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 November 30, 1997 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) 5959 Las Colinas Boulevard Irving, Texas 75039-2298 (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, 1997 and 1996 3-4 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year ended November 30, 1997 5 Notes to Financial Statements 6-8 Item 27a-Schedule of Assets Held for Investment Purposes at November 30, 1997 (Exhibit 1) 9-17 Item 27d-Schedule of Reportable Transactions (Exhibit 2) 18 Report of Independent Accountants 19 Consent of Independent Accountants 20 Signatures 21 -2- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1997 (millions of dollars) Trust Participant Directed Directed --------------------------------------- ----------- Exxon Exxon Corporation Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund* Fund* Fund Fund Total ---------------------------------------- --------- ----- Assets Investments, at fair value: Fixed income securities $2,137 - - - - $2,137 Short-term investments 91 - - - $13 104 Loans to parti- cipants 158 - - - - 158 Exxon Corp. common stock - $5,333 - - - 5,333 Index funds - - $757 $298 - 1,055 Exxon Corp. Class A preferred stock - - - - 394 394 -------------------------------------------------------- Total investments 2,386 5,333 757 298 407 9,181 Amounts due from employers - - - - 20 20 Dividends receivable - 36 - - - 36 Accrued interest 36 - - - - 36 Other receivables 3 - - - - 3 -------------------------------------------------------- Total assets 2,425 5,369 757 298 427 9,276 -------------------------------------------------------- Liabilities Payables and accrued liabilities 10 8 - - 3 21 Notes payable - - - - 225 225 -------------------------------------------------------- Total liabilities 10 8 - - 228 246 -------------------------------------------------------- Net assets available for benefits $2,415 $5,361 $757 $298 $199 $9,030 ======================================================== *Investment Funds representing five percent or more of net assets available for benefits. The accompanying notes are an integral part of these financial statements. -3- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION NOVEMBER 30, 1996 (millions of dollars) Trust Participant Directed Directed ---------------------------------------- ----------- Exxon Exxon Corporation Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund* Fund* Fund Fund* Total ---------------------------------------- --------- ----- Assets Investments, at fair value: Fixed income securities $2,430 - - - - $2,430 Short-term investments 204 - - - $14 218 Loans to parti- cipants 163 - - - - 163 Exxon Corp. common stock - $3,959 - - - 3,959 Index funds - - $580 $202 - 782 Exxon Corp. Class A preferred stock - - - - 480 480 ------------------------------------------------------- Total investments 2,797 3,959 580 202 494 8,032 Amounts due from employers - - - - 29 29 Dividends receivable - 34 - - - 34 Accrued interest 39 - - - - 39 Other receivables 38 - - - - 38 ------------------------------------------------------- Total assets 2,874 3,993 580 202 523 8,172 ------------------------------------------------------- Liabilities Payables and accrued liabilities 5 8 - - 10 23 Notes payable - - - - 345 345 -------------------------------------------------------- Total liabilities 5 8 - - 355 368 ------------------------------------------------------- Net assets available for benefits $2,869 $3,985 $580 $202 $168 $7,804 ======================================================= *Investment Funds representing five percent or more of net assets available for benefits. The accompanying notes are an integral part of these financial statements. -4- THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED NOVEMBER 30, 1997 (millions of dollars) Trust Participant Directed Directed ------------------------------------ ------------ Exxon Exxon Corp. Extended Corp. Common Common Equity Market Preferred Asset Stock Portfolio Portfolio Stock Fund Fund Fund Fund Fund Total ------------------------------------ --------- ----- Contributions: Employer $15 $4 $2 $1 $92 $114 Employee 80 41 26 20 - 167 ---------------------------------------------------- Total contributions 95 45 28 21 92 281 ---------------------------------------------------- Investment income: Interest 167 - - - 1 168 Dividends - 139 - - 20 159 Net appreciation (depreciation) in fair value of investments (8) 1,178 168 53 129 1,520 ---------------------------------------------------- Total investment income 159 1,317 168 53 150 1,847 ---------------------------------------------------- Interest expense - - - - (17) (17) LESOP conversions - 67 - - (168) (101) Benefit payments at fair value (353) (309) (16) (7) - (685) Participant withdrawals at fair value (56) (43) - - - (99) Interfund transfers (299) 299 (3) 29 (26) - ----------------------------------------------------- Net increase(decrease) (454) 1,376 177 96 31 1,226 Net assets available for benefits: At the beginning of the year 2,869 3,985 580 202 168 7,804 ---------------------------------------------------- At the end of the year $2,415 $5,361 $757 $298 $199 $9,030 ==================================================== The accompanying notes are an integral part of these financial statements. -5- 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 October 1996, 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, federal tax treatment of a qualified plan and trust, 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, and other transactions. Note 2: Accounting Policies The accounting records of the Thrift Plan are maintained on the accrual basis. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All 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 as measured by the value of common shares to which it is convertible. Net appreciation 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. The Plan is subject to normal risks associated with international and domestic debt and equity markets. During 1997, $430,168 of employer matching contributions were forfeited by terminating employees before those amounts became vested. Such forfeited amounts are used to pay future employer contributions. -6- 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, 1997 and 1996, these components of net appreciation (depreciation) were: Common Asset Fixed Exxon Corporation Exxon Corporation Income Securities Common Stock Preferred Stock Fund Fund Fund ----------------- ----------------- ----------------- 1997 1996 1997 1996 1997 1996 ---- ---- ---- ---- ---- ---- (millions of dollars) Realized G/(L) $(5) $(5) $180 $104 $40 $16 Unrealized G/(L) (3) 7 998 649 89 86 ---- ----- ----- ----- ----- ----- Net Appreciation $(8) $ 2 $1178 $753 $129 $102 (Depreciation) Note 4: Tax Status On August 28, 1997, the Internal Revenue Service issued a favorable determination letter with respect to the qualified status of