View:
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 December 31, 2002
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
A. Full title of the plan:
EXXONMOBIL SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
EXXON MOBIL CORPORATION
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
EXXONMOBIL SAVINGS PLAN
INDEX
Page
-----
Financial Statements
Statement of Net Assets Available for Benefits at
December 31, 2002 and 2001 3-4
Statement of Changes in Net Assets
Available for Benefits, for the
Year ended December 31, 2002 5
Notes to Financial Statements 6-12
Supplemental Schedules
Schedule H, Line 4i-Schedule of Assets (Held at End
of Year) at December 31, 2002 (Exhibit 1) 13-22
Schedule H, Line 4i--Schedule of Assets (Acquired and
Disposed of Within the Plan Year) at December 31, 2002
(Exhibit 2) 23
Report of Independent Auditors 24
Signature 25
Exhibit Index 26
Exhibit 23 - Consent of Independent Auditors 27
-2-
EXXONMOBIL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2002
(millions of dollars)
Participant Non-Participant
Directed Directed Total
----------- --------------- -------
Assets
Investments, at fair value:
(See Note 8)
Exxon Mobil Corp common stock $ 7,465 $768 $ 8,233
Other investments 4,934 - 4,934
------- ------ -------
Total investments 12,399 768 13,167
Cash 2 8 10
Amounts due from employers - 125 125
Accrued interest 14 - 14
Other receivables 5 - 5
------- ------ -------
Total assets 12,420 901 13,321
------- ------ -------
Liabilities
Payables and accrued liabilities 6 1 7
Commercial paper payable - 82 82
Notes payable (see Note 6) - 65 65
------- ------ -------
Total liabilities 6 148 154
------- ------ -------
Net assets available
for benefits $12,414 $753 $13,167
======= ====== =======
The accompanying notes are an integral part of these financial statements.
-3-
EXXONMOBIL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2001
(millions of dollars)
Participant Non-Participant
Directed Directed Total
----------- --------------- -------
Assets
Investments, at fair value:
(See Note 8)
Exxon Mobil Corp common stock $ 8,530 $1,163 $ 9,693
Other investments 5,642 - 5,642
------- ------ -------
Total investments 14,172 1,163 15,335
Cash 7 - 7
Amounts due from employers - 177 177
Amounts due from employees 1 - 1
Accrued interest 23 - 23
Other receivables 16 - 16
------- ------ -------
Total assets 14,219 1,340 15,559
------- ------ -------
Liabilities
Payables and accrued liabilities 5 2 7
Commercial paper payable - 180 180
Notes payable (see Note 6) - 100 100
------- ------ -------
Total liabilities 5 282 287
------- ------ -------
Net assets available
for benefits $14,214 $1,058 $15,272
======= ====== =======
The accompanying notes are an integral part of these financial statements.
-4-
EXXONMOBIL SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2002
(millions of dollars)
Participant Non-Participant
Directed Directed Total
----------- --------------- -------
Contributions:
Employer $ 18 $ 57 $ 75
Employee 306 - 306
Transfers in 11 - 11
------- ------ -------
Total contributions 335 57 392
------- ------ -------
Investment income/(loss):
Interest 134 - 134
Dividends 206 24 230
Net depreciation in fair value
of investments (1,530) (132) (1,662)
------- ------ -------
Total investment income/(loss)(1,190) (108) (1,298)
------- ------ -------
Deductions:
Interest and miscellaneous expense - (8) (8)
Benefit payments (936) (51) (987)
Participant withdrawals (190) (14) (204)
Net ESOP transfers 181 (181) -
------- ------- -------
Total deductions (945) (254) (1,199)
------- ------- -------
Net decrease (1,800) (305) (2,105)
Net assets available for benefits:
At the beginning of the year 14,214 1,058 15,272
------- ------ -------
At the end of the year $12,414 $ 753 $13,167
======= ====== =======
The accompanying notes are an integral part of these financial statements.
-5-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1: Description of the Plan
General
- -------
The participants in the ExxonMobil Savings Plan ("Savings Plan"), formerly
known as the Thrift Plan in the Benefit Plan of Exxon Corporation and
Participating Affiliates ("Thrift Plan"), are eligible employees and
former employees of Exxon Mobil Corporation ("ExxonMobil" or "Company") and
certain affiliated employers. The terms and conditions of the Savings Plan
are fully contained in the ExxonMobil Savings Plan document and the
ExxonMobil Savings Trust document (collectively, the "Plan Document") dated
July 1, 2002, as amended from time to time. The Savings Plan is an
"employee pension benefit plan" described in Section 3(2) of the Employee
Retirement Income Security Act of 1974 ("ERISA") and also a "defined
contribution plan" described in Section 3(34) of ERISA. In addition,
effective February 8, 2002, the entire Savings Plan has been designated an
Employee Stock Ownership Plan ("ESOP"), a plan designed to invest primarily
in employer securities.
