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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): May 13, 1996
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 two News Releases dated May 13, 1996,
copies of which are annexed hereto as exhibits 99-1 and 99-2.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits.
99-1. Mobil Corporation News Release dated May 13,
1996, to announce an increase in the takeover offer of Mobil
Exploration & Producing Australia Pty Ltd for the ordinary and preference
shares of Ampolex Limited.
99-2. Mobil Corporation News Release dated May 13,
1996, to announce an agreement between Mobil Yanbu Petrochemical
Company Inc. and Saudi Basic Industries Corporation to begin
engineering for a major expansion of their 50-50 joint venture
petrochemicals complex at Yanbu, Saudi Arabia.
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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/Parricia A. Stevenson
NAME AND TITLE Patricia A. Stevenson, Senior Assistant Secretary
DATE May 13, 1996
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EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
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99-1. Mobil Corporation, Electronic
News Release dated
May 13, 1996
99-2. Mobil Corporation, Electronic
News Release dated
May 13, 1996
Exhibit 99-1
CONTACT: Christopher Springham, +1 703 846 2500 or
Pat Hinton, + 61 3 9242 9488
AMPOLEX RECOMMENDS ACCEPTANCE OF INCREASED
MOBIL BID OF A$4.64 PER ORDINARY SHARE
MELBOURNE, Australia - May 13, 1996 -- Mobil Exploration &
Producing Australia Pty Ltd (MEPA) announced today that it will
increase its takeover offer for the ordinary and preference shares
of Ampolex Limited to A$4.64 per ordinary share and A$4.66 per
preference share. The Ampolex Board has separately announced that
it recommends that shareholders accept the increased offers.
MEPA's offers for Ampolex shares and convertible notes value the
company at approximately A$1.78 billion (U.S.$ 1.4 billion).
"We are very pleased to have the support of the Ampolex
Board," said Lee D. Entsminger, MEPA chairman and managing
director, "and we are confident that we will also secure the
support of the Ampolex shareholders." Entsminger said that MEPA
would be meeting with major shareholders in the coming week.
MEPA had originally offered A$4.25 per ordinary share and
A$4.27 per preference share. MEPA's increased offer price of
A$4.64 per ordinary share and A$4.66 per preference share was
agreed in discussions over the weekend between representatives of
MEPA and Ampolex; the Ampolex Board has recommended acceptance of
the offer.
Lucio A. Noto, chairman and chief executive officer of Mobil
Corporation said, "We are looking forward to increasing Mobil's
already substantial presence in Australia and to working with
Ampolex's management and employees over the years ahead. Mobil's
acquisition of Ampolex will be a good investment for Mobil because
of the high quality of both the Ampolex people and the Ampolex
exploration and producing assets."
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In addition to supporting MEPA's increased offer price, the
Ampolex Board has agreed that Ampolex will not solicit or
encourage alternatives to MEPA's bid, nor provide any third party
with access to confidential data. It will not sell any
significant asset. Ampolex has also agreed to consult with MEPA
in relation to the convertible note litigation and any settlement
possibilities, and, as soon as MEPA has unconditionally acquired
50% of Ampolex's ordinary shares, to appoint Lee Entsminger and
Richard Pisarczyk, chairman and managing director of Mobil Oil
Australia Limited and a MEPA director, to the Ampolex Board.
MEPA's offer for the Ampolex ordinary and preference shares,
originally scheduled to close on May 23, will now remain open
until 5:00 pm Melbourne time on May 27, 1996.
# # # May 13, 1996
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Exhibit 99-2
CONTACT: Gail Campbell Woolley or Christopher Springham,
+1 703 846 2500
MOBIL BEGINS ENGINEERING
FOR SAUDI PETROCHEMICALS COMPLEX EXPANSION
FAIRFAX, VA., May 13, 1996 -- Mobil Yanbu Petrochemical Company
Inc., a subsidiary of Mobil Corporation, announced today it has
reached an agreement with Saudi Basic Industries Corporation
(SABIC) to begin engineering for a major expansion of their 50-50
joint venture petrochemicals complex at Yanbu, Saudi Arabia. The
project, expected to cost a total of about $2 billion (Mobil
share, $1 billion), will more than double the capacity of the
existing facility.
The expansion of the Saudi Yanbu Petrochemical Company
(Yanpet) facility will include the construction of an 800,000-
metric-ton-per-year ethylene cracker. The plant will convert the
ethylene into 535,000 tons of polyethylene and 410,000 tons of
ethylene glycol. In addition, 260,000 tons of polypropylene will
be produced. When the expansion is completed, the Yanpet complex
will be one of the largest in the world -- producing more than 1.6
million metric tons of ethylene and more than two million metric
tons of derivative products annually.
"The initial Yanpet project has been an outstanding success
and we are delighted to join with SABIC as partners in the
expansion that will make this facility the world's lowest-cost
ethylene producer," said Mobil Chairman and Chief Executive
Officer Lucio A. Noto.
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"Yanpet will realize significant capital and operating savings by
integrating the new cracker into the existing complex, and the
facility is ideally located to serve high-growth markets in the
Middle East, Africa and the Pacific Rim.
Construction of the facility is expected to begin in 1997
with start-up scheduled for early 2000.
# # # May 13, 1996
