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, 1994 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 AFFILIATES (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 AFFILIATES INDEX Page ---- Financial Statements Statement of Net Assets Available for Benefits, with Fund Information at November 30, 1994 and 1993 2-3 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year ended November 30, 1994 4 Notes to Financial Statements 5-8 Item 27a-Schedule of Assets Held for Investment Purposes at November 30, 1994 (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 AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1994 (millions of dollars) Non- Participant Participant Directed Directed ------------------------------------- ----------- Exxon Exxon Corporation Extended Corporation Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund Fund Fund Fund Total ------------------------------------- -------------- Assets Investments, at fair value: Fixed income securities $2,359 - - - $16 $2,375 Short-term investments 105 - - - - 105 Loans to participants 170 - - - - 170 Exxon Corp common stock - $2,797 - - - 2,797 Wells Fargo index funds - - $298 $78 - 376 Exxon Corp Class A preferred stock - - - - 568 568 ------------------------------------------------------ Total investments 2,634 2,797 298 78 584 6,391 Amounts due from employers - - - - 45 45 Dividends receivable - 35 - - - 35 Accrued interest 52 - - - - 52 Other receivables 1 - - - - 1 ------------------------------------------------------ Total assets 2,687 2,832 298 78 629 6,524 ------------------------------------------------------ Liabilities Payables and accrued liabilities 14 8 - - 19 41 Notes payable - - - - 565 565 Subrogation rights obligation - - - - 48 48 ------------------------------------------------------ Total liabilities 14 8 - - 632 654 ------------------------------------------------------ Net assets available for benefits $2,673 $2,824 $298 $78 ($3) $5,870 ====================================================== The accompanying notes are an integral part of these financial statements. -2- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1993 (millions of dollars) Non- Participant Participant Directed Directed ------------------------------------- ----------- Exxon Exxon Corporation Extended Corporation Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund Fund Fund Fund Total ------------------------------------- -------------- Assets Investments, at fair value: Fixed income securities $2,696 - - - $10 $2,706 Short-term investments 37 - - - 7 44 Loans to participants 174 - - - - 174 Exxon Corp common stock - $2,707 - - - 2,707 Wells Fargo index funds - - $273 - - 273 Exxon Corp Class A preferred stock - - - - 694 694 ------------------------------------------------------ Total investments 2,907 2,707 273 711 6,598 Amounts due from employers - - - - 36 36 Dividends receivable - 30 - - - 30 Accrued interest 44 - - - - 44 Other receivables 17 - - - - 17 ------------------------------------------------------ Total assets 2,968 2,737 273 - 747 6,725 ------------------------------------------------------ Liabilities Payables and accrued liabilities 38 7 - - 19 64 Notes payable - - - - 675 675 Subrogation rights obligation - - - - 41 41 ------------------------------------------------------ Total liabilities 38 7 - - 735 780 ------------------------------------------------------ Net assets available for benefits $2,930 $2,730 $273 - $12 $5,945 ====================================================== The accompanying notes are an integral part of these