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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, 1998
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, 1998 and 1997 3-4
Statement of Changes in Net Assets
Available for Benefits, with
Fund Information for the
Year ended November 30, 1998 5
Notes to Financial Statements 6-9
Item 27a-Schedule of Assets Held for Investment
Purposes at November 30, 1998 (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, 1998
(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 $2,250 - - - - $2,250
Short-term
investments 155 - - - $11 166
Loans to parti-
cipants 152 - - - - 152
Exxon Corp.
common stock - $6,144 - - - 6,144
Index funds - - $944 $319 - 1,263
Exxon Corp. Class A
preferred stock - - - - 275 275
--------------------------------------------------------
Total investments 2,557 6,144 944 319 286 10,250
Amounts due from
employers - - - - 8 8
Dividends receivable - 33 - - - 33
Accrued interest 36 - - - - 36
Other receivables 2 - - - - 2
Interfund transfers
rec/pay 1 (1) - - - -
--------------------------------------------------------
Total assets 2,596 6,176 944 319 294 10,329
--------------------------------------------------------
Liabilities
Payables and accrued
liabilities 16 7 - - 3 26
Notes payable - - - - 125 125
--------------------------------------------------------
Total liabilities 16 7 - - 128 151
--------------------------------------------------------
Net assets available
for benefits $2,580 $6,169 $944 $319 $166 $10,178
========================================================
*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, 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.
-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, 1998
(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:
Employers $14 $4 $1 $1 $94 $114
Employee 76 48 30 21 - 175
----------------------------------------------------
Total contributions 90 52 31 22 94 289
----------------------------------------------------
Investment income:
Interest 156 - - - 1 157
Dividends - 138 - - 12 150
Net appreciation
(depreciation) in fair
value of investments 7 1,201 178 4 73 1,463
----------------------------------------------------
Total investment income 163 1,339 178 4 86 1,770
----------------------------------------------------
Interest expense - - - - (8) (8)
LESOP conversions - 60 - - (166) (106)
Benefit payments at fair
value (284) (376) (35) (13) - (708)
Participant withdrawals
at fair value (49) (40) - - - (89)
Interfund transfers 245 (227) 13 8 (39) -
-----------------------------------------------------
Net increase(decrease) 165 808 187 21 (33) 1,148
Net assets available
for benefits:
At the beginning of
the year 2,415 5,361 757 298 199 9,030
----------------------------------------------------
At the end of the year $2,580 $6,169 $944 $319 $166 $10,178
====================================================
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") 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, including the investment in Exxon
Corporation Common Stock.
During 1998, $351,719 of employers' 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
("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 fixed income securities in the Common Asset Fund and the Exxon
Corporation Preferred Stock Fund, 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, 1998 and 1997, these components of net
appreciation (depreciation) were:
Common Asset Fixed Exxon Corporation Exxon Corporation
Income Securities Common Stock Preferred Stock
Fund Fund Fund
----------------- ----------------- -----------------
1998 1997 1998 1997 1998 1997
---- ---- ---- ---- ---- ----
(millions of dollars)
Realized G/(L) $(4) $(5) $150 $180 $21 $40
Unrealized G/(L) 11 (3) 1,051 998 52 89
---- ----- ----- ----- ----- -----
Net Appreciation $ 7 $(8) $1,201 $1,178 $73 $129
(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 total
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 $12 million and $20 million were paid during
1998 and 1997, respectively, and covered certain principal and interest
payments of $8 million and $24 million on the notes. During 1998 and
1997, 1,397,641 and 1,854,762 shares of Preferred Stock, respectively,
were converted into common stock.
In 1998 and 1997, principal payments of $100 million and $120 million,
respectively, were made on the notes. The interest rate on the notes
ranged from 3.94% to 5.28% in 1998 and 4.22% to 5.12% in 1997. The
final principal payment on the note of $125 million is due in 1999 at
which time remaining Preferred Stock will be converted into common
stock and allocated to participant accounts in accordance with Plan
provisions and applicable law.
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 $19 million and $17 million for the years ended
November 30, 1998 and 1997, respectively, are reported on an accrual basis.
As such, the net assets available for benefits reflected for Form 5500
purposes are $10,159 million and $9,013 million for the years ended
November 30, 1998 and 1997, respectively.
-8-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
NOTES TO FINANCIAL STATEMENTS
Note 8: Subsequent Events
New Investment Option
Effective January 1, 1999, the Thrift Plan will begin offering a new
investment option, Balanced Fund Units, which is designed to generate
returns from income and growth through investment in domestic and
international stocks and United States bonds.
