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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 year ended December 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ___________
Commission file number 1-2256
EXXONMOBIL FUELS MARKETING SAVINGS PLAN
(Full title of the plan)
EXXON MOBIL CORPORATION
(Name of issuer of the securities)
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
(Address of principal executive office)
EXXONMOBIL FUELS MARKETING SAVINGS PLAN
INDEX
Page
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Financial Statements
Statement of Net Assets Available for Benefits at
December 31, 2001 and 2000 3
Statement of Changes in Net Assets Available for
Benefits, for the Year ended December 31, 2001 4
Notes to Financial Statements 5-9
Supplemental Schedule
Schedule H, Line 4i-Schedule of Assets Held At
End of Year 10
Report of Independent Accountants 11
Signature 12
Exhibit Index 13
Exhibit 23 - Consent of Independent Accountants 14
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ExxonMobil Fuels Marketing Savings Plan
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STATEMENT OF NET ASSETS
AVAILABLE FOR BENEFITS
-----------------------
December 31,
------------
2001 2000
------------ ------------
Assets:
Investments (see note 3) $ 17,813,921 $ 14,908,836
Contribution receivable 495,645
Accrued income 4,543 3,227
Cash 30,236 6,661
------------ ------------
Total assets $ 18,344,345 $ 14,918,724
Trustee fee payable 67,774
------------ ------------
Net assets available for benefits $ 18,276,571 $ 14,918,724
============ ============
The accompanying notes are an integral part of these statements.
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ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
-----------------------------------
FOR THE YEAR ENDED DECEMBER 31, 2001
------------------------------------
Contributions:
Participant contributions $ 2,036,157
Employer contributions 3,782,393
------------
Total contributions 5,818,550
------------
Investment income:
Interest and dividends 227,276
Net depreciation (see note 3) (1,014,318)
------------
Net investment loss (787,042)
------------
Benefit payments (1,545,436)
Expenses (128,225)
------------
Total deductions (1,673,661)
------------
Net increase 3,357,847
Net assets available for benefits:
Beginning of year 14,918,724
------------
End of year $ 18,276,571
============
The accompanying notes are an integral part of these statements.
-4-
ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - DESCRIPTION OF THE PLAN:
- ---------------------------------
General
- -------
The following description provides general information of the ExxonMobil
Fuels Marketing Savings Plan (the Plan). Participants should refer to
the Plan agreement for a more complete description of the Plan's
provisions. The Plan is a defined contribution plan established to
provide savings and retirement benefits for certain qualified employees
of ExxonMobil Fuels Marketing Company, a division of Exxon Mobil
Corporation (the Company), employed in its company operated retail store
operations and for certain qualified employees at the Olathe, KS and
Bakerstown, PA grease plants.
Contributions
- -------------
Contributions to the Plan are made by both the participant and the
Company. Participants may contribute any whole percentage, up to 18% of
their eligible pay. Participants may also make a rollover contribution
from other qualified plans or rollover IRA. Generally, for eligible
participants, the Company matches contributions at 50 cents for each
pretax dollar contributed up to the first 3% of eligible pay and also
makes contributions equal to 3% of eligible pay. However, effective
January 1, 2001, for eligible participants covered by a collective
bargaining agreement, the Company only provides a 100% match, up to 4% of
eligible pay.
Vesting
- -------
Participants are immediately vested in their contributions. Company
contributions vest at 100% after 5 years of qualifying service or, if the
participant is employed by the Company, on or after age 65 or upon death
while an employee. Effective January 1, 2001, employees covered by a
collective bargaining agreement at the Bakerstown, PA grease plant are
immediately vested in all contributions.
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ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
Investment Options
- ------------------
Participants may make their own investment decisions. The Company has
selected a variety of daily valued investment funds with different risk
and return characteristics. Investments are managed by Barclays Global
Investors, N.A. (BGI). Merrill Lynch, Pierce, Fenner & Smith Inc.
(Merrill Lynch), trustee of the Plan, is the investment manager of the
short-term money market fund. Plan assets are invested in a variety
of preselected funds based on participants' investment elections.
Investment options include the following types of funds:
Standard & Poors 500 index, long-term treasury bond index, short-term money
market fund, international equity, extended market and five bond and equity
funds. The Plan is subject to the normal risks associated with debt and
equity markets.
Participant Loans
- -----------------
Qualifying employees may borrow against their vested account balance.
Employees may have only one loan outstanding at a time. The minimum loan
is $1,000 and the maximum is 50% of the qualifying vested account balance
not to exceed $50,000. The $50,000 amount is reduced by the employee's
highest outstanding balance on all loans during the preceding 12 months.
The interest rate is fixed at the time the loan is made and is determined
in accordance with the Plan provisions. Loan repayment terms may not
exceed five years unless the purpose of the loan is to acquire a principal
residence in which case the term may not exceed 15 years. Loan repayments
including principal and interest are made through payroll deduction and
are invested in accordance with the borrower's current investment election.
Payment of Benefits
- -------------------
Benefit payments are made in accordance with the Plan's provisions.
Benefit payments are recorded when paid.
-6-
ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
Forfeited Accounts
- ------------------
During 2001 and 2000, $51,831 and $62,373, respectively, of unvested
employer matching contributions were forfeited by terminating employees
and used to offset employer contributions.