financial statements. -3- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED NOVEMBER 30, 1994 (millions of dollars) Non- Participant Participant Directed Directed -------------------------------------- ----------- Exxon Exxon Corporation Extended Corporation Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund Fund Fund Fund Total ------------------------------------- -------------- Contributions: Employer $22 $6 $2 $2 $82 $114 Employee 100 36 24 20 - 180 ------------------------------------------------------ Total contributions 122 42 26 22 82 294 ------------------------------------------------------ Investment income: Interest 152 - - - 1 153 Dividends - 131 - - 48 179 Net appreciation (depreciation) in fair value of investments (74) (98) 3 (2) (14) (185) ------------------------------------------------------ Total investment income 78 33 3 (2) 35 147 ------------------------------------------------------ Interest expense - - - - (41) (41) LESOP conversions - 112 - - (112) - Benefit payments at fair value (275) (102) - - - (377) Participant withdrawals at fair value (63) (35) - - - (98) Interfund transfers (119) 44 (4) 58 21 - ------------------------------------------------------ Net increase (decrease) (257) 94 25 78 (15) (75) Net assets available for benefits: At the beginning of the year 2,930 2,730 273 - 12 5,945 ------------------------------------------------------ At the end of the year $2,673 $2,824 $298 $78 ($3) $5,870 ====================================================== The accompanying notes are an integral part of these financial statements. -4- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS Note 1: Plan Description The participants in the Thrift Plan of Exxon Corporation and Participating Affiliates (the "Thrift Plan", also called the "Thrift Fund" or the "Savings and Investment Program") are eligible employees and former employees of Exxon Corporation and certain affiliated employers. The terms and conditions of the Thrift Plan are fully contained in the Thrift Plan of Exxon Corporation and Participating Affiliates document (Plan Document) 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 Plan Document. Also set forth in the Plan Document 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 Plan are maintained on the accrual basis. The Common Asset Fund, Exxon Corporation Common Stock Fund, Equity Portfolio Fund, and Extended Market Portfolio Fund investments are stated at current value. Current 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 held in the Exxon Corporation Preferred Stock Fund is stated at current value. Such value was determined by the Trustee of the Thrift Plan. 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. Certain reclassifications have been made in the Statement of Net Assets Available for Benefits, with Fund Information at November 30, 1993, to conform to current-year presentation. -5- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES 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, 1994 and 1993, these components of net appreciation (depreciation) were: Exxon Corporation Common Asset Fixed Exxon Corporation Common Stock Income Securities Preferred Stock ------------ ----------------- ----------------- 1994 1993 1994 1993 1994 1993 ---- ---- ---- ---- ---- ---- (millions of dollars) Realized G/(L) $ (1) $ 51 ($14) ($13) $ - $ - Unrealized G/(L) (97) 92 ( 60) 13 (14) 14 ----- ---- ----- --- ----- --- Net Appreciation $(98) $143 ($74) $ - $(14) $14 (Depreciation) Note 4: Tax Status In 1993, the Internal Revenue Service issued a favorable determination letter with respect to the qualification of the Thrift Plan 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 in the Plan Document. -6- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES 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 Fund and the Extended Market Portfolio Fund, which are paid by Thrift participants in those respective Funds. 