News Release
May 10, 2001

PRESIDENT AND CEO NAMED AT DUKE/FLUOR DANIEL

CHARLOTTE, N.C. – Fluor Corporation (NYSE: FLR) and Duke Energy Corporation (NYSE: DUK) named Jeff Faulk president and chief executive officer of Duke/Fluor Daniel, a joint venture of the two companies that provides global engineering, construction and operating services to fossil-fueled power generating facilities.

Faulk comes to the partnership from Fluor Daniel, where he most recently served as senior vice president, Operations for the Americas, within the Energy & Chemicals strategic business unit. Faulk's 28-year career with Fluor Corporation encompasses a series of executive positions with responsibilities for engineering, procurement and construction (EPC), project and operating company operations, joint ventures and procurement.

"Jeff has an impressive track record on a number of significant projects," said Alan Boeckmann, president and chief operating officer of Fluor Corporation. "They include major refinery projects, power generation facilities and telecommunications projects worldwide. Moreover, he has a tremendous track record in operations, where his responsibilities have included profit and loss accountabilities, project controls and global operations. Duke/Fluor Daniel will benefit strongly from Jeff's leadership and experience - both in EPC and in the operating plant services business."

Harvey Padewer, group president of Energy Services for Duke Energy, said the partnership is poised to emerge as the clear leader in fossil-fueled power generation under Faulk's leadership. "Last year, Duke/Fluor Daniel was building one out of every three megawatts of natural gas-fired generation under construction in the U.S.," Padewer said. "The industry is beginning to take serious notice of this partnership and its global project portfolio - that includes everything from combined cycle plants to innovative clean-burning coal technology. We're confident that Jeff's leadership and experience can help move Duke/Fluor Daniel to a position of undisputed leadership in global markets."

Faulk joined Fluor Daniel in 1973 in procurement, serving a refinery expansion for National Iranian Oil Company. He worked in a number of procurement management positions for refinery projects in Iran and Venezuela before advancing to procurement management positions encompassing multiple projects through Fluor's Irvine, California, offices. He became vice president, Procurement Services in 1988, providing functional leadership worldwide.

In 1991, Faulk was named vice president and project director, with responsibility for major refinery expansion and modernization projects in the Philippines. From 1995 to 1996, he served as project director for several projects in Korea, the Philippines and China. From 1996 to 2000, he served as vice president, operations. During those years, he served in various roles in Fluor's Telecommunications operating company and the Oil, Gas & Power unit. Faulk brings additional experience in the management of joint-venture activities through his role on the Executive Committee of ICAFluor Daniel, the Mexico-based partnership with Empresas ICA.

Faulk received a bachelor's degree in administration from California State University, San Bernardino. He is also a graduate of the Advanced Management Program in Lausanne, Switzerland, and the Executive Development Program of the Harvard Graduate School of Business.

Duke/Fluor Daniel provides comprehensive engineering, procurement, construction and operating plant services for fossil-fueled electric power generating facilities worldwide. The general partnership of Duke Energy and Fluor Corporation is one of the largest power contractors in the world and has the largest U.S. market share for the engineering and construction of natural gas-fired power projects. D/FD operating plant services supports utility, merchant and cogeneration plants, including operations and maintenance contracts, capital projects, environmental retrofits and other major plant improvements. For more information, visit www.dukefluordaniel.com

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $49 billion in 2000. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

With 2000 revenues of $10 billion, Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance, project management and business services.

Contact: Keith Karpe
Phone: 949/349-7661
24 Hour Phone: 704/382-8333
Email: n/a
Contact: Jeremy Dreier
Phone: 704/382-8343
24 Hour Phone: 704/382-8333
Email: jwdreier@duke-energy.com