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 March 31, 1997
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)
(972) 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 March 31, 1997
_______________________________ ________________________________
Common stock, without par value 2,483,023,116
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EXXON CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
TABLE OF CONTENTS
Page
Number
______
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statement of Income 3
Three months ended March 31, 1997 and 1996
Condensed Consolidated Balance Sheet 4
As of March 31, 1997 and December 31, 1996
Condensed Consolidated Statement of Cash Flows 5
Three months ended March 31, 1997 and 1996
Notes to Condensed Consolidated Financial Statements 6-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-12
PART II. OTHER INFORMATION
Item 2. Changes in Securities 13
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 15
Signature 16
Index to Exhibits 17
-2-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EXXON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Three Months Ended
March 31,
__________________
1997 1996
____ ____
REVENUE
Sales and other operating revenue,
including excise taxes $33,105 $30,474
Earnings from equity interests and other revenue 485 731
_______ _______
Total revenue 33,590 31,205
_______ _______
COSTS AND OTHER DEDUCTIONS
Crude oil and product purchases 14,509 12,597
Operating expenses 3,241 3,288
Selling, general and administrative expenses 1,879 1,936
Depreciation and depletion 1,365 1,372
Exploration expenses, including dry holes 165 140
Interest expense 72 76
Excise taxes 3,549 3,310
Other taxes and duties 5,193 5,506
Income applicable to minority and preferred interests 99 139
_______ _______
Total costs and other deductions 30,072 28,364
_______ _______
INCOME BEFORE INCOME TAXES 3,518 2,841
Income taxes 1,343 956
_______ _______
NET INCOME $ 2,175 $ 1,885
======= =======
Net income per common share* $ 0.87 $ 0.76
Dividends per common share* $ 0.395 $ 0.375
Average number common shares outstanding (millions)* 2,483.8 2,483.9
Net income per share computed as income less dividends on preferred
stock divided by the weighted average number of common shares
outstanding.
* Prior year amounts restated to reflect two-for-one stock split
effective March 14, 1997.
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EXXON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)
March 31, Dec. 31,
1997 1996
_______ _______
ASSETS
Current assets
Cash and cash equivalents $ 5,263 $ 2,951
Other marketable securities 19 18
Notes and accounts receivable - net 10,347 10,499
Inventories
Crude oil, products and merchandise 4,293 4,501
Materials and supplies 771 784
Prepaid taxes and expenses 1,075 1,157
_______ _______
Total current assets 21,768 19,910
Property, plant and equipment - net 65,493 66,607
Investments and other assets 8,386 9,010
_______ _______
TOTAL ASSETS $95,647 $95,527
======= =======
LIABILITIES
Current liabilities
Notes and loans payable $ 2,617 $ 2,510
Accounts payable and accrued liabilities 13,860 14,510
Income taxes payable 2,652 2,485
_______ _______
Total current liabilities 19,129 19,505
Long-term debt 7,223 7,236
Annuity reserves, deferred credits and other liabilities 25,625 25,244
_______ _______
TOTAL LIABILITIES 51,977 51,985
_______ _______
SHAREHOLDERS' EQUITY
Preferred stock, without par value:
Authorized: 200 million shares
Outstanding: 5 million shares at Mar. 31, 1997 284
5 million shares at Dec. 31, 1996 303
Guaranteed LESOP obligation (345) (345)
Common stock, without par value:
Authorized: 3,000 million shares
Issued: 2,984 million shares at Mar. 31, 1997 2,322
See note 3 for shares at Dec. 31, 1996 2,822
Earnings reinvested 48,978 57,156
Cumulative foreign exchange translation adjustment 229 1,126
Common stock held in treasury:
501 million shares at Mar. 31, 1997 (7,798)
1,142 million shares at Dec. 31, 1996 (17,520)
_______ _______
TOTAL SHAREHOLDERS' EQUITY 43,670 43,542
_______ _______
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $95,647 $95,527
======= =======
The number of shares of common stock issued and outstanding at
March 31, 1997 and December 31, 1996 (restated to reflect two-for-one
stock split effective March 14, 1997) were 2,483,023,116 and
2,483,492,968, respectively.
