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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
For the fiscal year ended November 30, 1996
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)
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
(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, 1996 and 1995 3-4
Statement of Changes in Net Assets
Available for Benefits, with
Fund Information for the
Year ended November 30, 1996 5
Notes to Financial Statements 6-9
Item 27a-Schedule of Assets Held for Investment
Purposes at November 30, 1996 (Exhibit 1) 10-18
Item 27d-Schedule of Reportable
Transactions (Exhibit 2) 19
Report of Independent Accountants 20
Consent of Independent Accountants 21
Signatures 22
-2-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
NOVEMBER 30, 1996
(millions of dollars)
Trust
Participant Directed Directed
--------------------------------------- -----------
Exxon Exxon
Corporation Extended Corp.
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund* Fund* Fund Fund* Total
---------------------------------------- --------- -----
Assets
Investments, at
fair value:
Fixed income
securities $2,430 - - - - $2,430
Short-term
investments 204 - - - $14 218
Loans to parti-
cipants 163 - - - - 163
Exxon Corp
common stock - $3,959 - - - 3,959
Index funds - - $580 $202 - 782
Exxon Corp Class A
preferred stock - - - - 480 480
------------------------------------------------- ------
Total investments 2,797 3,959 580 202 494 8,032
Amounts due from
employers - - - - 29 29
Dividends receivable - 34 - - - 34
Accrued interest 39 - - - - 39
Other receivables 38 - - - - 38
--------------------------------------------------------
Total assets 2,874 3,993 580 202 523 8,172
--------------------------------------------------------
Liabilities
Payables and accrued
liabilities 5 8 - - 10 23
Notes payable - - - - 345 345
--------------------------------------------------------
Total liabilities 5 8 - - 355 368
--------------------------------------------------------
Net assets available
for benefits $2,869 $3,985 $580 $202 $168 $7,804
========================================================
*Investment Funds representing 5% or more of net assets available for
benefits.
The accompanying notes are an integral part of these financial statements.
-3-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
NOVEMBER 30, 1995
(millions of dollars)
Trust
Participant Directed Directed
---------------------------------------- -----------
Exxon Exxon
Corporation Extended Corp.
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund* Fund* Fund Fund* Total
---------------------------------------- --------- -----
Assets
Investments, at
fair value:
Fixed income
securities $2,669 - - - - $2,669
Short-term
investments 64 - - - $13 77
Loans to parti-
cipants 159 - - - - 159
Exxon Corp
common stock - $3,279 - - - 3,279
Index funds - - $429 $136 - 565
Exxon Corp Class A
preferred stock - - - - 584 584
-------------------------------------------------------
Total investments 2,892 3,279 429 136 597 7,333
Cash 5 - - - - 5
Amounts due from
employers - - - - 34 34
Dividends receivable - 32 - - - 32
Accrued interest 45 - - - - 45
Other receivables 2 - - - - 2
-------------------------------------------------------
Total assets 2,944 3,311 429 136 631 7,451
-------------------------------------------------------
Liabilities
Payables and accrued
liabilities 49 7 - - 10 66
Notes payable - - - - 460 460
Subrogation rights
obligation - - - - 41 41
-------------------------------------------------------
Total liabilities 49 7 - - 511 567
-------------------------------------------------------
Net assets available
for benefits $2,895 $3,304 $429 $136 $120 $6,884
=======================================================
*Investment Funds representing 5% or more of net assets available for
benefits.
The accompanying notes are an integral part of these financial statements.
-4-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
YEAR ENDED NOVEMBER 30, 1996
(millions of dollars)
Trust
Participant Directed Directed
------------------------------------ ------------
Exxon Exxon
Corp. Extended Corp.
Common Common Equity Market Preferred
Asset Stock Portfolio Portfolio Stock
Fund Fund Fund Fund Fund Total
------------------------------------ --------- -----
Contributions:
Employer $18 $5 $2 $1 $86 $112
Employee 85 35 25 20 - 165
----------------------------------------------------
Total contributions 103 40 27 21 86 277
----------------------------------------------------
Investment income:
Interest 165 - - - 1 166
Dividends - 136 - - 30 166
Net appreciation
(depreciation) in fair
value of investments 2 753 124 26 102 1,007
----------------------------------------------------
Total investment income 167 889 124 26 133 1,339
----------------------------------------------------
Interest expense - - - - (26) (26)
LESOP conversions - 87 - - (142) (55)
Benefit payments at fair
value (352) (170) - - - (522)
Participant withdrawals
at fair value (57) (36) - - - (93)
Interfund transfers 113 (129) - 19 (3) -
-----------------------------------------------------
Net increase(decrease) (26) 681 151 66 48 920
Net assets available
for benefits:
At the beginning of
the year 2,895 3,304 429 136 120 6,884
----------------------------------------------------
At the end of the year $2,869 $3,985 $580 $202 $168 $7,804
====================================================
The accompanying notes are an integral part of these financial statements.