the Thrift Plan under Section 401(a) of the Internal Revenue Code ("IRC"). The Trustee believes that the Plan is a qualified plan under IRC Section 401(a) and that the related trust is exempt from tax under IRC section 501(a). -7- 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: Exxon Corporation Preferred Stock Fund An employee stock ownership plan was incorporated into the Thrift Plan on August 1, 1988. This plan is commonly referred to as the Direct Dividend Dividend Account ("DDA") and is described in detail in the Plan Document. In 1989, the plan was leveraged when the Trustee-Thrift Trust borrowed $1.0 billion at a floating rate of interest under the terms of notes, guaranteed by Exxon Corporation. 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 ("Preferred Stock") for $61.50 per share which are convertible into Exxon Corporation common stock. After the common stock split on March 14, 1997, when the common share price exceeds $30.75, one share of preferred stock is convertible into two shares of common stock. When the price is $30.75 or less, one share of preferred is convertible into common shares having a value of $61.50. Dividends on the Preferred Stock are cumulative and payable in an amount per share equal to $4.68 per annum. Dividends on the Preferred Stock of $20 million and $30 million were paid during 1997 and 1996, respectively, and covered certain principal and interest payments of $24 million and $26 million on the notes. During 1997 and 1996, 1,854,762 and 2,468,223 shares of Preferred Stock, respectively, were converted into common stock. In 1997 and 1996, principal payments of $120 million and $156 million, respectively, were made on the notes which included the retirement in 1996 of subrogation rights related to earlier guarantor payments in the amount of $41 million. The interest rate on the notes ranged from 4.22% to 5.12% in 1997 and 4.27% to 7.52% in 1996. Future principal payments on the notes of $100 million and $125 million are due in 1998 and 1999, respectively. Note 7: Claims Incurred But Not Paid The Plan reports benefits paid on a cash basis as required under generally accepted accounting principles. For Form 5500 reporting purposes, claims incurred but not paid of $17 million and $12 million for the years ended November 30, 1997 and 1996, respectively, are reported on an accrual basis. As such, the net assets available for benefits reflected for Form 5500 purposes are $9,013 million and $7,792 million for the years ended November 30, 1997 and 1996, respectively. -8- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- COMMON ASSET FUND - ----------------- CORPORATE BONDS AMER INTL GRP INC M/T/N 6.250% 08/16/99 $ 20,000 $ 19,907 $ 20,125 AMER INTL GRP INC M/T/N 6.050% 11/01/99 5,250 5,239 5,262 ASSOCIATES CORP N AMER 6.625% 07/15/99 2,325 2,336 2,340 ASSOCIATES CORP N AMER 6.375% 08/15/98 7,000 6,994 7,020 ASSOC CORP N AMER M/T/N 6.470% 05/17/99 3,000 3,000 3,025 ASSOC CORP N AMER M/T/N 8.350% 12/22/98 3,100 3,164 3,177 ASSOC CORP N AMER M/T/N 5.440% 01/29/99 2,900 2,874 2,889 ASSOC CORP N AMER M/T/N 6.500% 09/09/98 5,000 5,008 5,019 ASSOC CORP N AMER M/T/N 5.550% 10/30/98 3,450 3,431 3,435 ASSOC CORP N AMER NTS 6.250% 03/15/99 3,725 3,725 3,729 ASSOC CORP N AMER SR NT 8.125% 01/15/98 5,000 5,011 5,011 AUSTRIA REP 9.125% 04/25/99 7,000 7,226 7,276 BANC ONE AUTO GRANTOR TR 6.550% 02/15/03 8,025 8,013 8,058 BANC ONE AUTO GRANTOR TR 6.100% 10/15/02 5,873 5,871 5,874 BANC ONE