Plan Termination
- ----------------
The Company may terminate or amend the Plan at any time. In the event of
termination, the net assets of the Plan will be distributed in accordance
with the Employee Retirement Income Security Act of 1974.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
- -----------------------------------------
Basis of Presentation
- ---------------------
The accompanying financial statements are presented on the accrual basis
of accounting except benefit payments which are reported on a cash basis
to conform with generally accepted accounting principles.
Investments
- -----------
Investment income is recorded when earned. Investments are stated at
market value based upon market quotations or fair value as determined by
the trustee. Interest earned on the money market deposits and the change
in the value of the investments are allocated daily to the individual
employee accounts on the basis of the participant's account balance.
Investments are subject to normal risks associated with the debt and
equity markets. Net appreciation and net depreciation 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.
-7-
ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
Estimates
- ---------
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 revenue and expense
during the reporting period. Actual results could differ from those
estimates.
Expenses
- --------
Administrative expenses incurred in the administration of the Plan, to the
extent not paid by the Company, are charged to and paid from the Plan's
assets. Administrative expenses are recorded when incurred.
NOTE 3 - INVESTMENTS:
- ---------------------
The following presents investments that represent 5 percent or more of the
Plan's net assets.
December 31,
------------
2001 2000
----------- -----------
Merrill Lynch Money Market Fund $ 5,993,289 $ 2,880,790
BGI Bond Index Fund 933,053
BGI Extended Market Fund 1,061,443 970,082
BGI S&P 500 Stock Fund 3,455,381 3,584,594
BGI Lifepath 2020 Fund 1,347,806 1,266,190
BGI Lifepath 2030 Fund 2,420,151 2,954,162
-8-
ExxonMobil Fuels Marketing Savings Plan
---------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
During 2001, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) depreciated
in value by $1,014,318 as follows:
S&P 500 stock fund ($454,215)
Bond index fund 62,953
International equity fund (81,947)
Extended market fund (65,886)
Lifepath bond and equity balanced funds (475,223)
----------
($1,014,318)
==========
NOTE 4 - INCOME TAX STATUS:
- ---------------------------
The Plan believes the Plan is qualified under the applicable
sections of the Internal Revenue Code (IRC) and therefore the trust is
exempt from federal tax under Section 501(a) of the IRC. A favorable
determination letter with respect to the tax-exempt status of the trust
was issued by the Internal Revenue Service in September 1995. The Plan
has been amended since the determination letter was received. The Plan
believes that the Plan is currently designed and is being operated
in compliance with the applicable requirements of the IRC.
NOTE 5 - SUBSEQUENT EVENTS:
- ---------------------------
Effective January 1, 2002, the Plan was amended to vest company
contributions after three years of qualifying service. Additionally,
effective January 1, 2002, the Plan Administrator changed the participant
contribution limit to 20% of eligible pay.
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Schedule H
ExxonMobil Fuels Marketing Savings Plan
ITEM 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
(a) (b) Identity of issue (c) Description of investment (d) Current value
* Merrill Lynch Money Market Fund $ 5,993,289
Barclays Global Investors, N.A. Bond Index Fund 933,053
Barclays Global Investors, N.A. Extended Market Fund 1,061,443
Barclays Global Investors, N.A. International Equity Fund 388,319
Barclays Global Investors, N.A. S&P 500 Stock Fund 3,455,381
Barclays Global Investors, N.A. Lifepath Income Fund 240,548
Barclays Global Investors, N.A. Lifepath 2010 Fund 654,480
Barclays Global Investors, N.A. Lifepath 2020 Fund 1,347,806
Barclays Global Investors, N.A. Lifepath 2030 Fund 2,420,151
Barclays Global Investors, N.A. Lifepath 2040 Fund 514,922
Participant loans maturities ranging from 804,529
2 months to 174 months
interest rates ranging from
5.00% to 9.50%
* indicates a party-in-interest to the Plan
-10-
Report of Independent Accountants
To the Participants and Administrator of the ExxonMobil Fuels Marketing
Savings Plan:
In our opinion, the accompanying statement of net assets available for
benefits and the related statement of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of the ExxonMobil Fuels Marketing Savings Plan (the "Plan")
at December 31, 2001 and 2000, and the changes in net assets available for
benefits for the year ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Plan's
management; 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 auditing standards generally accepted in the
United States of America, 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 management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedule
of assets (held at end of year) is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. This supplemental
schedule is the responsibility of the Plan's management. The supplemental
schedule has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
PricewaterhouseCoopers LLP
Houston, Texas
June 27, 2002
-11-
SIGNATURE
----------
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.
EXXONMOBIL FUELS MARKETING SAVINGS PLAN
(Name of Plan)
___________________________________
Stephen B. L. Penrose
Administrator-Finance
Dated: June 27, 2002
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EXHIBIT INDEX
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EXHIBIT SUBMISSION MEDIA
23. Consent of PricewaterhouseCoopers LLP, Electronic
Independent Accountants,
Dated June 27, 2002
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EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 333-69378) of Exxon Mobil
Corporation of our report dated June 27, 2002 relating to the
financial statements of the ExxonMobil Fuels Marketing Savings Plan,
which appears in this Form 11-K.
PricewaterhouseCoopers LLP
Houston, Texas
June 27, 2002
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