-5-
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 October 1996, 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,
and other transactions.
Note 2: Accounting Policies
The accounting records of the Thrift Plan are maintained on the accrual
basis.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
All 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 as measured by the value of common shares to which it is
convertible.
Net appreciation in the current value of investments includes realized gains
and losses on investments sold or disposed of during the year and unrealized
gains and losses on investments held at year-end.
The Plan is subject to normal risks associated with international and
domestic debt and equity markets.
During 1996, $503,914 of employer matching contributions were forfeited by
terminating employees before those amounts became vested. Such forfeited
amounts are used to pay future employer contributions.
-6-
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, 1996 and 1995, these components of net
appreciation (depreciation) were:
Common Asset Fixed Exxon Corporation Exxon Corporation
Income Securities Common Stock Preferred Stock
Fund Fund Fund
----------------- ----------------- -----------------
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
(millions of dollars)
Realized G/(L) $ (5) $ 6 $104 $ 94 $ 16 $ -
Unrealized G/(L) 7 54 649 659 86 120
----- ---- ----- ----- ----- -----
Net Appreciation $ 2 $ 60 $753 $753 $102 $120
(Depreciation)
Note 4: Tax Status
A request for a favorable determination letter was filed by Exxon Corporation
on September 13, 1996, and a ruling has not yet been obtained from the Internal
Revenue Service that the Thrift Plan is in compliance with the applicable
requirements of the Internal Revenue Code ("IRC"). The plan administrator
believes that the Thrift Plan is currently designed to be and is being operated
in compliance with the applicable requirements of the IRC.
-7-
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: Exxon Corporation Preferred Stock Fund
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, which include subrogation rights within
the annual principal payment requirement. 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, 1996, there were
19,675,834 shares of Exxon Corporation common stock in the DDA.
Employer contributions, which are used to make principal and interest
payments on the notes, 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
requirements of the IRC. During 1996, 2,468,223 shares of preferred
stock were converted to common stock. During 1995, 1,678,567 shares of
preferred stock were converted to common stock. Net dividends on the
preferred stock of $30 million and $40 million were paid during 1996 and
1995, respectively, and covered certain principal and interest payments
on the notes and interest payments on the subrogation rights referred to
below.
In 1996 and 1995, principal payments of $156 million and $112 million,
respectively, were made on the note including the retirement of subrogation
rights (referred to below).
-8-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
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 1996 and 1992, $41 million and
$11 million, respectively, of the subrogation rights obligation incurred in
1991 was retired. During 1995, $7 million of the subrogation rights
obligation incurred in 1994 was retired and during 1993, $12 million of the
subrogation rights obligation incurred in 1990 was retired.