Change in Plan Year
The plan year of the Thrift Plan that commenced December 1, 1998, ended
on December 31, 1998 as provided by a plan amendment that changes the plan
year of the Thrift Fund to coincide with the calender year.
Plan Amendment
Effective January 1, 1999, the Thrift Plan was amended to offer additional
distribution options for annuitants, increased percentage limit for
contributions, and the acceptance of rollovers from other qualified plans.
Partial distributions can now be made once each year in the amount of
$5,000 or more, and can be in the form of cash, Exxon common stock, or a
combination of both cash and Exxon common stock. The maximum contribution
percentage by payroll deduction was increased to 18%. Employee rollovers
will be accepted from other tax qualified plans, but not from Indivdual
Retirement Accounts and Individual Retirement Annuities (IRAs).
Plan Transfer
During 1999, plan assets will be transferred to a new plan for those
participants who were hired by Infineum USA, L.P., an Exxon Corporation
and Shell Oil Company joint venture.
-9-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
COMMON ASSET FUND
- -----------------
CORPORATE BONDS
3M DEUTSCHELAND GM 5.75 5.750% 07/30/99 $ 3,000 $ 3,050 $ 3,059
ABBEY NATIONAL 6.250% 06/30/00 6,785 6,799 6,876
AMER EXPRESS MSTR TRUST 5.375% 07/15/01 33,255 33,112 33,329
AMER INTL GRP INC M/T/N 6.250% 08/16/99 20,000 19,961 20,149
AMER INTL GRP INC M/T/N 6.050% 11/01/99 5,250 5,245 5,291
AMER INTL GRP INC M/T/N 4.875% 10/30/00 2,588 2,582 2,577
ASSOC CORP N AMER 6.625% 07/15/99 2,325 2,329 2,344
ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,016
ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,104 3,104
ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,896 2,899
ASSOC CORP N AMER M/T/N 6.200% 02/15/00 3,500 3,515 3,539
ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,736
AUSTRIA REP 9.125% 04/25/99 7,000 7,065 7,111
BANC ONE AUTO GRANTOR TR 6.100% 10/15/02 7,524 7,538 7,572
BANC ONE AUTO GRANTOR TR 6.550% 02/15/03 3,639 3,635 3,673
BANC ONE AUTO GRANTOR TR 6.270% 11/20/03 20,455 20,525 20,690
BANC ONE AUTO GRANTOR TR 6.290% 07/20/04 16,871 16,988 17,077
BANKBOSTON RECR VEH 6.390% 01/15/03 14,690 14,761 15,185
BARNETT AUTO TR 6.030% 11/15/01 13,500 13,510 13,591
BARNETT AUTO TR 5.920% 07/15/00 8,929 8,949 8,941
BAYER USA INC 7.750% 10/28/99 10,950 11,102 11,169
BAYERISCHE LANDESBANK
GIROZENTRALE M/T/N 6.550% 07/19/99 10,000 9,998 10,084
BAYERISCHE LANDESBANK
GIROZENTRALE M/T/N 6.125% 10/22/99 10,000 9,969 10,066
BAYERISCHE LANDESBANK U S
FIN M/T/N 6.650% 01/26/00 9,250 9,328 9,466
BAYERISCHE VEREINSBANK 8.125% 01/27/00 25,000 25,439 25,750
BELLSOUTH CAP FDG CORP
SER A M/T/N 8.650% 10/01/99 2,700 2,748 2,775
BELLSOUTH TELECOMM INC NT 6.500% 02/01/00 4,000 4,016 4,059
BOATMENS AUTO TR 95-A A-3 6.100% 05/15/00 1,961 1,961 1,965
BP AMER INC 9.375% 11/01/00 7,500 8,043 8,061
BP AMER INC M/T/N 6.923% 01/15/99 7,000 7,008 7,009
BP AMER NOTES EURO M/T/N 5.750% 07/30/01 15,800 16,060 15,978
