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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, 1997
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, 1997 and 1996 3-4
Statement of Changes in Net Assets
Available for Benefits, with
Fund Information for the
Year ended November 30, 1997 5
Notes to Financial Statements 6-8
Item 27a-Schedule of Assets Held for Investment
Purposes at November 30, 1997 (Exhibit 1) 9-17
Item 27d-Schedule of Reportable
Transactions (Exhibit 2) 18
Report of Independent Accountants 19
Consent of Independent Accountants 20
Signatures 21
-2-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
NOVEMBER 30, 1997
(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 $2,137 - - - - $2,137
Short-term
investments 91 - - - $13 104
Loans to parti-
cipants 158 - - - - 158
Exxon Corp.
common stock - $5,333 - - - 5,333
Index funds - - $757 $298 - 1,055
Exxon Corp. Class A
preferred stock - - - - 394 394
--------------------------------------------------------
Total investments 2,386 5,333 757 298 407 9,181
Amounts due from
employers - - - - 20 20
Dividends receivable - 36 - - - 36
Accrued interest 36 - - - - 36
Other receivables 3 - - - - 3
--------------------------------------------------------
Total assets 2,425 5,369 757 298 427 9,276
--------------------------------------------------------
Liabilities
Payables and accrued
liabilities 10 8 - - 3 21
Notes payable - - - - 225 225
--------------------------------------------------------
Total liabilities 10 8 - - 228 246
--------------------------------------------------------
Net assets available
for benefits $2,415 $5,361 $757 $298 $199 $9,030
========================================================
*Investment Funds representing five percent 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, 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 five percent 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, 1997
(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 $15 $4 $2 $1 $92 $114
Employee 80 41 26 20 - 167
----------------------------------------------------
Total contributions 95 45 28 21 92 281
----------------------------------------------------
Investment income:
Interest 167 - - - 1 168
Dividends - 139 - - 20 159
Net appreciation
(depreciation) in fair
value of investments (8) 1,178 168 53 129 1,520
----------------------------------------------------
Total investment income 159 1,317 168 53 150 1,847
----------------------------------------------------
Interest expense - - - - (17) (17)
LESOP conversions - 67 - - (168) (101)
Benefit payments at fair
value (353) (309) (16) (7) - (685)
Participant withdrawals
at fair value (56) (43) - - - (99)
Interfund transfers (299) 299 (3) 29 (26) -
-----------------------------------------------------
Net increase(decrease) (454) 1,376 177 96 31 1,226
Net assets available
for benefits:
At the beginning of
the year 2,869 3,985 580 202 168 7,804
----------------------------------------------------
At the end of the year $2,415 $5,361 $757 $298 $199 $9,030
====================================================
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, federal tax
treatment of a qualified plan and trust, 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 1997, $430,168 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, 1997 and 1996, these components of net
appreciation (depreciation) were:
Common Asset Fixed Exxon Corporation Exxon Corporation
Income Securities Common Stock Preferred Stock
Fund Fund Fund
----------------- ----------------- -----------------
1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ----
(millions of dollars)
Realized G/(L) $(5) $(5) $180 $104 $40 $16
Unrealized G/(L) (3) 7 998 649 89 86
---- ----- ----- ----- ----- -----
Net Appreciation $(8) $ 2 $1178 $753 $129 $102
(Depreciation)
Note 4: Tax Status
On August 28, 1997, the Internal Revenue Service issued a favorable
determination letter with respect to the qualified status of the Thrift Plan
under Section 401(a) of the Internal Revenue Code ("IRC"). The Trustee
believes that the Plan is a qualified plan under IRC Section 401(a) and that
the related trust is exempt from tax under IRC section 501(a).
