Fluor Corporation
Fourth Quarter 2008
Conference Call

Safe Harbor Statement
Any forward-looking statements made in this presentation are based on
current management expectations as to what may occur in the future.
However, the company’s actual results for future fiscal periods and any
corporate developments will depend on a number of economic, competitive
and other factors including some of which will be outside the control of the
company. Such factors could cause the company’s actual results for future
periods to differ materially from those expressed in any forward-looking
statements made in this presentation. Information concerning those factors is
available in our Form 10-K filed on February 25, 2009.
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FY 2008
Financial Performance
Year Ended %
12/31/2007 12/31/2008 Change
($ in millions, except EPS)
Revenue $ 16,691 $ 22,326 34%
Operating Profit 802 1,289 61%
Net Earnings 533 720 35%
EPS (diluted) 2.93 3.93 34%
New Awards 22,590 25,058 11%
Backlog $ 30,171 $ 33,245 10%
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New Awards & Backlog
$ in Billions
Backlog
New Awards
36.5
8.8
33.2
33.0
31.5
30.2
27.9
6.4
6.3
25.7
6.0
5.8 5.7
23.7
4.5
4.2
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
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Market Outlook
• Oil & Gas
– Record backlog and operating profits for 2008 boosted by major
downstream projects
• Going forward, expect shift toward non-U.S. and to upstream
• Valero scope reductions - $750 million for hydrocracker construction
will be removed from backlog in Q1, 2009
– Downstream and petrochemicals prospects internationally
– Upstream efforts focused in the Middle East, Russia and Canada
– FEED services increasing and stretching out
5

Market Outlook
• Power
– Gas-fired generation and betterment awards in 2008
– Opportunities in alternative energy / renewables
– Clear U.S. energy policy needed for industry growth
• Industrial & Infrastructure
– Mining backlog, excluding one copper project, is intact
• Capex slowdown evident
– Financing availability is key to infrastructure projects
– Offshore wind farm opportunities increasing
6

Market Outlook
• Government
– LOGCAP IV task order awards coming in
– CETAC work continues
– Poised for growth in 2009
• Global Services
– Relationship based / multiple sites / multi-year contracts
– Metals market, such as steel, slowing down
– Refinery outages & turnarounds expected to increase
– A number of new contracts expected in 2009
7

2008 Operating
Performance
• Oil & Gas
– 67% increase in operating profit to $724 million
– 55% increase in revenue to $12.9 billion
– Q4 new awards of $2.7 billion include a petrochemical project
in China, a refinery project in Portugal and scope additions on
existing projects
– Backlog up 15% to record $21.4 billion
8

2008 Operating
Performance
• Industrial & Infrastructure
– 106% increase in operating profit to $208 million
– Revenue for the year was $3.5 billion
– New awards up 50% over 2007 to $5.0 billion
– Backlog up 11% to $6.7 billion
• Government
– Operating profit up 78% to $52 million
– New awards of $1.4 billion, including Savannah River, LOGCAP IV
– Backlog up slightly to $804 million
9

2008 Operating
Performance
• Global Services
– 14% increase in operating profit to $229 million
– 9% revenue increase to $2.7 billion
– New awards of $2.1 billion, backlog at $2.6 billion
• Power
– 98% increase in operating profit to $75 million
– Revenue up 64% to $1.9 billion
– New awards of $1.3 billion includes Q4 award of gas-fired plant
– Backlog declined to $1.8 billion due to work performed on Oak Grove
10

2008 Corporate Items
• Corporate G&A of $229 million
• Net interest income of $55 million reflects higher cash
balances and lower interest expense
• Cash and marketable securities of $2.1 billion
• Debt-to-total capital down to 5%
• Capital expenditures of $300 million
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2009 Outlook
• Maintaining 2009 EPS Guidance of $3.90 - $4.20 per
share
– Substantial backlog of $33.2 billion at December 31, 2008
– Relatively robust prospect list
– Actions to improve overhead leverage
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Q&A
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