BRIDGESTONE/FIRESTONE MSTR 6.170% 07/01/03 10,000 10,046 10,153
BRITISH PETROLEUM AMER 9.750% 03/01/99 14,450 14,499 14,576
BRITISH TELECOM FIN INC 9.375% 02/15/99 17,210 17,303 17,350
CALIF INFRASTRUCTURE & 6.160% 06/25/03 2,000 2,000 2,045
CALIF INFRASTRUCTURE & 6.010% 06/25/01 5,876 5,881 5,877
CALIF INFRASTRUCTURE & 6.170% 03/25/03 2,000 2,000 2,010
CALIF PETE TRANS CORP 7.350% 04/01/00 18,160 18,502 18,637
-10-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
CASE EQUIP LN TR 6.150% 09/15/02 $ 2,283 $ 2,283 $ 2,287
CHASE CREDIT CD MSTR TR 6.230% 06/15/03 4,126 4,130 4,203
CHASE CREDIT MSTR CD TR 5.550% 09/15/03 15,000 14,950 15,107
CHASE MAN AUTO OWNER TR 6.350% 02/15/01 8,000 7,998 8,067
CHASE MAN AUTO OWNER TR 5.950% 10/15/99 58 58 58
CHASE MAN AUTO OWNER TR 5.700% 09/17/01 5,000 4,988 5,024
CHASE MAN AUTO OWNER TR 5.750% 10/15/01 10,000 9,999 10,057
CHASE MAN AUTO OWNER TR 5.747% 08/15/00 12,300 12,320 12,343
CHASE MAN CR CD MSTR TR 6.730% 02/15/03 10,500 10,500 10,572
CHASE MAN GRANTOR TR 6.000% 09/17/01 3,694 3,696 3,705
CHASE MAN GRANTOR TR 5.900% 11/15/01 4,368 4,369 4,379
CHASE MAN GRANTOR TR 5.200% 02/15/02 4,493 4,489 4,494
CHESAPEAKE & POTOMAC TEL
CO MD 5.875% 09/15/99 11,000 10,978 11,056
CITIBANK CR CD MSTR TR I 5.750% 01/15/03 10,000 9,991 10,099
CITIBANK CR CD MSTR TR I 5.850% 04/10/03 11,000 11,038 11,086
CORESTATES HOME EQ TR 5.100% 03/15/09 1,904 1,903 1,888
CREDIT LOCAL DE FRANCE DEB 8.875% 10/18/99 22,871 23,355 23,529
CTS HOME EQUITY LN TR 7.700% 09/15/06 1,887 1,911 1,883
DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 3,644 3,644 3,647
DAIMLER-BENZ AUTO GR TR
1997-A A 6.050% 03/20/05 8,471 8,475 8,540
DAIMLER-BENZ VEH TR 5.850% 07/20/03 10,594 10,598 10,640
DEUTSCH BANK FIN INC 9.375% 06/21/99 3,469 3,524 3,538
DISCOVER CARD MSTR TR I 5.400% 11/16/01 17,622 17,576 17,633
DISCOVER CARD MSTR TR I 5.800% 09/16/03 12,000 11,964 12,085
DISCOVER CARD MSTR TR I 5.750% 10/16/03 5,000 4,974 5,050
EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,405 1,413
ELI LILLY AND CO 8.125% 02/07/00 10,000 10,238 10,287
EURO INV BANK 7.625% 03/15/00 1,300 1,326 1,336
EURO INV BK 7.75 7.750% 12/15/98 5,000 5,003 5,006
EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,539 8,558
EUROPEAN INVT BK M/T/N 6.330% 10/01/99 13,000 13,004 13,084
EUROPEAN INVT BK M/T/N 7.350% 06/01/99 9,000 9,037 9,100
FIFTH THIRD AUTO GR TR 6.450% 03/15/02 9,839 9,881 9,930
FIFTH THIRD BK AUTO TR
1996-A 6.200% 09/15/01 7,152 7,152 7,191
FIRST SEC AUTO GR TR 5.970% 04/15/04 32,492 32,604 32,741
FIRST SEC AUTO GR TR 6.250% 01/15/01 591 594 592
FIRST SEC AUTO GR TR 6.300% 08/15/03 8,222 8,239 8,286
FIRST SEC AUTO OWNER TR 5.182% 06/15/01 20,000 20,000 19,975
FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 1,643 1,639 1,636
FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 1,799 1,794 1,822
FORD CR AUTO OWNER TR 6.750% 09/15/00 6,500 6,500 6,559
FORD CR AUTO OWNER TR 6.100% 03/15/00 2,628 2,628 2,635
-11-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
FORD CR AUTO OWNER TR 6.050% 04/15/01 $ 6,075 $ 6,081 $ 6,117
