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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended November 30, 1993
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 AFFILIATED EMPLOYERS
(Full title of the plan)
EXXON CORPORATION
(Name of issuer of the securities)
225 E. John W. Carpenter Freeway
Irving, Texas 75062-2298
(Address of principal executive office)
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
INDEX
Page
----
Financial Statements
Statement of Net Assets at
November 30, 1993 and 1992 2-3
Statement of Changes in Net Assets for the
Year ended November 30, 1993 4
Notes to Financial Statements 5-8
Item 27a-Schedule of Assets Held for Investment
Purposes at November 30, 1993 (Exhibit 1) 9-16
Item 27d-Schedule of Reportable
Transactions (Exhibit 2) 17
Report of Independent Accountants 18
Consent of Independent Accountants 18
Signatures 19
-1-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED
THRIFT FUND
STATEMENT OF NET ASSETS
NOVEMBER 30, 1993
(thousands of dollars)
Exxon Exxon
Corporation Corporation
Common Common Equity Preferred
Asset Stock Portfolio Stock
Fund Fund Fund Fund Total
-------- --------- -------- -------- -------
Assets
Investments, at current value:
Fixed income securities 2,696,421 - - 9,928 2,706,349
Short-term investment fund 36,949 - - 6,750 43,699
Loans to participants 173,905 - - - 173,905
Exxon Corporation
common stock - 2,706,776 - - 2,706,776
Wells Fargo index fund - - 273,205 - 273,205
Exxon Corporation
Class A preferred stock - - - 693,413 693,413
--------- --------- ------- ------- ---------
Total investments 2,907,275 2,706,776 273,205 710,091 6,597,347
Cash 47 - - - 47
Amounts due from employers - - - 36,152 36,152
Dividends receivable 30,090 - - - 30,090
Accrued interest 44,376 - - 72 44,448
Other receivables 17,065 - - - 17,065
Interfund transfers
receivable (payable) (23,264) 23,264 - - -
--------- --------- ------- ------- ---------
Total assets 2,975,589 2,730,040 273,205 746,315 6,725,149
--------- --------- ------- ------- ---------
Liabilities
Payables and accrued
liabilities 45,419 - - 18,758 64,177
Notes payable - - - 675,000 675,000
Subrogation rights obligation - - - 41,061 41,061
------ -------- ------- ------- -------
Total liabilities 45,419 - - 734,819 780,238
------ -------- ------- ------- -------
Net assets available for
benefits 2,930,170 2,730,040 273,205 11,496 5,944,911
========== ========= ======= ====== =========
The accompanying notes are an integral part of these financial statements.
-2-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED
THRIFT FUND
STATEMENT OF NET ASSETS
NOVEMBER 30, 1992
(thousands of dollars)
Exxon Exxon
Corporation Corporation
Common Common Equity Preferred
Asset Stock Portfolio Stock
Fund Fund Fund Fund Total
-------- --------- -------- ------- -------
Assets
Investments, at current value:
Fixed income securities 2,651,958 - - - 2,651,958
Short-term investment fund 32,028 - - 18,464 50,492
Loans to participants 198,445 - - - 198,445
Exxon Corporation
common stock - 2,523,267 - - 2,523,267
Wells Fargo index fund - - 219,030 - 219,030
Exxon Corporation
Class A preferred stock - - - 780,385 780,385
--------- --------- ------- ------- ---------
Total investments 2,882,431 2,523,267 219,030 798,849 6,423,577
Cash 37 - - - 37
Amounts due from employers 671 - - 35,650 36,321
Dividends receivable 29,996 - - - 29,996
Accrued interest 31,660 - - 50 31,710
Interfund transfers
receivable (payable) (18,527) 13,278 5,249 - -
--------- --------- ------- ------- ---------
Total assets 2,926,268 2,536,545 224,279 834,549 6,521,641
--------- --------- ------- ------- ---------
Liabilities
Payables and accrued
liabilities 14,454 295 - 19,501 34,250
Notes payable - - - 765,000 765,000
Subrogation rights obligation - - - 53,061 53,061
------ --------- ------- ------- -------
Total liabilities 14,454 295 - 837,562 852,311
------ --------- ------- ------- -------
Net assets available for
benefits 2,911,814 2,536,250 224,279 (3,013)5,669,330
========== ========= ======= ======= =========
The accompanying notes are an integral part of these financial statements.
-3-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED
THRIFT FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1993
(thousands of dollars)
Exxon Exxon
Corporation Corporation
Common Common Equity Preferred
Asset Stock Portfolio Stock
Fund Fund Fund Fund Total
-------- --------- -------- -------- -------
Contributions:
Employer 38,771 - - 73,760 112,531
Employee 179,815 - - - 179,815
-------- --------- ------- ------- -------
Total contributions 218,586 - - 73,760 292,346
-------- --------- ------- ------- -------
Investment income:
Interest 175,517 - - 594 176,111
Dividends - 120,004 - 55,586 175,590
Net appreciation in current
value of investments 252 142,903 24,468 13,813 181,436
------- -------- ------ ------ -------
Total investment income 175,769 262,907 24,468 69,993 533,137
------- -------- ------ ------ -------
Interest and
miscellaneous expense - - - (42,085) (42,085)
LESOP conversions - 100,785 - (100,785) -
Benefit payments
at current value (274,436) (124,479) - - (398,915)
Participant withdrawals
at current value (103,694) (5,208) - - (108,902)
Interfund transfers 2,131 (40,215) 24,458 13,626 -
-------- ------- ------ ------ -------
Net increase 18,356 193,790 48,926 14,509 275,581
Net assets available for benefits:
At the beginning of year 2,911,814 2,536,250 224,279 (3,013)5,669,330
--------- --------- ------- ------ ---------
At the end of the year 2,930,170 2,730,040 273,205 11,496 5,944,911
========= ========= ======= ====== =========
The accompanying notes are an integral part of these financial statements.