-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
An employee stock ownership plan was incorporated into the Thrift Plan
on August 1, 1988. This plan is commonly referred to as the Direct
Dividend Dividend Account ("DDA") and is described in detail in the
Plan Document. In 1989, the plan was leveraged when the Trustee-Thrift
Trust borrowed $1.0 billion at a floating rate of interest under the
terms of notes, guaranteed by Exxon Corporation. 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 ("Preferred Stock") for
$61.50 per share which are convertible into Exxon Corporation common
stock. After the common stock split on March 14, 1997, when the common
share price exceeds $30.75, one share of preferred stock is convertible
into two shares of common stock. When the price is $30.75 or less, one
share of preferred is convertible into common shares having a value of
$61.50. Dividends on the Preferred Stock are cumulative and payable in
an amount per share equal to $4.68 per annum. Dividends on the
Preferred Stock of $20 million and $30 million were paid during 1997 and
1996, respectively, and covered certain principal and interest payments
of $24 million and $26 million on the notes. During 1997 and 1996,
1,854,762 and 2,468,223 shares of Preferred Stock, respectively, were
converted into common stock.
In 1997 and 1996, principal payments of $120 million and $156 million,
respectively, were made on the notes which included the retirement in
1996 of subrogation rights related to earlier guarantor payments in the
amount of $41 million. The interest rate on the notes ranged from 4.22%
to 5.12% in 1997 and 4.27% to 7.52% in 1996. Future principal payments
on the notes of $100 million and $125 million are due in 1998 and 1999,
respectively.
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 $17 million and $12 million for the years ended
November 30, 1997 and 1996, respectively, are reported on an accrual basis.
As such, the net assets available for benefits reflected for Form 5500
purposes are $9,013 million and $7,792 million for the years ended
November 30, 1997 and 1996, respectively.
-8-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
COMMON ASSET FUND
- -----------------
CORPORATE BONDS
AMER INTL GRP INC M/T/N 6.250% 08/16/99 $ 20,000 $ 19,907 $ 20,125
AMER INTL GRP INC M/T/N 6.050% 11/01/99 5,250 5,239 5,262
ASSOCIATES CORP N AMER 6.625% 07/15/99 2,325 2,336 2,340
ASSOCIATES CORP N AMER 6.375% 08/15/98 7,000 6,994 7,020
ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,025
ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,164 3,177
ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,874 2,889
ASSOC CORP N AMER M/T/N 6.500% 09/09/98 5,000 5,008 5,019
ASSOC CORP N AMER M/T/N 5.550% 10/30/98 3,450 3,431 3,435
ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,729
ASSOC CORP N AMER SR NT 8.125% 01/15/98 5,000 5,011 5,011