Contributions
- -------------
Effective January 1, 2002, the Savings Plan permits participant
contributions of up to 20 percent of compensation and a 100% Company match
on the first 6 percent of compensation. Prior to January 1, 2002, the
contribution limit was 18 percent. Up to an additional 1 percent Company
match may be received if the participant elects for the Company match to be
directed to the Direct Dividend Account ("DDA"). The restriction on the DDA
stipulates that 75% of the assets in the DDA must be invested in ExxonMobil
stock. Effective September 1, 2002, employees who are at least age 50 at the
end of 2002, may elect to make additional pretax ("catch-up") contributions
up to $1000. More details of Company match, DDA, and catch-up contributions
may be found in the Plan Document.
Vesting
- -------
Participants are immediately vested in their contributions and earnings.
Effective January 1, 2002, Company contributions vest at 100% upon the
earliest of completion of 3 years of vesting service, reaching age 65,
or upon death of the participant.
Forfeitures
- -----------
During 2002 and 2001, $1 million and $2 million, respectively, of
employers' matching contributions were forfeited by terminating employees
before those amounts became vested. Such forfeited amounts are used to
reduce future employer contributions.
-6-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Other Plan Provisions
- ---------------------
Other Savings Plan provisions including eligibility, enrollment,
participation, forfeiture, loans, withdrawals, distributions, and
investment options, are described in the Plan Document.
Plan Termination
- ----------------
The Company may terminate or amend the Savings Plan at any time. In the
event of termination, the net assets of the Savings Plan will be
distributed in accordance with the Employee Retirement Income Security Act
of 1974.
Note 2: Accounting Policies
Basis of Accounting
- -------------------
The financial statements of the Savings Plan are presented on the accrual
basis of accounting except benefit payments which are reported on a cash
basis as described in Note 7.
Investment Valuation and Income Recognition
- -------------------------------------------
Investments are stated at fair value. Fair 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. The Merrill Lynch Floating Rate
Long-Term Fixed Income Fund includes guaranteed investment contracts (GICs)
which are stated at contract value, which approximates fair value,
representing the original cost, plus interest (based upon the crediting rates
of the underlying contracts) reduced by administration fees, transfers
out, and withdrawals. There are no reserves against contract value for
credit risk of the contract issuer or otherwise. The average crediting
interest rates of the Merrill Lynch Floating Rate Long-Term Fixed Income
Fund for the years ended December 31, 2002 and 2001 were 4.9% and 5.7%,
respectively. The annualized crediting interest rates at December 31, 2002
and 2001 were 4.2% and 5.0%, respectively. Crediting rates fluctuate
with the activities of the underlying contracts. This investment choice
has no fixed term, nor a minimum crediting interest rate.
Purchases and sales of securities are recorded on a trade-date basis.
Dividends are recorded on the ex-dividend date.
-7-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
The Savings Plan's financial statements separately disclose non-participant
directed investments which include both unallocated ExxonMobil common stock
of the ESOP and a portion of the allocated shares. At December 31, 2002
and 2001, $35 million and $292 million respectively, of ExxonMobil common
stock remained unallocated.
Net appreciation and 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.
Participant loans represent the outstanding principal balances of the
loans and are valued at cost, which approximates current value.
The Savings Plan is subject to normal risks associated with international
and domestic debt and equity markets, including the investment in
ExxonMobil common stock.
Transfers in include participant-initiated rollovers of certain
distributions from other tax-qualified plans into the Savings Plan.
Use of 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 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.
Note 3: Related-Party Transactions
During 2002 and 2001, commercial paper was issued by the Savings Plan and
purchased by ExxonMobil. As a result of these transactions, at December
31, 2002 and 2001, $82 million and $180 million, respectively, were owed
to ExxonMobil.
Certain Savings Plan investments are shares of various funds managed by
Merrill Lynch Trust Company, FSB, Barclays Global Investors, N.A., and
The Northern Trust Company. These parties also provide fiduciary services
to the Savings Plan and, therefore, purchases and sales of these investments
qualify as party-in-interest transactions.
-8-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Note 4: Tax Status
The Internal Revenue Service has determined and informed the Savings Plan
administrators by a letter dated November 14, 2002, that the Savings Plan
is qualified and the trusts established under the Savings Plan are
tax-exempt, under the appropriate sections of the Internal Revenue Code
("Code"). The Savings Plan has been amended since receiving the determination
letter. However, the Savings Plan counsel believes that the Savings Plan is
currently designed and is being operated in compliance with the applicable
requirements of the Code and therefore, was qualified and the related trusts
were tax-exempt as of the financial statement date.
Note 5: Expenses
Investment income from all sources is stated net of administrative
expenses, which include brokerage fees on purchases and sales of ExxonMobil
common stock, management fees, and brokerage commissions. The participating
employers also pay miscellaneous administrative expenses on behalf
of the Savings Plan.
