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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to________
Commission File Number 1-2256
EXXON CORPORATION
______________________________________________________
(Exact name of registrant as specified in its charter)
NEW JERSEY 13-5409005
_______________________________ ______________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
________________________________________________________________
(Address of principal executive offices) (Zip Code)
(214) 444-1000
____________________________________________________
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x No
___ ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of June 30, 1996
_______________________________ _______________________________
Common stock, without par value 1,241,849,645
EXXON CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Page
Number
______
Item 1. Financial Statements
Condensed Consolidated Statement of Income 3
Three and six months ended June 30, 1996 and 1995
Condensed Consolidated Balance Sheet 4
As of June 30, 1996 and December 31, 1995
Condensed Consolidated Statement of Cash Flows 5
Six months ended June 30, 1996 and 1995
Notes to Condensed Consolidated Financial Statements 6 - 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9 -13
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 6. Exhibits and Reports on Form 8-K 15
Signature 16
-2-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EXXON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Three Months Ended Six Months Ended
June 30, June 30,
__________________ ________________
REVENUE 1996 1995 1996 1995
_______ _______ _______ _______
Sales and other operating revenue,
including excise taxes $31,625 $31,084 $62,099 $60,281
Earnings from equity interests and other
revenue 586 583 1,317 1,165
______ ______ ______ ______
Total revenue 32,211 31,667 63,416 61,446
______ ______ ______ ______
COSTS AND OTHER DEDUCTIONS
Crude oil and product purchases 13,325 13,271 25,922 25,704
Operating expenses 3,270 3,383 6,558 6,495
Selling, general and administrative expenses 2,020 1,907 3,956 3,770
Depreciation and depletion 1,306 1,328 2,678 2,664
Exploration expenses, including dry holes 149 167 289 335
Interest expense 136 156 212 281
Excise taxes 3,650 3,238 6,960 6,308
Other taxes and duties 5,623 5,457 11,129 10,544
Income applicable to minority and
preferred interests 80 86 219 160
______ ______ ______ ______
Total costs and other deductions 29,559 28,993 57,923 56,261
______ ______ ______ ______
INCOME BEFORE INCOME TAXES 2,652 2,674 5,493 5,185
Income taxes 1,082 1,044 2,038 1,895
______ ______ ______ ______
NET INCOME $ 1,570 $ 1,630 $ 3,455 $ 3,290
====== ====== ====== ======
Net income per common share* $ 1.26 $ 1.30 $ 2.77 $ 2.63
Dividends per common share $ 0.79 $ 0.75 $ 1.54 $ 1.50
Average number common shares
outstanding (millions) 1,242.1 1,242.5 1,242.0 1,242.2
* Computed as income less dividends on preferred stock divided by the
weighted average number of common shares outstanding.
-3-
EXXON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
June 30, Dec. 31,
1996 1995
______ ______
ASSETS
Current assets
Cash and cash equivalents $ 3,222 $ 1,508
Other marketable securities 102 281
Notes and accounts receivable - net 8,686 8,925
Inventories
Crude oil, products and merchandise 4,549 4,865
Materials and supplies 806 816
Prepaid taxes and expenses 1,036 923
______ ______
Total current assets 18,401 17,318
Property, plant and equipment - net 65,487 65,446
Investments and other assets 8,508 8,532
______ ______
TOTAL ASSETS $92,396 $91,296
====== ======
LIABILITIES
Current liabilities
Notes and loans payable $ 2,479 $ 2,247
Accounts payable and accrued liabilities 13,329 14,113
Income taxes payable 2,859 2,376
______ ______
Total current liabilities 18,667 18,736
Long-term debt 7,566 7,778
Annuity reserves, deferred credits and
other liabilities 24,785 24,346
______ ______
TOTAL LIABILITIES 51,018 50,860
______ ______
SHAREHOLDERS' EQUITY
Preferred stock, without par value:
Authorized: 200 million shares
Outstanding: 6 million shares at June 30, 1996 345
7 million shares at Dec. 31, 1995 454
Guaranteed LESOP obligation (345) (501)
Common stock, without par value:
Authorized: 2,000 million shares
Issued: 1,813 million shares 2,822 2,822
Earnings reinvested 55,071 53,539
Cumulative foreign exchange translation adjustment 836 1,339
Common stock held in treasury:
571 million shares at June 30, 1996 (17,351)
571 million shares at Dec. 31, 1995 (17,217)
______ ______
TOTAL SHAREHOLDERS' EQUITY 41,378 40,436
______ ______
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $92,396 $91,296
====== ======
The number of shares of common stock issued and outstanding at June 30, 1996
and December 31, 1995 were 1,241,849,645 and 1,241,771,829, respectively.