AUSTRIA REP 9.125% 04/25/99 7,000 7,226 7,276
BANC ONE AUTO GRANTOR TR 6.550% 02/15/03 8,025 8,013 8,058
BANC ONE AUTO GRANTOR TR 6.100% 10/15/02 5,873 5,871 5,874
BANC ONE AUTO GRANTOR TR 6.270% 11/20/03 8,496 8,496 8,513
BARCLAYS AMERICAN CORP 7.875% 08/15/98 5,000 5,057 5,065
BAYER USA INC 7.750% 10/28/99 9,500 9,775 9,737
BAYERISCHE LANDESBANK
GIROZENTRALE M/T/N 6.550% 07/19/99 10,000 9,994 10,136
BAYERISCHE LANDESBANK
GIROZENTRALE M/T/N 6.000% 10/15/98 12,000 11,993 12,018
BAYERISCHE LANDESBANK
GIROZENTRALE M/T/N 6.125% 10/22/99 10,000 9,935 10,009
BAYERISCHE VEREINSBANK 8.125% 01/27/00 25,000 25,819 25,900
BELL SOUTH TELECOMM 5.250% 06/08/98 1,675 1,670 1,666
BELLSOUTH CAP FDG CORP 9.250% 01/15/98 2,900 2,910 2,910
BELLSOUTH CAP FDG CORP
SER A M/T/N 8.650% 10/01/99 2,700 2,807 2,817
BELLSOUTH TELECOMM INC 6.500% 02/01/00 3,000 3,014 3,019
BOATMENS AUTO TR 6.350% 01/15/03 9,166 9,166 9,183
BOATMENS AUTO TR 95-A A-3 6.100% 05/15/00 10,579 10,587 10,585
BP AMER INC 8.875% 12/01/97 1,000 1,000 1,000
BP AMER INC M/T/N 6.923% 01/15/99 7,000 7,069 7,081
BPCA FINANCE 8.375% 04/15/98 21,530 21,674 21,715
BRITISH PETROLEUM AMER 9.750% 03/01/99 14,450 14,698 15,036
BRITISH TELECOM 9.375% 11/16/98 15,000 15,516 15,424
BRITISH TELECOM FIN INC 9.375% 02/15/99 17,210 17,756 17,847
CALIF INFRASTRUCTURE & 6.200% 06/25/03 2,000 2,000 2,003
CASE EQUIP LN TR 6.150% 09/15/02 6,297 6,296 6,307
CFAC GRANTOR TR 6.450% 12/15/97 1,518 1,518 1,515
CFC-14 GR TRST RESTR 7.150% 11/15/06 3,206 3,227 3,216
-9-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
CHASE MAN AUTO OWNER TR 5.750% 05/15/99 $ 17,571 $ 17,570 $ 17,572
CHASE MAN AUTO OWNER TR 6.350% 02/15/01 8,000 7,997 8,038
CHASE MAN AUTO OWNER TR 5.950% 10/15/99 9,481 9,478 9,480
CHASE MAN CR CD MSTR TR 6.730% 02/15/03 10,500 10,499 10,599
CHASE MAN GRANTOR TR 6.000% 09/17/01 6,951 6,950 6,950
CHASE MAN GRANTOR TR 5.900% 11/15/01 6,368 6,367 6,362
CHASE MAN GRANTOR TR 5.200% 02/15/02 9,470 9,456 9,393
CHESAPEAKE & POTOMAC TEL
CO MD 5.875% 09/15/99 11,000 10,950 10,947
CHEVRON CDA FIN LTD GTD NT 5.600% 04/01/98 7,000 6,984 6,996
CITICORP MTG SECS INC
REMIC PASS THRU 5.750% 03/25/09 1,509 1,508 1,503
COCA COLA CO 7.875% 09/15/98 15,600 15,809 15,807
CORESTATES HOME EQ TR 5.100% 03/15/09 3,113 3,112 3,054
CR LOCAL DE FRANCE DEB 8.875% 10/18/99 12,871 13,433 13,447
CTS HOME EQUITY LN TR 7.700% 09/15/06 2,774 2,814 2,803
DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 9,539 9,537 9,528
DAIMLER-BENZ VEH TR 5.850% 07/20/03 11,591 11,587 11,574
DAIMLIER-BENZ AUTO GR TR
1997-A A 6.050% 03/20/05 9,607 9,601 9,599
DAYTON HUDSON CR CD MSTR 6.100% 02/25/02 9,590 9,591 9,597
DEUTSCH BANK FIN NV 9.375% 06/21/99 3,469 3,623 3,631
DISCOVER CARD MSTR TR I 5.400% 11/16/01 35,245 35,082 35,026
DISCOVER CARD TR 6.250% 08/16/00 10,515 10,521 10,507
DISCOVER CARD TR 1992-B 6.800% 06/15/00 7,277 7,294 7,280
EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,416 1,425