FORD CR AUTO OWNER TR 6.500% 11/15/99 229 229 229
FORD CR AUTO OWNER TR 5.650% 10/15/01 25,000 24,980 25,117
FORD CR AUTO OWNER TR 5.800% 10/15/00 19,440 19,457 19,524
FORD CR AUTO OWNER TR 5.730% 11/15/00 3,100 3,113 3,112
FORD CR GRANTOR TR 5.900% 10/15/00 5,844 5,851 5,860
GE CAP MTG SVCS INC 7.200% 09/15/11 350 376 350
GEN ELEC CAP CANADA INC 8.750% 10/25/99 2,974 3,043 3,056
GEN ELEC CAP CORP 8.000% 02/14/00 1,500 1,534 1,546
GEN ELEC CAP CORP 7.375% 05/09/01 4,000 4,178 4,175
GEN ELEC CAP CORP E/M/T/N 6.250% 03/27/01 9,419 9,591 9,617
GEN ELEC CAP CORP M/T/N 8.100% 01/26/99 2,000 2,007 2,007
GEN ELEC CAP CORP M/T/N 5.890% 05/15/00 15,000 15,125 15,241
GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 5,000 4,996
GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,986 5,001
GEN ELEC CAP CORP M/T/N 7.265% 04/10/00 3,900 3,955 4,012
GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,998 4,996
GEN ELEC CAPITAL 6.875% 06/03/99 3,430 3,445 3,451
GMAC 1995-A GRANTOR TR 7.150% 03/15/00 1,335 1,336 1,337
GMAC GRANTOR TR 6.500% 04/15/02 7,477 7,475 7,540
HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,052 19,686
HEWLETT PACKARD 6.250% 12/31/98 1,995 1,996 1,995
HEWLETT-PACKARD FIN CO M/T 6.500% 12/30/99 8,000 8,043 8,080
HITACHI FINANCE UK PLC 6.625% 06/06/00 5,000 5,022 5,025
HONDA AUTO REC CL A 5.850% 02/15/03 20,986 20,984 21,095
HONDA AUTO REC GRANTOR 5.950% 05/15/03 17,074 17,110 17,185
HOUSEHOLD AFFINITY CR CD 5.600% 05/15/02 21,776 21,671 21,903
IADB 9.500% 04/11/00 8,700 9,071 9,168
IBRD 4.500% 08/26/99 10,089 9,983 10,044
INT AMER BK 5.5 E M/T/N 5.500% 12/19/00 7,000 6,967 7,018
INT AMER DEV BK E/M/T/N 5.300% 12/20/00 2,500 2,534 2,497
INTER AMER DEV BANK 6.375% 08/01/00 3,150 3,208 3,205
INTER AMER DEV BK M/T/N 5.600% 05/28/99 26,930 26,844 26,964
INTER-AMERICAN DEV BK 3.100% 09/17/01 3,000 2,877 2,836
INTL BANK RECON DEV 3.0 3.000% 02/05/01 14,900 14,175 14,248
INTL BK FOR RECON & DEV
COLTS 9.625% 04/28/99 5,000 5,060 5,088
INTL TELECOM SATELLITE 6.750% 01/19/00 17,355 17,456 17,594
KEY AUTO FIN TR 6.150% 10/15/01 6,000 5,999 6,059
KEY AUTO FIN TR 6.050% 09/15/03 8,000 8,014 8,046
KEY AUTO FINANCE TR 5.850% 03/15/03 831 831 832
KEY AUTO FINANCE TR 6.150% 03/15/04 9,641 9,672 9,755
KEYCORP AUTO GRANTOR TR 5.800% 07/15/00 1,026 1,026 1,027
KFW INTL FIN 8.125 GTD NTS 8.125% 10/30/01 3,000 3,263 3,221
KFW INTL FIN INC 9.500% 12/15/00 12,710 13,585 13,750
KFW INTL FIN INC 9.125% 05/15/01 1,525 1,679 1,660
-12-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
KFW INTL FIN INC GTD NT 8.850% 06/15/99 $ 21,180 $ 21,497 $ 21,575
KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,028 5,041
KIMBERLY CLARK CORP 9.000% 08/01/00 5,000 5,232 5,304
KIMBERLY CLARK CORP 8.625% 05/01/01 8,350 8,866 8,992
KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,979 20,057
LBK RHEIN-PFALZ GI M/T/N 6.100% 10/28/99 32,100 32,031 32,300
LILLY ELI & CO M/T/N 7.100% 02/16/99 1,000 1,002 1,003
MBNA MASTER CR CARD TR 5.400% 09/15/00 9,508 9,474 9,492
MCDONALDS COR M/T/N SER B 8.375% 10/29/99 2,100 2,138 2,159