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 Plan Document. 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, 1994, there were 18,137,310 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 in accordance with the applicable requirments of the IRC. During 1994, 1,819,364 shares, or approximately $112 million, of preferred stock were converted to common stock and allocated. During 1993, 1,638,776 shares, or approximately $101 million, of preferred stock were converted to common stock and allocated. Net dividends on the preferred stock of $48 million and $56 million were paid during 1994 and 1993, respectively, and covered certain principal and interest payments on the notes and interest payments on the subrogation rights referred to below. The 1994 $110 million principal payment on the notes was -7- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES NOTES TO FINANCIAL STATEMENTS funded with approximately $71 million of employer contributions to the DDA, $21 million of common dividends reinvested within the DDA and $11 million of preferred stock dividends and interest income in excess of interest expense and a guarantor payment by Exxon Corporation of approximately $7 million. The 1993 $90 million principal payment on the notes and $12 million retirement of subrogation rights (referred to below) were 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. Upon its payment in 1994, 1991 and 1990 respectively of approximately $7 million, $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 1994 and 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- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- COMMON ASSET FUND ----------------- CORPORATE BONDS A T & T CAP CORP M/T/N 7.080% 05/19/97 $2,000 $2,012 $1,963 A T & T CAP CORP MEDIUM 4.860% 05/18/95 4,000 4,000 3,972 AMERICAN HSG TR XI MTG 6.450% 02/25/07 4,060 4,060 4,027 BCI HOME EQUITY LN 7.100% 09/15/06 1,344 1,340 1,337 BNY MASTER CR CARD 7.100% 12/15/96 15,442 15,510 15,443 BANC ONE CR CARD 7.150% 12/15/98 15,000 14,991 14,934 BANC ONE CR CARD 7.550% 12/15/99 15,000 14,981 14,866 BANCO INTERNATL T 6.760% 10/15/96 2,000 2,021 1,986 BANCO INTERNATL TR 6.760% 10/15/96 2,648 2,676 2,629 BANCO INT`L TRADE 6.160% 04/15/95 1,471 1,477 1,470 BANO INTERNATL TRA 6.760% 10/15/96 2,000 2,021 1,986 BANCO INTL TRADE F 7.440% 04/15/97 2,498 2,536 2,512 BANAMEX EXPORT FDG 7.580% 10/15/96 1,198 1,210 1,207 BAYERISCHE LANDESB 6.100% 02/01/95 2,000 2,004 2,000 BAYERISCHE LANDESB 5.750% 02/14/95 14,500 14,491 14,478 BAYERISCHE LANDES 5.750% 01/31/95 4,000 4,005 3,996 BAYERISCHE LANDESB 4.500% 01/20/95 5,750 5,752 5,737 BAYERISCHE LANDESB 4.625% 04/02/96 14,000 13,996 13,587 BELLSOUTH CAP FDG 5.300% 05/01/95 4,000 4,016 3,982 BELLSOUTH CAP FDG 6.790% 03/03/97 7,000 7,000 6,853 BELLSOUTH CAP FDG 7.720% 05/30/97 5,000 5,000 4,994 CFAC GRANTOR TR 6.450% 12/15/97 4,586 4,599 4,524 CFC-14 GRANTOR TRU 7.150% 11/15/06 9,780 9,849 9,804 CTS HOME EQUITY LN 7.700% 09/15/06 6,996 7,117 6,881 CAMPBELL SOUP CO 9.000% 11/01/97 1,000 1,040 1,025 CAPITAL AUTO RECEI 5.750% 12/15/97 4,882 4,913 4,855 CAPITAL AUTO RECEI 4.900% 02/15/98 25,500 25,521 25,121 CAPITAL AUTO RECE 5.350% 02/15/98 2,000 2,026 1,936 CAPITAL AUTO RECEI 