SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
[ ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
OR
[X] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from February 1, 1999 to December 30, 1999
Commission file number 1-2256
EMPLOYEES SAVINGS PLAN OF
MOBIL OIL CORPORATION
(Full title of the plan)
EXXON MOBIL CORPORATION
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
(Address of principal executive office)
<PAGE>
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
FORM 11-K
FOR THE FISCAL YEAR ENDED JANUARY 31, 1999
AND THE PERIOD ENDED DECEMBER 30, 1999 (FINAL FILING)
TABLE OF CONTENTS
Page
Report of PricewaterhouseCoopers LLP, Independent Accountants 1
Statements of Net Assets Available for Benefits 2-3
Statements of Changes in Net Assets Available for Benefits 4-5
Notes to Plan Financial Statements 6
Supplemental Information:
Schedule of Reportable Transactions 12
Signature 13
A schedule of party-in-interest transactions has not been presented because
there were no such prohibited transactions.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Exxon Mobil Corporation
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of the Employees Savings Plan of Mobil Oil Corporation (the
Plan) at December 30, 1999, and the changes in net assets available for
benefits for the period ended December 30, 1999, in conformity with
accounting principles generally accepted in the Unites States. These
financial statements are the responsibility of the Plan's management; our
responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit of these financial statements in
accordance with auditing standards generally accepted in the United States,
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
management, and evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for the opinion
expressed above. The financial statements of the Plan as of and for the
year ended January 31, 1999, were audited by other independent accountants
whose report dated April 16, 1999 expressed an unqualified opinion on those
statements.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of
Reportable Transactions is presented for the purpose of additional analysis
and is not a required part of the financial statements but is supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974. This supplemental schedule is the responsibility of the Plan's
management. 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 net assets available for benefits and the changes in net assets
available for benefits of each fund. The supplemental schedule and Fund
Information have been subjected to auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in
all material respects in relation to the financial statements taken as a
whole.
PricewaterhouseCoopers LLP
McLean, Virginia
June 23, 2000
<PAGE> -1-
<TABLE>
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
JANUARY 31, 1999
(millions of dollars)
<CAPTION>
EXXON/ EXXON/ LONG-
MOBIL MOBIL TERM OTHER OTHER PARTIC-
COMMON ESOP FIXED JENNISON LOWER HIGHER IPANT
STOCK STOCK INCOME EQUITY RISK RISK LOAN
FUND FUND FUND FUND FUNDS FUNDS FUND TOTAL
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at
current value $2,458 $1,438 $ 779 $1,221 $ 545 $ 233 $ 74 $6,748
Contributions receivable:
Company - 181 - - - - - 181
Participants 3 - 1 1 1 1 - 7
Dividends and interest
receivable - 20 - - - - 1 21
Loan repayments
receivable - - - - - - 2 2
Cash - - - - 6 - - 6
-----------------------------------------------------------------------------------------
Total assets 2,461 1,639 780 1,222 552 234 77 6,965
-----------------------------------------------------------------------------------------
Accrued interest
payable - (15) - - - - - (15)
ESOP debt - (471) - - - - - (471)
-----------------------------------------------------------------------------------------
Total liabilities - (486) - - - - - (486)
-----------------------------------------------------------------------------------------
Net assets available
for benefits $2,461 $1,153 $ 780 $1,222 $ 552 $ 234 $ 77 $6,479
=========================================================================================
</TABLE>
See accompanying notes
<PAGE> -2-
<TABLE>
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 30, 1999
(millions of dollars)
<CAPTION>
EXXON/ EXXON/ LONG-
MOBIL MOBIL TERM OTHER OTHER PARTIC-
COMMON ESOP FIXED JENNISON LOWER HIGHER IPANT
STOCK STOCK INCOME EQUITY RISK RISK LOAN
FUND FUND FUND FUND FUNDS FUNDS FUND TOTAL
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at
current value $ - $ - $ - $ - $ - $ - $ - $ -
Contributions receivable:
Company - - - - - - - -
Participants - - - - - - - -
Dividends and interest
receivable - - - - - - - -
Loan repayments
receivable - - - - - - - -
Cash - - - - - - - -