-4-
EXXON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
Six Months Ended
June 30,
_________________
1996 1995
_____ _____
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $3,455 $3,290
Depreciation and depletion 2,678 2,664
Changes in operational working capital, excluding
cash and debt 163 (8)
All other items - net 764 384
_____ _____
Net Cash Provided By Operating Activities 7,060 6,330
_____ _____
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions and additions to property,
plant and equipment (3,259) (3,046)
Sales of subsidiaries and property, plant and equipment 170 258
Other investing activities - net 35 667
_____ _____
Net Cash Used In Investing Activities (3,054) (2,121)
_____ _____
NET CASH GENERATION BEFORE FINANCING ACTIVITIES 4,006 4,209
_____ _____
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt 364 787
Reductions in long-term debt (261) (615)
Additions/(reductions) in short-term debt - net (14) (947)
Cash dividends to Exxon shareholders (1,928) (1,884)
Cash dividends to minority interests (169) (156)
Additions/(reductions) to minority interests and
sales/(redemptions) of affiliate preferred stock (29) 6
Acquisitions of Exxon shares - net (243) (150)
_____ _____
Net Cash Used In Financing Activities (2,280) (2,959)
_____ _____
Effects Of Exchange Rate Changes On Cash (12) 170
_____ _____
Increase/(Decrease) In Cash And Cash Equivalents 1,714 1,420
Cash And Cash Equivalents At Beginning Of Period 1,508 1,157
_____ _____
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$3,222 $2,577
===== =====
SUPPLEMENTAL DISCLOSURES
Income taxes paid $1,213 $1,103
Cash interest paid $ 371 $ 423
-5-
EXXON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis Of Financial Statement Preparation
These unaudited condensed consolidated financial statements should be read
in the context of the consolidated financial statements and notes thereto
filed with the S.E.C. in the corporation's 1995 Annual Report on Form 10-K.
In the opinion of the corporation, the information furnished herein
reflects all known accruals and adjustments necessary for a fair statement
of the results for the periods reported herein. All such adjustments are
of a normal recurring nature. The corporation's exploration and production
activities are accounted for under the "successful efforts" method.
Certain costs and other deductions for 1995 have been reclassified to
conform to the 1996 presentation.
2. Accounting Changes
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of" was implemented effective as of January 1, 1996. This Statement had no
impact on the corporation's results of operations or financial position
upon adoption.
Statement of Financial Accounting Standards No. 123, "Accounting for
Stock-Based Compensation" was implemented effective as of January 1, 1996.
As permitted by the Statement, Exxon retained its current method of
accounting for stock compensation upon adoption.
3. Litigation and Other Contingencies
A number of lawsuits, including class actions, have been brought in various
courts against Exxon Corporation and certain of its subsidiaries relating
to the accidental release of crude oil from the tanker Exxon Valdez in
1989. Most of these lawsuits seek unspecified compensatory and punitive
damages. Several lawsuits seek damages in varying specified amounts.
A civil trial in the United States District Court for the District of
Alaska commenced on May 2, 1994 on punitive damage claims made by a class
composed of all persons and entities seeking punitive damages from the
corporation as a result of the Exxon Valdez grounding. On September 16,
1994, the jury returned a verdict awarding the class punitive damages of
$5 billion. The verdict is not final. The corporation plans to appeal
this verdict following entry of a final judgment by the District Court.
The corporation believes that this verdict is unjustified and should be set
aside or substantially reduced by appellate courts.
-6-
EXXON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Many of the claims of individuals have been dismissed by the courts but
have been appealed. A number of claims have been settled. With respect to
the remaining compensatory damage claims against the corporation arising
from the grounding, many of these claims have been addressed in the same
federal civil trial proceeding, which is still ongoing. On August 11,
1994, the jury returned a verdict finding that fisher plaintiffs were
damaged in the amount of $286.8 million. The District Court issued an
order on August 31, 1995 that reduced this verdict to about $70 million,
which amount subsequently has been further reduced to about $20 million, to
reflect payments already made to the plaintiffs by the corporation and
others. It has also been determined that approximately $37 million in
prejudgment interest has accrued on these compensatory damages as of
May 1, 1996.
The remaining class action claims, scheduled for determination in the final
phase of the trial, are included in a $3.5 million settlement of this final
phase, which has been approved by the District Court. The total amount of
the settlement will be satisfied by recognition of prior payments made to
the plaintiffs by the corporation and others. Upon entry of a final
judgment by the District Court, the trial phase will be concluded and the
appeal process will begin. There are a number of additional cases pending
in state court in Alaska where the compensatory damages claimed have not
been fully specified.