EMERSON ELEC CO EURO 7.875% 06/05/98 33,720 33,962 33,964
EURO INV BK 7.75 7.750% 12/15/98 5,000 5,067 5,078
EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,730 8,804
EUROPEAN INVT BK M/T/N 6.330% 10/01/99 13,000 13,009 13,033
EUROPEAN INVT BK M/T/N 7.350% 06/01/99 9,000 9,112 9,194
EXPORT IMPORT BK JAPAN 9.000% 04/15/98 5,000 5,052 5,057
FCC GRANTOR TR 8.750% 02/15/06 2,030 2,052 2,030
FIFTH THIRD BK AUTO TR
1996-A 6.200% 09/15/01 15,958 15,962 15,978
FIRST CHICAGO MASTER TR 6.250% 08/15/99 8,266 8,267 8,252
FIRST DEP MASTER TR 6.050% 08/15/02 31,070 31,077 31,090
FIRST DEP MSTR TR ASSETS
BACKED CTF 5.750% 06/15/01 28,698 28,646 28,670
FIRST SEC AUTO GR TR 6.300% 08/15/03 6,693 6,689 6,709
FIRST SEC AUTO GR TR 6.250% 01/15/01 1,763 1,763 1,766
FLEET FIN HOME EQUITY TR 6.700% 10/15/06 816 814 818
FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 2,237 2,232 2,205
FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 2,400 2,393 2,415
FORD CR AUTO LEASE TR 5.800% 05/15/99 8,995 8,993 8,973
-10-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
FORD CR AUTO OWNER TR 6.500% 11/15/99 $ 5,000 $ 4,999 $ 5,016
FORD CR AUTO OWNER TR 6.100% 10/15/20 6,200 6,199 6,204
FORD CR AUTO OWNER TR 6.750% 09/15/00 6,500 6,499 6,568
FORD CR GRANTOR TR 5.900% 10/15/00 13,659 13,683 13,638
FORD CR GRANTOR TR 5.900% 05/15/00 11,181 11,184 11,176
GE CAP MTG SVCS INC 7.200% 09/15/11 1,474 1,473 1,482
GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 4,998 4,977
GEN ELEC CAP CORP M/T/N 7.125% 04/06/98 2,350 2,359 2,360
GEN ELEC CAP CORP M/T/N 7.950% 02/02/98 2,400 2,407 2,407
GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,930 4,992
GEN ELEC CAP CORP M/T/N 7.265% 04/10/00 3,900 3,996 4,018
GEN ELEC CAP CORP M/T/N 6.370% 09/01/98 7,500 7,512 7,525
GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,986 4,979
GENERAL ELEC CO DEB 7.875% 09/15/98 10,000 10,188 10,140
GEN ELECTRIC CAP CORP EURO
M/T/N 7.000% 05/05/98 4,000 4,011 3,993
GMAC 1995-A GRANTOR TR 7.150% 03/15/00 4,216 4,230 4,233
GMAC GRANTOR TR 6.500% 04/15/02 14,668 14,665 14,731
GTE CALIF 1ST MTG 6.250% 01/15/98 1,000 1,001 1,000
HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,131 18,851
HEWLETT PACKARD FIN CO DEB 7.500% 12/05/97 15,000 15,002 14,989
HITACHI FINANCE UK PLC 6.625% 06/06/00 5,000 5,037 5,029
HONDA AUTO REC CL A 5.850% 02/15/03 21,530 21,456 21,473
HONDA AUTO REC GR TR 6.200% 12/15/00 11,819 11,827 11,833
HSEHOLD FIN CO HOME EQ LN 4.750% 05/20/08 557 555 553
IADB 9.500% 04/11/00 6,000 6,422 6,420
IBRD 4.500% 08/26/99 10,089 9,838 9,829
INTER AMERN DEV BK 9.450% 09/15/98 34,369 35,198 35,276
INTER AMERN DEV BK M/T/N 5.600% 05/28/99 26,930 26,669 26,713
INTL BK FOR RECON & DEV
COLTS 9.550% 07/15/98 5,000 5,114 5,113
INTL BK FOR RECON & DEV
COLTS 9.760% 06/01/98 2,500 2,551 2,548
INTL BK FOR RECON & DEV
COLTS 5.850% 09/15/98 5,700 5,714 5,700
INTL BK FOR RECON & DEV