------------------------------------------------------------------------------------------
Total assets - - - - - - - -
------------------------------------------------------------------------------------------
Accrued interest
payable - - - - - - - -
ESOP debt - - - - - - - -
------------------------------------------------------------------------------------------
Total liabilities - - - - - - - -
------------------------------------------------------------------------------------------
Net assets available
for benefits $ - $ - $ - $ - $ - $ - $ - $ -
==========================================================================================
</TABLE>
See accompanying notes
<PAGE> -3-
<TABLE>
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED JANUARY 31, 1999
(millions of dollars)
<CAPTION>
EXXON/ EXXON/ LONG-
MOBIL MOBIL TERM OTHER OTHER PARTIC-
COMMON ESOP FIXED JENNISON LOWER HIGHER IPANT
STOCK STOCK INCOME EQUITY RISK RISK LOAN
FUND FUND FUND FUND FUNDS FUNDS FUND TOTAL
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions
Company $ 17 $ 26 $ - $ - $ - $ - $ - $ 43
Participants 37 - 11 21 14 10 - 93
Investment income
Dividends 67 50 - - 24 8 - 149
Interest and other
investment income - - 46 - - - 6 52
Net realized and unrealized
gains on investments 567 318 - 415 43 19 - 1,362
-------------------------------------------------------------------------------------------
Total investment income 634 368 46 415 67 27 6 1,563
-------------------------------------------------------------------------------------------
Interest on ESOP debt - (38) - - - - - (38)
Distributions to
participants (167) (31) (141) (51) (42) (10) (4) (446)
Transfers in 3 - 12 6 7 1 - 29
Transfers out (2) (2) (1) - (1) - - (6)
Inter-fund transfers (158) (16) 153 (26) 72 (15) (10) -
-------------------------------------------------------------------------------------------
Net increase in net
assets available
for benefits 364 307 80 365 117 13 (8) 1,238
Net assets available
for benefits:
At beginning of year 2,097 846 700 857 435 221 85 5,241
------------------------------------------------------------------------------------------
At end of year $2,461 $1,153 $ 780 $1,222 $ 552 $ 234 $ 77 $6,479
==========================================================================================
</TABLE>
See accompanying notes
<PAGE> -4-
<TABLE>
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
PERIOD ENDED DECEMBER 30, 1999
(millions of dollars)
<CAPTION>
EXXON/ EXXON/ LONG-
MOBIL MOBIL TERM OTHER OTHER PARTIC-
COMMON ESOP FIXED JENNISON LOWER HIGHER IPANT
STOCK STOCK INCOME EQUITY RISK RISK LOAN
FUND FUND FUND FUND FUNDS FUNDS FUND TOTAL
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions
Company $ - $ 36 $ - $ - $ - $ - $ - $ 36
Participants 36 - 10 24 16 8 - 94
Investment income
Dividends 62 28 - - 28 3 - 121
Interest and other
investment income - - 41 - - - 5 46
Net realized and unrealized
gains on investments 526 302 - 392 39 87 - 1,346
------------------------------------------------------------------------------------------
Total investment income 588 330 41 392 67 90 5 1,513
------------------------------------------------------------------------------------------
Interest on ESOP debt - (28) - - - - - (28)
Distributions to
participants (178) (30) (104) (52) (59) (13) (3) (439)
Transfers in 1 - 3 3 5 - - 12
Transfers out (7) (3) - - (1) - - (11)
Inter-fund transfers (10) (20) 67 (9) (5) (11) (12) -
Transfer to successor
plan (Note 1) (2,891) (1,438) (797) (1,580) (575) (308) (67) (7,656)
-------------------------------------------------------------------------------------------
Net decrease in net
assets available
for benefits (2,461) (1,153) (780) (1,222) (552) (234) (77) (6,479)
Net assets available
for benefits:
At beginning of year 2,461 1,153 780 1,222 552 234 77 6,479
------------------------------------------------------------------------------------------
At end of year $ - $ - $ - $ - $ - $ - $ - $ -
==========================================================================================
</TABLE>
See accompanying notes
<PAGE> -5-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 1. Description of the Plan
Plan merger - On November 30, 1999, a wholly-owned subsidiary of Exxon
Corporation (Exxon) merged with Mobil Corporation (Mobil) so that Mobil
became a wholly-owned subsidiary of Exxon. At the same time, Exxon changed
its name to Exxon Mobil Corporation (ExxonMobil). Each share of Mobil
Common Stock was converted into 1.32015 shares of ExxonMobil Common Stock,
and Mobil's Series B ESOP Convertible Preferred Stock (Mobil ESOP
Convertible Preferred Stock) was replaced with ExxonMobil Class B Preferred
Stock. In December 1999, each unit of ExxonMobil's Class B Preferred Stock
(1/100th of a preferred share) was converted into 1.32015 shares of
ExxonMobil Common Stock.
