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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended November 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from __________ to___________
Commission file number 1-2256
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
(Full title of the plan)
EXXON CORPORATION
(Name of issuer of the securities)
225 E. John W. Carpenter Freeway
Irving, Texas 75062-2298
(Address of principal executive office)
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
INDEX
Page
----
Financial Statements
Statement of Net Assets
Available for Benefits, with
Fund Information at
November 30, 1994 and 1993 2-3
Statement of Changes in Net Assets
Available for Benefits, with
Fund Information for the
Year ended November 30, 1994 4
Notes to Financial Statements 5-8
Item 27a-Schedule of Assets Held for Investment
Purposes at November 30, 1994 (Exhibit 1) 9-16
Item 27d-Schedule of Reportable
Transactions (Exhibit 2) 17
Report of Independent Accountants 18
Consent of Independent Accountants 18
Signatures 19
-1-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
NOVEMBER 30, 1994
(millions of dollars)
Non-
Participant
Participant Directed Directed
------------------------------------- -----------
Exxon Exxon
Corporation Extended Corporation
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund Fund Fund Fund Total
------------------------------------- --------------
Assets
Investments, at fair value:
Fixed income securities $2,359 - - - $16 $2,375
Short-term investments 105 - - - - 105
Loans to participants 170 - - - - 170
Exxon Corp common stock - $2,797 - - - 2,797
Wells Fargo index funds - - $298 $78 - 376
Exxon Corp Class A
preferred stock - - - - 568 568
------------------------------------------------------
Total investments 2,634 2,797 298 78 584 6,391
Amounts due from employers - - - - 45 45
Dividends receivable - 35 - - - 35
Accrued interest 52 - - - - 52
Other receivables 1 - - - - 1
------------------------------------------------------
Total assets 2,687 2,832 298 78 629 6,524
------------------------------------------------------
Liabilities
Payables and accrued
liabilities 14 8 - - 19 41
Notes payable - - - - 565 565
Subrogation rights obligation - - - - 48 48
------------------------------------------------------
Total liabilities 14 8 - - 632 654
------------------------------------------------------
Net assets available for
benefits $2,673 $2,824 $298 $78 ($3) $5,870
======================================================
The accompanying notes are an integral part of these financial statements.
-2-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
NOVEMBER 30, 1993
(millions of dollars)
Non-
Participant
Participant Directed Directed
------------------------------------- -----------
Exxon Exxon
Corporation Extended Corporation
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund Fund Fund Fund Total
------------------------------------- --------------
Assets
Investments, at fair value:
Fixed income securities $2,696 - - - $10 $2,706
Short-term investments 37 - - - 7 44
Loans to participants 174 - - - - 174
Exxon Corp common stock - $2,707 - - - 2,707
Wells Fargo index funds - - $273 - - 273
Exxon Corp Class A
preferred stock - - - - 694 694
------------------------------------------------------
Total investments 2,907 2,707 273 711 6,598
Amounts due from employers - - - - 36 36
Dividends receivable - 30 - - - 30
Accrued interest 44 - - - - 44
Other receivables 17 - - - - 17
------------------------------------------------------
Total assets 2,968 2,737 273 - 747 6,725
------------------------------------------------------
Liabilities
Payables and accrued
liabilities 38 7 - - 19 64
Notes payable - - - - 675 675
Subrogation rights obligation - - - - 41 41
------------------------------------------------------
Total liabilities 38 7 - - 735 780
------------------------------------------------------
Net assets available for
benefits $2,930 $2,730 $273 - $12 $5,945
======================================================
The accompanying notes are an integral part of these financial statements.
-3-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
YEAR ENDED NOVEMBER 30, 1994
(millions of dollars)
Non-
Participant
Participant Directed Directed
-------------------------------------- -----------
Exxon Exxon
Corporation Extended Corporation
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund Fund Fund Fund Total
------------------------------------- --------------
Contributions:
Employer $22 $6 $2 $2 $82 $114
Employee 100 36 24 20 - 180
------------------------------------------------------
Total contributions 122 42 26 22 82 294
------------------------------------------------------
Investment income:
Interest 152 - - - 1 153
Dividends - 131 - - 48 179
Net appreciation
(depreciation) in fair
value of investments (74) (98) 3 (2) (14) (185)
------------------------------------------------------
Total investment income 78 33 3 (2) 35 147
------------------------------------------------------
Interest expense - - - - (41) (41)
LESOP conversions - 112 - - (112) -
Benefit payments at fair
value (275) (102) - - - (377)
Participant withdrawals
at fair value (63) (35) - - - (98)
Interfund transfers (119) 44 (4) 58 21 -
------------------------------------------------------
Net increase (decrease) (257) 94 25 78 (15) (75)
Net assets available for benefits:
At the beginning of the
year 2,930 2,730 273 - 12 5,945
------------------------------------------------------
At the end of the year $2,673 $2,824 $298 $78 ($3) $5,870
======================================================
The accompanying notes are an integral part of these financial statements.
-4-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
Note 1: Plan Description
The participants in the Thrift Plan of Exxon Corporation and
Participating Affiliates (the "Thrift Plan", also called the
"Thrift Fund" or the "Savings and Investment Program") are eligible
employees and former employees of Exxon Corporation and certain
affiliated employers. The terms and conditions of the Thrift
Plan are fully contained in the Thrift Plan of Exxon Corporation
and Participating Affiliates document (Plan Document) dated
December 1993, as amended from time to time. The Thrift Plan
is an "employee pension benefit plan" described in Section 3(2)
of Employee Retirement Income Security Act of 1974 (ERISA) and
also a "defined contribution plan" described in Section 3(34)
of ERISA.