The ultimate cost to the corporation from the lawsuits arising from the
Exxon Valdez grounding is not possible to predict and may not be resolved
for a number of years.
German and Dutch affiliated companies are the concessionaires of a natural
gas field subject to a treaty between the governments of Germany and the
Netherlands under which the gas reserves in an undefined border or common
area are to be shared equally. Entitlement to the reserves is determined
by calculating the amount of gas which can be recovered from this area.
Based on the final reserve determination, the German affiliate has received
more gas than its entitlement. Arbitration proceedings, as provided in the
agreements, have been underway to determine the manner of resolving the
issues between the German and Dutch affiliated companies.
On July 8, 1996, an interim ruling was issued establishing a provisional
compensation payment for the excess gas received. Additional compensation,
if any, remains subject to further arbitration proceedings or negotiation.
Other substantive matters remain outstanding, including recovery of
royalties paid on such excess gas and the taxes payable on the final
compensation amount. The net financial impact on the corporation is not
possible to predict at this time given these outstanding issues. However,
the ultimate outcome is not expected to have a materially adverse effect
upon the corporation's operations or financial condition.
The U.S. Tax Court has decided the issue with respect to the pricing of
crude oil purchased from Saudi Arabia for the years 1979 to 1981 in favor
of the corporation. This decision is subject to appeal. Certain other
issues for the years 1979-1982 remain pending before the Tax Court. The
ultimate resolution of these issues is not expected to have a materially
adverse effect upon the corporation's operations or financial condition.
-7-
EXXON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Claims for substantial amounts have been made against Exxon and certain of
its consolidated subsidiaries in other pending lawsuits, the outcome of
which is not expected to have a materially adverse effect upon the
corporation's operations or financial condition.
The corporation and certain of its consolidated subsidiaries are directly
and indirectly contingently liable for amounts similar to those at the
prior year-end relating to guarantees for notes, loans and performance
under contracts, including guarantees of non-U.S. excise taxes and customs
duties of other companies, entered into as a normal business practice,
under reciprocal arrangements.
Additionally, the corporation and its affiliates have numerous long-term
sales and purchase commitments in their various business activities, all of
which are expected to be fulfilled with no materially adverse consequences
to the corporation's operations or financial condition.
The operations and earnings of the corporation and its affiliates
throughout the world have been, and may in the future be, affected from
time to time in varying degree by political developments and laws and
regulations, such as forced divestiture of assets; restrictions on
production, imports and exports; price controls; tax increases and
retroactive tax claims; expropriation of property; cancellation of contract
rights and environmental regulations. Both the likelihood of such
occurrences and their overall effect upon the corporation vary greatly from
country to country and are not predictable.
-8-
EXXON CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FUNCTIONAL EARNINGS SUMMARY
Second Quarter First Six Months
_________________ ________________
1996 1995 1996 1995
______ ______ ______ ______
(millions of dollars)
Petroleum and natural gas
Exploration and production
United States $ 423 $ 281 $ 842 $ 490
Non-U.S. 615 570 1,619 1,327
Refining and marketing
United States 98 61 82 77
Non-U.S. 134 224 324 408
_____ _____ _____ _____
Total petroleum and natural gas 1,270 1,136 2,867 2,302
Chemicals
United States 166 266 319 496
Non-U.S. 138 305 272 622
Other operations 100 109 217 222
Corporate and financing (104) (186) (220) (352)
_____ _____ _____ _____
NET INCOME $1,570 $1,630 $3,455 $3,290
===== ===== ===== =====
SECOND QUARTER 1996 COMPARED WITH SECOND QUARTER 1995
Exxon Corporation estimated second quarter 1996 earnings of $1,570 million,
equal to $1.26 per share. Comparable second quarter 1995 net income was
$1,630 million, or $1.30 per share.
Exxon's results for the quarter were slightly below 1995's record second
quarter. Sales increased in most segments of the business, and earnings
benefited from higher crude oil and natural gas prices. However, chemical
prices were substantially lower than the prior year's quarter. Exploration
and production earnings were up significantly from the second quarter 1995.
Crude prices remained volatile and declined as the quarter progressed, but
were higher on average than the prior year. Natural gas sales were the
highest second quarter in 15 years, and U.S. gas prices were stronger.
Petroleum product sales for the second quarter were the highest level achieved
since 1978. However, downstream earnings declined as industry margins were
depressed in the U.K. and Japan. Chemical sales volumes continued strong,
establishing a new quarterly record. Commodity chemical product prices
improved versus first quarter 1996, but remained well below the high levels of
last year's second quarter. Earnings from other operations were lower despite
record copper production, as results were affected by a significant drop in
copper prices late in the quarter.