AUTO GRANTOR TR 6.270% 11/20/03 8,496 8,496 8,513 BARCLAYS AMERICAN CORP 7.875% 08/15/98 5,000 5,057 5,065 BAYER USA INC 7.750% 10/28/99 9,500 9,775 9,737 BAYERISCHE LANDESBANK GIROZENTRALE M/T/N 6.550% 07/19/99 10,000 9,994 10,136 BAYERISCHE LANDESBANK GIROZENTRALE M/T/N 6.000% 10/15/98 12,000 11,993 12,018 BAYERISCHE LANDESBANK GIROZENTRALE M/T/N 6.125% 10/22/99 10,000 9,935 10,009 BAYERISCHE VEREINSBANK 8.125% 01/27/00 25,000 25,819 25,900 BELL SOUTH TELECOMM 5.250% 06/08/98 1,675 1,670 1,666 BELLSOUTH CAP FDG CORP 9.250% 01/15/98 2,900 2,910 2,910 BELLSOUTH CAP FDG CORP SER A M/T/N 8.650% 10/01/99 2,700 2,807 2,817 BELLSOUTH TELECOMM INC 6.500% 02/01/00 3,000 3,014 3,019 BOATMENS AUTO TR 6.350% 01/15/03 9,166 9,166 9,183 BOATMENS AUTO TR 95-A A-3 6.100% 05/15/00 10,579 10,587 10,585 BP AMER INC 8.875% 12/01/97 1,000 1,000 1,000 BP AMER INC M/T/N 6.923% 01/15/99 7,000 7,069 7,081 BPCA FINANCE 8.375% 04/15/98 21,530 21,674 21,715 BRITISH PETROLEUM AMER 9.750% 03/01/99 14,450 14,698 15,036 BRITISH TELECOM 9.375% 11/16/98 15,000 15,516 15,424 BRITISH TELECOM FIN INC 9.375% 02/15/99 17,210 17,756 17,847 CALIF INFRASTRUCTURE & 6.200% 06/25/03 2,000 2,000 2,003 CASE EQUIP LN TR 6.150% 09/15/02 6,297 6,296 6,307 CFAC GRANTOR TR 6.450% 12/15/97 1,518 1,518 1,515 CFC-14 GR TRST RESTR 7.150% 11/15/06 3,206 3,227 3,216 -9- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- CHASE MAN AUTO OWNER TR 5.750% 05/15/99 $ 17,571 $ 17,570 $ 17,572 CHASE MAN AUTO OWNER TR 6.350% 02/15/01 8,000 7,997 8,038 CHASE MAN AUTO OWNER TR 5.950% 10/15/99 9,481 9,478 9,480 CHASE MAN CR CD MSTR TR 6.730% 02/15/03 10,500 10,499 10,599 CHASE MAN GRANTOR TR 6.000% 09/17/01 6,951 6,950 6,950 CHASE MAN GRANTOR TR 5.900% 11/15/01 6,368 6,367 6,362 CHASE MAN GRANTOR TR 5.200% 02/15/02 9,470 9,456 9,393 CHESAPEAKE & POTOMAC TEL CO MD 5.875% 09/15/99 11,000 10,950 10,947 CHEVRON CDA FIN LTD GTD NT 5.600% 04/01/98 7,000 6,984 6,996 CITICORP MTG SECS INC REMIC PASS THRU 5.750% 03/25/09 1,509 1,508 1,503 COCA COLA CO 7.875% 09/15/98 15,600 15,809 15,807 CORESTATES HOME EQ TR 5.100% 03/15/09 3,113 3,112 3,054 CR LOCAL DE FRANCE DEB 8.875% 10/18/99 12,871 13,433 13,447 CTS HOME EQUITY LN TR 7.700% 09/15/06 2,774 2,814 2,803 DAIMLER-BENZ AUTO GR TR 5.850% 05/15/02 9,539 9,537 9,528 DAIMLER-BENZ VEH TR 5.850% 07/20/03 11,591 11,587 11,574 DAIMLIER-BENZ AUTO GR TR 1997-A A 6.050% 03/20/05 9,607 9,601 9,599 DAYTON HUDSON CR CD MSTR 6.100% 02/25/02 9,590 9,591 9,597 DEUTSCH BANK FIN NV 9.375% 06/21/99 3,469 3,623 3,631 DISCOVER CARD MSTR TR I 5.400% 11/16/01 35,245 35,082 35,026 DISCOVER CARD TR 6.250% 08/16/00 10,515 10,521 10,507 DISCOVER CARD TR 1992-B 6.800% 06/15/00 7,277 7,294 7,280 EKSPORTFINANS AS EMTN 7.740% 05/06/99 1,400 1,416 1,425 EMERSON ELEC CO EURO 7.875% 06/05/98 33,720 33,962 33,964 EURO INV BK 7.75 7.750% 12/15/98 5,000 5,067 5,078 EUROPEAN INVT BK M/T/N 8.875% 02/15/99 8,500 8,730 8,804 EUROPEAN INVT BK M/T/N 6.330% 10/01/99 13,000 13,009 13,033 EUROPEAN INVT BK M/T/N 7.350% 06/01/99 9,000 9,112 9,194 EXPORT IMPORT BK JAPAN 9.000% 04/15/98 5,000 5,052 5,057 FCC GRANTOR TR 8.750% 02/15/06 2,030 2,052 2,030 FIFTH THIRD BK AUTO TR 1996-A 6.200% 09/15/01 15,958 15,962 15,978 FIRST CHICAGO MASTER TR 6.250% 08/15/99 8,266 8,267 8,252 FIRST DEP MASTER TR 6.050% 08/15/02 31,070 31,077 31,090 FIRST DEP MSTR TR ASSETS BACKED CTF 5.750% 06/15/01 28,698 28,646 28,670 FIRST SEC AUTO GR TR 6.300% 08/15/03 6,693 6,689 6,709 FIRST SEC AUTO GR TR 6.250% 01/15/01 