-4-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
NOTES TO FINANCIAL STATEMENTS
Note 1: Plan Description
The Thrift Fund is the Trust arrangement of the Thrift Plan of
Exxon Corporation and Participating Affiliated Employers. The
participants in the Thrift Fund, commonly called the Thrift Plan or
the Savings and Investment Program, are eligible employees and
former employees of Exxon Corporation and certain affiliated
employers. The Thrift Plan is explained in detail in the Exxon
Thrift Plan and Trust Summary Plan Description (Summary Plan
Description) dated December 1993, as amended from time to time.
The Thrift Plan is an "employee pension benefit plan" described
in Section 3(2) of Employee Retirement Income Security Act of 1974
(ERISA) and also a "defined contribution plan" described in Section
3(34) of ERISA.
Eligibility, enrollment, participant and employer contributions,
vesting, participation, forfeiture, loans, withdrawals,
distribution, and other Thrift Plan provisions are described in
detail in the Summary Plan Description. Also set forth in the
Summary Plan Description are the investment features and options of
the Thrift Plan including, but not limited to, stock purchases and
sales, equity unit purchases and sales, extended market unit
purchases and sales (first available December 1, 1993), and other
transactions.
Note 2: Accounting Policies
The accounting records of the Thrift Fund are maintained on the
accrual basis.
Common Asset securities, Exxon Corporation common stock, and Equity
Portfolio investments are stated at market value. Market 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 is stated at current value.
Such value was determined by the Trustee of the Thrift Fund.
Net appreciation in the current value of investments includes
realized gains and losses on investments sold during the year and
unrealized gains and losses on investments held at year-end.
-5-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
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, 1993 and 1992, these components
of net appreciation (depreciation) were:
Exxon Corporation Common Asset Fixed Exxon Corporation
Common Stock Income Securities Preferred Stock
------------ ----------------- -----------------
1993 1992 1993 1992 1993 1992
---- ---- ---- ---- ---- ----
(thousands of dollars)
Realized Gain (Loss)$ 50,579 $26,364 ($12,827) ($15,837) $ - $ -
Unrealized Gain 92,324 29,392 13,079 4,862 13,813 -
------ ------ ------- ------ ------ -
Net Appreciation $142,903 $55,756 $ 252 ($10,975) $13,813 $ -
(Depreciation)
Note 4: Tax Status
In 1993, the Internal Revenue Service issued a favorable
determination letter with respect to the qualification of the Thrift
Plans under Section 401(a) of the Internal Revenue Code (IRC).
The Trustee believes that the Plan is qualified and, therefore, that
the Trust is exempt from tax under IRC Section 501(a).
The federal tax treatment of a qualified plan and trust, as well as
distributions from such a plan, are described on pages 37 through 43
of the Summary Plan Description.
-6-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
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, which are paid by Thrift participants in the Equity
Portfolio Fund.
Note 6: Direct Dividend Account
A Leveraged Employee Stock Ownership Plan (LESOP) was incorporated
into the Thrift Plan on August 1, 1988. This LESOP is commonly
referred to as the Direct Dividend Account (DDA) and is described in
detail in the Summary Plan Description. In 1989, the Trustee-Thrift
Trust borrowed $1.0 billion at a floating rate of interest under the
terms of notes, guaranteed by Exxon Corporation, maturing between
1990 and 1999. Remaining annual principal payments on the notes
range from $105.0 million to $125.0 million. In addition there are
subrogation rights obligations which are mentioned below. The Trustee
used the proceeds of the borrowing to purchase 16,349,945 shares of a
new issue of Exxon Corporation Class A preferred stock for $61.50 per
share. Exxon Corporation Class A preferred stock can be converted into
Exxon Corporation common stock at the lower of current common stock
market value or $61.50. Dividends are cumulative and payable in an
amount per share equal to $4.68 per annum. As of November 30, 1993,
there were 16,344,440 shares of Exxon Corporation common stock in the
DDA.
Employer contributions to the DDA, plus certain dividends, are used
to make principal and interest payments on the notes. Employer
contributions are based on a matching program related to employee
contributions and are funded annually when principal amounts on the
notes are due. As contributions and dividends are credited, shares
of preferred stock are proportionately converted into common stock
and allocated to participants' accounts. During 1993, 1,638,776
shares, or approximately $101 million, of preferred stock were
converted to common stock and allocated. During 1992, 1,539,994
shares, or approximately $95 million, of preferred stock were
converted to common stock and allocated. Net dividends on the
preferred stock of $56 million and $64 million were paid during 1993
and 1992, respectively, and covered certain principal and interest
payments on the notes and interest payments on the subrogation
rights referred to below.
The 1993 $90 million principal payment on the notes and $12
million retirement of subrogation rights (referred to below) were
-7-
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
NOTES TO FINANCIAL STATEMENTS
funded with approximately $69 million of employer contributions to
the DDA, $17 million of common dividends reinvested within the DDA
and $16 million of preferred stock dividends and interest income in
excess of interest expense. The 1992 $85 million principal payment
on the notes and $11 million retirement of subrogation rights
(referred to below) were funded with approximately $73 million of
employer contributions to the DDA, $12 million of common dividends
reinvested within the DDA and $11 million of preferred stock
dividends and interest income in excess of interest expense.