Capital and exploration expenditures totaled $2.3 billion, up 14 percent from
the prior year's second quarter, as Exxon continued its active investment
program.
-9-
EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OTHER COMMENTS ON SECOND QUARTER COMPARISON
Relative to the prior year, second quarter 1996 worldwide production earnings
benefited from stronger crude and U.S. natural gas prices as well as increased
natural gas demand. Worldwide crude prices were on average about $1.50 per
barrel above the second quarter of 1995.
Liquids production was 1,595 kbd (thousand barrels per day) in the second
quarter, down from 1,742 kbd in the year ago period, reflecting the near term
effect of a revised production sharing agreement in Malaysia, and lower
production in Canada, Australia and the U.S. Natural gas production of
5,703 mcfd (million cubic feet per day) was up 584 mcfd versus 1995, as a
result of colder than normal weather in Europe and increased sales in the U.S.
and Malaysia.
Exploration and production earnings in the U.S. were $423 million, up from
$281 million in the second quarter last year. Outside the U.S., exploration
and production earnings were $615 million, up from $570 million in the second
quarter 1995.
Worldwide petroleum product sales of 5,050 kbd rose 3 percent from last year's
second quarter, with increased clean product volumes in all major geographical
areas. Second quarter refining and marketing earnings in the U.S. were
$98 million, up $37 million from the prior year, due primarily to improved
industry refining margins. Earnings from refining and marketing operations
outside the U.S. of $134 million declined from $224 million in the same period
a year ago, reflecting the weak industry environment in the U.K. and Japan.
Worldwide chemical earnings were $304 million compared to $571 million in the
second quarter 1995. Record prime product sales of 3,978 kt (thousand metric
tons) were offset by lower commodity chemical prices and margins.
Earnings from other operating segments, including coal, minerals and power,
totaled $100 million, versus $109 million in the prior year's second quarter.
Coal and copper production increased, but earnings in the 1996 quarter were
affected by a sharp drop in copper prices. Corporate and financing charges
were $104 million, down from $186 million in 1995. Interest expense decreased
due to a reduction in the level of debt and lower interest rates.
Revenue for the second quarter totaled $32,211 million, an increase from
$31,667 million in the second quarter 1995. Capital and exploration
expenditures were $2,301 million versus $2,019 million in the second quarter
last year.
During the second quarter, Exxon purchased 3.2 million shares of its common
stock for the treasury at a cost of $274 million.
-10-
EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FIRST SIX MONTHS 1996 COMPARED WITH FIRST SIX MONTHS 1995
Net income was $3,455 million in the first half 1996, an increase of 5 percent
from the $3,290 million earned in 1995.
Exploration and production earnings benefited from worldwide crude prices
which were on average more than $1.50 per barrel above the prior year.
Worldwide liquids production was 1,638 kbd compared to 1,757 kbd last year.
Unusually cold weather in Europe and the U.S. had a favorable impact on both
natural gas sales volumes and U.S. gas prices. Natural gas production
averaged 7,017 mcfd, a 14 percent increase over first half 1995.
Earnings from U.S. exploration and production operations for the first six
months were $842 million, an increase of $352 million over 1995. Outside the
U.S., earnings from exploration and production operations were up $292 million
to $1,619 million.
Worldwide petroleum product sales of 5,090 kbd were up from 4,969 kbd in the
first six months of 1995, with volume growth in all major geographic regions.
Earnings from U.S. refining and marketing operations were $82 million, up from
$77 million in 1995, as industry refining margins improved relative to the low
levels of last year. Outside the U.S., first half 1996 earnings from refining
and marketing operations were $324 million versus $408 million last year, and
were affected by the very weak industry margins in the U.K. and Japan.
Worldwide chemical earnings totaled $591 million in the first half of 1996, as
compared to $1,118 million in 1995. Prime product sales of 7,889 kt were at
record levels and up 9 percent over the prior year. However, industry product
prices and margins were significantly lower than those of a year ago.
Earnings from other operating segments totaled $217 million, down slightly
from the first half 1995. Increased coal and copper production and higher
international coal prices were offset by lower copper prices.
Corporate and financing charges declined $132 million to $220 million in 1996
reflecting lower interest and tax expense.
-11-
EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FIRST SIX MONTHS 1996 COMPARED WITH FIRST SIX MONTHS 1995
Net cash generation before financing activities was $4,006 million in the
first half of 1996 versus $4,209 million in the same period last year.
