Press Release

HOUSTON – February 4, 2021 - KBR, Inc. (NYSE: KBR) announced today that a subsidiary of CVR Energy, Inc. (“CVR Energy”) is proceeding with the next phase of the KBR Solid Acid Alkylation Technology (K-SAATTM) project for its refinery in Wynnewood, Oklahoma.

CVR Energy previously awarded a contract to KBR to provide the basic engineering design based on K-SAAT technology to revamp its existing HF alkylation unit at its Wynnewood refinery. CVR Energy now plans to take the project to the next phase, which would entail KBR providing detailed engineering of the process equipment, proprietary equipment supply and module fabrication. The expected mechanical completion of the project would be late 2024, subject to regulatory and internal approvals.

“We are extremely happy to continue working with CVR Energy on its efforts to migrate from a traditional hydrofluoric acid-based alkylation process to KBR’s innovative and groundbreaking K-SAAT process that delivers higher alkylate yield and quality,” said Doug Kelly, KBR President, Technology. “The Wynnewood refinery would be the first US installation of K-SAAT technology, which is a leading choice for grassroots alkylation applications as well as for revamping existing facilities to improve plant economics. Eliminating liquid acid catalysts just makes it that much more attractive.”

“We are pleased to have selected KBR’s innovative alkylation technology for our Wynnewood refinery,” said Dave Lamp, Chief Executive Officer and President of CVR Energy. “We chose K-SAAT after assessing available alkylation technologies and considering the benefits we intend to achieve.”

KBR’s K-SAAT provides an opportunity to maximize the yield and quality of an ultra-clean gasoline blendstock with the ExSact™ catalyst, a revolutionary solid-acid catalyst that has been engineered to outperform liquid acid catalysts. The first commercial K-SAAT plant has been operational in China since 2018 and this technology has received great interest from refiners globally.

KBR’s licensed process technology is found in more than half of the world's FCC units and a majority of residue upgrading units. K-SAAT technology reflects KBR’s commitment to providing innovative technologies that give our customers a competitive edge in attractive markets.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, 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 significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company's ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company's ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company's ability to manage its liquidity; the company's ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; 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, including as a result of the COVID-19 pandemic; 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
[email protected]

Media
Philip Ivy
Vice President, Global Communications and Marketing
713-753-3800
[email protected]