Upon its payment in 1991 and 1990 respectively of $11 million and
$53 million principal on the notes as guarantor, Exxon Corporation
became subrogated to all rights of the holders of such notes with
respect to those payments. These subrogation rights include the
right to receive payment from the Trustee-Thrift Trust of the
remaining principal amounts, if any, plus accrued and unpaid
interest thereon, upon final payment of all principal and interest
on the notes. During 1992, Exxon Corporation sold these
subrogation rights to a third party, which is paid interest
thereon on a current basis. Under certain circumstances, the
third party may require Exxon Corporation to repurchase these
subrogation rights. During 1993, $12 million of the subrogation
rights obligation incurred in 1990 was retired, and during 1992,
$11 million of the subrogation rights obligation incurred in 1991
was retired.
-8-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
COMMON ASSET FUND
- -----------------
CORPORATE BONDS
AT&T CAPITAL CORP M/T/N 9.000% 06/15/94 $ 1,500 $ 1,529 $ 1,542
AT&T CAPITAL CORP M/T/N 5.640% 04/29/94 10,000 10,000 10,084
AT&T CAPITAL CORP M/T/N 5.470% 06/08/94 10,000 10,000 10,098
AT&T CAPITAL CORP M/T/N 5.390% 06/10/94 5,000 5,000 5,047
AT&T CAPITAL CORP M/T/N 5.380% 06/03/94 5,000 5,000 5,045
AT&T CAPITAL CORP M/T/N 5.300% 05/24/94 5,000 5,000 5,042
AT&T CAPITAL CORP M/T/N 5.280% 06/23/94 2,640 2,640 2,665
AT&T CAPITAL CORP M/T/N 5.180% 06/24/94 8,000 8,000 8,072
AT&T CAPITAL CORP M/T/N 4.650% 08/05/94 2,000 2,000 2,014
AT&T CAPITAL CORP M/T/N 4.860% 05/18/95 4,000 4,000 4,034
AM EXPRESS CREDIT CORP 7.375% 02/01/94 470 470 473
AMERICAN HSG TR XI MTG C 6.450% 02/25/07 12,807 12,805 12,911
BCI HOME EQUITY LOAN ABS 7.100% 09/15/06 6,360 6,340 6,423
BNY MASTER CREDIT CARD T 7.950% 04/15/96 22,917 23,163 23,312
BNY MASTER CREDIT CARD T 7.100% 12/15/96 37,060 37,296 38,067
BANCO INTL TRADE, SER A- 6.760% 10/15/96 3,000 3,048 3,185
BANCO INTL TRADE, SER A- 6.760% 10/15/96 3,972 4,036 4,217
BANCO INTL TRADE 6.380% 04/15/94 1,471 1,483 1,488
BANCO INTL TRADE 6.260% 10/15/94 1,471 1,492 1,508
BANCO INTL TRADE 6.160% 04/15/95 1,471 1,495 1,527
BANCO INTL TRADE, SER A- 6.760% 10/15/96 3,000 3,048 3,185
BANCO INTL TRADE 7.440% 04/15/97 3,497 3,573 3,822
BANKERS TRUST NY CORP 9.375% 05/15/94 5,000 5,048 5,116
BARCLAYS BANK M/T/N SER 8.600% 09/15/94 13,400 13,677 13,907
BAYERISCHE LANDESBANK US 6.100% 02/01/95 2,000 2,029 2,048
BAYERISCHE LANDESBANK US 5.750% 02/14/95 14,500 14,446 14,827
BAYERISCHE LANDESBANK US 5.750% 01/31/95 4,000 4,033 4,089
BAYERISCHE LANDESBANK US 4.500% 01/20/95 5,750 5,769 5,798
BAYERISCHE LANDESBANK US 4.625% 04/02/96 14,000 13,992 14,089
BELLSOUTH CAPITAL FUNDIN 5.300% 05/01/95 4,000 4,053 4,057
CFAC GRANTOR TRUST 6.450% 12/15/97 6,976 6,995 7,116
CFC-12 GRANTOR TR CLASS 9.100% 10/16/95 2,541 2,522 2,548
CFC-14 GRANTOR TRUST 7.150% 11/15/06 14,128 14,228 14,189
CTS HOME EQUITY LOAN TRU 7.700% 09/15/06 10,049 10,222 10,473
CAPITAL AUTO RECEIVABLES 5.750% 12/15/97 4,882 4,933 4,963
CAPITAL AUTO RECEIVABLES 4.900% 02/15/98 25,500 25,542 25,631
CAPITAL AUTO RECEIVABLES 5.350% 02/17/98 2,000 2,037 2,020
CAPITAL AUTO RECEIVABLES 4.700% 05/15/97 9,650 9,645 9,644
CAPSTEAD SECURITIES VIII 7.400% 09/25/22 8,000 8,041 8,730
CHASE LINCOLN TRUST 91-A 7.750% 06/15/97 1,842 1,839 1,882
CHEMICAL BANK GRANTOR TR 9.000% 02/15/95 1,915 1,917 1,931
CHEMICAL BANK GRANTOR TR 8.900% 12/15/96 6,088 6,074 6,261
CHEVRON CORP PROFIT SHARE 6.920% 01/01/96 5,000 5,214 5,215
CHEVY CHASE CRED CARD 92 7.550% 10/31/97 5,000 5,015 5,003