Note 7: Claims Incurred But Not Paid
The Plan reports benefits paid on a cash basis as required under generally
accepted accounting principles. For Form 5500 reporting purposes, claims
incurred but not paid of $12 million and $4 million for the years ended
November 30, 1996 and 1995, respectively, are reported on an accrual basis.
As such, the net assets available for benefits reflected for Form 5500
purposes are $7,792 million and $6,880 million for the years ended
November 30, 1996 and 1995, respectively.
-9-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
COMMON ASSET FUND
- -----------------
CORPORATE BONDS
ABBEY NATL TREAS CO GTD 5.000% 01/31/97 $30,000 $29,929 $29,963
A T & T CAP CORP M/T/N 7.080% 05/19/97 2,000 2,002 2,013
AMER EXPRESS MSTR TR 6.050% 06/15/98 33,850 33,912 33,961
AMER INTL GRP INC M/T/N 6.250% 08/16/99 20,000 19,852 20,175
ASIAN DEV BK BD 10.750% 06/01/97 2,000 2,044 2,048
ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,225 3,248
ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,852 2,875
ASSOC CORP N AMER M/T/N 5.550% 10/30/98 3,450 3,411 3,434
ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,037
ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,750
ASSOC CORP N AMER SR NT 8.125% 01/15/98 5,000 5,100 5,121
ASSOCIATES CORP N AMER 6.375% 08/15/98 7,000 6,985 7,058
AUSTRIA REP 9.125% 04/25/99 5,000 5,265 5,328
BELGIUM KINGDOM DEB 8.000% 02/11/97 11,700 11,725 11,744
BPCA FINANCE 8.375% 04/15/98 21,530 22,060 22,203
BP AMER INC 8.875% 12/01/97 1,000 1,025 1,030
BP AMER INC M/T/N 6.923% 01/15/99 2,000 2,040 2,033
BANC ONE AUTO GR TR 6.100% 10/15/02 10,668 10,663 10,728
BANC ONE AUTO GR TR 6.550% 02/15/03 15,580 15,580 15,747
BANC ONE AUTO TR 6.850% 11/15/97 2,743 2,738 2,747
BANCO INTL TRADE
FIN CORP RESTR 7.440% 04/15/97 500 501 503
BARCLAYS AMERICAN CORP 7.875% 08/15/98 5,000 5,138 5,155
BAYERISCHE LANDESBK M/T/N 7.585% 11/18/97 13,769 14,031 14,029
BAYERISCHE LANDESBK GIROZ
NY M/T/N 6.550% 07/19/99 10,000 9,991 10,175
BAYERISCHE LANDESBK GIROZ
NY M/T/N 6.000% 10/15/98 12,000 11,986 12,060
BELLSOUTH CAP FDG CORP 9.250% 01/15/98 2,900 2,992 3,005
BELLSOUTH TELECOMM 5.250% 06/08/98 1,675 1,660 1,663
BELLSOUTH CAP FDG CORP M/T/N 6.790% 03/03/97 7,000 7,000 7,020
BOATMENS AUTO TR 5.900% 06/15/98 3,551 3,551 3,557
BOATMENS AUTO TR 6.100% 05/15/00 19,500 19,531 19,461
BOATMENS AUTO TR 6.350% 01/15/03 20,000 19,982 20,158
BRITISH PETROLEUM AMER 9.750% 03/01/99 9,450 9,671 10,159
BRITISH TELECOM 9.375% 11/16/98 15,000 16,054 15,938
BRITISH TELECOM FIN INC 9.375% 02/15/99 12,000 12,688 12,842
CFAC GR 6.450% 12/15/97 2,312 2,316 2,312
CFC-14 GR TR RESTR 7.150% 11/15/06 4,762 4,794 4,785
CTS HOME EQ LN TR 7.700% 09/15/06 3,867 3,929 3,956
CAMPBELL SOUP CO 7.750% 02/24/97 5,967 5,993 5,989
-10-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
CASE EQUIP LN TR 6.150% 09/15/02 $10,000 $ 9,998 $10,053
CHASE MAN CR CD MSTR 7.400% 05/15/00 9,167 9,196 9,216
CHASE MAN CR CD MSTR TR 6.730% 06/25/02 10,500 10,499 10,716
CHASE MAN GR TR 6.000% 09/17/01 13,945 13,931 14,004
CHASE MAN GR TR 5.900% 11/15/01 12,265 12,257 12,304
CHASE MAN GR TR 5.200% 02/15/02 16,457 16,394 16,362
CHEMICAL GR TR 8.900% 12/15/96 2,035 2,024 2,050
CHESAPEAKE & POTOMAC
TEL CO MD 5.875% 09/15/99 10,000 9,939 9,925
CHEVRON CDA FIN LTD GTD NT 5.600% 04/01/98 7,000 6,937 6,972
CHEVRON CORP PROF SHR 7.280% 01/01/97 3,500 3,504 3,503
CITICORP MTG SECS INC
REMIC PASS THRU 5.750% 03/25/09 2,656 2,654 2,644