COLTS 8.790% 02/19/98 1,000 1,007 1,006
INTL BK FOR RECON & DEV
COLTS 6.500% 09/15/98 3,250 3,273 3,266
INTL BK FOR RECON & DEV
COLTS 9.625% 04/28/99 5,000 5,207 5,244
INTL TELECOM SATELLITE 6.750% 01/19/00 10,000 10,065 10,081
JAPAN FIN CORP FOR MUN 9.250% 09/21/98 1,000 1,025 1,025
JOHNSON & JOHNSON M/T/N 8.220% 03/20/98 5,000 5,032 5,038
JOHNSON & JOHNSON M/T/N 8.180% 03/23/98 1,000 1,007 1,008
-11-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
KEY AUTO FINANCE TR 5.850% 03/15/03 $ 5,478 $ 5,478 $ 5,470
KEYCORP AUTO GRANTOR TR 5.800% 07/15/00 3,397 3,397 3,394
KFW INTL FIN INC 9.375% 07/15/98 20,000 20,382 20,359
KFW INTL FIN INC GTD NT 8.850% 06/15/99 16,355 16,984 16,996
KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,149 5,191
KIMBERLY CLARK CORP 9.000% 08/01/00 1,000 1,069 1,067
KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,929 19,982
LBK RHEIN-PFALZ GI M/T/N 6.100% 10/28/99 32,100 31,955 32,035
LILLY ELI & CO M/T/N 7.100% 02/16/99 1,000 1,009 1,015
MBNA MASTER CR CARD TR 5.400% 09/15/00 28,525 28,296 28,327
MBNA MASTER CR CARD TR SER
1992-2 6.200% 08/15/99 6,175 6,174 6,164
MBNA MSTR CR CD TRUST 7.250% 06/15/99 1,667 1,667 1,663
MCDONALDS COR M/T/N SER B 8.375% 10/29/99 2,100 2,179 2,184
MMCA AUTO OWNER TR 5.700% 11/15/00 5,912 5,912 5,900
MORGAN GTY TR CO NY N Y 6.000% 10/01/98 10,000 9,993 10,012
MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,918 20,066
NATIONAL AUST BANK LTD 6.250% 06/17/98 25,000 25,012 24,997
NATL AUSTRALIA BK 6.00 6.000% 03/26/99 6,000 5,991 5,978
NATL RURAL UTILS COOP FIN 8.500% 02/15/98 3,000 3,016 3,015
NATIONSBANK AUTO GR TR 5.850% 06/15/02 9,035 9,035 9,018
NATIONSBANK AUTO OWNR TR 6.375% 07/15/00 21,190 21,175 21,248
NATIONSBANK AUTO OWNR TR 6.125% 07/15/99 9,761 9,770 9,769
NAVISTAR FIN 95-A OWNR TR 6.550% 11/20/01 4,641 4,658 4,656
NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,983 2,000
NEW ENGLAND TEL & TEL CO
NT 6.250% 12/15/97 1,000 1,000 1,000
NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,731 2,739
NIPPON TELEG & TEL CORP 9.500% 07/27/98 38,000 38,742 38,859
NISSAN AUTO REC 1994-A GR 6.450% 09/15/99 3,309 3,316 3,311
NISSAN AUTO REC GR TR 6.100% 08/15/01 8,326 8,335 8,330
NORWEST AUTOMOBILE TR 5.800% 03/15/99 8,482 8,480 8,483
NORWEST AUTOMOBILE TR 5.900% 03/15/00 21,500 21,472 21,468
NORWEST CORP M/T/N 7.125% 09/09/99 3,000 3,031 3,049
NORWEST CORP M/T/N 5.750% 11/16/98 2,000 1,985 1,995
NORWEST CORP M/T/N 6.250% 04/15/99 6,150 6,163 6,171
NORWEST FINL INC M/T/N 6.375% 10/01/99 4,250 4,233 4,266
OESTERREICHISCHE
KONTROLLBANK 8.700% 07/13/99 8,000 8,278 8,320
OESTERREICHE KONTROLBANK 9.125% 07/12/00 9,500 10,158 10,130
OLYMPIC AUTO REC TR 5.650% 01/15/01 799 799 797
OLYMPIC AUTO REC TR 6.850% 06/15/01 2,896 2,895 2,910
PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 10,000 10,041 10,103
PITNEY BOWES CR CORP NT 6.250% 06/01/98 12,000 12,011 12,023