MCDONALDS CORPORATION 6.625% 12/20/99 1,540 1,550 1,556
MERRILL LYNCH & CO INC 6.700% 08/01/00 2,840 2,879 2,897
MERRILL LYNCH & CO INC M/T 6.380% 07/18/00 6,400 6,481 6,511
MERRILL LYNCH & CO INC M/T 6.250% 07/25/00 4,755 4,820 4,829
MERRILL LYNCH & CO INC M/T 6.330% 08/25/00 1,000 1,008 1,017
MMCA AUTO OWNER TR 5.700% 11/15/00 1,137 1,136 1,137
MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,981 20,019
NATIONSBANK AUTO GR TR 5.850% 06/15/02 3,891 3,891 3,905
NATIONSBANK AUTO OWNR TR 6.375% 07/15/00 14,101 14,102 14,137
NATL AUSTRALIA BK 6.00 6.000% 03/26/99 6,000 5,998 6,008
NAVISTAR FIN 95-A OWNR TR 6.550% 11/20/01 1,526 1,531 1,527
NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,993 2,013
NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,669 2,683
NISSAN AUTO REC GR TR 6.100% 08/15/01 3,887 3,890 3,897
NORWEST AUTOMOBILE TR 5.900% 03/15/00 14,163 14,159 14,186
NORWEST CORP M/T/N 7.125% 04/01/00 1,400 1,420 1,429
NORWEST CORP M/T/N 7.125% 09/09/99 3,000 3,013 3,041
NORWEST CORP M/T/N 7.625% 10/15/99 1,000 1,014 1,020
NORWEST CORP M/T/N 6.250% 04/15/99 6,150 6,153 6,175
NORWEST FINL INC 7.250% 03/15/00 2,500 2,541 2,556
NORWEST FINL INC M/T/N 6.375% 10/01/99 4,250 4,242 4,288
OEST KONTROLLBANK 7.50 7.500% 11/15/99 2,733 2,800 2,788
OESTERREICHE KONTROLBANK 9.125% 07/12/00 9,500 9,906 10,058
OESTERREICHISCHE
KONTROLLBANK M/T/N 8.700% 07/13/99 8,000 8,106 8,174
OLYMPIC AUTO REC TR 6.850% 06/15/01 1,461 1,461 1,464
PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 10,000 10,016 10,079
PNC STUDENT LN TR I 6.138% 01/25/00 16,565 16,589 16,614
PREMIER AUTO TR 5.690% 06/08/02 12,000 11,999 12,083
PREMIER AUTO TR 5.630% 08/06/01 10,000 9,999 10,046
PREMIER AUTO TR 6.150% 03/06/00 3,865 3,866 3,872
PREMIER AUTO TR 6.000% 05/06/00 1,396 1,396 1,398
PREMIER AUTO TR 6.350% 01/06/00 1,507 1,507 1,509
PREMIER AUTO TR 5.900% 04/06/00 330 330 330
PREMIER AUTO TR 6.500% 03/06/00 8,738 8,745 8,761
PREMIER AUTO TR 6.250% 08/06/01 1,000 1,004 1,007
PREMIER AUTO TR 6.120% 06/06/00 15,000 14,999 15,053
-13-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
PREMIER AUTO TR 5.770% 01/06/02 $ 14,000 $ 14,000 $ 14,095
PROCTER & GAMBLE CO 8.700% 08/01/01 1,900 2,077 2,053
PROCTER & GAMBLE CO NT 9.625% 01/14/01 21,790 23,378 23,833
RABOBANK NEDERLAND M/T/N 5.950% 10/06/99 15,000 14,999 15,115
ROCKWELL INTL CORP 8.875% 09/15/99 10,250 10,476 10,519
ROCKWELL INTL CORP NT 8.375% 02/15/01 1,000 1,052 1,061
SCFC REC VEH LN TR 7.250% 09/15/06 2,085 2,086 2,097
SEARS CR ACCT MSTR TR II 6.250% 01/15/03 9,250 9,295 9,262
SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,997 20,124
SHELL CDA LTD CDN$ DEB 8.875% 01/14/01 4,500 4,775 4,821
SHELL OIL CO 6.950% 12/15/98 6,290 6,292 6,294
SHELL OIL CO NT 6.625% 07/01/99 8,800 8,807 8,868
STANDARD CR CD MSTR TR 5.500% 02/07/00 16,750 16,745 17,061
STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,001 2,011
STANDARD CR CD MSTR TR I 5.900% 02/07/01 27,425 27,417 27,457
STATOIL 6.625% 09/27/99 10,000 10,058 10,088
STATOIL 6.250% 10/10/00 2,640 2,657 2,670