-9-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
CHEVY CHASE CRED CARD 92 7.550% 10/31/97 $15,000 $14,974 $14,934
CHEVY CHASE CRED CARD 92 7.550% 10/31/97 20,000 19,965 20,010
COMDISCO RECEIVABLES TRU 7.700% 05/15/96 571 570 579
COMDISCO RECEIVABLES TRU 6.100% 05/15/97 5,106 5,173 5,162
CONCORD LEASING TRUST 91 6.700% 11/15/97 7,655 7,648 7,685
CONCORD LEASING TRUST 5.310% 05/01/00 8,626 8,586 8,588
CORESTATES HOME EQUITY 5.100% 03/15/09 9,786 9,780 9,533
DELTA FUNDING MTG PASS-T 9.000% 02/25/06 4,203 4,197 4,372
DIAMOND FUNDING CORP 6.350% 11/20/97 31,390 31,377 31,743
DISCOVER CARD TRUST 5.500% 05/16/98 40,000 39,950 40,583
DISNEY WALT MED TERM NOT 7.750% 03/06/95 3,700 3,863 3,872
DUKE PWR CO M/T/N 6.470% 12/15/95 5,000 5,221 5,179
EXPORT FINANCE CORP M/T/ 9.070% 01/15/95 1,725 1,800 1,818
FCC GRANTOR TRUST 8.750% 02/15/06 8,113 8,440 8,473
FICAL HOME EQUITY LOAN T 8.900% 11/15/97 4,211 4,282 4,406
FIRST DEP SER 93-1 CL1 4.900% 06/15/00 40,000 39,989 40,200
FIRST INTERSTATE AUTO TR 9.000% 10/15/96 4,588 4,626 4,649
FIRST JERSEY NATL NOTE F 12.875% 12/15/93 4,000 4,005 4,006
FIRST UNION NATL DEP NT 9.000% 06/22/94 8,500 8,658 8,744
FIRST USA CR CARD MASTER 5.200% 06/15/98 39,725 40,042 40,029
FLEET FIN INC 5.450% 03/20/23 9,194 9,188 9,244
FLEET FIN HOME EQUITY 91 6.700% 10/16/06 10,982 10,962 11,288
FLEETWOOD CR 93-B GRANT 4.950% 08/15/08 5,744 5,729 5,689
FORD CR 90-A GRANTOR TR 8.750% 10/15/95 1,711 1,731 1,744
FORD CR 91-A GRANTOR TR 7.800% 02/15/96 3,326 3,332 3,370
FORD CR AUTO LOAN MASTER 5.625% 10/15/95 40,000 40,030 40,632
FORRESTAL CENTER CORP M/ 5.670% 05/16/94 10,000 10,000 10,091
GE CAPITAL MTG SERVICES 7.200% 09/15/11 9,104 9,096 9,430
GE CAPITAL MTG SERVICES 5.900% 01/25/01 9,591 9,660 9,649
GMAC 1992-C GRANTOR TR 5.950% 02/15/97 9,241 9,239 9,407
GMAC 1992-D GRANTOR TR 5.550% 05/15/97 9,009 9,003 9,121
GMAC 1992-F GRANTOR TR 4.500% 09/15/97 3,657 3,616 3,663
GENERAL DEVELOPMENT MTG 9.050% 02/25/99 5,450 5,393 5,650
GENERAL ELEC CO 5.875% 12/01/94 28,000 28,000 28,500
GENERAL ELEC CAPITAL COR 8.250% 01/14/95 4,550 4,699 4,747
GENERAL ELEC CAP CORP MT 9.500% 05/23/94 10,000 10,193 10,273
GOVERNMENT EXP TR CL A 6.250% 03/01/97 5,530 5,515 5,509
GREEN TREE FINL CORP 4.750% 10/15/17 7,058 6,934 7,044
GREEN TREE FINL CORP 5.850% 01/15/18 11,536 11,586 11,640
GUARANTEED MTG CORP III 8.500% 06/01/14 231 234 230
HIBERNIA NATL BK GRANTOR 8.300% 12/15/95 3,190 3,181 3,260
HITACHI CREDIT AMER MTN 6.850% 09/11/95 10,000 10,000 9,994
HITACHI CREDIT AMER MTN 7.600% 03/29/95 10,000 10,000 10,001
HITACHI CREDIT AMER MTN 8.540% 12/15/94 5,000 5,110 5,232
-10-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
HOUSEHOLD CR CARD TR 6.000% 07/15/97 $45,000 $44,912 $45,914
HOUSEHOLD FIN CORP V/R 8.150% 03/19/96 8,864 8,955 9,271
HOUSEHOLD FIN HOME EQU L 4.750% 05/20/08 12,849 12,821 12,813
HYUNDAI AUTO RECEIVABLES 4.300% 05/15/98 11,619 11,608 11,597
IBM CR CORP 7.200% 02/19/94 15,000 15,065 15,099
IBM CR CORP MEDIUM TERM 7.370% 05/02/94 6,500 6,551 6,594
IBM CR CORP M/T/N 5.580% 05/12/94 10,000 10,000 10,078
JOHNSON & JOHNSON NT 8.500% 08/15/95 4,500 4,804 4,801
JOHNSON & JOHNSON M/T/N 8.000% 03/20/96 20,000 21,604 21,453
KIDDER PEABODY MTG ASSET 8.650% 03/20/18 519 515 527
KIDDER PEABODY MTG ASSET 8.750% 05/01/17 370 367 377
LOMAS MTG FDG CORP II 9.000% 09/20/15 1,302 1,299 1,348
MCA FUNDING CORP M/T/N 4.880% 05/20/96 8,000 8,004 8,516
MCA FDG CORP M/T/N RESTR 4.880% 05/20/96 9,000 8,999 8,997
MCA FDG CORP M/T/N RESTR 4.480% 08/13/96 5,000 4,996 4,938
MERCK & CO INC 7.750% 05/01/96 7,000 7,497 7,473