1,763 1,763 1,766 FLEET FIN HOME EQUITY TR 6.700% 10/15/06 816 814 818 FLEETWOOD CR 1993-B GR TR 4.950% 08/15/08 2,237 2,232 2,205 FLEETWOOD CR 1994-B GR TR 6.750% 03/15/10 2,400 2,393 2,415 FORD CR AUTO LEASE TR 5.800% 05/15/99 8,995 8,993 8,973 -10- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- FORD CR AUTO OWNER TR 6.500% 11/15/99 $ 5,000 $ 4,999 $ 5,016 FORD CR AUTO OWNER TR 6.100% 10/15/20 6,200 6,199 6,204 FORD CR AUTO OWNER TR 6.750% 09/15/00 6,500 6,499 6,568 FORD CR GRANTOR TR 5.900% 10/15/00 13,659 13,683 13,638 FORD CR GRANTOR TR 5.900% 05/15/00 11,181 11,184 11,176 GE CAP MTG SVCS INC 7.200% 09/15/11 1,474 1,473 1,482 GEN ELEC CAP CORP M/T/N 5.190% 02/12/99 5,000 4,998 4,977 GEN ELEC CAP CORP M/T/N 7.125% 04/06/98 2,350 2,359 2,360 GEN ELEC CAP CORP M/T/N 7.950% 02/02/98 2,400 2,407 2,407 GEN ELEC CAP CORP M/T/N 5.480% 03/01/99 5,000 4,930 4,992 GEN ELEC CAP CORP M/T/N 7.265% 04/10/00 3,900 3,996 4,018 GEN ELEC CAP CORP M/T/N 6.370% 09/01/98 7,500 7,512 7,525 GEN ELEC CAP CORP M/T/N 5.210% 02/09/99 5,000 4,986 4,979 GENERAL ELEC CO DEB 7.875% 09/15/98 10,000 10,188 10,140 GEN ELECTRIC CAP CORP EURO M/T/N 7.000% 05/05/98 4,000 4,011 3,993 GMAC 1995-A GRANTOR TR 7.150% 03/15/00 4,216 4,230 4,233 GMAC GRANTOR TR 6.500% 04/15/02 14,668 14,665 14,731 GTE CALIF 1ST MTG 6.250% 01/15/98 1,000 1,001 1,000 HALIFAX BUILDING SOCIETY 6.625% 07/26/99 20,000 20,131 18,851 HEWLETT PACKARD FIN CO DEB 7.500% 12/05/97 15,000 15,002 14,989 HITACHI FINANCE UK PLC 6.625% 06/06/00 5,000 5,037 5,029 HONDA AUTO REC CL A 5.850% 02/15/03 21,530 21,456 21,473 HONDA AUTO REC GR TR 6.200% 12/15/00 11,819 11,827 11,833 HSEHOLD FIN CO HOME EQ LN 4.750% 05/20/08 557 555 553 IADB 9.500% 04/11/00 6,000 6,422 6,420 IBRD 4.500% 08/26/99 10,089 9,838 9,829 INTER AMERN DEV BK 9.450% 09/15/98 34,369 35,198 35,276 INTER AMERN DEV BK M/T/N 5.600% 05/28/99 26,930 26,669 26,713 INTL BK FOR RECON & DEV COLTS 9.550% 07/15/98 5,000 5,114 5,113 INTL BK FOR RECON & DEV COLTS 9.760% 06/01/98 2,500 2,551 2,548 INTL BK FOR RECON & DEV COLTS 5.850% 09/15/98 5,700 5,714 5,700 INTL BK FOR RECON & DEV COLTS 8.790% 02/19/98 1,000 1,007 1,006 INTL BK FOR RECON & DEV COLTS 6.500% 09/15/98 3,250 3,273 3,266 INTL BK FOR RECON & DEV COLTS 9.625% 04/28/99 5,000 5,207 5,244 INTL TELECOM SATELLITE 6.750% 01/19/00 10,000 10,065 10,081 JAPAN FIN CORP FOR MUN 9.250% 09/21/98 1,000 1,025 1,025 JOHNSON & JOHNSON M/T/N 8.220% 03/20/98 5,000 5,032 5,038 JOHNSON & JOHNSON M/T/N 8.180% 03/23/98 1,000 1,007 1,008 -11- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- KEY AUTO FINANCE TR 5.850% 03/15/03 $ 5,478 $ 5,478 $ 5,470 KEYCORP AUTO GRANTOR TR 5.800% 07/15/00 3,397 3,397 3,394 KFW INTL FIN INC 9.375% 07/15/98 20,000 20,382 20,359 KFW INTL FIN INC GTD NT 8.850% 06/15/99 16,355 16,984 16,996 KFW INTL FIN INC-M/T/N 9.020% 02/23/99 5,000 5,149 5,191 KIMBERLY CLARK CORP 9.000% 08/01/00 1,000 1,069 1,067 KREDIETBANK INTL FIN 6.125% 04/29/99 20,000 19,929 19,982 LBK RHEIN-PFALZ GI M/T/N 6.100% 10/28/99 32,100 31,955 32,035 LILLY ELI & CO M/T/N 7.100% 02/16/99 1,000 1,009 1,015 MBNA MASTER CR CARD TR 5.400% 09/15/00 28,525 28,296 28,327 MBNA MASTER CR CARD TR SER 1992-2 6.200% 08/15/99 6,175 6,174 6,164 MBNA MSTR CR CD TRUST 7.250% 06/15/99 1,667 1,667 1,663 MCDONALDS COR M/T/N SER B 8.375% 10/29/99 2,100 2,179 2,184 MMCA AUTO OWNER TR 5.700% 11/15/00 5,912 5,912 5,900 MORGAN GTY TR CO NY N Y 6.000% 10/01/98 10,000 9,993 10,012 MORGAN J P & CO INC M/T/N 6.000% 03/18/99 