4.700% 05/15/97 9,650 9,647 9,406 ABS CHASE LINCOLN 7.750% 06/15/97 556 555 555 CHASE MANHATTAN CR CARD 7.400% 05/15/00 16,000 16,186 15,838 CHEMICAL GRANTOR 8.900% 12/15/96 4,267 4,255 4,284 CHEVRON CORP PROFI 6.920% 01/01/96 5,000 5,111 4,971 CHEVY CHASE EXTEND 7.550% 10/31/97 5,000 3,884 3,975 CHEVY CHASE EXT CR 7.550% 10/31/97 11,632 11,620 11,598 CHEVY CHASE CR CA 7.550% 10/31/97 16,730 16,713 16,744 CITICORP MTG SECS 5.750% 03/25/09 4,750 4,744 4,495 COMDISCO RECEIVABL 6.100% 05/15/97 608 616 603 CONCORD LEAS GRANTOR TR 6.700% 11/15/97 3,382 3,379 3,390 CONCORD LEASING GR 5.310% 05/01/00 4,171 4,151 4,159 CORESTATES HOME EQ 5.100% 03/15/09 7,769 7,764 7,143 DELTA FDG 9.000% 02/25/06 945 944 938 -9- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- DEUTSCHE BANK FIN INC M 8.800% 01/15/97 $2,000 $2,075 $2,045 DEUTSCHE BK FINL I 8.800% 01/15/97 7,625 7,955 7,732 DISCOVER CARD MAST 6.700% 02/16/00 20,000 19,950 19,436 DISCOVER CARD TR 5.500% 05/16/98 40,000 39,970 39,322 DISNEY WALT CO ME 7.750% 03/06/95 3,700 3,734 3,714 DU PONT E I DE NEM 8.450% 10/15/96 1,500 1,538 1,518 DU PONT E I DE NEM 7.160% 03/03/97 10,000 10,039 9,870 DUKE PWR CO M/T/N 6.470% 12/15/95 5,000 5,112 4,964 EKSPORTFINANS A S M/T/N 5.500% 02/17/97 9,500 9,201 9,057 EXPORT FIN CORP COLL M/T/ 9.070% 01/15/95 1,725 1,733 1,730 FCC GRANTOR TR 8.750% 02/15/06 5,680 5,908 5,721 FICAL HOME EQUITY LN 8.900% 11/15/97 1,244 1,265 1,241 FIRST CHICAGO MASTER TR 6.250% 08/15/99 1,920 1,886 1,840 FIRST DEP MASTER TR SER 4.900% 06/15/00 40,000 39,993 39,098 FIRST DEP MASTER TR 6.900% 08/15/01 5,000 5,057 4,897 FIRST USA CR CARD MASTER 5.200% 06/15/98 39,725 39,932 38,535 FLEET FIN INC 5.450% 03/20/23 5,808 5,805 5,638 FLEET FIN HOME EQUIT 6.700% 10/16/06 6,946 6,934 6,820 FLEETWOOD CR 1993-B GRANT 4.950% 08/15/08 6,000 4,645 4,369 FLEETWOOD CR 1994-B GRANT 6.750% 03/15/10 5,000 4,670 4,516 FORD CR AUTO LN MASTER TR 6.875% 01/15/99 5,000 5,035 4,892 FORD CR AUTO LN MASTER TR 5.625% 10/15/97 40,000 40,014 39,438 GE CAP MTG SVCS INC 7.200% 09/15/11 20,000 5,646 5,575 GMAC 1992-C GRANTOR TR 5.950% 02/15/97 2,470 2,469 2,446 GMAC 1992-D GRANTOR TR 5.550% 05/15/97 3,968 3,965 3,924 GMAC 1992-F GRANTOR TR 4.500% 09/15/97 1,817 1,796 1,779 GENERAL DEVELOPMENT MTG T 9.050% 02/25/99 2,258 2,234 2,257 GENERAL ELEC CO 5.875% 12/01/94 28,000 28,000 28,000 GENERAL ELEC CAP CORP 8.250% 01/14/95 4,550 4,566 4,560 GENERAL ELEC CAP CORP M/ 6.125% 04/15/97 7,500 7,232 7,226 GOVERNMENT EXP TR CL A R 6.250% 03/01/97 3,950 3,943 3,941 GREEN TREE FINL CORP 4.750% 10/15/17 3,399 3,338 3,333 GREEN TREE FINL CORP 5.850% 01/15/18 6,564 6,593 6,463 HITACHI CREDIT AMER CORP 6.850% 09/11/95 10,000 10,000 9,998 HITACHI CREDIT AMER CORP 7.600% 03/29/95 10,000 10,000 9,999 HITACHI CR AMERICA M/T/N 8.540% 12/15/94 5,000 5,004 5,003 HOUSEHOLD AFFINITY CR CAR 7.000% 12/15/99 15,000 14,984 14,674 HOUSEHOLD CR CARD TR 6.000% 07/15/97 25,714 25,680 25,626 HOUSEHOLD FIN CORP V/R 8.150% 03/19/96 5,920 5,981 5,944 HOUSEHOLD FIN CORP HOME 4.750% 05/20/08 9,004 8,985 8,607 HOUSEHOLD PRIVATE LABEL 7.150% 06/20/01 10,000 9,940 9,984 HYUNDAI AUTO RECEIVABLES 4.300% 05/15/98 6,290 6,284 6,068 JOHNSON & JOHNSON NT 8.500% 08/15/95 4,500 4,626 4,546 JOHNSON & JOHNSON M/T/N 8.000% 03/20/96 20,000 20,907 20,152 KIDDER PEABODY MTG ASSET 8.750% 05/01/17 5,000 43 43 LOMAS MTG FDG CORP II 9.000% 09/20/15 664 662 663 -10- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- MBNA MASTER CREDIT CARD 7.250% 06/15/99 $20,000 $20,265 $19,688 MBNA MASTER CR CARD TR 6.200% 08/15/99 5,000 4,910 4,787 MCA FUNDING CORP M/T/N 4.880% 