MERDIAN GRANTOR TR 7.950% 02/15/96 1,463 1,448 1,478
MIDLANTIC AUTO GRANTOR T 4.300% 09/15/97 15,051 14,963 15,043
MIDLANTIC 1990-A AUTOMOB 9.200% 05/15/95 748 753 747
MOBIL CORP M/T/N 4.878% 09/18/95 5,000 5,002 5,033
MORGAN J P & CO INC SUB 8.875% 08/01/94 8,000 8,171 8,268
MORGAN J P & CO INC 5.375% 01/21/95 2,650 2,683 2,687
MORGAN GTY TR CO NEW YORK 8.125% 03/15/96 2,000 2,160 2,136
MORGAN STANLEY MTG TR 6.500% 04/20/08 14,602 14,649 14,703
NBD BK N A M/T/N 6.000% 05/30/95 10,000 10,107 10,253
NATIONAL BK DETROIT M/T/ 8.000% 02/14/95 3,350 3,476 3,504
NAVISTAR FINL 1991-1 RST 6.400% 12/15/96 7,453 7,453 7,391
NAVISTAR FINL 1993-A OWN 4.475% 10/15/98 3,000 2,999 2,999
NISSAN AUTO RECEIVABLES 4.300% 09/15/97 5,231 5,182 5,233
NORDIC INVT BK 5.250% 11/30/95 24,500 24,719 24,838
NORDISKA INVESTERINGSBAN 9.500% 12/15/94 7,250 7,508 7,612
NORINCHUKIN BK CTF DEP N 7.875% 04/11/94 1,000 1,007 1,015
NORINCHUKIN BK CTF DEP N 7.625% 05/02/94 6,000 6,006 6,097
NORTHERN ILL GAS CO 1ST 4.500% 03/15/96 10,000 9,969 9,966
NORWEST FINL INC 7.250% 11/01/95 5,000 5,243 5,243
NORWEST FINL INC NT 7.100% 11/15/96 1,300 1,382 1,373
PAINEWEBBER CMO TR SER G 8.000% 04/01/17 1,656 1,626 1,682
PEOPLES BK CR CARD TR 4.800% 12/15/99 24,300 24,276 24,559
PFIZER INC 7.125% 10/01/96 23,750 25,399 25,117
PITNEY BOWES CR CORP MED 6.640% 04/03/95 5,000 5,116 5,157
PITNEY BOWES CR CORP MED 6.650% 04/03/95 5,000 5,109 5,156
PREMIER AUTO TR 1992-1 A 5.750% 07/15/97 9,159 9,131 9,294
PREMIER AUTO TR ABS 4.900% 10/15/98 25,000 24,940 25,008
PREMIER AUTO TR 4.900% 12/15/98 7,000 7,018 6,971
-11-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
PREMIER AUTO TR 1993-5 A 4.220% 03/02/99 $10,000 $ 9,988 $ 9,888
PRIVATE EXPORT FDG CORP 6.670% 03/01/94 18,000 18,056 18,080
PRIVATE LABEL CR CARD 5.900% 04/15/98 2,567 2,566 2,580
PROCTER & GAMBLE CO NT 7.100% 09/01/94 6,000 6,062 6,137
PROCTER & GAMBLE CO NT 6.250% 03/15/95 4,000 4,071 4,100
PRUDENTIAL HOME MTG SECS 5.500% 02/25/08 7,699 7,706 7,747
PRUDENTIAL HOME MTG SECS 6.150% 03/25/23 3,500 3,529 3,527
RCI VACATION OWNERSHIP 8.375% 07/25/01 9,528 9,529 9,528
RCSB 1990-B GRANTOR TR 8.900% 05/15/96 2,083 2,073 2,149
RCSB 1991-B GRANTOR TR 6.700% 04/15/97 5,840 5,834 6,005
RABOBANK NEDERLAND MTN 9.250% 09/18/95 3,000 3,203 3,250
RABOBANK NEDERLAND MTN 5.400% 04/25/94 5,000 5,000 5,038
RABOBANK NEDERLAND MTN 4.590% 09/18/95 5,000 4,972 5,023
RABOBANK NEDERLAND MTN 4.500% 01/25/96 3,000 2,985 2,998
RABOBANK NEDERLAND MTN 4.550% 03/01/96 5,000 4,998 4,999
REPUBLIC NATL BK NEW YOR 5.750% 02/01/95 13,000 13,158 13,241
REPUBLIC N Y CORP 6.400% 04/15/95 13,600 13,912 13,955
REPUBLIC NATL BK OF NY 4.750% 10/15/95 2,000 2,009 2,005
REPUBLIC N Y CORP 8.375% 05/01/96 3,720 4,008 3,996
RESIDENTIAL FDG MTG SECS 6.500% 02/25/23 3,278 3,298 3,297
RESIDENTIAL FDG MTG SECS 5.500% 02/25/08 3,150 3,147 3,136
SCFC RECREATIONAL VEH LN 7.250% 09/15/06 10,918 10,924 10,919
SPNB HOME EQUITY LN ABS 8.100% 06/15/20 6,809 6,961 7,209
SAAB 1992-A TRUST SR CTF 6.100% 06/15/98 8,618 8,607 8,712
SEARS CR ACCOUNT MASTER 5.900% 11/16/98 28,000 28,374 28,677
SECURITY PAC AUTO GRANTO 6.700% 01/15/97 2,432 2,428 2,469
SECURITY PAC HOME EQUITY 8.250% 05/10/03 5,967 6,024 6,116
SELECT AUTO RECEIVABLES 7.000% 09/16/96 4,488 4,482 4,601
SELECT AUTO RECEIVABLES 6.250% 11/15/96 4,254 4,238 4,335
SHELL OIL CO 7.700% 02/01/96 9,000 9,537 9,555
SHELL OIL CO 7.125% 08/15/94 32,500 32,982 33,223
SHELL OIL CO NT 7.000% 09/15/95 4,000 4,154 4,175
SHELL OIL CO 6.125% 11/15/94 1,700 1,722 1,734
SONY CAPITAL CORP M/T/N 8.300% 02/15/94 3,500 3,507 3,529
STANDARD CR CARD MASTER 7.875% 09/07/95 35,205 35,611 35,996
