SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 24, 1996
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EXXON CORPORATION
______________________________________________________________________
(Exact name of registrant as specified in charter)
New Jersey 1-2256 13-5409005
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(State or other (Commission (IRS Employer
jurisdiction of incorpo file number) Identification No.)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972)444-1000
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Item 5: Other Events
On September 24, 1996, the United States District Court for the District
of Alaska entered a judgment in the amount $5,057,571,930 in the Exxon
Valdez civil trial that began in May 1994. The District Court awarded
approximately $19.6 million in compensatory damages, $38 million in
prejudgment interest on the compensatory damages and $5 billion in
punitive damages, and ordered that these awards shall bear interest from
and after entry of the judgment. On September 27, 1996, the
District Court stayed execution on the judgment pending appeal,
contingent on the posting of a $6.75 billion letter of credit which the
corporation is arranging. Exxon will appeal 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. For additional information regarding
these lawsuits see note 3 to the consolidated financial statements
included in the corporation's Quarterly Report on Form 10-Q for the
quarter ended June 30, 1996.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
EXXON CORPORATION
/s/ W. Bruce Cook
_________________________________________
W. Bruce Cook, Vice President, Controller
and Principal Accounting Officer
Date: September 27, 1996