Note 6: ExxonMobil ESOP Trust
Upon merger of the Thrift Plan and the Employees Savings Plan of Mobil
Oil Corporation on December 30, 1999, ("the Merger"), future contributions
to the ESOP were eligible for funding from the ESOP trust established in
November 1989 by Mobil Oil Corporation ("Mobil"). In 1989, the ESOP trust,
supported by a Mobil guarantee, privately placed $800 million of floating
interest rate notes due November 22, 2004, and used the proceeds to purchase
205,788 shares of Mobil Series B Convertible Preferred Stock at a price
equal to liquidation value, or $3,887.50 per share. Following the Merger,
each outstanding share of Mobil Series B Convertible Preferred Stock was
converted into one share of ExxonMobil Class B Preferred Stock, with similar
terms. In December 1999, each unit of ExxonMobil's Class B Preferred
Stock was converted into 132.015 shares of ExxonMobil Common Stock, and the
accrued dividends on units of ExxonMobil Preferred Stock were converted
into shares of ExxonMobil Common Stock.
-9-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
At December 31, 2002 and 2001, $65 million and $100 million, respectively,
of medium-term notes were outstanding under a $300 million shelf registration
statement filed by the ESOP trust with the Securities and Exchange
Commission pursuant to Rule 415. These medium-term notes are guaranteed
by ExxonMobil and are secured by the unallocated ESOP shares. As shares in
the ESOP are allocated to participants, a corresponding number of shares
are released from securing the notes. The proceeds of the sales of the
issued notes were used to retire identical principal amounts of existing
ESOP trust debt.
A summary of the outstanding medium-term notes as of December 31, 2002 and
2001 is as follows:
Date of Interest Maturity 2002 2001
Issuance Rate Date (millions $)
-------- -------- -------- ---- -----
2/28/97 6.300% 9/03/02 10
3/02/98 5.875% 9/03/02 25
3/02/98 5.900% 2/28/03 20 20
8/31/98 5.800% 9/02/03 45 45
----- -----
$ 65 $100
==== ====
Principal and interest payments on the medium-term notes are due
semi-annually.
On February 4, 1999, the ESOP trust established a commercial paper program
under which the ESOP trust may sell to institutional investors including
ExxonMobil or its affiliates, up to $500 million of short-term notes. The
proceeds of the sales of such notes will be used for the same purposes as
the proceeds of the debt securities issued by the ESOP trust under the
above mentioned shelf registration. At December 31, 2002, the ESOP trust
had $82 million of ExxonMobil guaranteed 1.29% short-term notes
outstanding, due February 28, 2003. At December 31, 2001, the ESOP trust
had $180 million of ExxonMobil guaranteed 1.76% short-term notes outstanding,
due February 28, 2002.
In addition to the proceeds from the financing programs mentioned above,
corporate contributions to the Savings Plan and dividends are used to make
principal and interest payments on the notes.
-10-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
The Savings Plan held 236 million shares and 247 million shares of
ExxonMobil common stock at year end 2002 and 2001, respectively. Of these
total shares, 98.0 million shares and 104.2 million shares, respectively,
were held in the ESOP trust (a part of the ExxonMobil Savings Trust) at
year end 2002 and 2001. Of the total ESOP trust shares, 1.0 million
shares and 7.4 million shares, respectively, remained unallocated.
As the contributions and dividends are credited, common shares are released
from securing the debt and are subsequently allocated to participant
accounts. During the year, 6.4 million ESOP trust shares were allocated
to participants.
Note 7: Claims Incurred But Not Paid
The Savings Plan reports benefits paid on a cash basis as required under
accounting principles generally accepted in the United States of America.
For Form 5500 reporting purposes, claims incurred but not paid of $9 million
and $2 million for the years ended December 31, 2002 and 2001, respectively,
are reported on an accrual basis. As such, the net assets available for
benefits reflected for Form 5500 purposes are $13,158 million and $15,270
million for the years ended December 31, 2002 and 2001, respectively.
Note 8: Investments
The following presents investments that represent 5% or more of the
Savings Plan's net assets available for benefits.
(millions of dollars)
December 31, December 31,
2002 2001
----------- -----------
ExxonMobil
Common Stock $7,465 $8,530
ExxonMobil
Common Stock
(non-participant
directed) 768 1,163
Barclays Global Investors
Equity Portfolio Fund 731 902
-11-
EXXONMOBIL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
During 2002, the Savings Plan's investments (including gains and losses
on investments bought and sold, as well as held during the year)
depreciated in value by $1,662 million as follows:
(millions $)
ExxonMobil Common Stock $(1,030)
Common collective trusts (315)
Common stock (258)
Mutual funds (54)
Corporate debentures (4)
U.S. Government securities (2)
Other 1
------
$(1,662)
======
Note 9: Subsequent Event
On May 1, 2003, the ExxonMobil Savings Plan recordkeeping balances and
the Merrill Lynch recordkeeping for the heritage Mobil balances were
"harmonized" into one ExxonMobil Savings Plan recordkeeping system at
CitiStreet LLC. With the harmonization, two new investment options,
an international equity unit fund and a bond fund, were added to the
existing ExxonMobil Savings Plan investment options. In addition, all
Merrill Lynch-held investments with the exception of ExxonMobil common
stock were converted to other existing and new ExxonMobil Savings Plan
investment options.