05/20/96 8,000 8,002 7,715 MCA FDG CORP M/T/N RESTR 4.880% 05/20/96 9,000 8,999 8,679 MCA FDG CORP M/T/N RESTR 4.480% 08/13/96 5,000 4,998 4,755 MCDONALDS CORP SER B M/T/ 8.875% 02/18/97 10,000 10,288 9,937 MERCK & CO INC 7.750% 05/01/96 7,000 7,291 7,016 MIDLANTIC AUTO GRANTOR 4.300% 09/15/97 6,503 6,465 6,353 MOBIL CORP 6.500% 12/17/96 2,000 1,975 1,955 MOBIL CORP 6.500% 02/15/97 6,200 6,268 6,038 MOBIL CORP M/T/N 4.878% 09/18/95 5,000 5,001 4,923 MORGAN J P & CO INC 5.375% 01/21/95 2,650 2,654 2,648 MORGAN GTY TR CO NEW YORK 8.125% 03/15/96 2,000 2,090 2,010 NBD BK N A M/T/N 6.000% 05/30/95 10,000 10,036 9,978 NBD BK N A M/T/N 4.625% 12/02/96 10,000 9,991 9,453 NBD BK N A M/T/N 4.600% 02/03/97 5,000 4,902 4,697 NATIONAL BK DETROIT M/T/N 8.000% 02/14/95 3,350 3,371 3,361 NATIONSBANK CR CARD MASTE 4.750% 09/15/98 35,000 34,978 33,070 NAVISTAR FINL 1991-1 RSTR 6.400% 12/15/96 2,892 2,892 2,880 NAVISTAR FINL 1993-A OWNE 4.475% 10/15/98 3,000 2,391 2,333 NISSAN AUTO RECEIVABLES 1 4.300% 09/15/97 2,454 2,431 2,409 NORDIC INVT BK 5.250% 11/30/95 24,500 24,609 24,041 NORDISKA INVESTERINGSBANK 9.500% 12/15/94 7,250 7,260 7,229 NORTHERN ILL GAS CO 1ST 4.500% 03/15/96 10,000 9,983 9,648 NORWEST FINL INC SR NT 7.250% 11/01/95 5,000 5,116 4,998 NORWEST FINL INC NT 7.100% 11/15/96 2,300 2,392 2,273 NORWEST FINL INC 6.250% 02/15/97 7,750 7,725 7,492 NORWEST FINL INC SHELF 41 6.500% 05/15/97 5,000 4,986 4,845 NORWEST FINL INC M/T/N 5.200% 04/29/97 1,000 965 940 OLYMPIC AUTOMOBILE RECEIV 5.650% 01/15/01 5,000 4,192 4,019 OLYMPIC AUTOMOBILE RECEIV 6.850% 06/15/01 10,000 9,977 9,779 PAINEWEBBER CMO TR SER G 8.000% 04/01/17 218 214 216 PEOPLES BK CR CARD MASTER 4.800% 12/15/99 24,300 24,284 23,368 PEOPLES BK CR CARD MASTER 5.100% 08/15/97 25,000 24,994 23,659 PFIZER INC 7.125% 10/01/96 29,750 31,079 29,486 PITNEY BOWES CR CORP 5.625% 02/15/97 20,500 20,312 19,577 PITNEY BOWES CR CORP MEDI 6.640% 04/03/95 5,000 5,029 5,004 PITNEY BOWES CR CORP MEDI 6.650% 04/03/95 5,000 5,028 5,006 PREMIER AUTO TR 1992-1 A 5.750% 07/15/97 4,324 4,311 4,273 PREMIER AUTO TR 4.900% 10/15/98 25,000 20,930 20,082 PREMIER AUTO TR 4.900% 12/15/98 15,000 15,051 14,334 PREMIER AUTO TR 1993-5 AS 4.220% 03/02/99 7,887 7,891 7,533 PREMIER AUTO TR SER 1994- 4.750% 02/02/00 3,000 3,000 2,819 PREMIER AUTO TR 6.350% 05/02/00 5,000 4,959 4,850 PREMIER AUTO TR 6.450% 05/15/98 5,000 4,998 4,886 PROCTER & GAMBLE CO NT 6.250% 03/15/95 4,000 4,016 4,001 -11- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- PROCTER & GAMBLE CO NT 6.850% 06/01/97 $2,000 $1,996 $1,948 RCSB 1990-B GRANTOR TR 8.900% 05/15/96 718 715 719 RCSB 1991-B GRANTOR TR 6.700% 04/15/97 2,642 2,640 2,632 RABOBANK NEDERLAND M/T/N 9.250% 09/18/95 3,000 3,090 3,054 RABOBANK NEDERLAND MEDIU 4.590% 09/18/95 5,000 4,987 4,915 RABOBANK NEDERLAND M/T/N 4.500% 01/25/96 3,000 2,992 2,916 RABOBANK NEDERLAND M/T/N 4.550% 03/01/96 5,000 4,999 4,849 RABOBANK NEDERLAND M/T/N 6.450% 01/17/97 3,000 2,980 2,931 RABOBANK NEDERLAND M/T/N 6.625% 05/26/97 3,000 2,992 2,926 RABOBANK NEDERLAND M/T/N 6.640% 04/25/97 4,000 4,012 3,908 RABOBANK NEDERLAND M/T/N 6.660% 03/03/97 5,000 5,009 4,888 REPUBLIC NATL BK NEW YORK 5.750% 02/01/95 13,000 13,023 12,993 REPUBLIC N Y CORP 6.400% 04/15/95 13,600 13,685 13,585 REPUBLIC NATL BK OF NY 4.750% 10/15/95 2,000 2,004 1,952 REPUBLIC N Y CORP 8.375% 05/01/96 3,720 3,889 3,747 RESIDENTIAL FDG MTG SECS 5.500% 02/25/08 3,150 3,150 3,079 SCFC RECREATIONAL VEH LN 7.250% 09/15/06 7,791 7,795 7,790 SPNB HOME EQUITY LN ASSET 8.100% 06/15/20 2,997 3,064 2,993 SAAB 1992-A TRUST SR CTF 6.100% 06/15/98 4,011 