COCA COLA CO 7.875% 09/15/98 15,600 16,073 16,146
CORESTATES HOME EQ TR 5.100% 03/15/09 4,269 4,266 4,194
DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 11,408 11,378 11,439
DAIMLER-BENZ VEH TR
1994-A ASSET BACKED 5.950% 12/15/00 3,624 3,626 3,619
DAYTON HUDSON CR CD MSTR 6.100% 02/25/02 9,590 9,592 9,651
DENMARK KINGDOM NT 7.750% 12/15/96 3,000 3,003 3,002
DEUTSCHE BK FIN INC M/T/N 8.800% 01/15/97 2,000 2,004 2,007
DEUTSCHE BK FIN INC M/T/N 8.800% 01/15/97 8,625 8,647 8,653
DISCOVER CD MSTR TR I 5.400% 11/16/01 16,150 16,032 16,038
DISCOVER CD MSTR TR I
SER 94-1 CR 6.700% 02/16/00 23,000 22,996 23,184
DISCOVER CD TR 1992-B 6.800% 06/15/00 12,475 12,560 12,602
DISCOVER CD TR 6.250% 08/16/00 14,020 14,041 14,095
DU PONT E I DE NEMOURS
& CO M/T/N 7.160% 03/03/97 10,000 10,004 10,042
DU PONT E I DE NEMOURS
& CO M/T/N 6.090% 06/16/97 7,000 7,000 7,021
DUKE PWR CO 5.625% 08/12/97 2,900 2,893 2,897
EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,427 1,463
EKSPORTFINANS A S M/T/N 5.500% 02/17/97 9,500 9,471 9,495
EMERSON ELEC CO EURO 7.875% 06/05/98 9,720 9,914 9,987
EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,921 9,001
EUROPEAN INVT BK M/T/N 7.350% 06/01/99 3,000 3,041 3,091
EXPORT IMPORT BK JAPAN 9.000% 04/15/98 5,000 5,191 5,210
EXPORT IMPORT BK JAPAN 10.125% 10/28/97 2,000 2,065 2,075
FCC GR TR 8.750% 02/15/06 2,924 3,034 2,947
FIFTH THIRD BK AUTO
TR 1996-A 6.200% 04/15/00 18,085 18,087 18,211
FIRST CHICAGO MSTR TR 8.400% 06/15/98 1,255 1,255 1,253
FIRST CHICAGO MSTR TR 6.250% 08/15/99 33,065 33,074 33,170
-11-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
FIRST DEP MSTR TR ASSETS
BACKED CTF 5.750% 06/15/01 $10,990 $10,891 $11,004
FIRST DEP MSTR TR 6.900% 08/15/01 5,000 5,014 5,040
FIRST SEC AUTO GR TR 6.250% 01/15/01 4,103 4,103 4,130
FLEET FIN INC 5.450% 03/20/23 1,368 1,367 1,366
FLEET FIN HOME EQ TR 6.700% 10/15/06 2,241 2,238 2,260
FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 2,909 2,901 2,856
FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 3,090 3,080 3,120
FORD CR 1994-A GR TR 6.350% 05/15/99 6,875 6,901 6,920
FORD CR AUTO OWNR TR 6.500% 11/15/99 5,000 4,998 5,055
FORD CR AUTO OWNR TR 6.750% 09/15/00 6,500 6,498 6,622
FORD CR AUTO LEASE TR 5.800% 05/15/99 10,000 9,993 10,015
FORD CR GR TR 5.900% 05/15/00 22,419 22,427 22,494
FORD CR GR TR 5.900% 10/15/00 24,160 24,218 24,237
GE CAP MTG SVCS INC 7.200% 09/15/11 2,592 2,589 2,624
GMAC 1992-F GR TR 4.500% 09/15/97 114 114 114
GMAC 1994-A GR TR 6.300% 06/15/99 11,074 11,104 11,140
GMAC 1995-A GR TR 7.150% 03/15/00 9,358 9,436 9,478
GTE CALIF 1ST MTG 6.250% 01/15/98 1,000 1,005 1,003
GENERAL ELEC CO DEB 7.875% 09/15/98 10,000 10,426 10,347
GEN ELEC CAP CORP M/T/N 7.000% 05/05/98 4,000 4,036 4,070
GEN ELEC CAP CORP M/T/N
SER A 8.650% 06/24/97 5,000 5,074 5,085
GEN ELEC CAP CORP M/T/N 6.370% 09/01/98 7,500 7,528 7,595
GEN ELEC CAP DORP M/T/N 7.875% 11/15/97 2,500 2,541 2,552
GEN ELEC CAP CORP M/T/N 7.950% 02/02/98 2,400 2,445 2,467
GEN ELEC CAP CORP M/T/N 7.125% 04/06/98 2,350 2,383 2,399
GEN ELEC CAP CORP M/T/N 6.125% 04/15/97 2,500 2,502 2,506
GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,974 4,950
GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 4,997 4,948
GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,875 4,976
GOVT EXP TR CL A RESTR 6.250% 03/01/97 790 790 790
HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,210 20,218
HEWLETT PACKARD FIN CO DEB 7.500% 12/05/97 15,000 15,183 15,244