-12-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
DESCRIPTION COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
COMMON ASSET FUND
- -----------------
CORPORATE DEBT INSTRUMENTS
ABBOTT LABS 5.125% 07/01/04 $ 25,000 $ 26,321
ADVANTA CR CD MSTR TR II 1996-A 6.000% 11/15/05 5,900 5,942
AMERICAN EXPRESS MSTR TR 1998-1 5.900% 04/15/04 20,488 20,828
ATLC RICHFIELD CO 5.550% 04/15/03 6,440 6,513
BK 1 ISSUANCE TR ABS BOIT 2.940% 06/16/08 20,000 20,304
BK 1 ISSUANCE TR SER 2002-A2 4.160% 01/15/08 10,000 10,457
BMW VEH OWNER TR 2001-A 4.700% 03/25/05 11,785 11,956
BMW VEH OWNR TR 2002-A 2.830% 12/25/04 14,233 14,303
BMW VEH OWNR TR 2002-A 3.800% 05/25/06 20,000 20,558
CAP AUTO REC AST TR 2001-2 4.600% 09/15/05 7,000 7,108
CHASE CR CD MSTR TR SER 1998-3 6.000% 08/15/05 26,905 27,260
CHASE FDG MTG LN SER 2002-4 2.810% 10/25/17 9,000 9,043
CHASE MANH AUTO OWNR TR 2001-A 4.550% 08/15/05 4,452 4,531
CHASE MANH AUTO OWNR TR 2002-A 3.490% 03/15/06 25,000 25,536
CHASE MANH AUTO OWNR TR 2002-B 3.580% 05/15/06 22,000 22,559
CIT RV OWNER TR SER 1996-A 5.400% 12/15/11 1,285 1,303
CITIBANK CR CARD ISSUANCE TR 4.100% 12/07/06 39,690 41,294
CITIBANK CR CD TR SER 2002-A 4.400% 05/15/07 8,000 8,404
CITIBANK CR CD MSTR TR 1998-9 5.300% 01/09/06 10,125 10,508
CITIBANK CR CD MSTR TR I 99 1 5.500% 02/15/06 40,000 41,731
CITIBANK CR CD MSTR TR 1998-3 5.800% 02/07/05 1,565 1,572
DAIMLERCHRYSLER AUTO TR 2000-1 7.230% 01/06/05 14,030 14,461
DAIMLERCHRYSLER AUTO TR 2000-C 6.820% 09/06/04 1,358 1,373
DAIMLERCHRYSLER AUTO TR 2001-B 4.250% 05/07/31 1,723 1,726
DISCOVER CARD MSTR TR I 1998-6 5.850% 01/15/06 19,316 19,771
FIRST USA CR CD MSTR TR 98-9A 5.280% 09/18/06 9,068 9,414
FLEET CR CD MSTR TR II 2001-C 3.860% 03/15/07 20,600 21,280
FLEETWOOD CR 1994-B GRANTOR TR 6.750% 03/15/10 442 442
FORD CR AUTO OWNER TR 2000-A 7.090% 11/17/03 2,402 2,414
FORD CR AUTO OWNER TR 2000-D 7.150% 01/15/05 3,000 3,006
FORD CR AUTO OWNER TR 2000-E 6.740% 06/15/04 3,107 3,153
FORD CR AUTO OWNER TR 2001-B 5.360% 06/15/05 6,525 6,805
FORD CR AUTO OWNER TR 2001-C 4.830% 02/15/05 11,996 12,160
FORD CR AUTO OWNER TR 2001-E 4.010% 03/15/06 12,000 12,415
FORD CR AUTO OWNER TR 2000-C 7.260% 07/15/04 4,000 4,127
-13-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
DESCRIPTION COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
FST SEC AUTO OWNER TR 1999-2 6.200% 10/15/06 $ 10,198 $ 10,287
FST SEC AUTO OWNER TR 2000-2 6.830% 07/15/04 3,586 3,608
GEN ELEC CAP CORP 8.70 NT 8.700% 02/15/03 3,000 3,024
GEN ELEC CAP CORP MED TERM NT 5.650% 03/31/03 3,690 3,727
GEN ELEC CAP CORP MED TERM NT 7.250% 05/03/04 8,400 9,002
GEN ELEC CAP CORP MED TERM NT 5.160% 02/03/03 11,900 11,934
GEN ELEC CAP CORP MTN BEO 5.375% 04/23/04 3,000 3,141
HONDA AUTO RECEIVABLES 2001-3 3.400% 02/18/05 20,000 20,345
HONDA AUTO RECEIVABLES 2001-3 3.960% 02/18/07 20,000 20,774
HONDA AUTO RECEIVABLES 2002-1 3.500% 10/17/05 7,000 7,144
HONDA AUTO RECEIVABLES 2002-2 2.910% 09/15/04 7,000 7,040
HONDA AUTO RECEIVABLES 2002-2 3.830% 02/15/06 20,000 20,576
HONDA AUTO RECEIVABLES 2002-3 3.000% 05/18/06 1,000 1,018
HONDA AUTO RECEIVABLES 2002-4 2.190% 09/15/06 25,000 25,101
HSEHD AUTO TR 2002-1 NT 3.750% 09/18/06 12,000 12,289
HSEHD AUTO TR 2002-3 NT 2.750% 06/18/07 19,000 19,168
