, PERU-American Equipment Co.’s AMECO
                 Disclosed Services    rental, sales,                             Peru S.A.C. division awarded contract to provide
                                       maintenance &                              equipment rental and sales, equipment
                                       site services                              maintenance, small tools and supplies, and related
                                                                                  site services to Doe Run Peru at its La Oroya
                                                                                  metallurgical smelting complex in the Andes
                                                                                  Mountains.
18
Date      Contract    Industry      Contract       Complete Industry     Description
Announced Value       Group        Type            Date     Served
          ($MM)
11/11/98   Can$15     Diversified Equipment        NA       Chemicals    ALBERTA, CANADA-AMECO Services, Inc. awarded
                      Services    supply,                                contract to supply construction equipment, equipment
                                  maintenance                            maintenance, small tools and supplies, and related
                                  & site                                 site services to NOVA Chemicals Ltd. for its Joffre
                                  services                               2000 project expansion at its existing complex. The
                                                                         contract runs for the duration of NOVA’s capital
                                                                         improvement program at the Joffre site.
11/10/98   Not       Energy &  Engineering,        1999     Power        POINT LISAS, TRINIDAD-Duke/Fluor Daniel awarded
           Disclosed Chemicals procurement,                              contract by InnCOGEN Limited, the wholly-owned
                               design &                                  Trinidadian subsidiary of York Research Corp., to
                               construction                              provide construction services for a 225-megawatt
                                                                         natural gas fired power plant in the country of Trinidad
                                                                         and Tobago. The power plant will be designed to use
                                                                         three MS7111 gas turbines in simple cycle operation.
10/26/98   $147       Industrial   Engineering, 1999        Pulp &       LAWTON, OKLAHOMA-Fluor Daniel selected by
                                   procurement,             Paper        Republic Group Inc. and its wholly-owned subsidiary,
                                   construction &                        Republic Paperboard Co., to design and build a 100-
                                   project                               percent recycled paperboard mill. Total costs are
                                   management                            estimated to be $160 to $170 million.
10/15/98   Not       Energy &      Engineering, 2000        Power        PARIS, TEXAS-Duke/Fluor Daniel awarded turnkey
           Disclosed Chemical      procurement,                          contract by Panda Paris Power LP, a subsidiary of
                                   construction &                        Panda Energy International, Inc., for a 1,000 megawatt,
                                   start-up                              greenfield power plant.
                                   services
9/8/98     $200+      Energy &  Engineering        2000     Chemicals    CHOCOLATE BAYOU, TEXAS-Contract for the
                      Chemicals procurement,                             expansion of Solutia’s acrylonitrile facility, a key
                                construction                             feedstock for their Aerilan (R) acrylic fiber and nylon
                                                                         family of products. Solutia was formerly the chemicals
                                                                         business of Monsanto Corp. and was spun off in 9/97.
8/6/98     $100       Energy &  Design,            2000     Chemicals    BAHIA BLANCA, ARGENTINA-Awarded contract by
                      Chemicals procurement,                             Petroquimica Bahia Blanca, a joint venture among The
                                construction                             Dow Chemical Co., Yacimientos Petroliferos Fiscales
                                                                         and Itochu, for its new ethane cracking facility. Total
                                                                         installed cost is $300 million.
8/25/98    Not       Energy &  Operations,  NA               Power       EAST CHICAGO, INDIANA-Award of a 15-yr contract
           Disclosed Chemicals maintenance,                              to Duke/Fluor Daniel by Cokenergy, Inc., a unit of
                               staffing and                              Primary Energy for the 94-megawatt, cogeneration
                               management                                steam delivery system at the Indiana Harbor HRC
                               services                                  Facility.
7/31/98    Not       Industrial    Engineering,    NA       Telecom-    LONDON, ENGLAND-London Underground Limited
           Disclosed               procurement,             munications selected CityLink Telecommunications, a consortium
                                   construction,                        including Fluor Daniel, to replace and manage the
                                   testing                              radio and transmission services for the entire Tube
                                                                        network, known as "Connect." The project is worth
                                                                        about £1 billion over 20 years. Award of the contract is
                                                                        subject to agreement on definitive terms, conditions
                                                                        and financing, which is anticipated later this year.
7/27/98    $308       Industrial   Design,         2002     Infra-       RICHMOND, VIRGINIA-FD/MK LLC, a venture of Fluor
                                   construction             structure    Daniel and Morrison Knudsen, is proceeding with the
                                                                         Route 895 Connector project for the state's
                                                                         Department of Transportation. Total installed cost is
                                                                         $324 million.
6/18/98    $27        Energy &  Engineering        1999     Petro-       JOSE, VENEZUELA-Basic engineering services,
           million    Chemicals services,                   chemicals    phase one, for a new olefin complex that Mobil
           phase                construction,                            Chemical Co. and Petroquimica de Venezuela, S.A.
           one                  design                                   (Pequiven) intend to construct and operate. Total
                                                                         installed cost is about $2 billion.
                                                                                                                                    19
Date      Contract   Industry      Contract           Complete Industry    Description
Announced Value      Group        Type                Date     Served
          ($MM)
5/19/98   Not       Diversified Equipment             NA        Refinery   TOLEDO, OHIO-Amercian Equipment Company, a
          Disclosed Services    services                                   Fluor Daniel company, will be the sole-source supplier
                                                                           of equipment, maintenance, tools, scaffolding and
                                                                           related services for BP Oil’s Toledo Repositioning
                                                                           Project, which has been underway for 10 months to
                                                                           upgrade heavy crude fractions into higher value
                                                                           transport fuels.
5/13/98   Not       Industrial    Engineering,        1999     Pharma-     EUROPE-$265-million contract to renovate and
          Disclosed               procurement,                 ceutical    expand selected Warner-Lambert pharmaceutical
                                  construction,                            facilities in Europe.
                                  validation
                                  services

