<PAGE>
PAGE 1
- --------------------------------------------------------------------------------
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): July 23, 1999
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)
- --------------------------------------------------------------------------------
<PAGE>
PAGE 2
Item 5. Other Events
The Registrant hereby incorporates by reference herein the information
set forth in its News Release dated July 23, 1999, 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 July 23, 1999 reporting
estimated earnings for the second quarter of 1999.
<PAGE>
PAGE 3
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/ Gordon G. Garney
NAME AND TITLE Gordon G. Garney, Senior Assistant Secretary
DATE July 23, 1999
<PAGE>
PAGE 4
EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
------- ----------------
99. Mobil Corporation, Electronic
News Release dated
July 23, 1999
<PAGE>
CONTACT: Dave Dickson, +1 703-846-2378 or Michael Robinson +1 703-846-4476
Mobil news release
MOBIL CORPORATION
3225 GALLOWS ROAD
FAIRFAX, VIRGINIA 22037-0001
TELEPHONE: (703) 846-2500
MOBIL ANNOUNCES SECOND QUARTER 1999 OPERATING EARNINGS OF $650 MILLION
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Second Quarter
- -----------------------------------------------------------------------------------------
1998 1999 Change
------------------------------------------------------
<S> <C> <C> <C>
Operating Earnings ($millions) 655 650 (5)
per share ($) 0.82 0.82 -
assuming dilution ($) 0.81 0.81 -
Net Income ($millions) 642 749 107
per share ($) 0.81 0.95 0.14
assuming dilution ($) 0.79 0.93 0.14
- -----------------------------------------------------------------------------------------
</TABLE>
. Although crude oil prices showed considerable improvement in the second
quarter, the benefit was more than offset by lower worldwide natural gas
prices and a significant deterioration in margins, particularly in
International Downstream operations and worldwide petrochemicals.
. Our self-help programs contributed about $140 million.
- Per barrel operating expenses are down about 8% year-to-date.
. Upstream earnings increased primarily due to higher worldwide crude oil
prices.
- Crude oil prices were up over $2.00 per barrel.
- Expense performance continued to be favorable.
- However, production was down about 3%.
- And exploration expenses were higher.
. Downstream earnings decreased overall as the International enclaves were hit
hard by a deterioration in industry fundamentals; however
- U.S. Marketing and Refining generated record second quarter and six-month
earnings, despite lower margins.
- Refining performance continued strong overall.
- Expense performance continued to improve.
. Chemical earnings were weak.
- Polyethylene and paraxylene margins continued to decline.
<PAGE>
- 2 -
Fairfax, VA, July 23, 1999 - Mobil Corporation today reported second quarter
1999 estimated operating earnings of $650 million. This is essentially unchanged
from the $655 million earned in the same period last year. Operating earnings
per common share, assuming dilution, were $0.81, the same as in the second
quarter of 1998.
Including special items, net income for the quarter was $749 million, or $0.93
per common share, versus $642 million, or $0.79 per share, last year. Special
items included in this year's second quarter net income were a $141 million
upstream tax benefit in Indonesia offset by charges of $22 million for the
write-off of an upstream property in Venezuela and $20 million for costs related
to the proposed Exxon Mobil merger. Last year's second quarter net income
included a charge of $13 million for implementation costs associated with the BP
European downstream alliance.
"Industry fundamentals lowered this year's second quarter results by about $110
million versus the comparable period last year," said Mobil Chairman and CEO
Lucio A. Noto. "Higher crude oil prices were more than offset by lower
worldwide natural gas prices, weaker margins in refining and marketing,
especially in Mobil's international markets, and lower petrochemical margins.
Our ongoing self-help programs generated about $140 million of benefits, thereby
offsetting the impact of these unfavorable industry fundamentals and higher
exploration expenses. During the first six months of 1999, self-help
contributed over $260 million to Mobil's earnings and helped reduce per barrel
operating expenses by 8%.
"The Upstream benefited from higher worldwide crude oil prices and lower
operating expenses. We continued to see the benefits from our refocused
investment program, which resulted in lower new business expenses, and from
asset rationalization synergies, such as the swap we did with Arco last year.