PNC STUDENT LN TR I 6.138% 01/25/00 10,000 10,000 10,023
-12-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
PREMIER AUTO TR 6.650% 11/02/98 $ 2,732 $ 2,734 $ 2,734
PREMIER AUTO TR 6.000% 10/06/99 4,671 4,677 4,673
PREMIER AUTO TR 4.750% 02/02/00 226 226 225
PREMIER AUTO TR 6.350% 05/02/00 1,359 1,359 1,359
PREMIER AUTO TR 6.850% 03/02/99 4,671 4,681 4,672
PREMIER AUTO TR 6.350% 01/06/00 10,275 10,274 10,299
PREMIER AUTO TR 5.900% 04/06/00 4,838 4,837 4,836
PREMIER AUTO TR 6.500% 03/06/00 10,400 10,391 10,438
PREMIER AUTO TR 6.120% 06/06/00 15,000 14,999 15,010
PREMIER AUTO TR 4.900% 12/15/98 1,394 1,395 1,393
PREMIER AUTO TR 5.900% 07/06/99 2,572 2,571 2,573
PREMIER AUTO TR 4.900% 10/15/98 1,395 1,395 1,392
PREMIER AUTO TR 1993-5
ASSET BACKED NT 4.220% 03/02/99 684 684 678
PREMIER AUTO TRUST 6.150% 03/06/00 10,000 10,011 10,008
PROCTER & GAMBLE CO NT 9.500% 02/11/98 13,000 13,084 13,052
RABOBANK NEDERLAND M/T/N 5.950% 10/06/99 15,000 14,997 14,981
ROCKWELL INTL CORP 8.875% 09/15/99 2,000 2,089 2,091
ROCKWELL INTL CORP 7.625% 02/17/98 2,000 2,004 2,007
SCFC RECR VEH LN TR 7.250% 09/15/06 3,059 3,060 3,068
SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,994 20,127
SEARS CR ACCT MSTR TR II 6.250% 01/15/03 37,000 37,002 37,071
SHELL OIL CO 6.950% 12/15/98 6,290 6,331 6,350
SHELL OIL CO NT 6.625% 07/01/99 8,800 8,819 8,865
SIEMENS AG E/M/T/N 5.820% 06/15/98 5,000 4,988 4,997
SW BELL TEL CO M/T/N 5.040% 10/13/98 5,000 4,944 4,960
SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,022 4,026
SPAIN KINGDOM M/T/N 8.750% 12/22/97 4,000 4,005 4,005
STANDARD CR CD MSTR TR 5.500% 02/07/00 16,750 16,691 16,637
STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,003 2,017
STANDARD CR CD MSTR TR I 5.900% 02/07/01 27,425 27,375 27,350
STANDARD CR CD MSTR TR I 6.750% 06/07/00 5,000 5,006 5,019
TMS HOME EQUITY LN TR 5.175% 07/15/06 2,444 2,455 2,415
TOKYO METROPOLIS JAPAN 8.700% 10/05/99 2,000 2,083 2,085
TOKYO METROPOLIS JAPAN 9.250% 10/11/98 3,550 3,636 3,645
TOYOTA AUTO RECEIVABLES 5.850% 03/15/01 6,295 6,287 6,291
TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 16,415 16,418 16,448
TOYOTA AUTO REC GR TR 6.450% 04/15/02 23,240 23,251 23,336
TOYOTA MOTOR CORP 5.625% 03/17/98 6,801 6,789 6,785
UBS FIN DEL INC M/T/N 6.200% 10/01/98 20,000 20,045 20,056
UNILEVER CAP CORP 8.875% 03/26/98 15,900 16,012 16,017
UNILEVER CAPITAL CORP 9.250% 03/29/00 19,400 20,336 20,600
UNILEVER NV EURO MTN US$ 8.000% 12/08/99 2,000 2,068 2,065
USAA CAP CORP M/T/N 6.550% 09/20/99 10,000 10,068 10,065
WACHOVIA BK NC N A M/T/N 6.000% 03/15/99 2,450 2,449 2,457
-13-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
WACHOVIA BK NC N A M/T/N 4.900% 09/19/98 $ 1,500 $ 1,482 $ 1,489
WACHOVIA BK NC N A M/T/N 6.700% 04/14/99 1,000 1,006 1,009
WACHOVIA BK NC N A M/T/N 7.050% 06/09/99 15,000 15,132 15,262
WACHOVIA BK NC N A M/T/N 7.000% 05/12/99 5,800 5,822 5,894
WACHOVIA BK NC N A M/T/N 5.375% 01/04/99 5,650 5,651 5,630