Eligibility, enrollment, participant and employer contributions,
vesting, participation, forfeiture, loans, withdrawals,
distribution, and other Thrift Plan provisions are described in
detail in the Plan Document. Also set forth in the Plan Document
are the investment features and options of the Thrift Plan
including, but not limited to, stock purchases and sales, equity
unit purchases and sales, extended market unit purchases and sales
(first available December 1, 1993), and other transactions.
Note 2: Accounting Policies
The accounting records of the Thrift Plan are maintained on the
accrual basis.
The Common Asset Fund, Exxon Corporation Common Stock Fund, Equity
Portfolio Fund, and Extended Market Portfolio Fund investments are
stated at current value. Current values are based on quoted prices
as of the date of the financial statements, or, if market quotations
are not readily available, upon estimated values obtained from a
major investment securities firm. Exxon Corporation Class A
preferred stock held in the Exxon Corporation Preferred Stock Fund
is stated at current value. Such value was determined by the
Trustee of the Thrift Plan.
Net appreciation in the current value of investments includes
realized gains and losses on investments sold during the year and
unrealized gains and losses on investments held at year-end.
Certain reclassifications have been made in the Statement of Net
Assets Available for Benefits, with Fund Information at November 30,
1993, to conform to current-year presentation.
-5-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
Note 3: Revalued Cost Basis Gains and Losses
The Department of Labor (DOL) requires that the components of net
appreciation (depreciation) for investments held in the Exxon
Corporation Common Stock Fund, investments held in the Common
Asset Fund, and investments held in the Exxon Corporation Preferred
Stock Fund be segregated and calculated on a revalued cost basis
for ERISA annual report (Form 5500) reporting purposes. Under the
revalued cost basis, realized gains and losses on investments sold
are calculated as proceeds less market value at the beginning of
the year or, if acquired during the year, historical cost.
Unrealized gains and losses are calculated as market value of
assets at the end of the year less market value at the beginning
of the year or, if acquired during the year, historical cost.
For the Common Asset Fund and the Exxon Corporation Preferred Stock
Fund fixed income securities, gains and losses are calculated on the
basis of specific security identification. For Exxon Corporation
common stock, gains and losses are calculated assuming a first-in,
first-out methodology for total shares in the portfolio for all shares
sold by participants.
For the years ended November 30, 1994 and 1993, these components
of net appreciation (depreciation) were:
Exxon Corporation Common Asset Fixed Exxon Corporation
Common Stock Income Securities Preferred Stock
------------ ----------------- -----------------
1994 1993 1994 1993 1994 1993
---- ---- ---- ---- ---- ----
(millions of dollars)
Realized G/(L) $ (1) $ 51 ($14) ($13) $ - $ -
Unrealized G/(L) (97) 92 ( 60) 13 (14) 14
----- ---- ----- --- ----- ---
Net Appreciation $(98) $143 ($74) $ - $(14) $14
(Depreciation)
Note 4: Tax Status
In 1993, the Internal Revenue Service issued a favorable
determination letter with respect to the qualification of the Thrift
Plan under Section 401(a) of the Internal Revenue Code (IRC).
The Trustee believes that the Plan is qualified and, therefore,
that the Trust is exempt from tax under IRC Section 501(a).
The federal tax treatment of a qualified plan and trust, as well as
distributions from such a plan, are described in the Plan Document.
-6-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
Note 5: Expenses
Participating employers pay the administrative expenses of the
Thrift Fund with the exception of: (1) brokers' commissions and SEC
fees on Exxon Corporation common stock purchases and sales which are
paid by Thrift participants purchasing or selling stock and are included
in the price of the stock at the time of purchase or sale and (2)
management fees, brokerage commissions, and administrative expenses of
the Equity Portfolio Fund and the Extended Market Portfolio Fund, which
are paid by Thrift participants in those respective Funds.
Note 6: Direct Dividend Account
A Leveraged Employee Stock Ownership Plan (LESOP) was incorporated
into the Thrift Plan on August 1, 1988. This LESOP is commonly
referred to as the Direct Dividend Account (DDA) and is described in
detail in the Plan Document. In 1989, the Trustee-Thrift Trust
borrowed $1.0 billion at a floating rate of interest under the
terms of notes, guaranteed by Exxon Corporation, maturing between
1990 and 1999. Remaining annual principal payments on the notes
range from $105.0 million to $125.0 million. In addition, there are
subrogation rights obligations which are mentioned below. The Trustee
used the proceeds of the borrowing to purchase 16,349,945 shares of a
new issue of Exxon Corporation Class A preferred stock for $61.50 per
share. Exxon Corporation Class A preferred stock can be converted into
Exxon Corporation common stock at the lower of current common stock
market value or $61.50. Dividends are cumulative and payable in an
amount per share equal to $4.68 per annum. As of November 30, 1994,
there were 18,137,310 shares of Exxon Corporation common stock in the
DDA.
Employer contributions to the DDA, plus certain dividends, are used
to make principal and interest payments on the notes. Employer
contributions are based on a matching program related to employee
contributions and are funded annually when principal amounts on the
notes are due. As contributions and dividends are credited, shares
of preferred stock are proportionately converted into common stock
and allocated to participants' accounts in accordance with the
applicable requirments of the IRC. During 1994, 1,819,364
shares, or approximately $112 million, of preferred stock were
converted to common stock and allocated. During 1993, 1,638,776
shares, or approximately $101 million, of preferred stock were
converted to common stock and allocated. Net dividends on the
preferred stock of $48 million and $56 million were paid during 1994
and 1993, respectively, and covered certain principal and interest
payments on the notes and interest payments on the subrogation
rights referred to below.