Operating activities provided net cash of $7,060 million, an increase of
$730 million from 1995's first half, influenced by higher net income and
settlement of tax and insurance items. Investing activities used net cash of
$3,054 million, or $933 million more than a year ago, primarily due to higher
capital investment and lower proceeds from sales of marketable securities.
Net cash used in financing activities was $2,280 million in the first half of
1996 versus $2,959 million for the year-ago period. The decrease of
$679 million mainly reflects the absence of debt reductions in 1995. During
the first half of 1996, a total of 4.8 million shares of Exxon common stock
were acquired for the treasury at a cost of $404 million. Purchases are made
in both the open market and through negotiated transactions. Purchases may be
discontinued at any time.
Capital and exploration expenditures of $4,292 million in this year's first
half were up $511 million from a year ago reflecting increases in the
exploration and production and chemicals segments. Total capital and
exploration expenditures in 1996 should exceed the 1995 level as Exxon
maintains its focus on profitable growth opportunities in each of the major
operating segments.
Total debt of $10.0 billion at June 30, 1996 was essentially unchanged from
year-end 1995. The corporation's debt to capital ratio was 18.7 percent at the
end of the first six months of 1996, down from 19.0 percent at year-end 1995.
Over the twelve months ended June 30, 1996, return on average shareholders'
equity was 16.3 percent. Return on average capital employed, which includes
debt, was 13.7 percent over the same time period.
Although the corporation issues long-term debt from time to time and maintains
a revolving commercial paper program, internally generated funds cover the
majority of its financial requirements.
Litigation and other contingencies are discussed in note 3 to the unaudited
condensed consolidated financial statements. There are no events or
uncertainties known to management beyond those already included in reported
financial information that would indicate a material change in future
operating results or future financial condition.
The corporation, as part of its ongoing asset management program, continues to
evaluate its mix of assets for potential upgrade. Because of the ongoing
nature of this program, dispositions will continue to be made from time to
time which will result in either gains or losses.
-12-
EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
SPECIAL ITEMS
_____________
Second Quarter First Six Months
__________________ ________________
1996 1995 1996 1995
______ ______ ______ ______
(millions of dollars)
EXPLORATION & PRODUCTION
________________________
Non-U. S.
Tax related - - $125 -
______ ______ ______ ______
TOTAL - - $125 -
====== ====== ====== ======
-13-
PART II. OTHER INFORMATION
EXXON CORPORATION
FOR THE QUARTER ENDED JUNE 30, 1996
Item 4. Submission of Matters to a Vote of Security Holders
______ ___________________________________________________
At the annual meeting of shareholders on April 24, 1996, the
following proposals were voted upon:
Concerning Election of Directors
Votes Votes
Nominees for Director Cast for Withheld
_____________________ _____________ _________
Michael J. Boskin 1,053,678,095 8,605,525
D. Wayne Calloway 1,054,047,752 8,235,868
Jess Hay 1,053,536,087 8,747,533
James R. Houghton 1,053,937,323 8,346,297
William R. Howell 1,053,953,818 8,329,802
Philip E. Lippincott 1,053,443,093 8,840,527
Harry J. Longwell 1,054,005,432 8,278,188
Marilyn Carlson Nelson 1,053,811,511 8,472,109
Lee R. Raymond 1,053,293,028 8,990,592
John H. Steele 1,053,012,640 9,270,980
Robert E. Wilhelm 1,054,104,212 8,179,408
Joseph D. Williams 1,052,881,185 9,402,435
Concerning Ratification of Appointment of Independent Public
Accountants
Votes Cast For: 1,051,195,314
Votes Cast Against: 5,770,803
Abstentions: 5,317,503
Broker Non-Votes: N/A
Concerning Additional Reporting of Political Contributions
Votes Cast For: 46,363,214
Votes Cast Against: 839,198,689
Abstentions: 43,557,079
Broker Non-Votes: 133,164,638
See also pages 4 through 9 and pages 16 through 18 of the registrant's
definitive proxy statement dated March 12, 1996.
-14-
PART II. OTHER INFORMATION
EXXON CORPORATION
FOR THE QUARTER ENDED JUNE 30, 1996
Item 6. Exhibits and Reports on Form 8-K
______ ________________________________
a) Exhibits
Exhibit 27, Financial Data Schedule (included only in the electronic
filing of this document).
b) Reports on Form 8-K
The registrant has not filed any reports on Form 8-K during the
quarter.
-15-
EXXON CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1996
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EXXON CORPORATION
Date: August 13, 1996 /s/ W. Bruce Cook
_________________________________________
W. Bruce Cook, Vice President, Controller
and Principal Accounting Officer
-16-