UNITED STATES 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, 2003 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 FUELS MARKETING 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 FUELS MARKETING SAVINGS PLAN INDEX Page ----- Financial Statements Statement of Net Assets Available for Benefits at December 31, 2003 and 2002 3 Statement of Changes in Net Assets Available for Benefits, for the Year ended December 31, 2003 4 Notes to Financial Statements 5-9 Supplemental Schedules Schedule of Nonexempt Transactions 10 Schedule of Assets (Held At End of Year) 11 Report of Independent Registered Public Accounting Firm 12 Signature 13 Exhibit Index 14 Exhibit 23 - Consent of Independent Registered Public Accounting Firm 15 -2- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS -----------------------
December 31, ------------ 2003 2002 ------------ ------------ Assets: Investments, at fair value (see note 3)$ 22,309,560 $ 17,909,214 Participant contribution receivable 153,333 185,539 Employer contribution receivable 343,514 327,817 Accounts receivable 19,321 22,218 Accrued income 5,055 4,926 Cash 91,757 23,416 ------------ ------------ Total assets $ 22,922,540 $ 18,473,130 Trustee fee payable 55,611 49,054 ------------ ------------ Net assets available for benefits $ 22,866,929 $ 18,424,076 ============ ============ The accompanying notes are an integral part of these financial statements.
-3- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS ----------------------------------- FOR THE YEAR ENDED DECEMBER 31, 2003 ------------------------------------ Contributions: Participant contributions $ 1,785,842 Employer contributions 3,732,054 ------------ Total contributions 5,517,896 ------------ Investment income: Interest and dividends 141,196 Net appreciation in fair value of investments (see note 3) 2,217,798 ------------ Net investment income 2,358,994 ------------ Benefit payments (3,187,737) Expenses (237,185) Plan transfer (see note 1) (9,115) ------------ Total deductions (3,434,037) ------------ Net increase 4,442,853 Net assets available for benefits: Beginning of year 18,424,076 ------------ End of year $ 22,866,929 ============ The accompanying notes are an integral part of these financial statements. -4- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 1 - DESCRIPTION OF THE PLAN: - --------------------------------- General - ------- The following description provides general information for the ExxonMobil Fuels Marketing Savings Plan (the Plan). Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Plan is a defined contribution plan established to provide savings and retirement benefits for certain qualified employees of ExxonMobil Fuels Marketing Company, a division of Exxon Mobil Corporation (the Company), employed in its company operated retail store operations and for certain qualified employees at the Olathe, KS grease plant. Contributions - ------------- Contributions to the Plan are made by both the participant and the Company. Participants may contribute any whole percentage, up to 20% of their eligible pay. Participants may also make a rollover contribution from other qualified plans or rollover IRA. Generally, for eligible participants, the Company matches contributions at 50 cents for each pretax dollar contributed up to the first 3% of eligible pay and/or makes contributions equal to 3% of eligible pay. For eligible participants covered by a collective bargaining agreement, the Company provides a 100% match, up to 4% of eligible pay. Effective September 1, 2002, employees who are at least age 50 at the end of the Plan year may elect to make additional pretax contributions up to limits defined in the Plan. Vesting - ------- Participants are immediately vested in their contributions and earnings. Company contributions vest at 100% after 3 years of qualifying service or, if the participant is employed by the Company, on or after age 65 or upon death while an employee. -5- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- Plan transfer - ------------- During 2003, certain employees became eligible to enroll in the ExxonMobil Savings Plan. Some of these employees transferred their accounts from the ExxonMobil Fuels Marketing Savings Plan. The aggregate amount transferred totaled $9,115. Forfeitures - ----------- During 2003 and 2002, $252,280 and $72,958, respectively, of unvested employer matching contributions were forfeited by terminating employees and used to offset employer contributions. During 2003, $223,019 of additional forfeited balances from 2001 and 2002 were used to offset employer contributions. During 2002, $699,286 of additional forfeited balances from 1997 to 2001 were used to offset employer contributions. Plan Termination - ---------------- The Company may terminate or amend the Plan at any time. In the event of termination, the net assets of the Plan will be distributed in accordance with the Employee Retirement Income Security Act of 1974. Other Plan Provisions - --------------------- Other Plan provisions including eligibility, enrollment, participation, forfeiture, loans, withdrawals, distributions, and investment options are described in the Plan document. -6- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: - ----------------------------------------- Basis of Accounting - ------------------- The accompanying financial statements are presented on the accrual basis of accounting except benefit payments which are reported on a cash basis to conform with generally accepted accounting principles. Investment Valuation and Income Recognition - ------------------------------------------- Investment income is recorded when earned. Investments are stated at fair value based upon market quotations as determined by the trustee. Interest earned on the money market deposits and the change in the value of the investments are allocated daily to the individual employee accounts on the basis of the participant's account balance. Investments are subject to normal risks associated with international and domestic debt and equity markets. Net appreciation and net depreciation in the current value of investments includes realized gains and losses on investments sold or disposed of during the year and unrealized gains and losses on investments held at year end. Purchases and sales of securities are recorded on the trade date. Dividends are recorded on the ex-dividend date. Participant loans represent the outstanding principal balances of the loans and are valued at cost, which approximates current value. 