The 1994 $110 million principal payment on the notes was
-7-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
funded with approximately $71 million of employer contributions to
the DDA, $21 million of common dividends reinvested within the DDA
and $11 million of preferred stock dividends and interest income in
excess of interest expense and a guarantor payment by Exxon
Corporation of approximately $7 million. The 1993 $90 million
principal payment on the notes and $12 million retirement of
subrogation rights (referred to below) were funded with approximately
$69 million of employer contributions to the DDA, $17 million of
common dividends reinvested within the DDA and $16 million of preferred
stock dividends and interest income in excess of interest expense.
Upon its payment in 1994, 1991 and 1990 respectively of approximately
$7 million, $11 million and $53 million principal on the notes as
guarantor, Exxon Corporation became subrogated to all rights of the
holders of such notes with respect to those payments. These
subrogation rights include the right to receive payment from the
Trustee-Thrift Trust of the remaining principal amounts, if any,
plus accrued and unpaid interest thereon, upon final payment of all
principal and interest on the notes. During 1994 and 1992, Exxon
Corporation sold these subrogation rights to a third party, which
is paid interest thereon on a current basis. Under certain
circumstances, the third party may require Exxon Corporation to
repurchase these subrogation rights. During 1993, $12 million of
the subrogation rights obligation incurred in 1990 was retired, and
during 1992, $11 million of the subrogation rights obligation incurred
in 1991 was retired.
-8-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
COMMON ASSET FUND
-----------------
CORPORATE BONDS
A T & T CAP CORP M/T/N 7.080% 05/19/97 $2,000 $2,012 $1,963
A T & T CAP CORP MEDIUM 4.860% 05/18/95 4,000 4,000 3,972
AMERICAN HSG TR XI MTG 6.450% 02/25/07 4,060 4,060 4,027
BCI HOME EQUITY LN 7.100% 09/15/06 1,344 1,340 1,337
BNY MASTER CR CARD 7.100% 12/15/96 15,442 15,510 15,443
BANC ONE CR CARD 7.150% 12/15/98 15,000 14,991 14,934
BANC ONE CR CARD 7.550% 12/15/99 15,000 14,981 14,866
BANCO INTERNATL T 6.760% 10/15/96 2,000 2,021 1,986
BANCO INTERNATL TR 6.760% 10/15/96 2,648 2,676 2,629
BANCO INT`L TRADE 6.160% 04/15/95 1,471 1,477 1,470
BANO INTERNATL TRA 6.760% 10/15/96 2,000 2,021 1,986
BANCO INTL TRADE F 7.440% 04/15/97 2,498 2,536 2,512
BANAMEX EXPORT FDG 7.580% 10/15/96 1,198 1,210 1,207
BAYERISCHE LANDESB 6.100% 02/01/95 2,000 2,004 2,000
BAYERISCHE LANDESB 5.750% 02/14/95 14,500 14,491 14,478
BAYERISCHE LANDES 5.750% 01/31/95 4,000 4,005 3,996
BAYERISCHE LANDESB 4.500% 01/20/95 5,750 5,752 5,737
BAYERISCHE LANDESB 4.625% 04/02/96 14,000 13,996 13,587
BELLSOUTH CAP FDG 5.300% 05/01/95 4,000 4,016 3,982
BELLSOUTH CAP FDG 6.790% 03/03/97 7,000 7,000 6,853
BELLSOUTH CAP FDG 7.720% 05/30/97 5,000 5,000 4,994
CFAC GRANTOR TR 6.450% 12/15/97 4,586 4,599 4,524
CFC-14 GRANTOR TRU 7.150% 11/15/06 9,780 9,849 9,804
CTS HOME EQUITY LN 7.700% 09/15/06 6,996 7,117 6,881
CAMPBELL SOUP CO 9.000% 11/01/97 1,000 1,040 1,025
CAPITAL AUTO RECEI 5.750% 12/15/97 4,882 4,913 4,855
CAPITAL AUTO RECEI 4.900% 02/15/98 25,500 25,521 25,121
CAPITAL AUTO RECE 5.350% 02/15/98 2,000 2,026 1,936
CAPITAL AUTO RECEI 4.700% 05/15/97 9,650 9,647 9,406
ABS CHASE LINCOLN 7.750% 06/15/97 556 555 555
CHASE MANHATTAN CR CARD 7.400% 05/15/00 16,000 16,186 15,838
CHEMICAL GRANTOR 8.900% 12/15/96 4,267 4,255 4,284
CHEVRON CORP PROFI 6.920% 01/01/96 5,000 5,111 4,971
CHEVY CHASE EXTEND 7.550% 10/31/97 5,000 3,884 3,975
CHEVY CHASE EXT CR 7.550% 10/31/97 11,632 11,620 11,598
CHEVY CHASE CR CA 7.550% 10/31/97 16,730 16,713 16,744