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EXXON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)
Three Months Ended
March 31,
__________________
1997 1996
_______ _______
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $2,175 $1,885
Depreciation and depletion 1,365 1,372
Changes in operational working capital, excluding
cash and debt (127) 528
All other items - net 1,101 292
_______ _______
Net Cash Provided By Operating Activities 4,514 4,077
_______ _______
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions and additions to property, plant and
equipment (1,481) (1,413)
Sales of subsidiaries and property, plant and equipment 55 27
Other investing activities - net 332 353
_______ _______
Net Cash Used In Investing Activities (1,094) (1,033)
_______ _______
NET CASH GENERATION BEFORE FINANCING ACTIVITIES 3,420 3,044
_______ _______
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt 175 302
Reductions in long-term debt (58) (267)
Additions/(reductions) in short-term debt - net (33) 28
Cash dividends to Exxon shareholders (986) (940)
Cash dividends to minority interests (75) (87)
Additions/(reductions) to minority interests and
sales/(redemptions) of affiliate preferred stock 4 2
Acquisitions of Exxon shares - net (166) (52)
_______ _______
Net Cash Used In Financing Activities (1,139) (1,014)
_______ _______
Effects Of Exchange Rate Changes On Cash 31 (15)
_______ _______
Increase/(Decrease) In Cash And Cash Equivalents 2,312 2,015
Cash And Cash Equivalents At Beginning Of Period 2,951 1,508
_______ _______
CASH AND CASH EQUIVALENTS AT END OF PERIOD $5,263 $3,523
======= =======
SUPPLEMENTAL DISCLOSURES
Income taxes paid $ 703 $ 210
Cash interest paid $ 154 $ 183
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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 1996 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.
2. Earnings per Share
In February 1997, the Financial Accounting Standards Board released
Standard No. 128, "Earnings per Share" which must be adopted for both
interim and annual periods ending after December 15, 1997, with earlier
application not permitted. Based on preliminary estimates, basic
earnings per share defined by the standard is consistent with current
reporting of net income per common share. The difference between basic
and diluted earnings per share is expected to be insignificant.
3. Capital
On February 26, 1997, the company's Board of Directors approved a two-
for-one stock split to Common Stock shareholders of record on March 14,
1997 and canceled 321,000,000 shares (pre-split basis) of Common Stock
without par value held by the corporation as treasury shares. These
canceled shares were returned to the status of authorized but unissued
shares. The treasury stock account was credited for $9,869 million, the
Common Stock account charged for $500 million and the retained earnings
account charged for $9,369 million to cancel these treasury shares.
On March 14, 1997, the authorized Common Stock was increased from two
billion shares without par value to three billion shares without par
value and the issued shares were split on a two-for-one basis.
Since canceled treasury shares were returned to the status of authorized
but unissued shares and used to partially accomplish the two-for-one
stock split, the restated number of Common Stock shares issued (on a
post-split basis) at December 31, 1996 is not meaningful.
The number of shares of Common Stock issued and outstanding as of
December 31, 1996 and 1995, restated to reflect the two-for-one stock
split, were 2,483,492,968 and 2,483,543,658, respectively. Earnings per
share for the years ended December 31, 1996, 1995 and 1994, restated for
the effect of the two-for-one stock split, are $3.01, $2.59, and $2.04,
respectively.
4. Litigation and Other Contingencies
A number of lawsuits, including class actions, were 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. Essentially all of these lawsuits have now been resolved or are
subject to appeal.
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EXXON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On September 24, 1996, the United States District Court for the District
of Alaska entered a judgment in the amount of $5.058 billion in the Exxon
Valdez civil trial that began in May 1994. The District Court awarded
approximately $19.6 million in compensatory damages to fisher plaintiffs,
$38 million in prejudgment interest on the compensatory damages and $5
billion in punitive damages to a class composed of all persons and
entities who asserted claims for punitive damages from the corporation as
a result of the Exxon Valdez grounding. The District Court also ordered
that these awards shall bear interest from and after entry of the
judgment. The District Court stayed execution on the judgment pending
appeal based on a $6.75 billion letter of credit posted by the
corporation. Exxon has appealed the judgment. The corporation continues
to believe that the punitive damages in this case are unwarranted and
that the judgment should be set aside or substantially reduced by the
appellate courts.