4,005 3,994 SARA LEE CORP M/T/N 4.650% 01/14/97 13,000 12,964 12,212 SEARS CR ACCOUNT MASTER 5.900% 11/16/98 28,000 28,247 27,708 SEARS CR ACCOUNT MASTER 7.250% 02/15/98 5,000 4,997 4,927 SECURITY PAC AUTO GRANTO 6.700% 01/15/97 684 683 683 SECURITY PAC HOME EQUITY 8.250% 05/10/03 186 188 186 SELECT AUTO RECEIVABLES 7.000% 09/16/96 2,080 2,077 2,072 SELECT AUTO RECEIVABLES 6.250% 11/15/96 1,987 1,980 1,969 SHELL OIL CO 7.700% 02/01/96 9,000 9,289 9,017 SHELL OIL CO NT 7.000% 09/15/95 4,000 4,068 4,000 SHELL OIL CO 6.000% 01/15/97 15,300 15,066 14,766 SIGNET CR CARD TR 9.000% 06/15/97 5,000 4,629 4,621 GABS SIGNET TR 93-3A 4.850% 12/15/96 35,000 34,980 33,084 SIGNET MASTER TR SER 199 6.800% 08/15/97 20,000 19,977 19,394 SOUTHERN NEW ENGLAND TEL 7.610% 09/20/96 3,000 3,037 2,997 STANDARD CR CARD MSTR TR 5.875% 08/07/96 10,000 10,035 9,924 STANDARD CR CARD TR 94-1A 4.650% 03/07/99 40,000 39,731 37,485 SWISS BANK CORP MED TERM 9.400% 06/13/95 2,500 2,563 2,534 TMS HOME EQUITY LN TR 6.100% 05/15/22 7,581 7,588 7,147 TMS HOME EQUITY LN TR 5.175% 07/15/06 8,282 8,347 7,891 TOYOTA MTR CR CORP M/T/N 6.875% 10/15/96 5,000 4,999 4,941 USAA CAP CORP 144A M/T/N 4.490% 10/28/96 20,000 20,000 18,797 USAA CAP CORP M/T/N 144A 4.760% 01/28/97 10,000 10,000 9,411 WACHOVIA BK N C N A MEDIU 5.000% 01/29/96 11,600 11,597 11,331 WACHOVIA BK N C N A M/T/N 4.875% 02/18/97 5,000 4,969 4,706 WACHOVIA BK N C M/T/N 6.550% 06/09/97 5,000 4,981 4,858 WACHOVIA BK N C N A M/T/N 6.650% 07/14/97 10,000 9,979 9,721 WAL MART STORES INC 8.000% 05/01/96 4,000 4,193 4,022 -12- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- WAL MART STORES INC 5.500% 09/15/97 $8,795 $8,495 $8,276 WARNER LAMBERT CO DEB 8.125% 04/24/96 3,035 3,155 3,062 WISCONSIN ELEC PWR CO 5.875% 10/01/97 3,500 3,366 3,316 WISCONSIN ELEC PWR CO 1S 4.500% 03/15/96 6,000 6,000 5,778 WORLD OMNI LEASE ABS 5.800% 01/15/97 6,738 6,734 6,693 WORLD OMNI 1994-A AUTOM 6.450% 09/25/00 3,501 3,455 3,448 EUROPEAN INVT BK 7.750% 07/09/96 8,000 8,398 8,020 SHIKOKU ELECTRIC POWER 10.250% 04/26/96 10,000 10,754 10,288 INTERNATIONAL FINANCE CO 5.125% 02/09/96 10,000 10,048 9,750 TOYOTA MOTOR CREDIT CORP 6.500% 02/04/97 10,000 10,216 9,750 TOYOTA MTR CR CORP SR UNS 5.000% 03/10/97 5,000 4,816 4,712 ---------- ---------- ---------- TOTAL CORPORATE BONDS $1,604,282 $1,582,189 $1,541,767 GOVERNMENT BONDS FEDERAL HOME LN BKS 6.995% 11/08/00 $8,000 $7,975 $7,916 FEDERAL HOME LOAN BANK CO 6.525% 07/11/97 9,465 9,433 9,223 FEDERAL HOME LN BKS CONS 6.440% 07/25/97 10,000 9,933 9,734 FEDERAL NAT'L MTGE ASSN 5.760% 06/01/95 5,000 4,838 4,838 FEDERAL NATL MTG ASSN GTD 5.950% 09/25/06 8,491 8,489 8,433 FEDERAL NATL MTG ASSN M/T 6.150% 06/23/97 10,000 9,917 9,631 INTERNATIONAL BK FOR RECO 8.750% 03/01/97 5,000 5,332 5,128 U S TREASURY NOTES 4.750% 02/15/97 15,000 14,977 14,173 U S TREASURY NOTES 6.500% 05/15/97 10,000 10,014 9,770 U S SVGS BD SR EE ISS 1/ 6.000% 02/01/05 139,896 69,948 69,948 U S SVGS BD SR EE ISS 9/ 6.000% 09/01/04 144,588 72,294 72,294 -------- -------- -------- TOTAL GOVERNMENT BONDS $365,440 $223,150 $221,088 OTHER BONDS ABBEY NATL TREAS CO GTD 5.000% 01/31/97 $15,000 $14,652 $14,166 BANQUE FRANCAISE COMM EX 9.250% 11/22/95 5,000 5,224 5,081 BELGIUM KINGDOM 5.280% 01/12/96 10,000 10,061 9,749 BRITISH TELECOM FIN BV 7.625% 09/30/96 23,235 24,338 23,177 CANADIAN GOVT SEDOL #41 9.000% 02/27/96 40,590 42,575 41,288 DENMARK KINGDOM NT 7.750% 12/15/96 3,000 3,137 2,998 DU PONT E I NEMOURS & CO 8.500% 04/17/96 10,000 10,516 10,100 GUINNESS FINANCE 9.000% 01/08/96 5,000 5,184 5,069 HALIFAX BUILDING SOCIETE 5.000% 