CITICORP MTG SECS 5.750% 03/25/09 4,750 4,744 4,495
COMDISCO RECEIVABL 6.100% 05/15/97 608 616 603
CONCORD LEAS GRANTOR TR 6.700% 11/15/97 3,382 3,379 3,390
CONCORD LEASING GR 5.310% 05/01/00 4,171 4,151 4,159
CORESTATES HOME EQ 5.100% 03/15/09 7,769 7,764 7,143
DELTA FDG 9.000% 02/25/06 945 944 938
-9-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
DEUTSCHE BANK FIN INC M 8.800% 01/15/97 $2,000 $2,075 $2,045
DEUTSCHE BK FINL I 8.800% 01/15/97 7,625 7,955 7,732
DISCOVER CARD MAST 6.700% 02/16/00 20,000 19,950 19,436
DISCOVER CARD TR 5.500% 05/16/98 40,000 39,970 39,322
DISNEY WALT CO ME 7.750% 03/06/95 3,700 3,734 3,714
DU PONT E I DE NEM 8.450% 10/15/96 1,500 1,538 1,518
DU PONT E I DE NEM 7.160% 03/03/97 10,000 10,039 9,870
DUKE PWR CO M/T/N 6.470% 12/15/95 5,000 5,112 4,964
EKSPORTFINANS A S M/T/N 5.500% 02/17/97 9,500 9,201 9,057
EXPORT FIN CORP COLL M/T/ 9.070% 01/15/95 1,725 1,733 1,730
FCC GRANTOR TR 8.750% 02/15/06 5,680 5,908 5,721
FICAL HOME EQUITY LN 8.900% 11/15/97 1,244 1,265 1,241
FIRST CHICAGO MASTER TR 6.250% 08/15/99 1,920 1,886 1,840
FIRST DEP MASTER TR SER 4.900% 06/15/00 40,000 39,993 39,098
FIRST DEP MASTER TR 6.900% 08/15/01 5,000 5,057 4,897
FIRST USA CR CARD MASTER 5.200% 06/15/98 39,725 39,932 38,535
FLEET FIN INC 5.450% 03/20/23 5,808 5,805 5,638
FLEET FIN HOME EQUIT 6.700% 10/16/06 6,946 6,934 6,820
FLEETWOOD CR 1993-B GRANT 4.950% 08/15/08 6,000 4,645 4,369
FLEETWOOD CR 1994-B GRANT 6.750% 03/15/10 5,000 4,670 4,516
FORD CR AUTO LN MASTER TR 6.875% 01/15/99 5,000 5,035 4,892
FORD CR AUTO LN MASTER TR 5.625% 10/15/97 40,000 40,014 39,438
GE CAP MTG SVCS INC 7.200% 09/15/11 20,000 5,646 5,575
GMAC 1992-C GRANTOR TR 5.950% 02/15/97 2,470 2,469 2,446
GMAC 1992-D GRANTOR TR 5.550% 05/15/97 3,968 3,965 3,924
GMAC 1992-F GRANTOR TR 4.500% 09/15/97 1,817 1,796 1,779
GENERAL DEVELOPMENT MTG T 9.050% 02/25/99 2,258 2,234 2,257
GENERAL ELEC CO 5.875% 12/01/94 28,000 28,000 28,000
GENERAL ELEC CAP CORP 8.250% 01/14/95 4,550 4,566 4,560
GENERAL ELEC CAP CORP M/ 6.125% 04/15/97 7,500 7,232 7,226
GOVERNMENT EXP TR CL A R 6.250% 03/01/97 3,950 3,943 3,941
GREEN TREE FINL CORP 4.750% 10/15/17 3,399 3,338 3,333
GREEN TREE FINL CORP 5.850% 01/15/18 6,564 6,593 6,463
HITACHI CREDIT AMER CORP 6.850% 09/11/95 10,000 10,000 9,998
HITACHI CREDIT AMER CORP 7.600% 03/29/95 10,000 10,000 9,999
HITACHI CR AMERICA M/T/N 8.540% 12/15/94 5,000 5,004 5,003
HOUSEHOLD AFFINITY CR CAR 7.000% 12/15/99 15,000 14,984 14,674
HOUSEHOLD CR CARD TR 6.000% 07/15/97 25,714 25,680 25,626
HOUSEHOLD FIN CORP V/R 8.150% 03/19/96 5,920 5,981 5,944
HOUSEHOLD FIN CORP HOME 4.750% 05/20/08 9,004 8,985 8,607
HOUSEHOLD PRIVATE LABEL 7.150% 06/20/01 10,000 9,940 9,984
HYUNDAI AUTO RECEIVABLES 4.300% 05/15/98 6,290 6,284 6,068
JOHNSON & JOHNSON NT 8.500% 08/15/95 4,500 4,626 4,546
JOHNSON & JOHNSON M/T/N 8.000% 03/20/96 20,000 20,907 20,152
KIDDER PEABODY MTG ASSET 8.750% 05/01/17 5,000 43 43
LOMAS MTG FDG CORP II 9.000% 09/20/15 664 662 663
-10-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
MBNA MASTER CREDIT CARD 7.250% 06/15/99 $20,000 $20,265 $19,688
MBNA MASTER CR CARD TR 6.200% 08/15/99 5,000 4,910 4,787
MCA FUNDING CORP M/T/N 4.880% 05/20/96 8,000 8,002 7,715
MCA FDG CORP M/T/N RESTR 4.880% 05/20/96 9,000 8,999 8,679
MCA FDG CORP M/T/N RESTR 4.480% 08/13/96 5,000 4,998 4,755
MCDONALDS CORP SER B M/T/ 8.875% 02/18/97 10,000 10,288 9,937
MERCK & CO INC 7.750% 05/01/96 7,000 7,291 7,016
MIDLANTIC AUTO GRANTOR 4.300% 09/15/97 6,503 6,465 6,353
MOBIL CORP 6.500% 12/17/96 2,000 1,975 1,955
MOBIL CORP 6.500% 02/15/97 6,200 6,268 6,038
MOBIL CORP M/T/N 4.878% 09/18/95 5,000 5,001 4,923
MORGAN J P & CO INC 5.375% 01/21/95 2,650 2,654 2,648