On December 30, 1999, the Plan was merged into the Thrift Plan of Exxon
Corporation and Participating Affiliates (the Exxon Plan). The Plan's
assets and liabilities were transferred to the Exxon Plan, and the Plan
became a subpart of the Exxon Plan. On January 1, 2000, the Exxon Plan was
renamed the ExxonMobil Savings Plan (ExxonMobil Plan). Unless otherwise
noted, these footnotes refer to the Plan prior to the merger with the Exxon
Plan.
Eligibility - Most employees are immediately eligible to participate in the
Plan. Films division employees hired after April 1, 1998 become eligible to
participate in the Plan on the first of the month after completing one year
of service.
During 1998, Mobil sold certain operations in Paulsboro, New Jersey and
Pasadena, Texas. The Plan provided full vesting to all affected
participants and allowed them to continue to repay their outstanding loans
under the existing loan amortization schedules.
Contributions - The Plan is composed of two parts:
Savings Account - Through December 31, 1998, Mobil contributed sufficient
funds to this account to provide an allocation of Mobil ESOP Convertible
Preferred Stock equal to 4% of most employees' eligible compensation, plus
additional Mobil ESOP Convertible Preferred Stock in lieu of preferred cash
dividends on such stock. Effective on January 1, 1999, this contribution
was increased to 6% for most employees.
Employees can make after-tax contributions to the Savings Account of the
Plan, subject to certain tax law limitations. The maximum permitted
employee contribution to the Savings Account is 15% of eligible
compensation (plus certain make-up contributions).
401(k) Account - Through December 31, 1998, Mobil contributed 2% of
eligible compensation for most employees to this account(and an additional
1% for most pre-January 1, 1969 employees). An employee could elect to
receive a portion or all of Mobil's contributions in cash. Effective
January 1, 1999, Mobil discontinued this 2% contribution. The account also
includes employee pre-tax contributions. The combined company and employee
contributions to this account cannot exceed 15% of the employee's eligible
compensation. Federal regulations governing the 401(k) Account limit in
certain cases the combined company and employee 401(k) contributions to
less than 15% of eligible compensation.
<PAGE> -6-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 1. Description of the Plan - continued
Vesting & other - Company contributions to the Savings Account and related
investment income become vested upon completion of five years of
employment. Company contributions to the 401(k) account and all employee
contributions and related earnings are immediately vested.
Effective January 1, 1999, participants have the option to receive
dividends from Mobil Common Stock (and, subsequent to November 30, 1999,
ExxonMobil Common Stock)in cash without withdrawal penalties.
The terms of the Plan are more fully described in the Summary Plan
Description, which is available to each participant.
Note 2. Administration of Plan Assets
The ExxonMobil Plan, of which the plan became a subpart, is administered by
fiduciaries designated by the Board of Directors of ExxonMobil. Merrill
Lynch, Pierce, Fenner and Smith Inc. is the record-keeper for the Plan.
Merrill Lynch Trust Company (Merrill Lynch) is the trustee, with the
exception of the ESOP portion of the Plan, of which Bankers Trust Company
is the trustee.
Note 3. Major Accounting Policies
Security valuation on January 31, 1999 - Mobil Common Stock is valued at
the Plan's average sales price for the day (based on the New York Stock
Exchange), on the day of valuation or, lacking any sales on that day, at
the most recent bid quotation.
Mobil ESOP Convertible Preferred Stock units are stated at current value,
which is the higher of the liquidation value or current market value.
Liquidation value is the minimum price guaranteed by Mobil, $38.875 per
unit. Current market value is defined as the average sales price for Mobil
Common Stock as defined in the previous paragraph.