4/27/98   $250+      Industrial   Architectural,      2000     Commer-     LAS VEGAS, NEVADA-ADP Marshall, a Fluor Daniel
                                  engineering,                 cial        company, awarded contract to design and build the
                                  procurement,                             base facilities for the new Aladdin Hotel & Casino in
                                  construction                             Las Vegas. Total installed cost of the base facilities
                                  services                                 exceeds $825 million.

4/20/98   $20        Energy &     Engineering,        1999     Petro-      ALTAMIRA, TAMAULIPAS, MEXICO-ICA Fluor Daniel
                     Chemicals    procurement,                 chemicals   awarded contract to design and build propylene
                                  construction                             splitter facility for Indelpro, a joint venture between
                                  services                                 Alpek - the petrochemical and synthetic fiber group of
                                                                           Mexican corporation Alfa - and Montell. The total
                                                                           installed cost of the project is $40 million.
4/14/98   $40        Energy &     Project          1999        Oil & Gas HOUSTON, TEXAS-Arctic Pacific Contractors, a
                     Chemicals    engineering,                 Production 50/50 joint venture between Fluor Daniel and Brown &
                                  procurement,                            Root Energy Serv., was selected by Sakhalin Energy
                                  construction                            Investment Co., owned by subsidiaries of Marathon
                                  planning, other                         Oil, Royal Dutch Shell, Mitsui and Mitsubishi, to
                                  support services                        provide services for basic design concept and
                                                                          definition phases of the Sakhalin II project located
                                                                          along Russia’s Pacific Coast. The project will include
                                                                          multiple offshore oil and gas production platforms;
                                                                          subsea and onshore pipelines; onshore processing
                                                                          facilities, terminals and infrastructure.
4/14/98   Not       Energy &      Engineering,        2000     Chemicals PRENTISS, ALBERTA-Contract for new polyethylene
          Disclosed Chemicals     procurement,                           plant for Union Carbide.
                                  construction
3/30/98   Not       Energy &      Engineering,        2000     Petro-      JOFFRE, ALBERTA-Stone & Webster/Fluor Daniel
          Disclosed Chemicals     procurement,                 chemical    Petrochemicals (SW/FD) has signed a contract with
                                  construction,                            NOVA Chemicals Ltd. and Union Carbide
                                  project                                  Corporation for a third ethylene plant at Nova’s Joffre
                                  management                               complex. Upon start-up, this site will be the largest
                                  services                                 ethylene manufacturing complex in the world.
                                                                           SW/FD’s contract value is about $630 million.
3/26/98   Not       Diversified Plant startup         1999     Steel       ROCKPORT, INDIANA-In cooperation with Siemens
          Disclosed Services    support,                                   Energy & Automation Inc., Fluor’s Maintenance &
                                maintenance                                Industrial Services unit will provide plant services to
                                services                                   AK Steel Corporation for its new finishing facility.
2/17/98   Not       Industrial    Engineering,        2008     Mining      LA OROYA, PERU-Contract to upgrade and
          Disclosed               procurement,                             modernize The Doe Run Co.’s metallurgical smelting
                                  construction                             complex. Part of a 10-year capital improvement
                                  management                               program, Fluor Daniel will upgrade equipment,
                                  services                                 provide safety and craft training programs, and
                                                                           enhance its environmental performance.
2/16/98   Not       Energy &      Engineering,        1999     Power       INGLESIDE, TEXAS-Duke/Fluor Daniel was
          Disclosed Chemicals     procurement,                             awarded a contract by Ingleside Cogeneration
                                  construction,                            Limited Partnership to design and build a nominal
                                  start-up, testing                        440-megawatt, natural gas-fired cogeneration power
                                  services                                 plant. Total installed cost is $210 million.