HONDA AUTO REC GR TR 6.200% 12/15/00 24,710 24,737 24,861
HSEHOLD FIN CORP HOME EQ LN 4.750% 05/20/08 2,852 2,845 2,835
INTER-AMERICAN DEV BK MTN 5.600% 05/28/99 16,930 16,640 16,820
INTER AMERN DEV BK 9.450% 09/15/98 11,869 12,532 12,582
INTL BK FOR RECON
DEV COLTS M/T/N 9.625% 04/28/99 5,000 5,354 5,419
INTL BK FOR RECON
& DEV COLTS 8.790% 02/19/98 1,000 1,037 1,036
INTL BK FOR RECON
& DEV COLTS 6.500% 09/15/98 3,250 3,303 3,291
-12-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
INTL BK FOR RECON
& DEV COLTS 5.850% 09/15/98 $ 5,700 $ 5,732 $ 5,707
INTL BK FOR RECON
& DEV COLTS 7.050% 12/15/97 3,000 3,036 3,041
INTL BK FOR RECON
& DEV COLTS 9.760% 06/01/98 2,500 2,653 2,640
INTL BK FOR RECON
& DEV COLTS 9.550% 07/15/98 5,000 5,297 5,289
JOHNSON & JOHNSON M/T/N 8.220% 03/20/98 5,000 5,137 5,151
JOHNSON & JOHNSON M/T/N 8.180% 03/23/98 1,000 1,028 1,030
KFW INTL FIN INC 9.375% 07/15/98 20,000 20,997 21,073
KFW INTL FIN INC-M/T/N 8.450% 11/03/97 6,300 6,422 6,454
KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,270 5,313
KFW INTL FIN INC M/T/N 9.050% 07/30/97 8,000 8,144 8,176
KELLOGG CO NT 5.900% 07/15/97 1,400 1,404 1,403
KEYCORP AUTO GR TR 5.800% 07/15/00 8,007 7,989 8,030
KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,879 20,034
LOMAS MTG FDG CORP II 9.000% 09/20/15 26 28 26
MBNA MSTR CR CD TR 7.750% 10/15/98 2,083 2,090 2,088
MBNA MSTR CR CD TR 7.250% 06/15/99 20,000 20,102 20,148
MBNA MSTR CR CD TR
SER 1992-2 6.200% 08/15/99 24,700 24,668 24,770
MBNA MSTR CR CD TR 5.400% 09/15/00 8,525 8,410 8,458
MMCA AUTO OWNR TR 5.700% 11/15/00 14,439 14,440 14,456
MCDONALDS CORP SER B M/T/N 8.875% 02/18/97 1,000 1,006 1,005
MCDONALDS CORP M/T/N SER B 8.375% 10/29/99 1,100 1,160 1,166
MERCK & CO INC M/T/N 6.000% 01/15/97 2,000 1,999 2,001
MOBIL CORP 6.500% 12/17/96 3,000 3,000 2,981
MOBIL CORP 6.500% 02/15/97 9,200 9,210 9,214
MOBIL CORP 7.250% 03/15/99 2,000 2,021 2,054
MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,854 20,050
MORGAN GTY TR CO N Y 6.000% 10/01/98 10,000 9,985 10,028
NBD BK N A M/T/N 4.625% 12/02/96 10,000 10,000 10,000
NBD BK N A M/T/N 4.600% 02/03/97 5,000 4,993 4,992
NBD BK N A M/T/N 6.550% 06/02/97 2,000 2,000 2,010
NATIONAL AUST BANK LTD 6.250% 06/17/98 20,000 20,046 20,100
NATL RURAL UTILS COOP FIN 8.500% 02/15/98 3,000 3,093 3,088
NATIONSBANK CR CD MSTR TR 4.750% 09/15/98 34,000 33,990 33,992
NATIONSBANK AUTO OWNER TR 6.375% 07/15/00 20,000 19,970 20,211
NATIONSBANK AUTO GR TR 5.850% 06/15/02 17,781 17,788 17,829
NAVISTAR FIN 1993-A OWNR TR 4.475% 10/15/98 266 266 266
NAVISTAR FIN 1995-A OWNR TR 6.550% 11/20/01 9,325 9,384 9,415
NAVISTAR FIN 1995-B OWNR TR 5.940% 10/15/98 3,658 3,668 3,664
NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,974 2,006
NEW ENGLAND TEL & TEL CO NT 6.250% 12/15/97 1,000 1,003 1,004
-13-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
NEW ZEALAND GOVT DEB 8.000% 04/02/97 $ 2,075 $ 2,083 $ 2,088
NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,794 2,814
NIPPON TEL & TEL 8.500% 12/20/96 4,000 4,005 4,005
NIPPON TELEG & TEL CORP 9.500% 07/27/98 31,000 32,478 32,790
NISSAN AUTO REC GR TR 6.100% 08/15/01 15,002 15,020 15,084
NISSAN AUTO REC 1994-A GR 6.450% 09/15/99 8,762 8,798 8,822
NORWEST AUTO TR 5.800% 03/15/99 9,500 9,498 9,519
NORWEST AUTO TR 5.900% 03/15/00 7,500 7,493 7,511
NORWEST FINL INC 6.250% 02/15/97 7,750 7.748 7,753
NORWEST FINL INC 6,500% 05/15/97 13,850 13,871 13,907
NORWEST CORP M/T/N 7.700% 11/15/97 5,000 5,074 5,088
NORWEST FINL INC M/T/N 5.200% 04/29/97 1,000 994 998