The Merrill Lynch Floating Rate Long-Term Fixed Income Fund (LTFI) is
stated at current value, which approximates fair value, representing the
original cost, plus interest (based upon the crediting rates of the
underlying contracts) reduced by administration fees, transfers out and
withdrawals.
The Aim Charter Fund, the Merrill Lynch Global Allocation Fund, the Merrill
Lynch Institutional Fund, the Franklin U.S. Government Securities Fund, the
MFS Emerging Growth Fund, the Templeton Foreign Fund and the Templeton
Developing Markets Trust are publicly traded and valued at the closing sale
price of the last business day of the Plan year.
The Jennison Fund and the Merrill Lynch Equity Index Trust are stated at
current value, which approximates the fair value of the funds' underlying
securities and encompass dividends, interest, gains and losses and
administration fees in the values of each unit.
Participant loans represent the outstanding principal balances of the loans
and are valued at cost, which approximates current value.
<PAGE> -7-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 3. Major Accounting Policies - continued
Additional descriptions of the investment choices in the Plan are available
to the participants from Merrill Lynch.
Investment income - Dividends from Mobil Common Stock are accrued on the
ex-dividend date.
The minimum annual dividend on a unit of Mobil ESOP Convertible Preferred
Stock and ExxonMobil's Class B Preferred Stock accrued on a monthly basis,
and was set at $3.00 per year.
All other earnings are stated on an accrual basis. Investment income from
all sources is stated net of administrative expenses, which include
brokerage fees on purchases and sales of Mobil and ExxonMobil Common Stock,
investment management, trustee, audit and other fees. The company also pays
miscellaneous administrative expenses on the behalf of the Plan.
Security transactions are recorded on a trade date basis. Realized and
unrealized gains and losses are based on an average cost method.
Forfeitures - Amounts forfeited (non-vested company contributions and
accumulated earnings thereon) under the Plan are used to reduce company
contributions. Unapplied forfeitures at January 31, 1999 are accounted for
as reductions in company contributions.
Use of estimates - The preparation of the financial statements in
accordance with accounting principles generally accepted in the United
States requires ExxonMobil to make certain estimates and assumptions
affecting amounts in the financial statements. Actual results could differ
from these estimates and assumptions.
Note 4. Employee Stock Ownership Plan (ESOP)
In November 1989, the ESOP trust, supported by a Mobil guarantee, privately
placed $800,000,000 of floating interest rate notes due November 22, 2004,
and used the proceeds to purchase 205,788 shares of Mobil ESOP Convertible
Preferred Stock at a price equal to liquidation value, or $3,887.50 per
share. Prior to November 30, 1999, each share was convertible into 100
shares of Mobil Common Stock and was entitled to 100 votes. ExxonMobil
assumed all Mobil guarantees of the ESOP trust's obligations.
On February 27, 1990, the ESOP trust issued and Mobil guaranteed $800
million of 9.17% Sinking Fund Debentures due February 29, 2000, pursuant to
Rule 415 under the Securities Act of 1933. The ESOP trust used the proceeds
to retire the floating interest rate notes due November 22, 2004. As of
December 30, 1999, $60.6 million of these debentures were still
outstanding.
<PAGE> -8-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 4. Employee Stock Ownership Plan (ESOP) - continued
Through December 30, 1999, the ESOP trust issued and Mobil guaranteed an
aggregate of $275 million of medium-term notes under a $300 million shelf
registration filed with the Securities and Exchange Commission pursuant to
Rule 415. The proceeds of the sales of the issued notes were used to retire
identical principal amounts of existing ESOP trust debt. Interest on these
notes is due semi-annually. On March 12, 1999, the Securities and Exchange
Commission declared effective a new shelf registration that would have
permitted the offer and sale by the ESOP trust of an additional $475
million in debt securities, guaranteed by Mobil, pursuant to Rule 415.
Subsequent to the November 30, 1999 merger of Mobil and Exxon, the new
shelf registration was withdrawn.