MORGAN GTY TR CO NEW YORK 8.125% 03/15/96 2,000 2,090 2,010
NBD BK N A M/T/N 6.000% 05/30/95 10,000 10,036 9,978
NBD BK N A M/T/N 4.625% 12/02/96 10,000 9,991 9,453
NBD BK N A M/T/N 4.600% 02/03/97 5,000 4,902 4,697
NATIONAL BK DETROIT M/T/N 8.000% 02/14/95 3,350 3,371 3,361
NATIONSBANK CR CARD MASTE 4.750% 09/15/98 35,000 34,978 33,070
NAVISTAR FINL 1991-1 RSTR 6.400% 12/15/96 2,892 2,892 2,880
NAVISTAR FINL 1993-A OWNE 4.475% 10/15/98 3,000 2,391 2,333
NISSAN AUTO RECEIVABLES 1 4.300% 09/15/97 2,454 2,431 2,409
NORDIC INVT BK 5.250% 11/30/95 24,500 24,609 24,041
NORDISKA INVESTERINGSBANK 9.500% 12/15/94 7,250 7,260 7,229
NORTHERN ILL GAS CO 1ST 4.500% 03/15/96 10,000 9,983 9,648
NORWEST FINL INC SR NT 7.250% 11/01/95 5,000 5,116 4,998
NORWEST FINL INC NT 7.100% 11/15/96 2,300 2,392 2,273
NORWEST FINL INC 6.250% 02/15/97 7,750 7,725 7,492
NORWEST FINL INC SHELF 41 6.500% 05/15/97 5,000 4,986 4,845
NORWEST FINL INC M/T/N 5.200% 04/29/97 1,000 965 940
OLYMPIC AUTOMOBILE RECEIV 5.650% 01/15/01 5,000 4,192 4,019
OLYMPIC AUTOMOBILE RECEIV 6.850% 06/15/01 10,000 9,977 9,779
PAINEWEBBER CMO TR SER G 8.000% 04/01/17 218 214 216
PEOPLES BK CR CARD MASTER 4.800% 12/15/99 24,300 24,284 23,368
PEOPLES BK CR CARD MASTER 5.100% 08/15/97 25,000 24,994 23,659
PFIZER INC 7.125% 10/01/96 29,750 31,079 29,486
PITNEY BOWES CR CORP 5.625% 02/15/97 20,500 20,312 19,577
PITNEY BOWES CR CORP MEDI 6.640% 04/03/95 5,000 5,029 5,004
PITNEY BOWES CR CORP MEDI 6.650% 04/03/95 5,000 5,028 5,006
PREMIER AUTO TR 1992-1 A 5.750% 07/15/97 4,324 4,311 4,273
PREMIER AUTO TR 4.900% 10/15/98 25,000 20,930 20,082
PREMIER AUTO TR 4.900% 12/15/98 15,000 15,051 14,334
PREMIER AUTO TR 1993-5 AS 4.220% 03/02/99 7,887 7,891 7,533
PREMIER AUTO TR SER 1994- 4.750% 02/02/00 3,000 3,000 2,819
PREMIER AUTO TR 6.350% 05/02/00 5,000 4,959 4,850
PREMIER AUTO TR 6.450% 05/15/98 5,000 4,998 4,886
PROCTER & GAMBLE CO NT 6.250% 03/15/95 4,000 4,016 4,001
-11-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
PROCTER & GAMBLE CO NT 6.850% 06/01/97 $2,000 $1,996 $1,948
RCSB 1990-B GRANTOR TR 8.900% 05/15/96 718 715 719
RCSB 1991-B GRANTOR TR 6.700% 04/15/97 2,642 2,640 2,632
RABOBANK NEDERLAND M/T/N 9.250% 09/18/95 3,000 3,090 3,054
RABOBANK NEDERLAND MEDIU 4.590% 09/18/95 5,000 4,987 4,915
RABOBANK NEDERLAND M/T/N 4.500% 01/25/96 3,000 2,992 2,916
RABOBANK NEDERLAND M/T/N 4.550% 03/01/96 5,000 4,999 4,849
RABOBANK NEDERLAND M/T/N 6.450% 01/17/97 3,000 2,980 2,931
RABOBANK NEDERLAND M/T/N 6.625% 05/26/97 3,000 2,992 2,926
RABOBANK NEDERLAND M/T/N 6.640% 04/25/97 4,000 4,012 3,908
RABOBANK NEDERLAND M/T/N 6.660% 03/03/97 5,000 5,009 4,888
REPUBLIC NATL BK NEW YORK 5.750% 02/01/95 13,000 13,023 12,993
REPUBLIC N Y CORP 6.400% 04/15/95 13,600 13,685 13,585
REPUBLIC NATL BK OF NY 4.750% 10/15/95 2,000 2,004 1,952
REPUBLIC N Y CORP 8.375% 05/01/96 3,720 3,889 3,747
RESIDENTIAL FDG MTG SECS 5.500% 02/25/08 3,150 3,150 3,079
SCFC RECREATIONAL VEH LN 7.250% 09/15/06 7,791 7,795 7,790
SPNB HOME EQUITY LN ASSET 8.100% 06/15/20 2,997 3,064 2,993
SAAB 1992-A TRUST SR CTF 6.100% 06/15/98 4,011 4,005 3,994
SARA LEE CORP M/T/N 4.650% 01/14/97 13,000 12,964 12,212
SEARS CR ACCOUNT MASTER 5.900% 11/16/98 28,000 28,247 27,708
SEARS CR ACCOUNT MASTER 7.250% 02/15/98 5,000 4,997 4,927
SECURITY PAC AUTO GRANTO 6.700% 01/15/97 684 683 683
SECURITY PAC HOME EQUITY 8.250% 05/10/03 186 188 186
SELECT AUTO RECEIVABLES 7.000% 09/16/96 2,080 2,077 2,072
SELECT AUTO RECEIVABLES 6.250% 11/15/96 1,987 1,980 1,969
SHELL OIL CO 7.700% 02/01/96 9,000 9,289 9,017
SHELL OIL CO NT 7.000% 09/15/95 4,000 4,068 4,000
SHELL OIL CO 6.000% 01/15/97 15,300 15,066 14,766
SIGNET CR CARD TR 9.000% 06/15/97 5,000 4,629 4,621
GABS SIGNET TR 93-3A 4.850% 12/15/96 35,000 34,980 33,084