20
Date      Contract Industry       Contract Type     Complete Industry     Description
Announced Value    Group                            Date     Served
          ($MM)
1/20/98    $291      Industrial   Design,           2001      Infra-      SOUTH CAROLINA-Notice to proceed on the
                                  construction                structure   Conway Bypass project, a design/build contract for a
                                                                          28.5-mile highway, following the arrangement of a
                                                                          funding package approved by the State Infrastructure
                                                                          Bank (SIB) for the Road Improvement Development
                                                                          Effort (RIDE) Program.
1/6/98     $100      Environ-     Full-service      2003      Govern-     WORLDWIDE-Fluor Daniel GTI has been selected by
           (Over 5   mental       remediation                 ment        the Air Force Center for Environmental Excellence to
           years)                                                         execute remediation projects on US Air Force bases
                                                                          worldwide. The award consists of a one-year base
                                                                          contract, with four one-year options and is part of a
                                                                          Multiple Award Remediation Contract valued at $400
                                                                          million, which is shared with other contractors.
1/5/98     $20      Govern-       Nuclear design,   1999      Medical     TORONTO, CANADA-Contract with Atomic Energy of
           (Canada) ment          engineering,                            Canada Limited to design and build a medical
                                  construction                            isotopes processing facility. When completed the
                                                                          facility will house hot cells used in isotope separation.
                                                                          Total installed cost is (Canadian) $140 million.
10/20/97   $330      Industrial   Engineering,      1999      Mining      PILBARA, WESTERN AUSTRALIA-Services for the
                                  procurement,                            Yandicoogina iron ore project for Hamersley Iron Pty
                                  construction                            Ltd, a wholly owned subsidiary of Rio Tinto Ltd.
                                                                          Responsibil- ities include the ore processing plant,
                                                                          reclaim and train loadout facility, associate mine,
                                                                          infrastructure, and a 93-mile railway. Total installed
                                                                          cost is $513 million.
10/20/97   Not       Energy &     Project           2000      Oil         COMPECHE, MEXICO-ICA Fluor Daniel’s
           Disclosed Chemicals    management,                             multinational consortium has been awarded a contract
                                  engineering,                            by Pemex Exploracion y Produccion to build, own and
                                  procurement,                            operate the world’s largest nitrogen generation
                                  construction                            complex. Total capacity will be 1.2 billion standard
                                  services                                cubic feet per day of nitrogen. Included are 400
                                                                          megawatts of electrical generating capacity. Total
                                                                          construction cost is $1 billion.
9/1/97     Not       Energy &     Design,           1999      Chemicals ALVIN, TEXAS-Fluor Daniel was chosen, along with
           Disclosed Chemicals    engineering                           its joint-venture partner, Technip, to expand a
                                  procurement,                          polypropylene manufacturing facility at Amoco
                                  construction                          Chemical Company’s Chocolate Bayou Chemical
                                                                        Plant. The new single reactor facility will increase
                                                                        Amoco’s polypropylene capacity by 250,000 metric
                                                                        tons per year.
6/30/97    Not       Process      Project           2001      Petro-      RUWAIS, ABU DHABI-Fluor Daniel was selected to
           Disclosed              management,                 chemical    provide services for a world-scale ethylene unit, two
                                  design,                                 polyethylene units and associated utilities and offsite
                                  engineering,                            facilities for ADNOC-Borealis. The complex is a joint
                                  procurement,                            venture, owned 60 percent by ADNOC (Abu Dhabi
                                  construction                            National Oil Company) and 40 percent by Borealis.
                                  consultancy                             Borealis is the largest producer of polyolefin plastics
                                  services                                in Europe and the fifth largest worldwide.
6/16/97    Not       Govern-      Services          Ongoing   Environ-    ROSSLYN, VIRGINIA-Fluor Daniel was one of three
           Disclosed ment                                     mental      organizations selected by the Federal Emergency
                                                                          Management Agency (FEMA) to assist in responding
                                                                          to natural disasters, as a Technical Assistance
                                                                          Contractor for the Public Assistance Program. Terms
                                                                          of the contract require mobilization of up to 100
                                                                          specialists within 48 hours of notification, over a
                                                                          period of 60 days.
5/19/97    $500      Process      Engineering,      1999      Chemicals CONNECTICUT-Three-year contract to provide
                                  procurement,                          services to Witco in support of its program to
                                  construction,                         restructure and consolidate its worldwide
                                  safety and                            manufacturing facilities. Fluor Daniel, with support
                                  environmental                         from its environmental company, Fluor Daniel GTI, will
                                  services                              modernize more than 20 manufacturing facilities.