A summary of these medium-term notes as of December 30, 1999 is as follows:
<TABLE>
<CAPTION>
Date of Interest Maturity Retirement
Issuance Amount Rate Date Date
-------- ------------ -------- -------- ----------
<S> <C> <C> <C> <C> <C>
2/28/94 $ 25,000,000 6.220% 2/28/02 3/1/99
8/31/94 15,000,000 7.550% 2/28/02 3/1/99
2/28/95 30,000,000 8.225% 8/31/04 3/1/99
8/31/96 25,000,000 6.700% 8/31/00
8/31/96 15,000,000 6.625% 2/28/01
2/28/97 25,000,000 6.250% 8/31/01
2/28/97 10,000,000 6.300% 9/03/02
9/02/97 40,000,000 6.375% 8/31/01
3/02/98 25,000,000 5.875% 9/03/02
3/02/98 20,000,000 5.900% 2/28/03
8/31/98 45,000,000 5.800% 9/02/03
------------
$275,000,000
============
</TABLE>
Principal and interest payments on the debentures and medium term notes are
due semi-annually. Principal maturities by calendar year are as follows:
$85,600,000 in 2000; $80,000,000 in 2001; $35,000,000 in 2002; and
$65,000,000 in 2003.
On February 4, 1999, the ESOP trust established a commercial paper program
under which the ESOP trust may sell to institutional investors up to $500
million of short-term notes, guaranteed by Mobil. The proceeds of the sales
of such notes would be used for the same purposes as the proceeds of the
sales of the medium-term notes referred to above. On March 1, 1999, the
ESOP trust issued and Mobil guaranteed $115,090,808 of 4.973% notes, due
August 31, 1999. The proceeds were used in part to retire in advance of
their normal maturity dates the first three medium-term notes identified in
the above schedule. On August 31, 1999, the trust retired the 4.973% notes
and issued company-guaranteed notes of $170,954,960 at 5.72%, due
February 29, 2000.
Only unallocated assets held in the ESOP trust are subject to recourse by
creditors of the ESOP trust.
<PAGE> -9-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 4. Employee Stock Ownership Plan (ESOP) - continued
The ESOP trust uses dividends it receives from the ESOP Convertible
Preferred Stock and the ExxonMobil Common Stock, together with
contributions from the company, to repay the principal and interest on the
ESOP trust debt. The amount of ESOP debt repaid each Plan year results in
the release of shares to be available for allocation to Plan participants'
accounts in the ESOP. The company contributes sufficient funds to ensure
that each participant's account in the ESOP is credited with stock as
discussed in Note 1.
Plan participants earned 630,678 and 597,035 pay-based units of ESOP
Convertible Preferred Stock, plus credit for fractional units, for the
fiscal year ended January 31, 1999 and the period ended December 30, 1999,
respectively. The aggregate fair values of these units were $49,186,368 and
$57,949,841, respectively. In addition, Plan participants earned units of
ESOP Convertible Preferred Stock equal to the value of the preferred
dividends on units allocated to participant accounts. The units of ESOP
Convertible Preferred Stock earned by dividends were 350,736 with a fair
value of $26,463,066 for the fiscal year ended January 31, 1999, and
234,694 with a fair value of $22,817,753 for the period ended December 30,
1999. During the period ended December 30, 1999, participants earned
137,095 shares of ExxonMobil common Stock with a fair value of $10,648,631.
As of January 31, 1999 the trust held 7,347,683 units of ESOP Convertible
Preferred Stock, which had yet to be earned by employees. The current value
of these unearned preferred units was $642,933,263 at January 31, 1999. The
net assets available for benefits at January 31, 1999 included unrealized
gains on the unallocated units of $357,281,086.
Note 5. Contributions and Distributions
Mobil's contributions are net of forfeitures of $270,663 and $597,358 for
the year ended January 31, 1999 and the period ended December 30, 1999,
respectively.
Transfers in include participant-initiated rollovers of certain
distributions from other tax-qualified plans into the Savings Account.
Transfers out include a trust-to-trust transfer of the balances of former
Mobil employees who became employees of the Area Energy joint venture and
Valero Energy Corporation.
The Plan provides for the payment of vested benefits upon termination,
death, disability or retirement.
Note 6. Participant Loans
The Plan allows participants to borrow against their accounts in the trust.
Loan interest rates are reviewed quarterly and determined for new loans,
if appropriate, based on the "Bank Prime Loan" rate for the last business
day of the second preceding calendar month, as published in Federal Reserve
Statistical Release H.15. The term of loans may be any monthly increment
between 12 and 60 months.