OESTERREICHISCHE
KONTROLLBANK A G 7.125% 12/06/96 3,000 3,000 3,000
OLYMPIC AUTO REC TR 5.650% 01/15/01 1,530 1,529 1,531
OLYMPIC AUTO REC TR 6.850% 06/15/01 5,032 5,029 5,118
PEOPLES BK CR CD MSTR TR 4.800% 12/15/99 2,025 2,025 2,025
PEOPLES BK CR CD MSTR TR 5.100% 08/15/01 18,750 18,771 18,735
PFIZER INC 6.500% 02/01/97 2,000 2,000 2,003
PITNEY BOWES CR CORP 5.625% 02/15/97 15,500 15,487 15,493
PITNEY BOWES CR CORP NT 6.250% 06/01/98 12,000 12,033 12,070
PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 5,000 5,000 5,073
PREMIER AUTO TR 4.900% 10/15/98 6,470 6,459 6,463
PREMIER AUTO TR 4.900% 12/15/98 5,340 5,346 5,332
PREM AUTO TR 1993-5
ASSET BACKED NT 4.220% 03/02/99 2,140 2,139 2,117
PREMIER AUTO TR 4.750% 02/02/00 1,333 1,333 1,326
PREMIER AUTO TR 6.350% 05/02/00 4,486 4,479 4,516
PREMIER AUTO TR 6.850% 03/02/99 10,000 10,066 10,130
PREMIER AUTO TR 6.650% 11/02/98 4,650 4,658 4,701
PREMIER AUTO TR 5.900% 07/06/99 10,000 9,995 10,038
PREMIER AUTO TR 6.350% 01/06/00 10,275 10,272 10,377
PREMIER AUTO TR 6.500% 03/06/00 10,400 10,386 10,531
PROCTER & GAMBLE CO 9.500% 02/11/98 13,000 13,518 13,536
PROCTER & GAMBLE CO NT 6.850% 06/01/97 21,500 21,549 21,616
RABOBANK NEDERLAND M/T/N 6.450% 01/17/97 3,000 2,999 3,003
RABOBANK NEDERLAND M/T/N 6.625% 05/26/97 3,000 2,998 3,017
RABOBANK NEDERLAND M/T/N 6.640% 04/25/97 4,000 4,002 4,019
RABOBANK NEDERLAND M/T/N 6.660% 03/03/97 5,000 5,001 5,019
ROCKWELL INTL CORP 7.625% 02/17/98 2,000 2,024 2,042
SCFC RECR VEH LN TR 7.250% 09/15/06 4,248 4,250 4,271
SPNB HOME EQ LN AS BKD CTF 8.100% 06/15/20 532 545 535
SARA LEE CORP M/T/N 4.650% 01/14/97 13,000 12,998 12,984
SEARS CR ACCT MSTR TR II 6.250% 01/15/03 35,000 35,001 35,311
SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,992 20,310
-14-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
SHELL OIL CO 6.950% 12/15/98 $ 3,990 $ 4,045 $ 4,066
SHELL OIL CO 6.000% 01/15/97 23,565 23,550 23,572
SHELL OIL CO NT 6.625% 07/01/99 5,250 5,254 5,337
GABS SIGNET TR 93-3A 4.850% 04/15/00 35,000 35,000 34,992
SIGNET MSTR TR SER
1994-4 ASSET BACKED 6.800% 12/15/00 20,000 19,993 20,187
SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,034 4,039
SW BELL TEL CO M/T/N 5.040% 10/13/98 5,000 4,880 4,929
SPAIN (KINGDOM OF) M/T/N 8.750% 12/22/97 4,000 4,099 4,069
STANDARD CR CARD MSTR TR 5.500% 02/07/00 10,750 10,743 10,676
STANDARD CR CARD TR 94-1A 4.650% 03/07/99 45,000 44,964 44,941
STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,004 2,039
STANDARD CR CD MSTR TR I 6.750% 06/07/00 5,000 5,017 5,073
STANDARD CR CD MSTR TR I 5.900% 02/07/01 13,900 13,850 13,910
STATOIL 9.100% 05/10/97 10,000 10,153 10,146
TMS HOME EQ LN TR 5.175% 07/15/06 4,001 4,030 3,953
TOKYO METRO JAPAN GTD 10.375% 10/20/97 2,300 2,385 2,388
TOYOTA AUTO RECEIVABLES 5.850% 03/15/01 14,295 14,273 14,341
TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 16,623 16,640 16,749
TOYOTA MOTOR CREDIT CORP 6.500% 02/04/97 10,000 10,016 10,009
TOYOTA MTR CR CORP M/T/N 7.700% 01/23/97 5,000 5,004 5,014
TOYOTA MTR CR CORP SR UNSUB 5.000% 03/10/97 5,000 4,979 4,989
UBS FIN DEL INC M/T/N 6.200% 10/01/98 20,000 20,100 20,158
USAA CAP CORP M/T/N 144A 4.760% 01/28/97 10,000 10,000 9,987
USAA CAP CORP M/T/N 144A 6.550% 09/20/99 10,000 10,105 10,108
UNILEVER CAP CORP 8.875% 03/26/98 15,900 16,364 16,496
WACHOVIA BK GA N A DEP NOTE 7.230% 03/27/97 5,700 5,735 5,727
WACHOVIA BK N C N A M/T/N 4.900% 09/19/98 1,500 1,460 1,479
WACHOVIA BK N C N A M/T/N 5.375% 01/04/99 5,650 5,652 5,600