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 available for benefits and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates. -7- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- Expenses - -------- Administrative expenses incurred in the administration of the Plan, to the extent not paid by the Company, are charged to and paid from the Plan's assets. Administrative expenses are recorded when incurred. NOTE 3 - INVESTMENTS: - --------------------- The following presents investments that represent 5 percent or more of the Plan's net assets available for benefits. December 31, ------------ 2003 2002 ----------- ----------- Merrill Lynch Money Market Fund $ 9,314,594 $ 7,730,287 BGI Bond Index Fund 1,267,349 1,180,816 BGI Extended Market Fund 1,401,260 BGI S&P 500 Stock Fund 3,727,040 2,661,959 BGI Lifepath 2020 Fund 1,573,915 1,139,909 BGI Lifepath 2030 Fund 2,117,836 1,815,480 Participant loans 1,073,514 During 2003, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $2,217,798 as follows: S&P 500 stock fund $786,211 Bond index fund 52,101 International equity fund 136,870 Extended market fund 391,663 Lifepath bond and equity balanced funds 850,953 ---------- $2,217,798 ==========
-8- ExxonMobil Fuels Marketing Savings Plan --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 4 - INCOME TAX STATUS: - --------------------------- The legal counsel believes the Plan is qualified under the applicable sections of the Internal Revenue Code (IRC) and therefore the trust is exempt from federal tax under Section 501(a) of the IRC. A favorable determination letter with respect to the tax-exempt status of the trust was issued by the Internal Revenue Service in October 2002. The Plan has been amended since receiving the determination letter. However, legal counsel believes that the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRC. NOTE 5 - NONEXEMPT TRANSACTIONS: - -------------------------------- During October 2002, an employee's contribution was not remitted to Merrill Lynch, the trustee, on a timely basis due to a systems interface problem. The Company remitted the contribution ($15) and earnings ($10) to Merrill Lynch in September 2003. During December 2002, the Plan discovered that 25 participants had not received credit for loan repayments since July 2002 because of a payroll process problem. The Company remitted the missed loan payments for 20 participants ($11,100) to Merrill Lynch in January 2003. Also in January 2003, the company refunded missed loan payments ($4,928) to the remaining 5 participants. In March 2003, the Company remitted additional funds to Merrill Lynch for earnings related to the affected loans ($1,293). The Plan also discovered another 6 similarly affected loans. In April 2003, the Company remitted funds to Merrill Lynch for one of the affected loans ($235). Related earnings ($23) were remitted in June 2003. Also in June 2003, the Company remitted funds to Merrill Lynch for a second participant's missed loan repayments ($255). Additional earnings ($38) were remitted to Merrill Lynch in July 2003. The remaining 4 loans had been otherwise repaid and the participants were refunded for the amount of the payments ($494) and earnings ($149) in July 2003. These transactions were reported on the 2002 Schedule G. During February 2003 through August 2003, five employees' contributions were not remitted to Merrill Lynch on a timely basis due to a systems interface problem. The Company corrected the situation for one employee in September 2003, and Merrill Lynch, the trustee, received on behalf of the participant contributions ($23) and earnings ($9). The Company remitted contributions ($3,010) and earnings ($1,181) to Merrill Lynch on behalf of the other four participants in December 2003. -9- ExxonMobil Fuels Marketing Savings Plan Schedule G Part III Schedule of Nonexempt Transactions for the twelve-month period ended December 31, 2003 (b) relationship to plan, employer or other (a) identity of party involved party-in-interest - ------------------------------ ------------------------- ExxonMobil Fuels Marketing Company sponsor (c) description of transaction including maturity date, rate of interest, collateral, par or maturity value - ------------------------------------------------------- untimely remittance of contributions (d) cost (e) current (f) net gain (historical) value (loss) on each of asset of asset transaction - ----------- ----------- ------------- $3,048 $4,248 $1,200 -10- ExxonMobil Fuels Marketing Savings Plan Schedule H Item 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (a) (b) Identity of issue (c) Description of investment (e) Current value * Merrill Lynch Money Market Fund $ 9,314,594 Barclays Global Investors, N.A. Bond Index Fund 1,267,349 Barclays Global Investors, N.A. Extended Market Fund 1,401,260 Barclays Global Investors, N.A. International Equity Fund 550,520 Barclays Global Investors, N.A. S&P 500 Stock Fund 3,727,040 Barclays Global Investors, N.A. Lifepath Income Fund 266,002 Barclays Global Investors, N.A. Lifepath 2010 Fund 533,729 Barclays Global Investors, N.A. Lifepath 2020 Fund 1,573,915 Barclays Global Investors, N.A. Lifepath 2030 Fund 2,117,836 Barclays Global Investors, N.A. Lifepath 2040 Fund 499,318 * Participant loans maturities ranging from 1,057,997 1 month to 174 months interest rates ranging from 4.00% to 9.50% ------------ Total $ 22,309,560 ============ * indicates a party-in-interest to the Plan -11- Report of Independent Registered Public Accounting Firm To the Participants and Administrator of the ExxonMobil Fuels Marketing 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 Fuels Marketing Savings Plan (the "Plan") at December 31, 2003 and 2002, and the changes in net assets available for benefits for the year ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards 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 nonexempt transactions 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. These supplemental schedules are the responsibility of the 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 28, 2004 -12- SIGNATURE ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed by the undersigned hereunto duly authorized. EXXONMOBIL FUELS MARKETING SAVINGS PLAN (Name of Plan) /s/ S. B. L. Penrose ___________________________________ S. B. L. Penrose Administrator-Finance Dated: June 28, 2004 -13- EXHIBIT INDEX ------------- EXHIBIT 23. Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm Dated June 28, 2004 -14- EXHIBIT 23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM -------------------------------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-69378) of Exxon Mobil Corporation of our report dated June 28, 2004 relating to the financial statements and supplemental schedules of the ExxonMobil Fuels Marketing Savings Plan, which appear in this Form 11-K. PricewaterhouseCoopers LLP Houston, Texas June 28, 2004 -15-