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 consolidated financial condition or operations.
The U.S. Tax Court has decided the issue with respect to the pricing of
crude oil purchased from Saudi Arabia for the years 1979-1981 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.
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 financial condition or operations.
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EXXON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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 adverse consequences
material 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.
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EXXON CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FUNCTIONAL EARNINGS SUMMARY
First Quarter
_________________
1997 1996
_______ _______
(millions of dollars)
Petroleum and natural gas
Exploration and production
United States $ 554 $ 419
Non-U.S. 890 1,004
Refining and marketing
United States 57 (16)
Non-U.S. 297 190
_______ _______
Total petroleum and natural gas 1,798 1,597
Chemicals
United States 192 153
Non-U.S. 118 134
Other operations 128 117
Corporate and financing (61) (116)
_______ _______
NET INCOME $2,175 $1,885
======= =======
FIRST QUARTER 1997 COMPARED WITH FIRST QUARTER 1996
Exxon Corporation estimated first quarter 1997 net income at $2,175
million, up 15 percent from $1,885 million in first quarter of 1996.
Net income for the prior year's quarter included $125 million in non-
recurring credits. Excluding these credits, the increase was $415
million or 24 percent. On a per share basis, net income was $0.87 in
the first quarter of 1997 compared to $0.76 in the prior year's quarter.
These per share amounts reflect the two-for-one stock split, effective
March 14, 1997. Revenue for the first quarter of 1997 totaled $33,590
million, while revenue in the prior year's quarter was $31,205 million.
Exxon's net income of $2.2 billion was up $290 million or 15 percent, as
earnings in all major operating segments improved relative to last
year's first quarter. Earnings excluding non-recurring items were the
highest quarterly total in Exxon's history. Crude oil and natural gas
prices were stronger on average than the prior year, although they
weakened during the quarter. While Exxon's liquids production was below
the first quarter of 1996, it increased versus the fourth quarter
reflecting production build-up from several new developments. Gas sales
declined from 1996's first quarter, primarily due to unseasonably warm
weather in Europe. Petroleum product sales increased in all major
geographic areas to the highest first quarter level since 1980.
Industry margins remained depressed but improved from the first quarter
of 1996 as a result of declining supply costs. Chemicals earnings
improved as a result of record first quarter sales. Industry margins
strengthened over the quarter, but on average were roughly the same as
the prior year. Coal and copper production were at record first quarter
levels.
Exxon's financial condition remains strong. During the quarter, the
Corporation announced a two-for-one stock split and a planned increase
in share repurchases.
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EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OTHER COMMENTS ON FIRST QUARTER COMPARISON
Exploration and production earnings benefited from crude oil prices that
were on average about $3.00 per barrel higher than the prior year.
However, by the end of the quarter crude oil prices had weakened, falling
back to levels of the year ago period. Similarly, U.S. natural gas prices
were higher on average than last year, but softened substantially over the
course of the quarter in response to mild weather conditions. Unfavorable
foreign exchange effects were partially offset by lower producing expenses.
Liquids production was 1,629 kbd (thousand barrels per day) compared to
1,683 kbd in the first quarter of 1996. Increased production from Canadian
heavy crude operations and new developments in the North Sea was offset by
the near term effect of a revised production sharing agreement in Malaysia
and lower volumes in the U.S. Relative to the second half of 1996, crude
oil production rose 2 percent. Worldwide natural gas production of 7,563
mcfd (million cubic feet per day) was down 767 mcfd from the first quarter
of last year principally as a result of unseasonably warm weather and
correspondingly lower demand, particularly in Europe.
Earnings from U.S. exploration and production were $554 million, up from
$419 million in the first quarter of 1996. Outside the U.S., earnings from
exploration and production were $890 million versus $879 million in 1996,
after excluding non-recurring credits of $125 million in first quarter
1996.
Petroleum product sales of 5,291 kbd grew 142 kbd from last year, and
reached the highest level in 17 years. Sales volumes increased in all
major geographic areas. Refinery throughput also rose over the prior
year's quarter, despite higher scheduled maintenance activity. Industry
refining margins were up from the very weak first quarter of 1996 as a
result of declining supply costs. Unfavorable foreign exchange effects
partially offset these improvements.