The maximum loan amount permitted is the lesser of (i) one-half the current
value of the vested portion of the participant's account less any
outstanding loan balance, or (ii) $50,000 less the maximum outstanding loan
balance in the preceding twelve months.
<PAGE> -10-
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
NOTES TO PLAN FINANCIAL STATEMENTS
January 31, 1999 and December 30, 1999
Note 7. Tax Status
On October 23, 1998, the Internal Revenue Service determined that the
entire Plan, a stock bonus plan qualified under Section 401(a) of the
Internal Revenue Code (the Code), also qualifies as an employee stock
ownership plan (an "ESOP") under section 4975(e)(7) of the Code, and that
the trusts thereunder (collectively, the trust) are exempt from Federal
income tax under Section 501(a) of the Code.
Note 8. Plan Termination
While ExxonMobil has not expressed an intent to terminate the Plan, it may
do so at any time, subject to the provisions of the Employee Retirement
Income Security Act (ERISA). In the event the Plan is terminated, all
participants will become fully vested in their accounts and the net assets
of the Plan shall be distributed among the participants in accordance with
ERISA.
Note 9. Plan Investments
Investments in the Plan as of January 31, 1999 were as follows
($ millions):
<TABLE>
<CAPTION> Current
Value
-------
<S> <C>
Mobil Common Stock.......................... $2,458
Mobil ESOP Convertible Preferred Stock...... 1,438
Merrill Lynch Floating Rate Long-Term
Fixed Income Fund......................... 779
Jennison Equity Fund........................ 1,221
Other lower risk funds - less than 5% of Plan
net assets:
Merrill Lynch Institutional Fund.......... 127
Merrill Lynch Global Allocation Fund...... 67
Merrill Lynch Equity Index Trust.......... 153
Franklin U.S. Government Securities Fund.. 114
AIM Charter Fund.......................... 84
Other higher risk funds - less than 5% of Plan
net assets:
MFS Emerging Growth Fund.................. 157
Templeton Foreign Fund.................... 52
Templeton Developing Markets Trust........ 24
Participant Loans........................... 74
------
$6,748
======
</TABLE>
At January 31, 1999, the percentage of the Plan's net assets that were
investments in or receivables from Mobil was 63%. The Plan's investment in
Mobil Common Stock at January 31, 1999 represented 3.6% of the outstanding
shares.
The average crediting interest rate of the Merrill Lynch Floating Rate
Long-Term Fixed Income Fund for the year ended January 31, 1999 and the
period ended December 30, 1999 was 6.3% and 6.1%, respectively. The
annualized crediting interest rate was 6.1% at January 31, 1999 and
December 30, 1999. Crediting rates fluctuate with the activities of the
underlying contracts. This investment choice has no fixed term, nor a
minimum crediting interest rate in that context.
<PAGE> -11-
<TABLE>
SUPPLEMENTAL INFORMATION
EMPLOYEES SAVINGS PLAN OF MOBIL OIL CORPORATION
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
PERIOD ENDED DECEMBER 30, 1999
<CAPTION>
Expense Current
Incurred Value at Net
Identity Purchase Selling Lease With Cost of Transaction Gain
of Party Price Price Rental Transaction Asset Date (Loss)
Involved Description of Asset (000's) (000's) (000's) (000's) (000's) (000's) (000's)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Series of Transactions (Category iii)
Mobil* Mobil Common Stock
839 Purchases $533,838 $ 165 $534,003
915 Sales $509,310 145 413,168 $509,165 $ 95,997
Merrill Merrill Lynch Floating
Lynch* Rate LTFI
938 Purchases 661,763 661,763
889 Sales 643,132 643,132 643,132 -
</TABLE>
* Party-in-interest as defined by ERISA
There were no category (i), (ii) or (iv) reportable transactions for the
fiscal year.
<PAGE> -12-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
Annual Report to be signed on its behalf by the undersigned hereunto duly
authorized.
EMPLOYEES SAVINGS PLAN OF MOBIL OIL
CORPORATION
EXXON MOBIL CORPORATION
BY
NAME AND TITLE J. E. Bayne, Manager
Pursuant to Delegation by
Administrator-Finance
DATE June 27, 2000
<PAGE> -13-
17