WACHOVIA BK N C N A M/T/N 4.875% 02/18/97 5,000 4,997 4,993
WACHOVIA BK N C N A M/T/N 6.000% 03/15/99 2,450 2,448 2,457
WACHOVIA BK N C N A M/T/N 7.000% 05/12/99 5,800 5,837 5,944
WACHOVIA BK N C M/T/N 6.550% 06/09/97 5,000 4,996 5,026
WACHOVIA BK N C N A M/T/N 6.650% 07/14/97 10,000 9,995 10,069
WAL MART STORES INC 5.500% 09/15/97 14,945 14,833 14,914
WAL MART STORES INC NT 6.125% 10/01/99 1,100 1,096 1,105
WAL MART STORES INC SR NT 5.500% 03/01/98 22,150 22,001 22,085
WORLD OMNI AUTO LEASE 6.050% 11/25/01 9,722 9,722 9,769
WORLD OMNI 1994-A AUTO 6.450% 09/25/00 1,650 1,641 1,654
--------- --------- ----------
TOTAL CORPORATE BONDS $2,043,109 $2,054,929 $2,063,695
-15-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
GOVERNMENT BONDS
FED FARM CR BKS CONS
SYS M/T/N 5.850% 03/01/99 $ 5,000 $ 4,926 $ 5,013
FED FARM CR BKS CONS M/T/N 6.210% 06/03/99 5,000 4,960 5,050
FED FARM CR BKS CONS M/T/N 6.780% 03/21/97 11,000 11,004 11,043
FED FARM CR BKS CONS M/T/N 5.950% 06/06/97 15,000 15,008 15,040
FED HOME LN BANK 9.250% 11/25/98 2,715 2,903 2,883
FED HOME LN BANK 6.940% 03/14/97 5,000 5,014 5,020
FED HOME LN BKS CONS BD 6.525% 07/11/97 9,465 9,458 9,523
FED HOME LN BKS CONS BD 6.440% 07/25/97 10,000 9,983 10,059
FED HOME LN BKS CONS BD 6.645% 08/28/97 3,320 3,332 3,345
FEDERAL HOME LN BKS 6.080% 09/08/98 5,400 5,454 5,437
FEDERAL HOME LN BKS DEB 5.545% 06/09/97 5,000 4,995 5,003
FEDERAL HOME LN BKS 5.740% 06/23/97 10,000 9,993 10,016
FED HOME LN BKS CONS BD 5.750% 10/30/98 5,600 5,576 5,604
FED HOME LN BKS CONS BD 5.800% 11/03/98 10,000 9,968 10,017
FED HOME LN BKS CONS BD 5.540% 12/01/97 5,000 5,004 4,998
FEDERAL HOME LN BKS 4.810% 02/23/98 5,000 4,991 4,952
FED HOME LN BKS CONS BD 5.270% 03/04/99 10,000 9,747 9,903
FEDERAL HOME LN BKS CONS 5.960% 08/13/98 24,020 23,990 24,133
FEDERAL HOME LN BKS M/T/N 6.235% 05/30/97 5,000 4,999 5,017
FEDERAL HOME LN BKS M/T/N 6.015% 09/08/98 4,000 4,040 4,023
FEDERAL HOME LN BKS M/T/N 5.415% 02/28/98 5,000 5,000 4,973
FED HOME LN MTG CORP DEB 7.750% 01/27/97 16,000 16,027 16,055
FED HOME LN MTG CORP DEB 5.470% 03/21/97 5,000 4,995 5,000
FED HOME LN MTG CORP DEB 7.860% 01/21/97 10,000 10,019 10,033
FED HOME LN MTG CORP 7.860% 01/15/97 1,500 1,502 1,504
FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,941 4,920
FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,154 5,127
FED NATL MTG ASSN POOL# 9.550% 03/10/99 1,800 1,908 1,934
FED NATL MTG ASSN SER E 9.550% 09/10/97 5,000 5,139 5,139
FED NATL MTG ASSN M/T/N 6.150% 06/23/97 10,000 9,982 10,043
FED NATL MTG ASSN M/T/N 6.000% 03/26/99 5,000 4,993 5,027
FED NATL MTG ASSN M/T/N 6.770% 04/14/97 10,000 10,004 10,032
FED NATL MTG ASSN M/T/N 5.830% 09/15/97 5,000 4,997 5,012
FED NATL MTG ASSN M/T/N 5.650% 10/20/97 10,000 9,991 10,009
FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,005 4,947
FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,936
FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,922 9,839
FED NATL MTG ASSN M/T/N 5.550% 03/12/99 14,030 13,780 13,975
FED NATL MTG ASSN M/T/N 5.870% 10/13/98 15,000 14,961 15,052
U S TREASURY NOTES 4.750% 02/15/97 10,000 9,999 9,984
---------- -------- ----------
TOTAL GOVERNMENT BONDS $ 308,850 $ 308,664 $ 309,620
-16-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
CERTIFICATE OF DEPOSITS
AMER EXPR CENT BK C/D 6.400% 04/28/98 $ 2,000 $ 1,997 $ 2,004
BAYERISCHE LANDESBK NY C/D 5.220% 02/12/99 5,000 5,012 4,974
DEUTSCHE BK AG C/D V/R 0.000% 01/21/97 20,000 20,007 20,068