These benefits were offset somewhat by higher exploration expenses, lower
natural gas prices and a 3% decline in production versus the second quarter of
last year. Higher volumes from key growth areas in Eastern Canada (Hibernia),
Equatorial Guinea, Kazakhstan (Tengiz) and Nigeria (Oso NGL project) were more
than offset by the impact of anticipated contractual reductions in Indonesia and
natural field declines in mature areas.
"The second quarter saw a number of significant developments in our E&P
operations. Sales commenced from our Ras Laffan LNG project in Qatar; the NSO
project in Indonesia streamed, which will help offset declines at the Arun
field; production started at the Aasgard field in Norway; we announced a major
one billion plus barrel discovery in the deepwater Gulf of Mexico (Crazy Horse)
where Mobil has a 25% interest; we participated in a major gas discovery in
Bolivia; and we signed participation agreements in two very promising deep water
blocks offshore Brazil.
"In the Downstream, Mobil's U.S. operations achieved record earnings for both
the quarter and for the first six months of 1999, as benefits from expense
initiatives, strong refining performance, sales volume growth and higher lube
income more than offset lower industry margins. In the international area,
earnings declined significantly, as refining margins continued to collapse in
the face of product oversupply, and marketing margins eroded as product prices
lagged the increase in crude oil costs and were impacted by competitive
pressures in several markets. Again, continuing self-help improvements,
particularly in Asia-Pacific, helped offset the deterioration in industry
fundamentals.
<PAGE>
- 3 -
"In Chemical, earnings were down significantly, reflecting lower polyethylene
and paraxylene margins. "
Noto concluded, "Crude oil prices, after deteriorating during the entire year of
1998 and most of the first quarter of 1999, have recently shown significant
improvement. However, international refining and marketing margins remain
depressed, as do margins for much of our petrochemicals business. Industry
fundamentals, as reflected in these price and margin swings, continue to be
unpredictable in the near term. Therefore, we will continue to focus on self-
help initiatives to sustain and grow earnings."
The following comments address the operating performance of the major business
segments during the second quarter of 1999 as compared with the same quarter in
1998 (refer to Table 2):
COMPARISON OF SECOND QUARTER 1999 WITH SECOND QUARTER 1998
----------------------------------------------------------
o Exploration & Producing operating earnings of $382 million were $147 million
-----------------------
higher than last year's $235 million.
In the United States, earnings of $82 million increased $38 million as
higher crude oil prices and lower operating expenses were only partially
offset by lower natural gas prices and lower natural gas production.
International earnings of $300 million were $109 million higher, primarily
reflecting an increase in crude oil prices and lower operating expenses.
These benefits were partly offset by higher exploration expenses, lower
natural gas prices and lower production. The effects of higher volumes
from the key growth areas in Eastern Canada (Hibernia), Equatorial Guinea,
Kazakhstan (Tengiz) and Nigeria (Oso NGL project) were more than offset by
the impact of anticipated contractual reductions in Indonesia, natural
field declines in mature areas and increased maintenance in the North Sea.
o Marketing & Refining operating earnings of $320 million were $97 million
--------------------
lower than in 1998.
Operating earnings in the United States were $198 million, $4 million
higher than last year's record second quarter results, in spite of the
unfavorable impact of lower industry margins. This quarter's results
benefited from lower operating expenses, continued strong refinery
performance, 3% higher gasoline trade sales and increased lube income.
International earnings of $122 million were $101 million lower than in
1998. In Asia-Pacific and Europe, earnings were lower mainly due to a
significant deterioration in both refining and marketing margins. Earnings
benefited from performance initiatives in all regions and continued strong
refinery performance; however, these were not enough to offset the
deterioration in industry fundamentals.
<PAGE>
- 4 -
o Chemical earnings of $24 million were $34 million lower than last year as a
--------
result of lower polyethylene and paraxylene margins.
o Corporate and Financing expenses of $76 million were $21 million higher than
-----------------------
in the second quarter of 1998 primarily due to higher financing expenses
related to an increase in average net debt balances.
COMPARISON OF SIX MONTHS 1999 WITH SIX MONTHS 1998
--------------------------------------------------
Mobil's first half 1999 net income was $1,213 million, compared with $1,347
million for the same period in 1998. This year's net income included a $141
million upstream tax benefit related to our operations in Indonesia offset by
special charges of $27 million for costs related to the proposed Exxon Mobil
merger and $22 million for the write-off of an upstream property in Venezuela.