                                                                                                                                21
Date      Contract Industry        Contract Type      Complete Industry     Description
Announced Value    Group                              Date     Served
          ($MM)
5/6/97     $1.9       Process      Program            2000      Petro-      YANBU, SAUDI ARABIA-Contract with Saudi Yanbu
           Billion                 manager,                     chemical    Petrochemical Company (Yanpet) to double the
                                   engineering,                             capacity of its petrochemicals complex at Yanbu. The
                                   procurement,                             complex is a 50-50 joint venture between Mobil Yanbu
                                   construction                             Petrochemicals Company Inc., a subsidiary of Mobil
                                   services                                 Corporation, and Saudi Basic Industries Corporation.
2/18/97    $6         Process      Engineering,       1999      Lube Oil    HAMBURG, GERMANY-Contract to provide services
                                   procurement,                             for the modernization, revamp and automation of
                                   construction                             Deutsche Shell AG’s Grasbrook lube oil blending
                                   management                               facility, which is one of the largest in the world. Total
                                   services                                 installed cost is approximately $26 million.
1/20/97    $20        Diversified Construction,       2000      Environ-    NASHVILLE DISTRICT-Fluor Daniel GTI was selected
                      Services    demolition,                   mental      by the U.S. Army Corps of Engineers to lead a team
                                  remediation                               to provide services at hazardous, toxic and
                                  services                                  radioactive waste sites in nine states. The one-year
                                                                            contract has two one-year options, and is valued at up
                                                                            to $20 million for three years.
1/20/97    $90        Power        Engineering,       Ongoing   Power       EAST CHICAGO, INDIANA-Fluor Daniel formed an
                                   procurement,                             expanded alliance with Primary Energy, a wholly
                                   construction                             owned subsidiary of NIPSCO Industries, to provide
                                   services                                 efficient, on-site energy centers for major industrial
                                                                            companies throughout the U.S. The latest in a series
                                                                            of major projects is a contract to build a 95-megawatt
                                                                            cogeneration plant and flue gas desulfurization
                                                                            system at the Inland Steel Indiana Harbor Facility.
1/9/97     $30        Process      Design,            1999      Refinery    POLAND-Two contracts by Rafineria Gdanska S.A.,
                                   engineering,                             one is to provide services for a major refinery
                                   procurement,                             modernization which will upgrade and expand the
                                   construction                             production capacity of environmentally friendly fuels
                                   services                                 and the other is to perform detailed services for the
                                                                            offsites, utility and infrastructure facilities. Total
                                                                            installed cost is $400 million.
12/16/96   Not       Industrial    Construction       1999      Transporta- SEOUL, KOREA-Fluor Daniel is one of four
           Disclosed               management                   tion        companies in a consortium which will build the
                                                                            concrete and structural frame of the main passenger
                                                                            terminal building for the new Inchon International
                                                                            Airport for Korea Airport Construction Authority. The
                                                                            5.7 million square foot building is the centerpiece of
                                                                            Seoul’s new international airport.
10/22/96   $1+        Industrial   Engineering,       1999      Mining      BATU HIJAU, INDONESIA-Contract to provide
           Billion                 prcurement,                              services to Newmont Gold Company of Denver and
                                   construction,                            Sumitomo Corp. of Tokyo for the Batu Hijau project, a
                                   project                                  large copper/gold porphyry deposit with an estimated
                                   management                               11.2 billion pounds of copper and 14.7 million ounces
                                                                            of gold. Total project cost is estimated at $1.6 billion.
9/24/96    Not       Industrial    Project            Ongoing   Pharma-     SAN FRANCISCO, CALIFORNIA-Strategic
           Disclosed               management,                  ceutical    engineering alliance with Genentech to provide
                                   engineering,                             project-related engineering services to its
                                   support staffing                         manufacturing, and research and development
                                   services                                 facilities. Genentech is a leading biotechnology
                                                                            company that discovers, develops, manufactures and
                                                                            markets human pharmaceuticals.
8/6/96     $5 Billion Govern-      Program            2001      Environ-    RICHLAND, WASHINGTON-Management of the
                      ment         Management                   mental      environmental cleanup at Hanford, the Department of
                                                                            Energy’s former plutonium production facility. Fluor
                                                                            Daniel and its 5 major subcontractors will assume full
                                                                            site responsibility on October 1, 1996. Hanford is one
                                                                            of the nation’s largest and most complex cleanup
                                                                            efforts. Booking of the project will occur on an
                                                                            annualized schedule.
22
                                LIST OF SIGNIFICANT NEWS RELEASES OF
                               FLUOR CORPORATION AND ITS SUBSIDIARIES
                                         THROUGH JUNE 25, 1999