WAL MART STORES 9.100% 07/15/00 2,071 2,218 2,217
WAL MART STORES INC NT 6.125% 10/01/99 4,000 3,991 4,003
WAL MART STORES INC SR NT 5.500% 03/01/98 22,150 22,120 22,133
WORLD OMNI AUTO LEASE 6.050% 11/25/01 5,638 5,638 5,639
--------- ---------- ----------
TOTAL CORPORATE BONDS $1,835,277 $1,845,631 $1,847,467
-14-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- -----------------------------------------------------------------------------
GOVERNMENT BONDS
FED HOME LN MTGE CORP GRP
# G40276 6.500% 12/01/99 $ 8,843 $ 8,881 $ 8,865
FEDERAL HOME LN BKS 6.080% 09/08/98 5,400 5,423 5,410
FEDERAL HOME LN BKS 4.810% 02/23/98 5,000 4,998 4,991
FEDERAL HOME LN BKS 5.750% 12/30/98 10,000 9,975 9,977
FEDERAL HOME LN BKS CONS 5.960% 08/13/98 24,020 24,008 24,043
FED HOME LN BKS CONS BD 5.750% 10/30/98 5,600 5,588 5,594
FED HOME LN BKS CONS BD 5.800% 11/03/98 10,000 9,984 9,994
FED HOME LN BKS M/T/N 6.015% 09/08/98 4,000 4,018 4,006
FED HOME LN BKS M/T/N 5.415% 12/28/98 5,000 5,000 4,977
FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,968 4,946
FED HOME LN MTG CORP NTS 4.950% 02/22/99 10,000 9,877 9,892
FEDERAL HOME LOAN BANK 9.250% 11/25/98 2,715 2,808 2,802
FEDERAL HOME LOAN BANK 9.300% 01/25/99 8,280 8,563 8,583
FEDERAL NAT'L MTGE ASSN 8.700% 06/10/99 1,000 1,033 1,040
FED NATL MTG ASSN POOL # 9.550% 03/10/99 1,800 1,861 1,880
FED NATL MTG ASSN M/T/N 5.820% 12/21/98 10,000 9,982 10,000
FED NATL MTG ASSN M/T/N 4.940% 02/23/99 5,000 4,934 4,945
FED NATL MTG ASSN M/T/N 6.090% 06/14/99 5,000 4,998 5,015
FED NATL MTG ASSN M/T/N 5.550% 03/12/99 2,030 2,010 2,022
FED NATL MTG ASSN M/T/N 5.400% 03/12/99 5,000 4,967 4,959
FED NATL MTG ASSN M/T/N 6.000% 03/26/99 5,000 4,996 5,007
FED NATL MTG ASSN DEB 8.550% 08/30/99 5,120 5,322 5,324
FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,078 5,060
FED NATL MTG ASSN DEB 7.680% 11/22/99 2,465 2,538 2,544
FED NATL MTG ASSN M/T/N 6.070% 07/01/99 5,000 4,997 5,010
FED NATL MTG ASSN M/T/N 6.090% 09/01/98 800 801 801
FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,002 4,963
FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,956
FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,957 9,892
FED NATL MTG ASSN M/T/N 5.870% 10/13/98 15,000 14,982 15,000
STUDENT LN MKTG ASSN 4.500% 08/02/99 35,575 34,567 34,797
---------- ---------- ----------
TOTAL GOVERNMENT BONDS $ 227,648 $ 227,116 $ 227,295
-15-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(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 $ 1,999 $ 2,005
BANKERS TR CO C/D 5.800% 02/08/99 10,000 9,966 10,012
BAYERISCHE LANDESBANK NY
INSTL C/D 5.220% 02/12/99 5,000 5,007 4,968
DEUTSCHE BANK AG NY C/D 6.150% 04/14/98 10,000 9,998 9,997
DEUTSCHE BANK AG NY C/D 6.050% 04/01/98 15,000 14,994 14,994
MERC SAFE DEP & TR C/D 6.150% 08/31/98 10,000 10,000 10,021
MERC SAFE DEP & TR CO C/D 6.120% 11/16/98 10,000 10,000 10,038