HSEHD AUTO TR V SER 2000-2 NT 7.340% 11/17/04 4,532 4,585
KEY AUTO FIN TR 1999-1 NT 5.830% 01/15/07 3,717 3,778
PFIZER INC 3.625% 11/01/04 10,000 10,343
PREMIER AUTO TR 1999-1 5.820% 10/08/03 3,006 3,008
PREMIER AUTO TR SER 1999-2 NT 5.590% 02/09/04 2,261 2,272
PROCTER & GAMBLE CO NT 5.250% 09/15/03 5,000 5,123
PROCTER & GAMBLE CO NT 8.000% 11/15/03 5,000 5,260
RESIDENTIAL AST SEC CORP MTG 4.790% 10/25/19 11,500 11,562
TOYOTA AUTO RECEIVABLES 2000-A 7.180% 08/15/04 4,593 4,642
TOYOTA AUTO RECEIVABLES 2000-B 6.760% 08/15/04 14,184 14,366
TOYOTA AUTO RECEIVABLES 2002-B 3.760% 06/15/06 40,000 41,116
TOYOTA AUTO RECEIVABLES 2002-C 2.650% 11/15/06 25,000 25,317
USAA AUTO LN GRANTOR TR 6.100% 02/15/06 1,640 1,661
USAA AUTO OWNER TR 2000-1 6.950% 06/15/04 2,475 2,486
USAA AUTO OWNER TR 2001-1 4.690% 02/15/05 15,934 16,133
USAA AUTO OWNER TR 2001-2 3.200% 02/15/06 39,360 39,717
USAA AUTO OWNER TR AST BKD NT 2.410% 10/16/06 13,500 13,623
VOLKSWAGEN AUTO LEASE TR 2002-A 2.360% 12/20/05 20,000 20,127
WAL MART STORES INC 4.625% 04/15/03 25,000 25,193
WELLS FARGO AUTO TR 2001-A NT 4.680% 02/15/05 3,112 3,152
----------- -----------
TOTAL CORPORATE DEBT INSTRUMENTS $ 863,023 $ 882,220
-14-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
DESCRIPTION COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES
FEDERAL FARM CR BANK 5.000% 02/03/03 $ 40,000 $ 40,125
FEDERAL HOME LN MTG CORP 5.750% 03/15/09 1,044 1,045
FEDERAL HOME LN MTG CORP 6.500% 04/15/20 1,553 1,560
FEDERAL HOME LN MTG CORP 5.750% 07/15/03 5,000 5,120
FEDERAL HOME LN MTG CORP 6.875% 01/15/05 8,000 8,806
FEDERAL HOME LN MTG CORP 6.375% 11/15/03 10,000 10,438
FEDERAL HOME LN MTG CORP 3.250% 11/15/04 30,000 30,847
FEDERAL HOME LN MTG CORP 2.182% 09/27/07 15,000 14,892
FEDERAL HOME LN MTG CORP 3.875% 02/15/05 54,000 56,297
FEDERAL HOME LOAN BANK 4.500% 07/07/03 5,000 5,083
FEDERAL HOME LOAN BANK 4.625% 04/15/05 10,000 10,618
FEDERAL HOME LOAN BANK BDS 6.375% 11/14/03 30,000 31,313
FEDERAL HOME LOAN BANK BDS 5.375% 01/05/04 50,000 52,008
FEDERAL HOME LOAN BK BDS 5.125% 01/13/03 10,000 10,013
FEDERAL NATL MORT ASSC BDS 5.000% 02/14/03 2,000 2,009
FEDERAL NATL MTG ASSN 6.500% 08/15/04 10,000 10,779
FEDERAL NATL MTG ASSN BDS 7.125% 02/15/05 40,000 44,365
FEDERAL NATL MTG ASSN NT 5.125% 02/13/04 5,000 5,207
FEDERAL NATL MTG ASSN NT 3.875% 03/15/05 5,000 5,219
FEDERAL NATL MTG ASSN PREASSIGN 7.000% 07/15/05 5,000 5,607
FEDERAL NATL MTG ASSN PREASSIGN 3.250% 11/25/32 9,807 9,914
FEDERAL NATL MTG ASSN REMIC 6.000% 08/25/20 669 670
FEDERAL NATL MTG ASSN REMIC 5.750% 09/25/07 219 218
FEDERAL NATL MTG ASSN REMIC 6.000% 04/25/08 1,019 1,028
US SVGS BDS SER I 2.570% 10/01/32 3,190 80,124
US SVGS BDS SER I 4.080% 11/01/33 3,190 80,147
US SVGS BDS SER I 5.920% 10/01/31 6,059 159,849
---------- -----------
TOTAL U.S. GOVERNMENT SECURITIES $ 360,750 $ 683,301
-15-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
DESCRIPTION COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
OTHER SECURITIES
ALBERTA PROV EUROCLEAR 7.000% 02/18/03 $ 15,000 $ 15,096
ALTA PROV CDA BD 4.875% 10/29/03 16,349 16,773
ALTA PROV CDA EURO MTN 7.250% 04/05/04 5,000 5,355
B.C PROV CDA 7.00 BD 7.000% 01/15/03 17,500 17,523
CDA GOVT 5.625% 02/19/03 5,000 5,026
MAN PROV CDA DEB 6.125% 01/19/04 2,515 2,640