Headline                Dateline              Summary
Fluor Appoints Chief    Irvine, CA            Fluor Corporation announced that Ralph F. Hake has been elected by its board of
Financial Officer       June 8, 1999          directors to the position of executive vice president and chief financial officer, effective
                                              June 16. Hake’s 24-year career began with Mead Corporation where he quickly rose
                                              through various functions to oversee the corporate development and planning activity. In
                                              1987, he joined Whirlpool Corporation where he oversaw various corporate financial
                                              functions including corporate controller, and most recently as senior executive vice
                                              president and chief financial officer.He succeeds James O. Rollans, Fluor’s current chief
                                              financial officer, who assumed the position of president and chief executive officer of
                                              Fluor Signature Services in March of this year.
Fluor Board Declares    Irvine, CA            Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20 cents
Quarterly Dividend      June 8, 1999          per share on the company’s common stock, payable on July 13, 1999 to holders of
                                              record at the close of business on June 22, 1999.
Fluor Announces         Irvine, CA            Fluor Corporation announced a net loss of $72.9 million, or 97 cents per share, for the
Second Quarter          May 26, 1999          second quarter ended April 30, compared with net earnings of $54.3 million, or 67 cents
Results                                       per share for the same period a year ago.
Fluor Corporation       Irvine, CA            Fluor Corporation announced a strategy to significantly improve its profitability and
Unveils New Strategic   March 9, 1999         growth potential. Speaking at the company’s annual meeting, Chairman and CEO Philip
Direction to Increase                         J. Carroll Jr., told shareholders the company is initiating actions designed to increase
Shareholder Value                             return on operating assets from 9 percent in 1998 to above 13 percent, with a
                                              sustainable revenue growth rate of 10 percent within five years.
Fluor Board Declares    Irvine, CA            Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20 cents
Quarterly Dividend      March 9, 1999         per share on the company’s common stock.
Fluor Announces First   Irvine, CA            Fluor Corporation announced net earnings of $51.1 million, or 68 cents per share, for the
Quarter Earnings        February 17, 1999     first quarter ended January 31, compared with $54.8 million, or 66 cents per share, for
                                              the same period a year ago.
Fluor Files Shelf       Irvine, CA            Fluor Corporation filed a shelf registration statement with the SEC for the sale of up to
Registration with SEC   January 25, 1999      $500 million of debt securities. Proceeds from debt offerings under the shelf registration
                                              will be primarily used to pay down short-term debt incurred during the company’s recently
                                              completed share repurchase program.
AMECO Receives          Irvine, CA            American Equipment Co. received the first Associated Equipment Distributors’ (AED)
Health & Safety Award   January 15, 1999      award for excellence and effectiveness in health and safety. AED is the trade association
                                              for distributors and manufacturers of equipment used in construction, mining, logging,
                                              public works and related industries. AMECO was honored by the AED Environmental,
                                              Health and Safety Committee for the completeness of the company’s program, the
                                              documentation of its procedures, involvement of all of its divisions and its impressive
                                              results.
American Equipment        Greenville, SC      American Equipment Company announced that it obtained full ownership of Maquinaria
Acquires Full Interest in December 16, 1998   Panamericana, S.A. de C.V (MAPSA) from Grupo ICA on November 30, 1998 In June
Maquinaria                                    1997, AMECO acquired a majority share -- 65 percent -- of MAPSA from GRUPO ICA.
                                              The transaction cost was not material.
Fluor Appoints Sr. VP   Irvine, CA            Fluor Corporation announced that Frederick J. Grigsby, Jr., 51, has been elected by its
of Human Resources      December 10, 1998     board of directors to the position of senior vice president of Human Resources and
                                              Administration. Grigsby started his 29-year business career with the Westinghouse
                                              Electric Corporation. Since 1995, he has held the position of vice president, Human
                                              Resources, for Thermo King Corp., a wholly owned subsidiary of Ingersoll-Rand.
Fluor Board Declares    Irvine, CA            Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20 cents
Quarterly Dividend      December 9, 1998      per share on the company’s common stock.