20,000 19,918 20,066 NATIONAL AUST BANK LTD 6.250% 06/17/98 25,000 25,012 24,997 NATL AUSTRALIA BK 6.00 6.000% 03/26/99 6,000 5,991 5,978 NATL RURAL UTILS COOP FIN 8.500% 02/15/98 3,000 3,016 3,015 NATIONSBANK AUTO GR TR 5.850% 06/15/02 9,035 9,035 9,018 NATIONSBANK AUTO OWNR TR 6.375% 07/15/00 21,190 21,175 21,248 NATIONSBANK AUTO OWNR TR 6.125% 07/15/99 9,761 9,770 9,769 NAVISTAR FIN 95-A OWNR TR 6.550% 11/20/01 4,641 4,658 4,656 NEW ENGLAND TEL & TEL CO 6.150% 09/01/99 2,000 1,983 2,000 NEW ENGLAND TEL & TEL CO NT 6.250% 12/15/97 1,000 1,000 1,000 NIPPON TEL & TEL 9.000% 07/19/99 2,630 2,731 2,739 NIPPON TELEG & TEL CORP 9.500% 07/27/98 38,000 38,742 38,859 NISSAN AUTO REC 1994-A GR 6.450% 09/15/99 3,309 3,316 3,311 NISSAN AUTO REC GR TR 6.100% 08/15/01 8,326 8,335 8,330 NORWEST AUTOMOBILE TR 5.800% 03/15/99 8,482 8,480 8,483 NORWEST AUTOMOBILE TR 5.900% 03/15/00 21,500 21,472 21,468 NORWEST CORP M/T/N 7.125% 09/09/99 3,000 3,031 3,049 NORWEST CORP M/T/N 5.750% 11/16/98 2,000 1,985 1,995 NORWEST CORP M/T/N 6.250% 04/15/99 6,150 6,163 6,171 NORWEST FINL INC M/T/N 6.375% 10/01/99 4,250 4,233 4,266 OESTERREICHISCHE KONTROLLBANK 8.700% 07/13/99 8,000 8,278 8,320 OESTERREICHE KONTROLBANK 9.125% 07/12/00 9,500 10,158 10,130 OLYMPIC AUTO REC TR 5.650% 01/15/01 799 799 797 OLYMPIC AUTO REC TR 6.850% 06/15/01 2,896 2,895 2,910 PITNEY BOWES CR CORP M/T/N 6.540% 07/15/99 10,000 10,041 10,103 PITNEY BOWES CR CORP NT 6.250% 06/01/98 12,000 12,011 12,023 PNC STUDENT LN TR I 6.138% 01/25/00 10,000 10,000 10,023 -12- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- PREMIER AUTO TR 6.650% 11/02/98 $ 2,732 $ 2,734 $ 2,734 PREMIER AUTO TR 6.000% 10/06/99 4,671 4,677 4,673 PREMIER AUTO TR 4.750% 02/02/00 226 226 225 PREMIER AUTO TR 6.350% 05/02/00 1,359 1,359 1,359 PREMIER AUTO TR 6.850% 03/02/99 4,671 4,681 4,672 PREMIER AUTO TR 6.350% 01/06/00 10,275 10,274 10,299 PREMIER AUTO TR 5.900% 04/06/00 4,838 4,837 4,836 PREMIER AUTO TR 6.500% 03/06/00 10,400 10,391 10,438 PREMIER AUTO TR 6.120% 06/06/00 15,000 14,999 15,010 PREMIER AUTO TR 4.900% 12/15/98 1,394 1,395 1,393 PREMIER AUTO TR 5.900% 07/06/99 2,572 2,571 2,573 PREMIER AUTO TR 4.900% 10/15/98 1,395 1,395 1,392 PREMIER AUTO TR 1993-5 ASSET BACKED NT 4.220% 03/02/99 684 684 678 PREMIER AUTO TRUST 6.150% 03/06/00 10,000 10,011 10,008 PROCTER & GAMBLE CO NT 9.500% 02/11/98 13,000 13,084 13,052 RABOBANK NEDERLAND M/T/N 5.950% 10/06/99 15,000 14,997 14,981 ROCKWELL INTL CORP 8.875% 09/15/99 2,000 2,089 2,091 ROCKWELL INTL CORP 7.625% 02/17/98 2,000 2,004 2,007 SCFC RECR VEH LN TR 7.250% 09/15/06 3,059 3,060 3,068 SEARS CR ACCT MSTR TR II 6.500% 10/15/03 20,000 19,994 20,127 SEARS CR ACCT MSTR TR II 6.250% 01/15/03 37,000 37,002 37,071 SHELL OIL CO 6.950% 12/15/98 6,290 6,331 6,350 SHELL OIL CO NT 6.625% 07/01/99 8,800 8,819 8,865 SIEMENS AG E/M/T/N 5.820% 06/15/98 5,000 4,988 4,997 SW BELL TEL CO M/T/N 5.040% 10/13/98 5,000 4,944 4,960 SW BELL TEL CO M/T/N 6.400% 08/18/99 4,000 4,022 4,026 SPAIN KINGDOM M/T/N 8.750% 12/22/97 4,000 4,005 4,005 STANDARD CR CD MSTR TR 5.500% 02/07/00 16,750 16,691 16,637 STANDARD CR CD MSTR TR 1 6.800% 04/07/01 2,000 2,003 2,017 STANDARD CR CD MSTR TR I 5.900% 02/07/01 27,425 27,375 27,350 STANDARD CR CD MSTR TR I 6.750% 06/07/00 5,000 5,006 5,019 TMS HOME EQUITY LN TR 5.175% 07/15/06 2,444 2,455 2,415 TOKYO METROPOLIS JAPAN 8.700% 10/05/99 2,000 2,083 2,085 TOKYO METROPOLIS JAPAN 9.250% 10/11/98 3,550 3,636 3,645 TOYOTA AUTO RECEIVABLES 5.850% 