MAN PROV CDA DEB 6.750% 03/01/03 16,400 16,515
ONT PROV CDA BD 7.375% 01/27/03 30,000 30,106
---------- -----------
TOTAL OTHER SECURITIES $ 107,764 $ 109,034
COMMON COLLECTIVE TRUSTS
BONY COLLECTIVE STIF $ 119,500 $ 119,500
*COLTV SHORT TERM INVT FD 4,340 4,340
---------- -----------
TOTAL COMMON COLLECTIVE TRUSTS $ 123,840 $ 123,840
*PARTICIPANT LOANS
(ANNUAL INTEREST RATES
FROM 4.5% TO 9.0%
MATURITIES FROM
12 MONTHS TO 60 MONTHS) $ 184,635
-----------
TOTAL COMMON ASSET FUND $1,455,377 $1,983,030
=========== ===========
-16-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands)
SHARES/ CURRENT
UNITS VALUE
FUND/ISSUE (000's) ($000's)
- -------------------------------------------------------------------------
COMMON STOCK
- ----------------------------
*EXXONMOBIL CORPORATION 213,652 $7,465,007
JENNISON EQUITY FUND:
3M CO 96 $ 11,861
ABBOTT LABORATORIES 350 13,988
ALTERA 534 6,582
AMERICAN EXPRESS CO 385 13,617
AMERICAN INTL GROUP INC COM 284 16,437
AMERISOURCEBERGEN COM 5 272
AMGEN CORP COM NPV 372 17,958
ANHEUSER BUSCH COS INC COM 179 8,644
APPLIED MATLS INC COM 381 4,962
BANC ONE CORP COM NPV 269 9,828
BED BATH AND BEYOND 319 11,019
CISCO SYSTEMS 1,179 15,449
CITIGROUP INC 466 16,389
CLEAR CHANNEL COMMUNICATIONS INC 88 3,263
COCA COLA CO COM 163 7,120
COSTCO WHOLESALE CORP 240 6,720
DELL COMPUTER COM USD1 478 12,782
FOREST LABS INC COM 27 2,622
GENENTECH INC 175 5,813
GILLETTE CO COM 195 5,923
GOLDMAN SACHS GROUP INC 161 10,923
HARLEY DAVIDSON 200 9,254
HARTFORD FINANCIAL SERVICES GRP INC 170 7,732
HEWLETT PACKARD CO COM 706 12,256
INTEL CORP 753 11,715
INTERNATIONAL BUSINESS MACHS CORP COM 98 7,603
INTERNATIONAL PAPER CO COM 189 6,620
JOHNSON & JOHNSON 300 16,129
KLA-TENCOR CORPORATION 27 962
KOHL'S CORP 290 16,248
LOCKHEED MARTIN CORP 149 8,593
LOWES COS INC COM 243 9,101
-17-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands)
SHARES/ CURRENT
UNITS VALUE
FUND/ISSUE (000's) ($000's)
- -------------------------------------------------------------------------
MARRIOTT INTERNATIONAL INC 279 $ 9,171
MEDIMMUNE INC 178 4,836
MERCK & CO INC COM 102 5,791
*MERRILL LYNCH & CO INC COM 234 8,880
MICROSOFT CORP 455 23,534
NEW YORK TIMES CO CL A 152 6,956
NOKIA CORP 588 9,117
NORTHROP GRUMMAN CORP 95 9,234
NOVELLUS SYS INC 133 3,726
OMNICOM GROUP COM USD0.5 76 4,910
PFIZER INC COM 217 6,640
PHARMACIA CORP 212 8,879
PROCTER & GAMBLE CO COM 91 7,778
SAP AKTIENGESELLSCHAFT 25 493
SCHLUMBERGER LTD 357 15,022
STARBUCK CORP 323 6,587
STMICROELECTRONICS 212 4,144
TEVA PHARMACEUTICAL INDS LTD 86 3,320
TEXAS INSTRS INC COM 496 7,443
TIFFANY & CO NEW 386 9,227
TOTAL FINA ELF SA 173 12,398
UNIVISION COMMUNICATIONS INC 345 8,443
VIACOM INC 414 16,874
WAL MART STORES INC COM 359 18,108
WALGREEN CO COM 229 6,685
WEYERHAEUSER CO COM 146 7,204
WYETH 226 8,434
XL CAPITAL LTD 111 8,590
----------
TOTAL JENNISON EQUITY FUND COMMON STOCK $ 550,809
----------
TOTAL COMMON STOCK $8,015,816
==========
-18-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands)
SHARES/ CURRENT
UNITS VALUE
FUND/ISSUE (000's) ($000's)
- -------------------------------------------------------------------------
REGISTERED INVESTMENT COMPANIES:
- --------------------------------
*MERRILL LYNCH INSTITUTIONAL FUND 95,080 $ 95,080
FRANKLIN CUSTODIAN FUNDS, INC.