Fluor Announces         Irvine, CA            Fluor Corporation announced net earnings of $235.3 million, or $2.97 per share, for the
FY1998 Results          November 19, 1998     fiscal year ended October 31, compared with $146.2 million, or $1.75 per share, in
                                              1997. Net earnings for the fourth quarter, ended October 31, were $63.8 million, or 84
                                              cents per share, compared with $88 million, or $1.06 per share a year ago.
Fluor Appoints VP of    Irvine, CA            Fluor Corporation announced that George K. Palmer, 54, has joined the company as its
Corporate Relations     November 10, 1998     vice president of Corporate Relations. Palmer has more than 30 years of experience in
                                              public affairs; investor, media and community relations; crisis communications and
                                              employee communications.
                                                                                                                                         23
Headline                   Dateline            Summary
Fluor Daniel to Sell GTI   Irvine, CA          Fluor Daniel announced that they have entered into an agreement to sell Fluor
Environmental to IT        October 28, 1998    Daniel GTI, its Massachusetts-based environmental company, to The IT Group.
                                               Under terms of the agreement, IT will acquire all outstanding shares in FDGTI for
                                               $8.25 per share, in cash, including the 4.4 million shares, or about 52 percent,
                                               owned by Fluor Daniel. Fluor Corp. will realize $36.3 million in proceeds from the
                                               transaction with no material earnings impact.

