Press Release

Wire Release_
Houston, Texas (September 17, 2018) 

KBR, Inc. (NYSE: KBR) announced today that it is pursuing a new phase of joint development with ConocoPhillips LNG Licensing LLC to provide low-cost and expedited mid-scale LNG solutions for the marketplace. The companies will leverage their extensive expertise in LNG to jointly develop a standardized LNG train that will provide mid-scale LNG capacity for both greenfield and brownfield expansions seeking an off-the-shelf solution to reduce costs and shorten schedules for LNG facility installations.
KBR and ConocoPhillips have agreed to complete a front-end engineering and design (FEED) quality reference design for a mid-scale capacity LNG train (1.5-3.0 MTPA) suitable for a wide range of feed gas and ambient temperature conditions. The integrated design approach, utilizing ConocoPhillips' proven Optimized Cascade¨ process technology and constructed with integrated modularized construction, is expected to be available for new LNG projects starting in 2019.

Work began with ConocoPhillips in 2017 with KBR applying their SmartSPENDSM methodology to achieve cost reductions for LNG facilities using the Optimized Cascade¨ process technology. Building on this experience and responding to demand in the marketplace, the parties decided to focus on developing a mid-scale LNG solution that achieves low unit costs and fast deployment while maintaining high efficiency and operability. The parties will also continue to cooperate on large scale LNG trains utilizing similar methodology and technology.

"KBR and ConocoPhillips both have a well-established and respected history in LNG," said Farhan Mujib, KBR President, Hydrocarbons Services Americas. "This unique opportunity leverages that experience to combine KBR's plant configuration and project execution experience with the reliable and well-proven ConocoPhillips' LNG technology and operating experience."

KBR has delivered approximately one third of the world's current LNG production capacity and has been consistently active in the LNG industry for over 40 years. The ConocoPhillips Optimized Cascade¨ process is utilized in LNG plants producing about 23 percent of the world LNG supply. KBR has experience with nearly every LNG process technology licensor in order to integrate the most suitable process technologies with KBR's execution solutions for project-specific conditions.About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program lifecycle within the Government Services and Hydrocarbons sectors. KBR employs approximately 34,000 people worldwide (including our joint ventures), with customers in more than 75 countries, and operations in 40 countries, across three synergistic global businesses:Government Services, serving government customers globally, including capabilities that cover the full lifecycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logisticsTechnology, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining and gasificationHydrocarbons Services, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU); program management and consulting services
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

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Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company's indemnities from its former parent; changes in capital spending by the company's customers; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

Investors

Alison Vasquez
Vice President, Investor Relations
713-753-5082
Investors@kbr.com

Media

Brenna Hapes
External Global Communications
713-753-3800
Mediarelations@kbr.com