03/15/01 6,295 6,287 6,291 TOYOTA AUTO RECEIVABLES 6.300% 07/20/01 16,415 16,418 16,448 TOYOTA AUTO REC GR TR 6.450% 04/15/02 23,240 23,251 23,336 TOYOTA MOTOR CORP 5.625% 03/17/98 6,801 6,789 6,785 UBS FIN DEL INC M/T/N 6.200% 10/01/98 20,000 20,045 20,056 UNILEVER CAP CORP 8.875% 03/26/98 15,900 16,012 16,017 UNILEVER CAPITAL CORP 9.250% 03/29/00 19,400 20,336 20,600 UNILEVER NV EURO MTN US$ 8.000% 12/08/99 2,000 2,068 2,065 USAA CAP CORP M/T/N 6.550% 09/20/99 10,000 10,068 10,065 WACHOVIA BK NC N A M/T/N 6.000% 03/15/99 2,450 2,449 2,457 -13- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- WACHOVIA BK NC N A M/T/N 4.900% 09/19/98 $ 1,500 $ 1,482 $ 1,489 WACHOVIA BK NC N A M/T/N 6.700% 04/14/99 1,000 1,006 1,009 WACHOVIA BK NC N A M/T/N 7.050% 06/09/99 15,000 15,132 15,262 WACHOVIA BK NC N A M/T/N 7.000% 05/12/99 5,800 5,822 5,894 WACHOVIA BK NC N A M/T/N 5.375% 01/04/99 5,650 5,651 5,630 WAL MART STORES 9.100% 07/15/00 2,071 2,218 2,217 WAL MART STORES INC NT 6.125% 10/01/99 4,000 3,991 4,003 WAL MART STORES INC SR NT 5.500% 03/01/98 22,150 22,120 22,133 WORLD OMNI AUTO LEASE 6.050% 11/25/01 5,638 5,638 5,639 --------- ---------- ---------- TOTAL CORPORATE BONDS $1,835,277 $1,845,631 $1,847,467 -14- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- GOVERNMENT BONDS FED HOME LN MTGE CORP GRP # G40276 6.500% 12/01/99 $ 8,843 $ 8,881 $ 8,865 FEDERAL HOME LN BKS 6.080% 09/08/98 5,400 5,423 5,410 FEDERAL HOME LN BKS 4.810% 02/23/98 5,000 4,998 4,991 FEDERAL HOME LN BKS 5.750% 12/30/98 10,000 9,975 9,977 FEDERAL HOME LN BKS CONS 5.960% 08/13/98 24,020 24,008 24,043 FED HOME LN BKS CONS BD 5.750% 10/30/98 5,600 5,588 5,594 FED HOME LN BKS CONS BD 5.800% 11/03/98 10,000 9,984 9,994 FED HOME LN BKS M/T/N 6.015% 09/08/98 4,000 4,018 4,006 FED HOME LN BKS M/T/N 5.415% 12/28/98 5,000 5,000 4,977 FED HOME LN MTG CORP DEB 4.950% 02/22/99 5,000 4,968 4,946 FED HOME LN MTG CORP NTS 4.950% 02/22/99 10,000 9,877 9,892 FEDERAL HOME LOAN BANK 9.250% 11/25/98 2,715 2,808 2,802 FEDERAL HOME LOAN BANK 9.300% 01/25/99 8,280 8,563 8,583 FEDERAL NAT'L MTGE ASSN 8.700% 06/10/99 1,000 1,033 1,040 FED NATL MTG ASSN POOL # 9.550% 03/10/99 1,800 1,861 1,880 FED NATL MTG ASSN M/T/N 5.820% 12/21/98 10,000 9,982 10,000 FED NATL MTG ASSN M/T/N 4.940% 02/23/99 5,000 4,934 4,945 FED NATL MTG ASSN M/T/N 6.090% 06/14/99 5,000 4,998 5,015 FED NATL MTG ASSN M/T/N 5.550% 03/12/99 2,030 2,010 2,022 FED NATL MTG ASSN M/T/N 5.400% 03/12/99 5,000 4,967 4,959 FED NATL MTG ASSN M/T/N 6.000% 03/26/99 5,000 4,996 5,007 FED NATL MTG ASSN DEB 8.550% 08/30/99 5,120 5,322 5,324 FED NATL MTG ASSN DEB 7.050% 12/10/98 5,000 5,078 5,060 FED NATL MTG ASSN DEB 7.680% 11/22/99 2,465 2,538 2,544 FED NATL MTG ASSN M/T/N 6.070% 07/01/99 5,000 4,997 5,010 FED NATL MTG ASSN M/T/N 6.090% 09/01/98 800 801 801 FED NATL MTG ASSN M/T/N 5.200% 01/25/99 5,000 5,002 4,963 FED NATL MTG ASSN M/T/N 5.090% 02/08/99 5,000 5,000 4,956 FED NATL MTG ASSN M/T/N 4.950% 02/22/99 10,000 9,957 9,892 FED NATL MTG ASSN M/T/N 5.870% 10/13/98 15,000 14,982 15,000 STUDENT LN MKTG ASSN 4.500% 08/02/99 35,575 34,567 34,797 ---------- ---------- ---------- TOTAL GOVERNMENT BONDS $ 227,648 $ 227,116 $ 227,295 -15- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) MATURITY PAR AMORTIZED CURRENT DESCRIPTION COUPON DATE VALUE COST VALUE - ----------------------------------------------------------------------------- CERTIFICATE OF DEPOSITS AMER EXPR CENT BK C/D 6.400% 04/28/98 $ 2,000 $ 1,999 $ 2,005 