FRANKLIN U.S. GOVERNMENT
SECURITIES FUND 13,545 $ 94,813
MASSACHUSETTS FINANCIAL SERVICES
COMPANY MFS EMERGING GROWTH FUND 2,696 $ 57,828
*MERRILL LYNCH GLOBAL ALLOCATION FUND 4,900 $ 56,005
AIM CHARTER FUND 4,593 $ 44,138
FRANKLIN TEMPLETON GROUP TEMPLETON
FOREIGN FUND 4,902 $ 40,735
FRANKLIN TEMPLETON GROUP TEMPLETON
DEVELOPING MARKETS TRUST 1,542 $ 15,424
COMMON COLLECTIVE TRUSTS:
- --------------------------
*BARCLAYS GLOBAL INVESTORS, N.A.
EQUITY INDEX FUND 3,322 $ 730,660
*BARCLAYS GLOBAL INVESTORS, N.A.
EXTENDED EQUITY INDEX FUND 16,741 $ 322,331
*BARCLAYS GLOBAL INVESTORS, N.A.
BALANCED FUND 11,357 $ 102,054
*MERRILL LYNCH EQUITY INDEX TRUST 1,404 $ 87,940
PYRAMID DIRECTED ACCT CASH FUND $ 10,695
-19-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
FUND/ISSUE COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
*MERRILL LYNCH FLOATING RATE LONG-
- ----------------------------------
TERM FIXED INCOME FUND
----------------------
MONEY MARKET FUND
*MERRILL LYNCH GOVERNMENT FUND $ 130,607 $ 130,607
COMMON COLLECTIVE TRUST
*ML RETIREMENT PRESERVATION TRUST $ 117,650 $ 117,650
GUARANTEED INVESTMENT CONTRACTS
WITH INSURANCE COMPANIES:
JOHN HANCOCK LIFE INS CO 5.700% 10/31/03 $ 20,189 $ 20,189
METROPOLITAN LIFE INS CO 6.200% 06/23/03 20,640 20,640
NEW YORK LIFE INS CO 4.880% 09/30/05 30,362 30,362
PACIFIC LIFE INS CO 6.300% 03/30/04 15,703 15,703
PRINCIPAL LIFE INS CO 5.850% 11/13/03 15,115 15,115
PRINCIPAL LIFE INS CO 6.060% 03/29/06 31,375 31,375
SECURITY LIFE OF DENVER INS 5.500% 05/23/05 20,668 20,668
SUNAMERICA LIFE INS CO 6.250% 03/27/03 20,952 20,952
---------- ----------
TOTAL GUARANTEED INVESTMENT CONTRACTS
WITH INSURANCE COMPANIES $ 175,004 $ 175,004
SYNTHETIC INVESTMENT CONTRACTS
WITH FINANCIAL INSTITUTIONS:
AIG FINANCIAL PRODUCTS:
FEDERAL NATL MTG ASSN POOL 6.725% 01/01/04 $ 7,851 $ 8,029
FEDERAL NATL MTG ASSN POOL 6.650% 02/01/04 4,696 4,817
CAP AUTO RECEIVABLES AST 1.370% 04/17/06 22,500 22,511
AIG WRAPPER (293)
BANK OF AMERICA:
ADVANTA CR CD MSTR TR 96-B 1.489% 01/15/07 25,000 25,075
COMM MTG ACCEPT CORP SER 97 6.500% 12/15/30 10,542 11,039
BANK OF AMERICA WRAPPER (288)
JP MORGAN CHASE BANK:
FEDERAL NATL MTG ASSN POOL 6.500% 06/01/03 337 342
FEDERAL NATL MTG ASSN POOL 6.500% 01/01/04 2,388 2,418
-20-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands of dollars)
MATURITY PAR CURRENT
FUND/ISSUE COUPON DATE VALUE VALUE
- -------------------------------------------------------------------------
MMCA AUTO OWNR TR SER 2000-1 7.080% 02/15/05 $ 25,000 $ 26,010
CA INFRASTRUCT & ECN DEVBK 6.280% 09/25/05 4,773 4,882
JP MORGAN CHASE WRAPPER (669)
RABOBANK NEDERLAND:
FEDERAL NATL MTG ASSN 6.500% 01/01/03 61 61
DAIMLER CHRYSLER AUTO TRUST 3.150% 11/06/05 15,500 15,733
RABOBANK NEDERLAND WRAPPER (203)
TRANSAMERICA LIFE INS CO:
KEY AUTO FIN TR 1999-1 5.830% 01/15/07 6,236 6,338
DAIMLER CHRYSLER AUTO TRUST 2.470% 06/06/04 7,678 7,694
CITIBANK CR CAD ISS TR SER 6.900% 10/15/07 25,000 27,930
TRANSAMERICA LIFE INS CO WRAPPER (1,792)
UBS AG:
TOYOTA AUTO RECV 2002-B 3.760% 06/15/06 19,115 19,648
NISSAN AUTO RECV 2002 B 3.990% 12/15/05 36,250 37,240
FEDERAL HOME LN MTG CORP 5.950% 07/15/10 1,538 1,540
CA INFRASTRUCT & ECN DEVBK 6.420% 09/25/08 20,893 22,744
UBS AG WRAPPER (2,180)