In the U.S., refining and marketing operations earned $57 million in the
first quarter compared to a loss of $16 million in the year ago period.
Earnings from refining and marketing operations outside the U.S. of $297
million were up from $190 million in last year's first quarter.
Worldwide chemical earnings were $310 million, an increase from $287
million in the first quarter 1996, as a result of record quarterly sales
volumes. Prime product sales of 4,102 kt (thousand metric tons) were up 5
percent from the year ago period. Although margins rose over the course of
the quarter, they were similar on average to 1996's first quarter as higher
product prices were offset by higher feedstock costs and unfavorable
foreign exchange effects.
Earnings from other operations, including coal, minerals and power, totaled
$128 million, an increase from $117 million in the first quarter 1996.
First quarter copper and coal production from continuing operations were at
record levels. Corporate and financing expenses of $61 million compared
with $116 million in the first quarter of last year, reflecting lower
interest and tax-related expenses.
On February 26, 1997, the company's Board of Directors approved a two-for-
one stock split to Common Stock shareholders of record on March 14, 1997
and canceled 321,000,000 shares (pre-split basis) of Common Stock without
par value held by the corporation as treasury shares.
-10-
EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OTHER COMMENTS ON FIRST QUARTER COMPARISON
These canceled shares were returned to the status of authorized but
unissued shares. On March 14, 1997, the authorized Common Stock was
increased from two billion shares without par value to three billion shares
without par value and the issued shares were split on a two-for-one basis.
Net cash generation before financing activities was $3,420 million in the
first three months of 1997 versus $3,044 million in the same period last
year. Operating activities provided net cash of $4,514 million, an
increase of $437 million from 1996's first three months, influenced by
higher net income and an insurance related settlement. Investing
activities used net cash of $1,094 million, about the same level as the
prior year period.
Net cash used in financing activities was $1,139 million in the first
quarter of 1997 versus $1,014 million in the same quarter last year.
During the first quarter of 1997, Exxon purchased 5.3 million shares of its
Common Stock for the treasury at a cost of $279 million. From April 1
through April 18, an additional 2.7 million shares of Common Stock were
purchased for the treasury at a cost of $138 million, representing a
continuation of purchases to offset shares issued in connection with the
company's benefit plans and programs, as well as the increased share
repurchases announced on March 25, 1997. Purchases are made in open market
and negotiated transactions and may be discontinued at any time.
Capital and exploration expenditures totaled $1,790 million in the first
quarter 1997 versus $1,991 million in the first quarter of 1996. Total
capital and exploration activity in 1997 should be at similar levels to
1996, as attractive investment opportunities continue to be developed in
each of the major business segments.
Total debt of $9.8 billion at March 31, 1997 increased $0.1 billion from
year-end 1996. The corporation's debt to total capital ratio was 17.8
percent at the end of the first quarter of 1997, similar to year-end 1996.
Over the twelve months ended March 31, 1997, return on average
shareholders' equity was 18.4 percent. Return on average capital
employed, which includes debt, was 15.1 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 4 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.
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EXXON CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
SPECIAL ITEMS
First Quarter
_______________
1997 1996
____ ____
(millions of dollars)
EXPLORATION & PRODUCTION
________________________
Non-U.S.
Tax related - $125
____ ____
TOTAL - $125
==== ====
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PART II - OTHER INFORMATION
EXXON CORPORATION
FOR THE QUARTER ENDED MARCH 31, 1997
Item 2. Changes in Securities
______________________________
In accordance with the registrant's 1997 Nonemployee Director Restricted
Stock Plan, each incumbent nonemployee director (9 persons) was granted
1600 shares (post-split basis) of restricted Common Stock on January 31,
1997. These grants are exempt from registration under bonus stock
interpretations such as the "no-action" letter to Pacific Telesis
_______________
Group (June 30, 1992).
_____
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EXXON CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1997
Item 5. Other Information
SELECTED FINANCIAL DATA
This selected financial data from Item 6 of the registrant's Annual
Report on Form 10-K for 1996 has been restated to reflect the
two-for-one stock split effective March 14, 1997. Restated data elements
are marked with an asterisk (*).