BANKERS TR CO C/D 5.800% 02/08/99 10,000 9,966 10,012 BAYERISCHE LANDESBANK NY INSTL C/D 5.220% 02/12/99 5,000 5,007 4,968 DEUTSCHE BANK AG NY C/D 6.150% 04/14/98 10,000 9,998 9,997 DEUTSCHE BANK AG NY C/D 6.050% 04/01/98 15,000 14,994 14,994 MERC SAFE DEP & TR C/D 6.150% 08/31/98 10,000 10,000 10,021 MERC SAFE DEP & TR CO C/D 6.120% 11/16/98 10,000 10,000 10,038 ---------- ---------- ---------- TOTAL CERTIFICATE OF DEPOSITS $ 62,000 $ 61,964 $ 62,035 ---------- ---------- ---------- TOTAL FIXED INCOME SECURITIES $2,124,925 $2,134,711 $2,136,797 SHORT TERM INVESTMENTS COMMERCIAL PAPER FORD MTR CR CO CPDS N/A 01/05/98 $ 10,000 $ 9,881 $ 9,874 GEN ELEC CAP CORP DISC C/P CPDS N/A 01/20/98 25,000 24,646 24,631 ---------- ---------- ---------- TOTAL COMMERCIAL PAPER $ 35,000 $ 34,527 $ 34,505 COLL SHORT TERM INVST FD N/A N/A $ 2,682 $ 2,682 $ 2,682 REPO GOLDMAN SACHS TRI PARTY 5.850% N/A 45,000 45,000 45,000 MORGAN STANLEY GRP INC MSTR NOTE N/A N/A 9,000 9,000 9,000 ---------- ---------- ---------- TOTAL SHORT TERM INVESTMENTS $ 91,682 $ 91,209 $ 91,187 PARTICIPANT LOANS (ANNUAL INTEREST RATES FROM 9.0 TO 6.5, MAXIMUM PERIOD OF REPAYMENT IS 60 MONTHS) N/A N/A $ 158,114 $ 158,114 $ 158,114 ---------- ---------- ---------- TOTAL COMMON ASSET $2,374,721 $2,384,034 $2,386,098 INVESTMENTS ========== ========== ========== -16- EXHIBIT 1 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES 11/30/97 (thousands of dollars) SHARES/ CURRENT DESCRIPTION UNITS COST VALUE - ----------------------------------------------------------------------------- EXXON CORPORATION PREFERRED STOCK FUND - --------------------------- EXXON CORPORATION CLASS A PREFERRED STOCK (thousands of shares) 3,229 $ 198,614 $ 393,998 SHORT TERM INVESTMENTS GENERAL ELEC CAP CORP DISC C/P CPDS $ 10,000 $ 9,884 $ 9,878 MORGAN STANLEY GROUP INC MASTER NOTE 3,004 3,004 3,004 --------- ---------- ---------- TOTAL SHORT TERM INVESTMENTS $ 13,004 $ 12,888 $ 12,882 EXXON CORPORATION COMMON STOCK FUND - --------------------------- EXXON CORPORATION COMMON STOCK (thousands of shares) (adjusted for March 14, 1997 2-for-1 stock split) 87,427 $2,552,909 $5,333,040 EQUITY PORTFOLIO FUND - --------------------- BARCLAYS GLOBAL INVESTORS EQUITY FUND (thousands of units) 3,400 $ 349,960 $ 756,675 EXTENDED MARKET PORTFOLIO FUND - ------------------------- BARCLAYS GLOBAL INVESTORS EXTENDED EQUITY INDEX FUND (thousands of units) 15,795 $ 213,084 $ 298,146 -17- EXHIBIT 2 THRIFT PLAN OF EXXON CORPORATION AND PARTICIPATING AFFILIATES ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS NOVEMBER 30, 1997 (thousands of dollars) 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 - --------- ----- --------- -------- ---- 21,593,904 13,277,026 $1,170,564 $755,309 $170,489 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). * Adjusted to reflect March 14, 1997 2-for-1 stock split. -18- 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, 1997 and 1996, and the changes in its net assets available for benefits for the year ended November 30, 1997, 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 April 23, 1998 -19- 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 April 23, 1998 appearing on page 19 of this Annual Report on Form 11-K. PRICE WATERHOUSE LLP Houston, Texas April 23, 1998 -20- 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/ J. E. Bayne ___________________________________ J. E. Bayne, Manager Benefits Finance and Investments Dated: April 23, 1998 -21-