STANDARD CR CARD MSTR TR 5.875% 08/07/96 10,000 10,092 10,222
STATE ST BK & TR CO BOST 5.300% 06/17/94 15,000 14,998 15,132
STRUCTURED ASSET SECS CO 6.600% 10/25/24 14,011 14,072 13,942
STRUCTURED MTG ASSET 6.750% 05/25/05 1,872 1,903 1,884
SWISS BANK CORP MED TERM 9.400% 06/13/95 2,500 2,681 2,621
TMS HOME EQUITY LN TR 6.100% 05/15/22 9,553 9,561 9,697
TMS HOME EQUITY LN TR 5.175% 07/15/06 10,828 10,912 10,893
TOYOTA MTR CR CORP NT 7.100% 08/15/94 5,000 5,056 5,109
TOYOTA MTR CR CORP M/T/N 7.850% 02/08/94 15,000 15,040 15,108
-12-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
UFSB GRANTOR TR 8.400% 08/15/96 $ 2,902 $ 2,898 $ 2,958
USAA CAP CORP 144A M/T/N 4.490% 10/28/96 20,000 20,000 19,721
U S WEST COMMUNICATIONS 5.480% 04/22/94 8,000 7,992 8,059
WACHOVIA BK N C N A M/T/ 5.300% 04/29/94 28,900 28,880 29,104
WACHOVIA BK N C N A MEDI 5.000% 01/29/96 11,600 11,595 11,684
WAL MART STORES INC 8.000% 05/01/96 4,000 4,329 4,283
WARNER LAMBERT CO DEB 8.125% 04/24/96 3,035 3,242 3,259
WESTERN FINL AUTO LNS 2 8.350% 10/01/95 2,532 2,531 2,561
WISCONSIN ELEC PWR CO 1S 4.500% 03/15/96 6,000 6,000 5,952
WORLD OMNI LEASE ABS 5.800% 01/15/97 15,739 15,729 15,984
WORLD OMNI 1991-1 A GRAN 7.950% 07/15/96 1,521 1,508 1,550
EUROPEAN INVT BK 7.750% 07/09/96 8,000 8,647 8,565
SHIKOKU ELECTRIC POWER 10.250% 04/26/96 10,000 11,292 11,194
INTERNATIONAL FINANCE CO 5.125% 02/09/96 10,000 10,089 10,144
--------- --------- ---------
TOTAL CORPORATE BONDS $1,703,195$1,718,460$1,733,185
GOVERNMENT BONDS
FEDERAL HOME LOAN MORTGA 6.450% 08/15/11 $ 19,482 $ 19,493 $ 19,496
FEDERAL HOME LOAN MORTGA 5.750% 01/15/99 3,967 3,965 3,963
FEDERAL HOME LOAN MORTGA 6.000% 10/15/08 9,092 9,101 9,095
FEDERAL HOME LOAN MORTGA 5.700% 09/15/06 20,000 19,938 20,104
FEDERAL HOME LOAN MORTGA 5.150% 01/15/06 5,000 5,000 5,046
FANNIE MAE REMIC TRUST C 6.250% 12/25/09 20,000 19,994 20,118
FEDERAL NATL MTG ASSN GT 5.950% 09/25/06 18,455 18,434 18,585
U S TREASURY NOTES 5.000% 06/30/94 5,000 5,004 5,044
U S TREASURY NOTES 4.250% 05/15/96 10,000 9,954 9,967
U S TREAS SEC STRIPPED 0.000% 08/15/94 18,000 17,363 17,560
U S TREAS SEC STRIPPED 0.000% 11/15/94 8,000 7,604 7,727
U S SVGS SR EE 1/1/93 R/ 6.000% 02/01/05 139,896 69,948 69,948
U S SVGS SR EE 9/1/92 R/ 6.000% 10/01/04 144,588 72,294 72,294
------- ------- -------
TOTAL GOVERNMENT BONDS $421,480 $278,092 $278,947
OTHER BONDS
ALBERTA PROV CDA DEB 9.250% 11/23/94 $13,900 $14,326 $14,591
BANAMEX EXPORT FUNDING 7.580% 10/15/96 1,797 1,825 1,878
BANQUE FRANCAISE COMM EX 9.250% 11/22/95 5,000 5,454 5,459
BANQUE NATL DE PARIS NY 8.200% 04/11/94 2,100 2,122 2,134
BELGIUM KINGDOM 5.280% 01/12/96 10,000 10,116 10,051
BRITISH TELECOM 7.625% 09/30/96 18,235 19,693 19,557
CANADIAN GOVT SEDOL #416 9.000% 02/27/96 40,590 44,177 44,370
COMPAGNIE BANCAIRE 8.250% 05/31/94 9,000 9,097 9,231
CREDIT AGRICOLE 8.750% 11/21/94 3,400 3,489 3,561
DU PONT E I NEMOURS & CO 8.500% 04/17/96 10,000 10,890 10,819
-13-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
DU PONT E I DE NEMOURS & 9.000% 07/18/94 $22,980 $23,545 $23,667
ENERGIE BEHEER NEDERLAND 9.000% 10/17/95 7,730 8,353 8,363
GUINNESS FINANCE 9.000% 01/08/96 5,000 5,350 5,431
HALIFAX BUILDING SOCIETE 5.000% 06/21/96 10,000 10,138 10,180
INTER AMERN DEV BK 11.625% 12/01/94 2,000 2,109 2,145
INTER AMERICAN DEV BANK 8.375% 12/27/95 13,190 14,138 14,204
JAPAN FINL CORP 9.875% 02/23/96 5,000 5,520 5,553
KANSAI ELEC PWR EURO 10.000% 03/30/96 10,000 11,095 11,131
MCDONALDS CORP EURO 2.750% 05/06/94 2,750 2,719 2,740
MOUNTAIN STS TEL & TEL E 7.625% 05/15/96 11,000 11,704 11,674