1996 1995 1994 1993 1992
_______________________________________________
(millions of dollars, except per share amounts)
Sales and other operating revenue
Petroleum and natural gas $118,012 $107,749 $100,409 $ 98,808 $104,282
Chemicals 11,430 11,737 9,544 8,641 9,131
Other and eliminations 2,101 2,318 2,175 2,083 2,259
_______________________________________________
Total sales and other operating
revenue $131,543 $121,804 $112,128 $109,532 $115,672
Earnings from equity interests
and other revenue 2,706 2,116 1,776 1,679 1,434
_______________________________________________
Revenue $134,249 $123,920 $113,904 $111,211 $117,106
===============================================
Earnings
Petroleum and natural gas
Exploration and production $ 5,058 $ 3,412 $ 2,782 $ 3,313 $ 3,374
Refining and marketing 885 1,272 1,389 2,015 1,574
_______________________________________________
Total petroleum and natural gas $ 5,943 $ 4,684 $ 4,171 $ 5,328 $ 4,948
Chemicals 1,199 2,018 954 411 451
Other operations 433 479 409 138 254
Corporate and financing (65) (711) (434) (597) (843)
_______________________________________________
Earnings before cumulative effect
of accounting changes $ 7,510 $ 6,470 $ 5,100 $ 5,280 $ 4,810
Cumulative effect of accounting changes - - - - (40)
_______________________________________________
Net income $ 7,510 $ 6,470 $ 5,100 $ 5,280 $ 4,770
===============================================
Net income per common share(*) $ 3.01 $ 2.59 $ 2.04 $ 2.10 $ 1.90
- - - before cumulative effect of
accounting changes(*) $ 3.01 $ 2.59 $ 2.04 $ 2.10 $ 1.91
Cash dividends per common share(*) $ 1.560 $ 1.500 $ 1.455 $ 1.440 $ 1.415
Net income to average shareholders'
equity(percent) 17.9 16.6 14.1 15.4 13.9
Net income to total revenue (percent) 5.6 5.2 4.5 4.7 4.1
Working capital $ 405 $ (1,418)$ (3,033)$ (3,731) $(3,239)
Ratio of current assets to current
liabilities 1.02 0.92 0.84 0.80 0.84
Total additions to property, plant
and equipment $ 7,132 $ 7,201 $ 6,568 $ 6,919 $ 7,138
Property, plant and equipment,
less allowances $ 66,607 $ 65,446 $ 63,425 $ 61,962 $ 61,799
Total assets $ 95,527 $ 91,296 $ 87,862 $ 84,145 $ 85,030
Exploration expenses,including dry holes $ 763 $ 693 $ 666 $ 648 $ 808
Research and development costs $ 520 $ 525 $ 558 $ 593 $ 624
Long-term debt $ 7,236 $ 7,778 $ 8,831 $ 8,506 $ 8,637
Total debt $ 9,746 $ 10,025 $ 12,689 $ 12,615 $ 13,424
Fixed charge coverage ratio 10.4 8.6 7.0 7.4 6.6
Debt to capital (percent) 17.7 19.0 24.3 25.3 26.8
Shareholders' equity at year-end $ 43,542 $ 40,436 $ 37,415 $ 34,792 $ 33,776
Shareholders' equity per common share(*) $ 17.53 $ 16.28 $ 15.07 $ 14.01 $ 13.60
Average number of common shares
outstanding (millions)(*) 2,484 2,484 2,483 2,483 2,483
Number of registered shareholders
at year-end (thousands) 610 603 608 622 629
Wages, salaries and employee benefits $ 5,710 $ 5,799 $ 5,881 $ 5,916 $ 5,985
Number of employees at year-end(thousands) 79 82 86 91 95
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EXXON CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1997
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
Exhibit 3(i) - Registrant's Restated Certificate of
Incorporation, as restated March 17, 1997.
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 MARCH 31, 1997
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: May 13, 1997
/s/ W. BRUCE COOK
__________________________________________
W. Bruce Cook, Vice President, Controller
and Principal Accounting Officer
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EXXON CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1997
INDEX TO EXHIBITS
3(i). Registrant's Restated Certificate of Incorporation, as restated
March 17, 1997.
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