WESTLB AG:
CA INFRASTRUCT & ECN DEVBK 6.280% 09/25/05 12,951 13,245
MBNA MSTR CC TR II 6.900% 01/15/08 18,685 20,742
WESTLB AG WRAPPER (1,583)
---------- ----------
TOTAL SYNTHETIC INVESTMENT CONTRACTS
WITH FINANCIAL INSTITUTIONS $ 266,994 $ 271,030
---------- ----------
TOTAL MERRILL LYNCH FLOATING RATE
LONG-TERM FIXED INCOME FUND $ 690,255 $ 694,291
-21-
EXHIBIT 1
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
12/31/02
(thousands)
SHARES/ CURRENT
UNITS COST VALUE
FUND/ISSUE (000's) ($000's) ($000's)
- -------------------------------------------------------------------------
*PARTICIPANT LOANS
- ------------------
(ANNUAL INTEREST RATES
FROM 4.5% TO 9.5%,
MATURITIES FROM
12 MONTHS TO 60 MONTHS) $ 47,880
-----------
TOTAL PARTICIPANT-DIRECTED INVESTMENTS $12,398,720
-----------
*EXXONMOBIL CORPORATION COMMON 21,971 $ 328,338 $ 767,664
STOCK (non-participant directed)
---------- -----------
TOTAL NON-PARTICIPANT-DIRECTED INVESTMENTS $ 328,338 $ 767,664
---------- -----------
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $13,166,384
===========
* Party-in-interest as defined by ERISA
-22-
EXHIBIT 2
EXXONMOBIL SAVINGS PLAN
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR)
12/31/02
(thousands of dollars)
PAR VALUE OF
MATURITY ACQUISITIONS/ PROCEEDS OF
IDENTITY OF ISSUER COUPON DATE (DISPOSITIONS) DISPOSITIONS
- -------------------------------------------------------------------------
BMW VEH OWNER TR NT CL A-2 2.830% 12/25/04 $15,000
(767) $ 767
HONDA AUTO REC OWNER TR 2.910% 09/15/04 20,000
(13,000) 13,105
-23-
Report of Independent Auditors
To the Participants and Administrator of the ExxonMobil Savings Plan:
In our opinion, the accompanying statements 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 Savings Plan (the "Savings Plan") at
December 31, 2002 and 2001, and the changes in net assets available for
benefits for the year ended December 31, 2002 in conformity with accounting
principles generally accepted in the United States of America. These
financial statements are the responsibility of the Savings 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) and schedule of assets (acquired and
disposed of within the plan year) are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but
are 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. The supplemental schedules are the responsibility of the
Savings Plan's management. The supplemental schedules 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
June 27, 2003
-24-
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 SAVINGS PLAN
(Name of Plan)
/s/ S. B. L. Penrose
___________________________________
S. B. L. Penrose
Pursuant to delegation by
Administrator-Finance
Dated: June 27, 2003
-25-
EXHIBIT INDEX
-------------
EXHIBIT
23. Consent of PricewaterhouseCoopers LLP,
Independent Auditors,
Dated June 27, 2003
-26-
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
----------------------------------
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 333-72955) of Exxon Mobil
Corporation of our report dated June 27, 2003 relating to the financial
statements and the supplemental schedules of the ExxonMobil Savings
Plan, which appear in this Form 11-K.
PricewaterhouseCoopers LLP
Houston, Texas
June 27, 2003
-27-