SW BELL TEL CO 6.375% 04/01/01 3,200 3,231 3,283
SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,009 4,031
TMS HOME EQUITY LN TR 5.175% 07/15/06 750 760 747
TOKYO METROPOLIS JAPAN 8.700% 10/05/99 2,000 2,038 2,052
TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 7,167 7,168 7,194
TOYOTA AUTO REC GRANTOR TR 6.450% 04/15/02 15,403 15,425 15,543
UNILEVER 6.625 29MAY2001 6.625% 05/29/01 4,500 4,653 4,625
UNILEVER CAPITAL CORP 9.250% 03/29/00 29,700 30,651 31,111
UNILEVER NV EURO MTN US$ 8.000% 12/08/99 7,000 7,135 7,175
UNITED PARCEL SERV 6.250% 07/07/00 27,904 28,077 28,253
USAA AUTO LN GRANTOR TR 5.800% 01/15/05 12,927 12,920 13,020
USAA AUTO LN GRANTOR TR 6.000% 05/15/04 8,852 8,882 8,907
USAA CAP CORP M/T/N 6.550% 09/20/99 10,000 10,030 10,106
WACHOVIA BK N C N A M/T/N 7.050% 06/09/99 15,000 15,045 15,136
WACHOVIA BK N C N A M/T/N 7.000% 05/12/99 5,800 5,807 5,843
WACHOVIA BK N C N A M/T/N 5.375% 01/04/99 5,650 5,650 5,648
WACHOVIA BK N C N A M/T/N 6.000% 03/15/99 2,450 2,450 2,455
WACHOVIA BK N C N A M/T/N 5.400% 02/20/01 5,000 5,004 5,012
WACHOVIA BK N C N A M/T/N 5.840% 11/29/99 5,000 5,001 5,031
WACHOVIA BK N C N A M/T/N 6.700% 04/14/99 1,000 1,002 1,005
WAL MART STORES 9.100% 07/15/00 26,651 27,978 28,256
WAL MART STORES 6.125% 11/21/00 5,701 5,738 5,765
WAL MART STORES INC NT 6.125% 10/01/99 4,000 3,996 4,026
WAL-MART STORES INC 8.625% 04/01/01 4,711 5,085 5,061
--------- ---------- ----------
TOTAL CORPORATE BONDS $1,755,053 $1,767,656 $1,777,879
-14-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
GOVERNMENT BONDS
FED FARM CR BKS CONS M/T/N 5.560% 08/27/01 $ 19,980 $ 20,476 $ 20,305
FED FARM CR BKS CONS M/T/N 5.570% 03/23/01 6,500 6,578 6,582
FED FARM CR BKS CONS M/T/N 6.280% 06/20/01 1,800 1,867 1,855
FED FARM CR BKS CONS M/T/N 5.500% 04/01/99 15,000 15,023 15,007
FED FARM CR BKS CONS M/T/N 5.800% 10/10/00 1,700 1,726 1,724
FED FARM CR BKS CONS M/T/N 4.850% 10/23/01 15,000 15,115 14,948
FED HOME LN BANK NT 7.280% 07/25/01 2,000 2,126 2,113
FED HOME LN BKS 5.750% 12/30/98 10,000 9,998 10,002
FED HOME LN BKS 5.630% 06/22/01 1,305 1,333 1,325
FED HOME LN BKS 5.750% 04/30/01 2,515 2,575 2,559
FED HOME LN BKS 5.610% 06/22/01 10,000 10,218 10,150
FED HOME LN BKS 6.580% 09/20/01 1,000 1,048 1,041
FED HOME LN BKS CONS 6.360% 03/21/01 1,000 1,035 1,030
FED HOME LN BKS CONS BD 7.260% 09/06/01 4,125 4,391 4,364
FED HOME LN BKS CONS BD 6.670% 04/06/01 1,000 1,043 1,037
FED HOME LN BKS CONS BD 6.145% 01/28/00 3,000 3,048 3,035
FED HOME LN BKS DEB 4.395% 10/23/00 15,000 14,856 14,841
FED HOME LN BKS DEB 4.960% 09/29/00 2,000 2,002 2,003
FED HOME LN BKS DEB 4.630% 10/09/01 20,000 19,967 19,816
FED HOME LN BKS M/T/N 5.415% 12/28/98 5,000 5,000 4,999
FED HOME LN BKS M/T/N 8.000% 09/11/01 1,000 1,084 1,077
FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,994 4,993
FED HOME LN MTG CORP DEB 6.565% 05/23/01 1,000 1,043 1,036
FED HOME LN MTG CORP NTS 4.950% 02/22/99 10,000 9,977 9,986
FED HOME LOAN BANK 9.300% 01/25/99 8,280 8,317 8,325
FED HOME LOAN MTG 6.00 6.000% 04/25/00 17,600 17,925 17,944