NEW ZEALAND SEDOL 463344 9.000% 08/30/94 20,000 20,401 20,850
NIPPON TELE & TELE 9.375% 03/03/95 5,000 5,299 5,316
ONTARIO PROV CDA NT 12.500% 04/04/94 7,700 7,855 7,914
OSPREY MTG LTD NO.7 CL A 5.250% 07/10/97 6,500 6,621 6,435
PANASONIC FIN INC 8.470% 11/18/94 3,000 3,055 2,979
SAINSBURY J 8.500% 05/09/96 3,000 3,260 3,244
SAINSBURY J 9.125% 10/02/96 3,000 3,353 3,315
SPAIN KINGDOM M/T/N 9.380% 05/25/94 2,000 2,038 2,054
SPAIN KINGDOM M/T/N 8.430% 01/25/95 3,000 3,135 3,144
KINGDOM OF SPAIN M/T/N 9.130% 10/05/95 2,000 2,160 2,161
KINGDOM OF SPAIN M/T/N 8.650% 12/15/95 1,870 2,008 2,015
UNILEVER CAP CORP 8.000% 05/28/96 25,150 26,991 26,942
BELGIUM KINGDOM 5.220% 10/23/95 3,000 3,030 3,037
CHUBU ELECTRIC POWER 7.000% 03/26/96 10,100 10,668 10,586
DENMARK KINGDOM UNSUB 7.250% 09/25/96 5,175 5,533 5,492
DENMARK KINGDOM UNSUB 5.250% 11/03/95 10,000 10,125 10,175
ABB INTL FIN NV KEEPWELL 6.375% 02/20/96 19,000 19,658 19,641
GUINNESS FINANCE BV 6.500% 04/06/95 2,100 2,149 2,162
INTER AMERICAN DEV BK EU 10.500% 09/11/95 15,000 16,504 16,584
INTER AMERICAN DEV BK EU 7.625% 09/10/96 9,400 10,161 10,087
INTERNATIONAL BK FOR REC 9.750% 05/10/96 21,000 23,558 23,377
SWEDEN KINGDOM DEB 5.500% 12/01/95 20,400 20,713 20,821
------- ------- -------
TOTAL OTHER BONDS $401,067 $424,135 $425,070
CERTIFICATES OF DEPOSIT
AMERITRUST CLEV OH C/D A 9.020% 02/28/94 $ 5,000 $ 5,136 $ 5,223
BAYERISCHE LANDESBANK YC 4.800% 02/28/94 10,000 10,101 10,046
CENTRAL BK OF THE SOUTH 5.050% 12/15/93 5,000 5,000 5,005
CENTRAL BK OF THE SOUTH 5.000% 12/16/93 5,000 5,000 5,005
CENTRAL BANK SOUTH C/D A 5.650% 05/16/94 10,000 10,000 10,127
CENTRAL BK SOUTH C/D 5.125% 01/31/94 5,000 5,003 5,051
CENTRAL BK OF SOUTH C/D 5.570% 12/01/93 5,000 5,000 5,125
CENTRAL FIDELITY BK C/D 5.650% 05/18/94 20,000 20,002 20,257
-14-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
MATURITY AMORTIZED CURRENT
DESCRIPTION COUPON DATE PAR VALUE COST VALUE
----------- ------ ---- --------- ----- -----
CENTRAL FIDELITY BK C/D 5.690% 05/10/94 $ 5,000 $ 5,000 $ 5,062
COMERICA BK DETROIT C/D 9.650% 01/27/94 3,000 3,242 3,235
DRESDNER BANK A G NY BRA 5.400% 12/21/93 2,000 2,029 2,029
FIFTH THIRD BK CIN OH C/ 8.880% 02/23/94 2,000 2,063 2,091
FIFTH THIRD BK CINCINNAT 9.450% 06/07/94 2,000 2,043 2,068
FIRST ALABAMA BK C/D 6.510% 03/12/94 10,000 10,000 10,230
FIRST HAWAIIAN BK C/D 5.900% 01/02/95 10,000 10,000 10,180
FIRST HAWAIIAN BK C/D 8.550% 07/01/94 1,000 1,017 1,032
FIRST UNION NATL BK N C 8.320% 08/08/94 5,000 5,127 5,183
HUNTINGTON NATL BK C/D 7.690% 12/22/93 7,000 7,000 7,021
LASALLE NATL BK CHICAGO 5.550% 02/13/95 5,000 4,978 5,077
LASALLE NATL BK CHICAGO 5.950% 03/06/95 5,000 4,975 5,099
MBNA AMER BK N A NEWARK 4.100% 10/15/96 5,000 4,956 4,883
MBNA AMER BK N A NEWARK 4.300% 09/03/96 10,000 9,914 9,844
MBNA AMER BK N A NEWARK 4.250% 09/09/96 5,000 4,950 4,915
MBNA AMER BK N A NEWARK 4.200% 09/30/96 10,000 9,908 9,819
MERCANTILE SAFE DEP & TR 6.480% 03/03/94 5,000 5,000 5,182
MERCANTILE SAFE DEP & TR 6.480% 03/03/94 5,000 5,000 5,124
MERCANTILE SAFE DEP & TR 4.770% 04/01/94 10,000 10,000 10,006
MERCANTILE-SAFE DEP & TR 4.850% 02/03/94 5,000 5,000 5,043
MERCANTILE SAFE DEP & TR 5.360% 01/07/94 5,000 5,000 5,074
OLD KENT BK & TR CO C/D 5.000% 02/28/94 5,000 5,001 5,040
OLD KENT BK & TR CO C/D 5.150% 01/20/94 5,000 5,001 5,012
OLD KENT BANK AND TRUST 4.620% 03/09/94 2,000 2,000 2,001
PITTSBURGH NATL BK C/D N 6.350% 12/15/94 21,500 21,659 21,659
PITTSBURGH NATIONAL BK C 8.900% 06/22/94 1,000 1,013 1,027
SECURITY PAC NATL BK C/D 9.050% 05/31/94 4,000 4,074 4,122