MERC SAFE DEP & TR CO C/D 6.150% 08/31/98 10,000 10,000 9,963
MERC SAFE DEP & TR CO C/D 6.820% 06/27/97 5,000 5,000 5,017
MERC SAFE DEP & TR CO C/D 6.120% 11/16/98 10,000 10,000 10,020
OLD KENT BK AND TR CO C/D 6.560% 05/30/97 5,000 5,000 5,015
---------- --------- ---------
TOTAL CERTIFICATE
OF DEPOSITS $ 57,000 $ 57,016 $ 57,061
---------- --------- ---------
TOTAL FIXED INCOME
SECURITIES $2,408,959 $2,420,609 $2,430,376
SHORT TERM INVESTMENTS
COMMERCIAL PAPER
ASSOCIATES CORP N A CPIB 5.390% 12/02/96 $30,000 $30,000 $30,000
GENERAL ELEC CAPT CPIB 5.350% 12/05/96 20,000 20,000 20,000
MERRILL LYNCH & CO DISC
C/P CPDS N/A 12/06/96 20,000 19,985 19,979
MERRILL LYNCH & CO DISC
C/P CPDS N/A 01/31/97 10,000 9,910 9,909
MERRILL LYNCH & CO INC CPIB 5.330% 01/24/97 20,000 20,000 20,000
UBS FIN INC DISC C/P CPDS N/A 12/03/96 20,000 19,994 19,988
------- --------- ---------
TOTAL COMMERCIAL PAPER $ 120,000 $ 119,889 $ 119,876
COLLECT SHRT TERM INVST FD N/A N/A $ 5,566 $ 5,566 $ 5,566
CS FIRST BOSTON N/A N/A 3,968 3,968 3,968
GOLDMAN SACHS & CO MSTR NOTE N/A N/A 24,500 24,500 24,500
MORGAN STANLEY N/A N/A 25,000 25,000 25,000
NOMURA SECS INTL MSTR NOTE N/A N/A 25,205 25,205 25,205
---------- --------- ---------
TOTAL SHORT TERM
INVESTMENTS $ 204,239 $ 204,128 $ 204,115
PARTICIPANT LOANS
(ANNUAL INTEREST RATES
FROM 9.5 TO 6.5,
MAXIMUM PERIOD OF
REPAYMENT IS
60 MONTHS) N/A N/A $ 162,760 $ 162,760 $ 162,760
---------- ---------- ----------
$2,775,958 $2,787,497 $2,797,251
========== ========== ==========
-17-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/96
(thousands of dollars)
SHARES/ CURRENT
FUND/ISSUE UNITS COST VALUE
- -----------------------------------------------------------------------------
EXXON CORPORATION PREFERRED
STOCK FUND
- ---------------------------
EXXON CORPORATION CLASS
A PREFERRED STOCK
(thousands of shares) 5,084 $312,682 $479,826
SHORT TERM INVESTMENTS
COLLECT SHORT TERM INVST FD $ 63 $ 63 $ 63
GOLDMAN SACHS & CO MSTR NOTE 3,880 3,880 3,880
NOMURA SECS INTL MSTR NOTE 9,806 9,806 9,806
-------- ----------- ---------
TOTAL SHORT TERM INVESTMENTS $13,749 $13,749 $13,749
EXXON CORPORATION COMMON
STOCK FUND
- ---------------------------
EXXON CORPORATION COMMON
STOCK (thousands of shares) 41,950 $2,069,708 $3,959,019
EQUITY PORTFOLIO FUND
- ---------------------
BARCLAYS GLOBAL INVESTORS
EQUITY FUND
(thousands of units) 3,347 $ 293,347 $ 579,765
EXTENDED MARKET PORTFOLIO
FUND
- ---------------------
BARCLAYS GLOBAL INVESTORS
EXTENDED EQUITY INDEX
FUND (thousands of units) 13,308 $ 158,112 $ 202,028
-18-
EXHIBIT 2
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
NOVEMBER 30, 1996
(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
- --------- ----- --------- -------- ----
11,821,442 10,189,497 $948,251 $878,734 $128,247
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).
-19-
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, 1996
and 1995, and the changes in its net assets available for benefits
for the year ended November 30, 1996, 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
February 21, 1997
-20-
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 February 15,
1997 appearing on page 19-20 of this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Houston, Texas
February 21, 1997
-21-
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/ J. E. Bayne
_______________________________________
J. E. Bayne, Manager
Benefits Finance and Investments
Dated: February 21, 1997
-22-