Fluor Discontinues         Irvine, CA          Fluor Corporation announced that it has discontinued efforts to transact American
Efforts to Sell AMECO      October 7, 1998     Equipment Company. The decision not to proceed resulted from a substantial
                                               alteration by the leading bidder in the terms and conditions of the transaction in
                                               response to perceived changes in external market circumstances.

Fluor Board Declares       Irvine, CA          Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20
Quarterly Dividend         September 8, 1998   cents per share on the company’s common stock.

Fluor Announces Third      Irvine, CA          Fluor Corporation announced net earnings for the third quarter ended July 31,
Quarter Earnings           August 19, 1998     1998 of $62.4 million, or 81 cents per share, compared with $66.2 million or 79
                                               cents per share, for the same quarter a year ago. For the first nine months, net
                                               earnings were $171.5 million, or $2.14 per share, compared with net earnings of
                                               $58.1 million, or 70 cents per share for the same period last year.

Rollans to Replace         Irvine, CA          Fluor announced the departure of Michal Conaway, sr. vice president and CFO.
Conaway as CFO             July 21, 1998       Conaway accepted a position as sr. executive and CFO with another corporation.
                                               James Rollans will assume the position of CFO, a position he previously held with
                                               Fluor.

Fluor Daniel Named         Irvine, CA          Fluor Daniel has been ranked the number-one E&C company in the U.S., based
T U.S. Contractor
 op                        July 20, 1998       on total revenue, by Engineering New   s-Record (ENR) magazine. In a field of 400
(ENR)                                          general contractors, the company came in first for the fifth straight year and has
                                               held this ranking for 10 of the past 11 years.

Fluor Board Declares       Irvine, CA          Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20
Quarterly Dividend         June 9, 1998        cents per share on the company’s common stock.

Fluor Announces            Irvine, CA          Fluor Corporation announced net earnings of $54.3 million, or 67 cents per share,
Second Quarter             May 20, 1998        for the second quarter ended April 30, compared with a net loss of $70.1 million,
Earnings                                       or 84 cents per share for the same period a year ago For the first six months, net
                                               earnings were $109.1 million, or $1.33 per share, compared with a net loss of
                                               $8.1 million, or 10 cents per share, for the same period in 1997.

Philip J. Carroll Named    Irvine, CA          Fluor Corporation’s Board of Directors announced the election of Philip J. Carroll
Chairman and CEO           April 15, 1998      as chairman and chief executive officer of Fluor Corporation, effective July 1998.
                                               Carroll, 60, will retire as president and CEO of Shell Oil Company on June 30.

Fluor Board Declares       Irvine, CA          Fluor Corporation’s Board of Directors declared a quarterly cash dividend of 20
Quarterly Dividend         March 10, 1998      cents per share on the company’s common stock.

Fluor to Pursue       Irvine, CA               Fluor Corporation announced that it will pursue options for transacting American
Transactional Options March 9, 1998            Equipment Company (AEC) its equipment sales, leasing and services subsidiary.
of American Equipment                          This decision to exit the business is the result of a thorough review of strategic
Company                                        alternatives to increase shareholder value either through continuing ownership of
                                               and investment in AEC, or by some form of divestiture or restructuring. Merrill
                                               Lynch & Company will serve as Fluor’s financial advisor.

Fluor Ranked #1 E&C        Irvine, CA          Fortune magazine has identified Fluor Corporation as America’s most admired
Company in Fortune         March 4, 1998       company in the engineering and construction industry in its March 2 issue. This is
                                               the fifth straight year that Fluor has earned this top honor.

Fluor Announces First      Irvine, CA          Fluor Corporation announced net earnings of $54.8 million, or 66 cents per share,
Quarter Results            February 18, 1998   for the first quarter ended January 31, 1998, compared with $62 million, or 74
                                               cents per share for the same period a year ago.

				
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