SIGNET MASTER TR SER 199 6.800% 08/15/97 20,000 19,977 19,394
SOUTHERN NEW ENGLAND TEL 7.610% 09/20/96 3,000 3,037 2,997
STANDARD CR CARD MSTR TR 5.875% 08/07/96 10,000 10,035 9,924
STANDARD CR CARD TR 94-1A 4.650% 03/07/99 40,000 39,731 37,485
SWISS BANK CORP MED TERM 9.400% 06/13/95 2,500 2,563 2,534
TMS HOME EQUITY LN TR 6.100% 05/15/22 7,581 7,588 7,147
TMS HOME EQUITY LN TR 5.175% 07/15/06 8,282 8,347 7,891
TOYOTA MTR CR CORP M/T/N 6.875% 10/15/96 5,000 4,999 4,941
USAA CAP CORP 144A M/T/N 4.490% 10/28/96 20,000 20,000 18,797
USAA CAP CORP M/T/N 144A 4.760% 01/28/97 10,000 10,000 9,411
WACHOVIA BK N C N A MEDIU 5.000% 01/29/96 11,600 11,597 11,331
WACHOVIA BK N C N A M/T/N 4.875% 02/18/97 5,000 4,969 4,706
WACHOVIA BK N C M/T/N 6.550% 06/09/97 5,000 4,981 4,858
WACHOVIA BK N C N A M/T/N 6.650% 07/14/97 10,000 9,979 9,721
WAL MART STORES INC 8.000% 05/01/96 4,000 4,193 4,022
-12-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
WAL MART STORES INC 5.500% 09/15/97 $8,795 $8,495 $8,276
WARNER LAMBERT CO DEB 8.125% 04/24/96 3,035 3,155 3,062
WISCONSIN ELEC PWR CO 5.875% 10/01/97 3,500 3,366 3,316
WISCONSIN ELEC PWR CO 1S 4.500% 03/15/96 6,000 6,000 5,778
WORLD OMNI LEASE ABS 5.800% 01/15/97 6,738 6,734 6,693
WORLD OMNI 1994-A AUTOM 6.450% 09/25/00 3,501 3,455 3,448
EUROPEAN INVT BK 7.750% 07/09/96 8,000 8,398 8,020
SHIKOKU ELECTRIC POWER 10.250% 04/26/96 10,000 10,754 10,288
INTERNATIONAL FINANCE CO 5.125% 02/09/96 10,000 10,048 9,750
TOYOTA MOTOR CREDIT CORP 6.500% 02/04/97 10,000 10,216 9,750
TOYOTA MTR CR CORP SR UNS 5.000% 03/10/97 5,000 4,816 4,712
---------- ---------- ----------
TOTAL CORPORATE BONDS $1,604,282 $1,582,189 $1,541,767
GOVERNMENT BONDS
FEDERAL HOME LN BKS 6.995% 11/08/00 $8,000 $7,975 $7,916
FEDERAL HOME LOAN BANK CO 6.525% 07/11/97 9,465 9,433 9,223
FEDERAL HOME LN BKS CONS 6.440% 07/25/97 10,000 9,933 9,734
FEDERAL NAT'L MTGE ASSN 5.760% 06/01/95 5,000 4,838 4,838
FEDERAL NATL MTG ASSN GTD 5.950% 09/25/06 8,491 8,489 8,433
FEDERAL NATL MTG ASSN M/T 6.150% 06/23/97 10,000 9,917 9,631
INTERNATIONAL BK FOR RECO 8.750% 03/01/97 5,000 5,332 5,128
U S TREASURY NOTES 4.750% 02/15/97 15,000 14,977 14,173
U S TREASURY NOTES 6.500% 05/15/97 10,000 10,014 9,770
U S SVGS BD SR EE ISS 1/ 6.000% 02/01/05 139,896 69,948 69,948
U S SVGS BD SR EE ISS 9/ 6.000% 09/01/04 144,588 72,294 72,294
-------- -------- --------
TOTAL GOVERNMENT BONDS $365,440 $223,150 $221,088
OTHER BONDS
ABBEY NATL TREAS CO GTD 5.000% 01/31/97 $15,000 $14,652 $14,166
BANQUE FRANCAISE COMM EX 9.250% 11/22/95 5,000 5,224 5,081
BELGIUM KINGDOM 5.280% 01/12/96 10,000 10,061 9,749
BRITISH TELECOM FIN BV 7.625% 09/30/96 23,235 24,338 23,177
CANADIAN GOVT SEDOL #41 9.000% 02/27/96 40,590 42,575 41,288
DENMARK KINGDOM NT 7.750% 12/15/96 3,000 3,137 2,998
DU PONT E I NEMOURS & CO 8.500% 04/17/96 10,000 10,516 10,100
GUINNESS FINANCE 9.000% 01/08/96 5,000 5,184 5,069
HALIFAX BUILDING SOCIETE 5.000% 06/21/96 10,000 10,084 9,620
INTER AMERN DEV BK 11.625% 12/01/94 2,000 2,000 2,000
INTER AMERICAN DEV BANK 8.375% 12/27/95 13,190 13,681 13,322
JAPAN FINL CORP 9.875% 02/23/96 5,000 5,286 5,125
KANSAI ELEC PWR EURO 10.000% 03/30/96 10,000 10,625 10,275
MOUNTAIN STS TEL & TEL 7.625% 05/15/96 11,000 11,417 10,959
NIPPON TELE & TELE 9.375% 03/03/95 5,000 5,061 5,030
NIPPON TELE & TELE 8.500% 12/20/96 4,000 4,206 4,050
-13-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
OESTERREICHISCHE KONTROLL 7.125% 12/06/96 $3,000 $3,081 $2,973
OSPREY MTG SECS LTD NO.7 5.250% 07/10/97 6,500 6,580 6,435
SBC FIN (CAYMAN) LTD DEB 7.750% 09/11/96 6,000 6,255 5,985
SAINSBURY J 8.500% 05/09/96 3,000 3,153 3,026
SAINSBURY J 9.125% 10/02/96 3,000 3,229 3,056
SPAIN KINGDOM M/T/N 8.430% 01/25/95 3,000 3,018 3,008
