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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549-1004
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): June 1, 1995
MOBIL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7555 13-2850309
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
3225 Gallows Road
Fairfax, Virginia 22037-0001
Telephone: (703) 846-3000
(Address of principal executive offices)
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Item 5. Other Events
The Registrant hereby incorporates by reference herein the
information set forth in its News Release dated May 31, 1995, a
copy of which is annexed hereto as exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits.
99. Mobil Corporation News Release dated May 31,
1995 which announced a major restructuring of the company's
European refining operations.
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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.
REGISTRANT MOBIL CORPORATION
By /S/RALPH N. JOHANSON, JR.
NAME AND TITLE Ralph N. Johanson Jr., Assistant General Counsel
DATE June 1, 1995
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EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
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99. Mobil Corporation, Electronic
News Release dated
May 31, 1995
CONTACT: John Lord or Gail Campbell Woolley
(703) 846-2500
MOBIL ANNOUNCES MAJOR REFINING INITIATIVES IN EUROPE
FAIRFAX, VA, May 31 -- Mobil Corporation today announced initiatives to
substantially improve the profitability of its European refining operations.
The initiatives are focused on three refineries: Woerth, Germany; Gravenchon,
France; and Coryton, England.
After a comprehensive review of European manufacturing, Mobil Oil AG, a
Mobil unit based in Hamburg, is proposing the closure of its Woerth refinery,
and, in compliance with German labor law, has notified the local works council
and General Economic Committee of the proposal.
Significant reductions in operating costs at Mobil's Gravenchon and
Coryton are also planned, with a much greater degree of integration in the
operation of the two refineries.
Altogether, approximately 500 jobs at the three locations could be
affected, and discussions with the workforce are expected to continue over the
coming weeks.
"For several years now, industry refining profitability has been
inadequate," said Mobil Corporation Chairman Lucio A. Noto. "Refining margins
worldwide have been severely depressed. In Europe, in particular, there is
excess refining capacity. Change is essential."
Mr. Noto said, "In response to these poor business conditions, we intend
to restructure our manufacturing base in northwest Europe. This will bring
significant operational improvements and a considerable reduction in costs. We
expect the financial benefit from this restructuring to be approximately 80
million (U.S. dollars) a year before tax compared with 1994."
The after-tax restructuring charge associated with the refining
initiatives will be about 180 million (U.S. dollars), including plant
write-down, and will be taken in 1995.
The Woerth refinery is located inland in Germany, along the Rhine River.
The Coryton and Gravenchon refineries are situated on opposite sides of the
English Channel and both include world-scale lube oil manufacturing
facilities. Both plants have recently set new records for production, yields
and reliability. Integration between these two plants currently constitutes a
major operational benefit, with significant additional potential for the
future.
The Woerth refinery has a capacity of 100,000 barrels daily, employs 320
people and began operating in 1970. The 200,000 barrels-per-day Coryton
refinery, which is located on the Thames estuary east of London, employs 650
people and began operating in 1953. The 70,000 barrels-per-day Gravenchon
refinery, located near Le Havre in northern France, employs 350 people and
began operating in 1935.
The refining initiatives are in addition to the worldwide restructuring
of Mobil's staff support operations, which was announced on May 1.
# 05/31/95