FED HOME LOAN MTG CORP GRP
# M80142 6.000% 10/01/99 1,742 1,750 1,740
FED HOME LOAN MTG CORP GRP
#G40276 6.500% 12/01/99 5,611 5,667 5,634
FED HOME LOAN MTG CORP GRP
#G40343 5.500% 12/01/00 19,310 19,362 19,257
FED HOME LOAN MTG CORP GRP
#L80028 6.000% 07/01/00 1,351 1,353 1,353
FED HOME LOAN MTG CORP GRP
#M80169 6.000% 05/01/00 3,658 3,673 3,663
FED HOME LOAN MTG CORP GRP
#M80306 5.500% 01/01/01 4,061 4,076 4,049
FED HOME LOAN MTG CORP GRP
#N93561 6.000% 05/01/00 1,642 1,641 1,644
FED HOME LOAN MTG CORP GRP
#N94196 6.000% 08/01/00 832 840 833
FED HOME LOAN MTGE CORP 7.900% 09/19/01 1,875 2,030 2,016
-15-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
FED NATL MTG ASSN DEB 8.550% 08/30/99 $ 5,120 $ 5,206 $ 5,239
FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,002 5,002
FED NATL MTG ASSN DEB 7.680% 11/22/99 2,465 2,499 2,526
FED NATL MTG ASSN DISCT 0.000% 04/01/99 10,000 9,768 9,763
FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,992 9,986
FED NATL MTG ASSN M/T/N 6.375% 08/14/01 1,000 1,042 1,035
FED NATL MTG ASSN M/T/N 6.160% 04/03/01 6,000 6,171 6,153
FED NATL MTG ASSN M/T/N 5.200% 09/14/00 22,000 22,238 22,048
FED NATL MTG ASSN M/T/N 6.070% 07/01/99 5,000 4,999 5,021
FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,000 4,997
FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,995
FED NATL MTG ASSN POOL
#247817 6.000% 11/01/00 1,208 1,202 1,208
FED NATL MTG ASSN POOL
#303277 6.000% 06/01/01 21,549 21,498 21,591
FED NATL MTG ASSN POOL
#313201 6.000% 06/01/01 14,723 14,706 14,751
FED NATL MTGE ASSN 8.700% 06/10/99 1,000 1,007 1,017
FED NATL MTGE ASSN M/T/N 6.650% 09/04/01 1,210 1,270 1,261
FED NATL MTGE ASSN M/T/N 5.820% 12/21/98 10,000 9,999 10,000
FED NATL MTGE ASSN M/T/N 4.940% 02/23/99 5,000 4,988 4,993
FED NATL MTGE ASSN M/T/N 6.090% 06/14/99 5,000 4,999 5,020
FED NATL MTGE ASSN M/T/N 5.550% 08/10/00 5,000 5,082 5,038
FED NATL MTGE ASSN M/T/N 5.400% 03/12/99 5,000 4,993 5,000
FED NATL MTGE ASSN M/T/N 6.180% 03/15/01 1,500 1,548 1,538
FED NATL MTGE ASSN M/T/N 5.550% 03/12/99 2,030 2,026 2,031
FED NATL MTGE ASSN M/T/N 6.000% 03/26/99 5,000 4,999 5,010
FED NATL MTGE ASSN POOL # 9.550% 03/10/99 1,800 1,813 1,820
FED NATL MTGE ASSN POOL
#190778 6.000% 05/01/01 8,908 8,876 8,908
INTER AMERN DEV BK 8.500% 05/01/01 7,800 8,363 8,378
STUDENT LN MKTG ASSN NT 4.500% 08/02/99 35,575 35,171 35,431
--------- -------- --------
TOTAL GOVERNMENT BONDS $ 429,775 $ 432,614 $ 432,046
-16-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
MATURITY PAR AMORTIZED CURRENT
DESCRIPTION COUPON DATE VALUE COST VALUE
- ----------------------------------------------------------------------------
CERTIFICATE OF DEPOSITS
BANKERS TR CO C/D 5.800% 02/08/99 $ 10,000 $ 9,994 $ 10,020
BAYERISCHE LANDESBANK N Y
INSTL C/D 5.220% 02/12/99 5,000 5,001 4,999
GREENWOOD TR CO DEL C/D 5.800% 03/20/00 15,000 14,955 15,161
GREENWOOD TR CO DEL C/D 5.100% 10/09/00 10,000 9,963 9,963
--------- -------- -------
TOTAL CERTIFICATE OF DEPOSITS $ 40,000 $ 39,913 $ 40,143
--------- --------- -------
TOTAL FIXED INCOME