SOUTH CAROLINA NATL BK D 9.400% 09/20/95 5,000 5,396 5,446
UNION BK C/D 6.550% 04/29/94 20,000 20,000 20,637
UNION BK C/D 5.570% 01/17/94 10,000 10,000 10,239
------- ------- -------
TOTAL CERTIFICATES OF DEPOSIT $255,500 $256,588 $259,219
------- ------- -------
TOTAL FIXED INCOME SECURITIES $2,781,242$2,677,275$2,696,421
BANK OF NEW YORK N/A N/A 36,949 36,949 36,949
SHORT TERM INVST FUND
PARTICIPANT LOANS (RATES N/A N/A N/A N/A 173,905
FROM 11.75 TO 6.5, --------- --------- ---------
MAXIMUM PERIOD OF
REPAYMENTS IS 60 MONTHS)
TOTAL COMMON ASSET INVESTMENTS $2,818,191$2,714,224$2,907,275
========= ========= =========
-15-
THRIFT PLAN OF EXXON CORPORATION EXHIBIT 1
AND PARTICIPATING AFFILIATED EMPLOYERS
THRIFT FUND
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
11/30/93
(thousands of dollars)
SHARES/ CURRENT
FUND/ISSUE UNITS COST VALUE
---------- ------ ---- -----
EXXON CORPORATION PREFERRED STOCK FUND
- --------------------------------------
*EXXON CORPORATION CLASS A PREFERRED STOCK 11,050 $679,600 $693,413
(thousands of shares)
GE CAPITAL COMMERCIAL PAPER N/A 9,928 9,928
*BANK OF NEW YORK SHORT TERM INVESTMENT FUND N/A 6,750 6,750
EXXON CORPORATION COMMON STOCK FUND
- -----------------------------------
*EXXON CORPORATION COMMON STOCK 43,136$1,833,815$2,706,776
(thousands of shares)
EQUITY PORTFOLIO FUND
- ---------------------
WELLS FARGO EQUITY INDEX FUND 2,788 $166,938 $273,205
(thousands of shares)
-16-
EXHIBIT 2
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
TRUSTEE--THRIFT FUND
(thousands of dollars)
Identity of Party Involved: Exxon Corporation
Description of Asset: Exxon Corporation Common Stock
Total Total Total Total
Number Number Dollar Dollar
of of Value of Value of Net
Purchases Sales Purchases Sales Gain
- --------- ----- --------- -------- ----
10,841,201 8,087,031 $699,743 $522,427 $177,316
Schedule prepared following 29CFR 2520.103-6(d)(2).
-17-
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Trustee of the Thrift Fund
In our opinion, the financial statements (pages 2-8) listed in the
accompanying index present fairly, in all material respects, the net
assets available for benefits of the Thrift Fund of the Thrift Plan
of Exxon Corporation and Participating Affiliated Employers (the
Thrift Fund) at November 30, 1993 and 1992, and the changes in its net
assets available for benefits for the year ended November 30, 1993,
in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Trustee of the
Thrift Fund; 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 Fund, and
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional
information included in Exhibits 1 and 2 is presented for purposes
of additional analysis and is not a required part of the basic
financial statements but is additional information required by
ERISA. Such information has been subjected to the auditing
procedures applied in the audit 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.
PRICE WATERHOUSE
Houston, Texas
March 10, 1994
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 Affiliated Employers of our report dated March 10,
1994 appearing on page 18 of this Annual Report on Form 11-K.
PRICE WATERHOUSE
Houston, Texas
March 10, 1994
-18-
SIGNATURES
_________________
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly
caused this Annual Report to be signed by the undersigned hereunto
duly authorized.
THRIFT PLAN OF EXXON CORPORATION
AND PARTICIPATING AFFILIATED EMPLOYERS
(Name of Plan)
EDGAR A. ROBINSION
By ___________________________________
Edgar A. Robinson
Chairman, Thrift Trustee
Dated: March 10, 1994
-19-