---------- ---------- ----------
TOTAL CERTIFICATE
OF DEPOSITS $ 62,000 $ 61,964 $ 62,035
---------- ---------- ----------
TOTAL FIXED INCOME
SECURITIES $2,124,925 $2,134,711 $2,136,797
SHORT TERM INVESTMENTS
COMMERCIAL PAPER
FORD MTR CR CO CPDS N/A 01/05/98 $ 10,000 $ 9,881 $ 9,874
GEN ELEC CAP CORP DISC C/P
CPDS N/A 01/20/98 25,000 24,646 24,631
---------- ---------- ----------
TOTAL COMMERCIAL PAPER $ 35,000 $ 34,527 $ 34,505
COLL SHORT TERM INVST FD N/A N/A $ 2,682 $ 2,682 $ 2,682
REPO GOLDMAN SACHS TRI
PARTY 5.850% N/A 45,000 45,000 45,000
MORGAN STANLEY GRP INC
MSTR NOTE N/A N/A 9,000 9,000 9,000
---------- ---------- ----------
TOTAL SHORT TERM
INVESTMENTS $ 91,682 $ 91,209 $ 91,187
PARTICIPANT LOANS
(ANNUAL INTEREST RATES
FROM 9.0 TO 6.5,
MAXIMUM PERIOD OF
REPAYMENT IS
60 MONTHS) N/A N/A $ 158,114 $ 158,114 $ 158,114
---------- ---------- ----------
TOTAL COMMON ASSET $2,374,721 $2,384,034 $2,386,098
INVESTMENTS ========== ========== ==========
-16-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/97
(thousands of dollars)
SHARES/ CURRENT
DESCRIPTION UNITS COST VALUE
- -----------------------------------------------------------------------------
EXXON CORPORATION PREFERRED
STOCK FUND
- ---------------------------
EXXON CORPORATION CLASS
A PREFERRED STOCK
(thousands of shares) 3,229 $ 198,614 $ 393,998
SHORT TERM INVESTMENTS
GENERAL ELEC CAP CORP DISC C/P CPDS $ 10,000 $ 9,884 $ 9,878
MORGAN STANLEY GROUP INC MASTER NOTE 3,004 3,004 3,004
--------- ---------- ----------
TOTAL SHORT TERM INVESTMENTS $ 13,004 $ 12,888 $ 12,882
EXXON CORPORATION COMMON
STOCK FUND
- ---------------------------
EXXON CORPORATION COMMON
STOCK (thousands of shares)
(adjusted for March 14, 1997 2-for-1
stock split) 87,427 $2,552,909 $5,333,040
EQUITY PORTFOLIO FUND
- ---------------------
BARCLAYS GLOBAL INVESTORS
EQUITY FUND
(thousands of units) 3,400 $ 349,960 $ 756,675
EXTENDED MARKET PORTFOLIO
FUND
- -------------------------
BARCLAYS GLOBAL INVESTORS
EXTENDED EQUITY INDEX
FUND (thousands of units) 15,795 $ 213,084 $ 298,146
-17-
EXHIBIT 2
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
NOVEMBER 30, 1997
(thousands of dollars)
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
- --------- ----- --------- -------- ----
21,593,904 13,277,026 $1,170,564 $755,309 $170,489
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).
* Adjusted to reflect March 14, 1997 2-for-1 stock split.
-18-
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, 1997
and 1996, and the changes in its net assets available for benefits
for the year ended November 30, 1997, 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
April 23, 1998
-19-
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 April 23, 1998
appearing on page 19 of this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Houston, Texas
April 23, 1998
-20-
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: April 23, 1998
-21-