SECURITIES $2,224,828 $2,240,183 $2,250,068
SHORT TERM INVESTMENTS
COMMERCIAL PAPER
AMER EXPR CR CORP CPDS N/A 12/04/98 $ 10,000 $ 9,974 $ 9,969
ASSOC CORP OF N AMER CPDS N/A 12/07/98 20,000 19,940 19,931
ASSOC CORP OF N AMER CPDS N/A 12/02/98 10,000 9,977 9,972
ASSOC CORP OF NA C/P DISC N/A 01/04/99 10,000 9,928 9,929
GEN ELEC CAP CORP CPIB 5.040% 01/12/99 20,000 20,000 20,000
--------- --------- -------
TOTAL COMMERCIAL PAPER $ 70,000 $ 69,819 $ 69,801
COLL SHORT TERM INVST FD N/A N/A $ 47,779 $ 47,779 $ 47,779
CS FIRST BOSTON MSTR NOTE INC N/A N/A 24 24 24
GOLDMAN SACHS & CO MSTR NOTE N/A N/A 20,558 20,558 20,558
MORGAN STANLEY GRP INC
MSTR NOTE N/A N/A 17,000 17,000 17,000
--------- --------- -------
TOTAL SHORT TERM
INVESTMENTS $ 155,361 $ 155,180 $ 155,162
PARTICIPANT LOANS
(ANNUAL INTEREST RATES
FROM 9.0 TO 6.5,
MAXIMUM PERIOD OF
REPAYMENT IS
60 MONTHS) N/A N/A $ 151,742 $ 151,742 $ 151,742
----------- ---------- ----------
TOTAL COMMON ASSET
INVESTMENTS $2,531,931 $2,547,105 $2,556,972
========== ========== ==========
-17-
EXHIBIT 1
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/98
(thousands of dollars)
SHARES/ CURRENT
DESCRIPTION UNITS COST VALUE
- -----------------------------------------------------------------------------
EXXON CORPORATION PREFERRED
STOCK FUND
- ---------------------------
EXXON CORPORATION CLASS
A PREFERRED STOCK
(thousands of shares) 1,832 $ 112,659 $ 274,778
SHORT TERM INVESTMENTS
BEAR STEARNS MASTER NOTE $ 59 $ 59 $ 59
MORGAN STANLEY GROUP INC MASTER NOTE 10,800 10,800 10,800
COLL SHORT TERM INVST FUNDS 0 74 74
--------- ---------- ----------
TOTAL SHORT TERM INVESTMENTS $ 10,859 $ 10,933 $ 10,933
---------- ----------
TOTAL PREFERRED STOCK FUND $ 123,592 $ 285,711
EXXON CORPORATION COMMON
STOCK FUND
- ---------------------------
EXXON CORPORATION COMMON
STOCK (thousands of shares) 81,921 $2,510,048 $6,144,087
EQUITY PORTFOLIO FUND
- ---------------------
BARCLAYS GLOBAL INVESTORS
EQUITY FUND
(thousands of units) 3,432 $ 418,730 $ 944,430
EXTENDED MARKET PORTFOLIO
FUND
- -------------------------
BARCLAYS GLOBAL INVESTORS
EXTENDED EQUITY INDEX
FUND (thousands of units) 16,634 $ 242,518 $ 318,848
-18-
EXHIBIT 2
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATES
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
NOVEMBER 30, 1998
(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
- --------- ----- --------- -------- ----
13,446,136 14,201,336 $844,473 $982,620 $212,224
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 3-9) 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, 1998
and 1997, and the changes in its net assets available for benefits
for the year ended November 30, 1998, 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.
PricewaterhouseCoopers LLP
Houston, Texas
March 18, 1999
-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 March 18, 1999
appearing on page 20 of this Annual Report on Form 11-K.
PricewaterhouseCoopers LLP
Houston, Texas
March 26, 1999
-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: March 18, 1999
-22-