KINGDOM OF SPAIN M/T/N 9.130% 10/05/95 2,000 2,073 2,034
KINGDOM OF SPAIN M/T/N 8.650% 12/15/95 1,870 1,941 1,896
UNILEVER CAP CORP 8.000% 05/28/96 25,150 26,252 25,244
BELGIUM KINGDOM DEB 8.000% 02/11/97 11,700 11,994 11,729
BELGIUM KINGDOM 5.220% 10/23/95 3,000 3,014 2,955
CHUBU ELECTRIC POWER 7.000% 03/26/96 10,100 10,423 10,024
DENMARK KINGDOM UNSUB 7.250% 09/25/96 5,175 5,406 5,123
DENMARK KINGDOM UNSUB 5.250% 11/03/95 10,000 10,060 9,825
ABB INTL FIN NV KEEPWELL 6.375% 02/20/96 19,000 19,361 18,715
ENERGIE BEHEER NEDERLAND 9.000% 10/17/95 7,730 8,021 7,836
GUINNESS FINANCE BV 6.500% 04/06/95 2,100 2,113 2,097
NEW ZEALAND GOVT DEB 8.000% 04/02/97 2,075 2,132 2,072
INTER AMERICAN DEV BK EU 10.500% 09/11/95 15,000 15,658 15,375
INTER AMERICAN DEV BK EU 7.625% 09/10/96 9,400 9,886 9,389
INTERNATIONAL BK FOR REC 9.750% 05/10/96 21,000 22,510 21,578
SWEDEN KINGDOM DEB 5.500% 12/01/95 20,400 20,556 20,068
-------- -------- --------
TOTAL OTHER BONDS $362,215 $374,763 $362,452
CERTIFICATES OF DEPOSIT
BANK NEW YORK N Y C/D 4.850% 06/29/95 $10,000 $9,916 $9,942
BAYERISCHE LANDESBANK YC 4.800% 02/28/95 10,000 10,043 9,908
CENTRAL BK SOUTH C/D 5.125% 01/30/95 5,000 5,001 4,988
CENTRAL BK OF SOUTH C/D 5.570% 12/01/94 5,000 5,000 5,000
COMERICA BK DETROIT C/D 9.650% 01/27/95 3,000 3,095 3,070
DEUTSCHE BK AG V/R C/D 7.498% 01/21/95 20,000 20,395 20,670
DRESDNER BANK A G NY BR 5.400% 12/21/94 2,000 2,015 2,010
FIRST ALABAMA BK C/D 6.510% 12/30/94 10,000 10,000 10,010
FIRST HAWAIIAN BK C/D 5.900% 01/02/95 10,000 10,000 10,005
LASALLE NATL BK CHICAGO 5.550% 02/13/95 5,000 4,996 5,002
LASALLE NATL BK CHICAGO 5.950% 03/06/95 5,000 4,995 5,006
MBNA AMER BK N A NEWARK 4.100% 10/15/96 5,000 4,971 4,951
MBNA AMER BK N A NEWARK 4.300% 09/03/96 10,000 9,946 9,974
MBNA AMER BK N A NEWARK 4.250% 09/09/96 5,000 4,968 4,978
MBNA AMER BK N A NEWARK D 4.200% 09/30/96 10,000 9,941 10,000
MERCANTILE SAFE DEP & TR 6.480% 02/28/95 5,000 5,000 5,012
MERCANTILE SAFE DEP & TR 6.480% 03/03/95 5,000 5,000 5,012
MERCANTILE SAFE DEP & TR 4.770% 04/03/95 10,000 10,000 10,015
MERCANTILE SAFE DEP & TR 6.820% 01/09/95 5,000 5,000 5,090
OLD KENT BK & TR CO C/D 5.000% 02/28/95 5,000 5,000 4,961
-14-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ----- --------- --------- -----
OLD KENT BK & TR CO C/D 5.150% 01/20/95 $5,000 $5,000 $4,974
OLD KENT BANK AND TRUST 4.620% 03/09/95 2,000 2,000 1,978
OLD KENT BK & TR CO C/D 4.650% 05/15/95 10,000 10,000 9,949
OLD KENT BANK AND TR CO 6.560% 05/30/97 5,000 5,000 5,067
PITTSBURGH NATL BK C/D 6.350% 12/15/94 21,500 21,506 21,511
SOUTH CAROLINA NATL BK 9.400% 09/20/95 5,000 5,176 5,125
UNION BK C/D 5.570% 01/13/95 10,000 10,000 10,003
-------- -------- --------
TOTAL CERTIFICATES OF DEPOSIT $203,500 $203,964 $204,211
COMMERCIAL PAPER
FORD MTR CR CO DISC C/P N/A 01/05/95 $10,000 $9,928 $9,928
FORD MTR CR CO DISC C/P N/A 01/13/95 10,000 9,927 9,927
GENERAL ELEC CAP CORP D N/A 01/17/95 10,000 9,902 9,902
-------------------------------
TOTAL COMMERCIAL PAPER $30,000 $29,757 $29,757
-------------------------------
TOTAL FIXED INCOME SECURITIES $2,565,437 $2,413,823 $2,359,275
SHORT TERM INVESTMENTS
BEAR STEARNS MASTER NOTE N/A N/A $25,000 $25,000 $25,000
CS FIRST BOSTON MASTER NO N/A N/A 25,000 25,000 25,000
GOLDMAN SACHS & CO MASTER N/A N/A 5,750 5,750 5,750
MORGAN STANLEY GROUP MAST N/A N/A 24,531 24,531 24,531
NOMURA SECURITIES INTL MA N/A N/A 23,238 23,238 23,238
BANK OF NEW YORK SHORT N/A N/A 1,378 1,378 1,378
-------------------------------
TOTAL SHORT TERM INVESTMENTS $104,897 $104,897 $104,897
-------------------------------
PARTICIPANT LOANS (RATES
FROM 10.5 TO 6.5,
MAXIMUM PERIOD OF
REPAYMENT IS 60 MONTHS) N/A N/A N/A $169,456 $169,456
----------------------------------
