Press Release

HOUSTON, March 16, 2023 – KBR (NYSE: KBR) announced today that CVR Energy, Inc.’s Board of Directors has approved the next phase of the revamp of the alkylation unit at its subsidiary’s crude oil refinery located in Wynnewood, Oklahoma.

This phase entails the completion of engineering, design, module fabrication and construction for KBR’s Solid Acid Alkylation Technology (K-SAAT™) unit to eliminate hydrofluoric (HF) acid from the refinery. KBR’s contract includes the supply of a fully engineered and fabricated modular solution along with KBR’s proprietary catalyst for the project.

“We view this as a landmark project for the U.S. refining industry,” said Doug Kelly, KBR President, Technology. “The Wynnewood refinery will be the first U.S. implementation of K-SAAT technology, which in addition to delivering higher alkylate yield, should provide tangible environmental and safety benefits. We believe other leading refiners will adopt this technology given its clear ESG advantage.”

“We are pleased to move forward with this important project,” said Dave Lamp, President & Chief Executive Officer of CVR Energy. “It represents yet another example of CVR Energy’s efforts to focus on safe, efficient and reliable operations, and should increase gasoline production by upgrading lower-valued propylene.”

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.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 30,000 people performing diverse, complex and mission-critical roles in 34 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.

Visit www.kbr.com

Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding implementation and adoption of KBR’s K-SAAT technology, 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 ongoing conflict between Russia and Ukraine and the related impacts on our business as we wind down our business operations in Russia; the potential adverse economic and market conditions, such as interest rate and currency exchange rate fluctuations, including as a result of pandemics such as COVID-19; the recent dislocation of the global energy market; the company’s ability to manage its liquidity; 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; 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; the possibility of cyber and malware attacks; 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.

The company’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 the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

Investors
Jamie DuBray
Vice President, Investor Relations
713-753-5082
[email protected]

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