06/21/96 10,000 10,084 9,620 INTER AMERN DEV BK 11.625% 12/01/94 2,000 2,000 2,000 INTER AMERICAN DEV BANK 8.375% 12/27/95 13,190 13,681 13,322 JAPAN FINL CORP 9.875% 02/23/96 5,000 5,286 5,125 KANSAI ELEC PWR EURO 10.000% 03/30/96 10,000 10,625 10,275 MOUNTAIN STS TEL & TEL 7.625% 05/15/96 11,000 11,417 10,959 NIPPON TELE & TELE 9.375% 03/03/95 5,000 5,061 5,030 NIPPON TELE & TELE 8.500% 12/20/96 4,000 4,206 4,050 -13- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- OESTERREICHISCHE KONTROLL 7.125% 12/06/96 $3,000 $3,081 $2,973 OSPREY MTG SECS LTD NO.7 5.250% 07/10/97 6,500 6,580 6,435 SBC FIN (CAYMAN) LTD DEB 7.750% 09/11/96 6,000 6,255 5,985 SAINSBURY J 8.500% 05/09/96 3,000 3,153 3,026 SAINSBURY J 9.125% 10/02/96 3,000 3,229 3,056 SPAIN KINGDOM M/T/N 8.430% 01/25/95 3,000 3,018 3,008 KINGDOM OF SPAIN M/T/N 9.130% 10/05/95 2,000 2,073 2,034 KINGDOM OF SPAIN M/T/N 8.650% 12/15/95 1,870 1,941 1,896 UNILEVER CAP CORP 8.000% 05/28/96 25,150 26,252 25,244 BELGIUM KINGDOM DEB 8.000% 02/11/97 11,700 11,994 11,729 BELGIUM KINGDOM 5.220% 10/23/95 3,000 3,014 2,955 CHUBU ELECTRIC POWER 7.000% 03/26/96 10,100 10,423 10,024 DENMARK KINGDOM UNSUB 7.250% 09/25/96 5,175 5,406 5,123 DENMARK KINGDOM UNSUB 5.250% 11/03/95 10,000 10,060 9,825 ABB INTL FIN NV KEEPWELL 6.375% 02/20/96 19,000 19,361 18,715 ENERGIE BEHEER NEDERLAND 9.000% 10/17/95 7,730 8,021 7,836 GUINNESS FINANCE BV 6.500% 04/06/95 2,100 2,113 2,097 NEW ZEALAND GOVT DEB 8.000% 04/02/97 2,075 2,132 2,072 INTER AMERICAN DEV BK EU 10.500% 09/11/95 15,000 15,658 15,375 INTER AMERICAN DEV BK EU 7.625% 09/10/96 9,400 9,886 9,389 INTERNATIONAL BK FOR REC 9.750% 05/10/96 21,000 22,510 21,578 SWEDEN KINGDOM DEB 5.500% 12/01/95 20,400 20,556 20,068 -------- -------- -------- TOTAL OTHER BONDS $362,215 $374,763 $362,452 CERTIFICATES OF DEPOSIT BANK NEW YORK N Y C/D 4.850% 06/29/95 $10,000 $9,916 $9,942 BAYERISCHE LANDESBANK YC 4.800% 02/28/95 10,000 10,043 9,908 CENTRAL BK SOUTH C/D 5.125% 01/30/95 5,000 5,001 4,988 CENTRAL BK OF SOUTH C/D 5.570% 12/01/94 5,000 5,000 5,000 COMERICA BK DETROIT C/D 9.650% 01/27/95 3,000 3,095 3,070 DEUTSCHE BK AG V/R C/D 7.498% 01/21/95 20,000 20,395 20,670 DRESDNER BANK A G NY BR 5.400% 12/21/94 2,000 2,015 2,010 FIRST ALABAMA BK C/D 6.510% 12/30/94 10,000 10,000 10,010 FIRST HAWAIIAN BK C/D 5.900% 01/02/95 10,000 10,000 10,005 LASALLE NATL BK CHICAGO 5.550% 02/13/95 5,000 4,996 5,002 LASALLE NATL BK CHICAGO 5.950% 03/06/95 5,000 4,995 5,006 MBNA AMER BK N A NEWARK 4.100% 10/15/96 5,000 4,971 4,951 MBNA AMER BK N A NEWARK 4.300% 09/03/96 10,000 9,946 9,974 MBNA AMER BK N A NEWARK 4.250% 09/09/96 5,000 4,968 4,978 MBNA AMER BK N A NEWARK D 4.200% 09/30/96 10,000 9,941 10,000 MERCANTILE SAFE DEP & TR 6.480% 02/28/95 5,000 5,000 5,012 MERCANTILE SAFE DEP & TR 6.480% 03/03/95 5,000 5,000 5,012 MERCANTILE SAFE DEP & TR 4.770% 04/03/95 10,000 10,000 10,015 MERCANTILE SAFE DEP & TR 6.820% 01/09/95 5,000 5,000 5,090 OLD KENT BK & TR CO C/D 5.000% 02/28/95 5,000 5,000 4,961 -14- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) MATURITY AMORTIZED CURRENT DESCRIPTION COUPON DATE PAR VALUE COST VALUE ----------- ------ ----- --------- --------- ----- OLD KENT BK & TR CO C/D 5.150% 01/20/95 $5,000 $5,000 $4,974 OLD KENT BANK AND TRUST 4.620% 03/09/95 2,000 2,000 1,978 OLD KENT BK & TR CO C/D 4.650% 05/15/95 10,000 10,000 9,949 OLD KENT BANK AND TR CO 6.560% 05/30/97 5,000 5,000 5,067 PITTSBURGH NATL BK C/D 6.350% 12/15/94 21,500 21,506 21,511 SOUTH CAROLINA NATL BK 9.400% 09/20/95 5,000 5,176 5,125 UNION BK C/D 5.570% 01/13/95 10,000 10,000 10,003 -------- -------- -------- TOTAL CERTIFICATES OF DEPOSIT $203,500 $203,964 $204,211 COMMERCIAL PAPER FORD MTR CR CO DISC C/P N/A 01/05/95 $10,000 $9,928 $9,928 FORD MTR CR CO DISC C/P N/A 01/13/95 10,000 9,927 9,927 GENERAL ELEC CAP CORP D N/A 01/17/95 10,000 9,902 9,902 ------------------------------- TOTAL COMMERCIAL PAPER $30,000 $29,757 $29,757 ------------------------------- TOTAL FIXED INCOME SECURITIES $2,565,437 $2,413,823 $2,359,275 SHORT TERM INVESTMENTS BEAR STEARNS MASTER NOTE N/A N/A $25,000 $25,000 $25,000 CS FIRST BOSTON MASTER NO N/A N/A 25,000 25,000 25,000 GOLDMAN SACHS & CO MASTER N/A N/A 5,750 5,750 5,750 MORGAN STANLEY GROUP MAST N/A N/A 24,531 24,531 24,531 NOMURA SECURITIES INTL MA N/A N/A 23,238 23,238 23,238 BANK OF NEW YORK SHORT N/A N/A 1,378 1,378 1,378 ------------------------------- TOTAL SHORT TERM INVESTMENTS $104,897 $104,897 $104,897 ------------------------------- PARTICIPANT LOANS (RATES FROM 10.5 TO 6.5, MAXIMUM PERIOD OF REPAYMENT IS 60 MONTHS) N/A N/A N/A $169,456 $169,456 ---------------------------------- TOTAL COMMON ASSET INVESTMENTS $2,670,334 $2,688,176 $2,633,628 ================================== -15- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/94 (thousands of dollars) SHARES/ CURRENT FUND/ISSUE UNITS COST VALUE ---------- ------ ---- ----- EXXON CORPORATION PREFERRED STOCK FUND -------------------------------------- EXXON CORPORATION CLASS A PREFERRED STOCK 9,231 $567,709 $567,709 (thousands of shares) GENERAL ELEC CAP CORP DISC C/P N/A 16,343 16,343 BANK OF NEW YORK SHORT TERM INVESTMENT FUND N/A 132 132 EXXON CORPORATION COMMON STOCK FUND ----------------------------------- EXXON CORPORATION COMMON STOCK 46,331 $2,088,475 $2,797,222 (thousands of shares) EQUITY PORTFOLIO FUND --------------------- WELLS FARGO EQUITY INDEX FUND 3,013 $203,198 $298,192 (thousands of units) EXTENDED MARKET PORTFOLIO FUND ------------------------------ WELLS FARGO EXTENDED EQUITY 7,951 $79,822 $77,868 (thousands of units) -16- EXHIBIT 2 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS NOVEMBER 30, 1994 (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 --------- ----- --------- -------- ---- 9,654,557 4,693,345 $590,305 $270,918 $24,800 Schedule prepared following the alternative format prescribed at 29 CFR 2520.103-6(d)(2) for a series of transactions involving securities of the same issue as described at 29 CFR 2520.103-6(c)(1)(iii). -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 Plan of Exxon Corporation and Participating Affiliates (the Thrift Plan) at November 30, 1994 and 1993, and the changes in its net assets available for benefits for the year ended November 30, 1994, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Trustee of the Thrift Plan; 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 Plan, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by ERISA. The Fund Information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the statement of net assets available for benefits and the statement of changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information 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. PRICE WATERHOUSE LLP Houston, Texas March 23, 1995 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 Affiliates of our report dated March 23, 1995 appearing on page 18 of this Annual Report on Form 11-K. PRICE WATERHOUSE LLP Houston, Texas March 23, 1995 -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 AFFILIATES (Name of Plan) /s/ Edgar A. Robinson --------------------- Edgar A. Robinson Chairman, Thrift Trustee Dated: March 23, 1995 -19-