TOTAL COMMON ASSET INVESTMENTS $2,670,334 $2,688,176 $2,633,628
==================================
-15-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/94
(thousands of dollars)
SHARES/ CURRENT
FUND/ISSUE UNITS COST VALUE
---------- ------ ---- -----
EXXON CORPORATION PREFERRED STOCK FUND
--------------------------------------
EXXON CORPORATION CLASS A PREFERRED STOCK 9,231 $567,709 $567,709
(thousands of shares)
GENERAL ELEC CAP CORP DISC C/P N/A 16,343 16,343
BANK OF NEW YORK SHORT TERM INVESTMENT FUND N/A 132 132
EXXON CORPORATION COMMON STOCK FUND
-----------------------------------
EXXON CORPORATION COMMON STOCK 46,331 $2,088,475 $2,797,222
(thousands of shares)
EQUITY PORTFOLIO FUND
---------------------
WELLS FARGO EQUITY INDEX FUND 3,013 $203,198 $298,192
(thousands of units)
EXTENDED MARKET PORTFOLIO FUND
------------------------------
WELLS FARGO EXTENDED EQUITY 7,951 $79,822 $77,868
(thousands of units)
-16-
EXHIBIT 2
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
NOVEMBER 30, 1994
(thousands of dollars)
Identity of Party Involved: Exxon Corporation
Description of Asset: Exxon Corporation Common Stock
Total Total Total Total
Number Number Dollar Dollar
of of Value of Value of Net
Purchases Sales Purchases Sales Gain
--------- ----- --------- -------- ----
9,654,557 4,693,345 $590,305 $270,918 $24,800
Schedule prepared following the alternative format prescribed
at 29 CFR 2520.103-6(d)(2) for a series of transactions
involving securities of the same issue as described at 29
CFR 2520.103-6(c)(1)(iii).
-17-
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Trustee of the Thrift Fund
In our opinion, the financial statements (pages 2-8) listed in the
accompanying index present fairly, in all material respects, the net
assets available for benefits of the Thrift Plan of Exxon Corporation
and Participating Affiliates (the Thrift Plan) at November 30, 1994
and 1993, and the changes in its net assets available for benefits
for the year ended November 30, 1994, in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the Trustee of the Thrift Plan; our responsibility
is to express an opinion on these financial statements based on our
audits. We conducted our audits of these statements in accordance
with generally accepted auditing standards which require that we plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by the Trustee of the
Thrift Plan, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of assets held for investment purposes and reportable
transactions are presented for purposes of additional analysis and
are not a required part of the basic financial statements but are
supplementary information required by ERISA. The Fund Information in
the statement of net assets available for benefits and the statement of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the statement of net assets
available for benefits and the statement of changes in net assets
available for benefits of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
PRICE WATERHOUSE LLP
Houston, Texas
March 23, 1995
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-19057) and the related
Prospectus for the Thrift Plan of Exxon Corporation and
Participating Affiliates of our report dated March 23,
1995 appearing on page 18 of this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Houston, Texas
March 23, 1995
-18-
SIGNATURES
_________________
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly
caused this Annual Report to be signed by the undersigned hereunto
duly authorized.
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
(Name of Plan)
/s/ Edgar A. Robinson
---------------------
Edgar A. Robinson
Chairman, Thrift Trustee
Dated: March 23, 1995
-19-