First half 1998 net income included special charges of $23 million for Mobil-BP
European downstream alliance implementation costs.
Excluding special items, first half operating earnings of $1,121 million were
down $249 million, or 18%, from the comparable period in 1998. The decline was
primarily due to lower worldwide natural gas prices, higher exploration
expenses, lower downstream margins in all major markets and lower petrochemicals
margins. Lower expenses, better refinery performance and benefits from self-help
initiatives partly offset the effects of these negative factors.
Estimates of key financial and operating data are shown below and on the
attached tables.
Investment Spending for the second quarter of 1999 was $1,023 million, $484
- -------------------
million lower than in the comparable period last year. For the first six months
of 1999, investment spending was $2,252 million, compared with $2,360 million
for the same period last year.
Mobil's Return on Average Capital Employed for the twelve months ended June 30,
----------------------------------
1999, based on operating earnings (excluding special items), was 8.8%, compared
with 10.2% for calendar year 1998. On a net income basis, returns were 6.8% and
7.7% for the same periods.
Return on Average Shareholders' Equity for the twelve months ended June 30,
- --------------------------------------
1999, based on operating earnings (excluding special items), was 11.1%, compared
with 12.5% for calendar year 1998. On a net income basis, returns were 8.2% and
9.0% for the same periods.
Mobil's Debt-to-Capitalization Ratio was 33% at June 30, 1999, and 29% at
----------------------------
December 31, 1998. The increase reflects higher debt levels.
Common Stock Dividends were $0.57 per share in the second quarter of 1999 and
- ----------------------
$1.14 per share on a year-to-date basis, unchanged from the comparable periods
in 1998.
<PAGE>
<TABLE>
<CAPTION> Table 1
MOBIL CORPORATION
Second Quarter Six Months
------------------------------------------ ---------------------------------------------
1998 1999 Incr/ 1998 1999 Incr/
INCOME ($ Millions) Act Est (Decr) Act Est (Decr)
------------ ------------ ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Exploration & Producing:
United States $ 44 $ 82 $ 38 $ 124 $ 105 $ (19)
International 191 419 228 501 627 126
------------ ------------ ----------- ------------ ------------ -------------
Total Exploration & Producing 235 501 266 625 732 107
------------ ------------ ----------- ------------ ------------ -------------
Marketing & Refining:
United States 194 198 4 280 288 8
International 210 122 (88) 439 323 (116)
------------ ------------ ----------- ------------ ------------ -------------
Total Marketing & Refining 404 320 (84) 719 611 (108)
------------ ------------ ----------- ------------ ------------ -------------
Chemical 58 24 (34) 125 30 (95)
Corporate and Financing (a) (55) (96) (41) (122) (160) (38)
------------ ------------ ----------- ------------ ------------ -------------
Net Income $ 642 $ 749 $ 107 $1,347 $1,213 $ (134)
============ ============ =========== ============ ============ =============
NET INCOME PER COMMON SHARE ($) (b) $0.81 $0.95 $0.14 $ 1.69 $ 1.54 $(0.15)
Assuming Dilution (c) 0.79 0.93 0.14 1.65 1.51 (0.14)
COMMON SHARES OUTSTANDING (Millions)
End of Period - - - 781.6 775.6 (6.0)
Average 781.6 775.3 (6.3) 781.8 774.5 (7.3)
Average -- Assuming Dilution 811.1 806.6 (4.5) 810.7 804.7 (6.0)
DIVIDENDS
Common Stock
Total Paid ($ Millions) $ 446 $ 447 $ 1 $ 891 $ 892 $ 1
Per Share ($) 0.57 0.57 - 1.14 1.14 -
Preferred Stock ($ Millions) 12 12 - 25 24 (1)
</TABLE>
- -------------------------------------------------------
(a) Includes corporate administrative expenses, net financing expense and other
items.
(b) The net income per common share calculation is based on net income, less
preferred stock dividend requirements, divided by the weighted average
number of common shares outstanding.
(c) Net income per common share assuming dilution includes the dilutive effects
of stock options and convertible preferred stock.
<PAGE>
<TABLE>
<CAPTION>
Table 2
MOBIL CORPORATION
Second Quarter Six Months
------------------------------------------ --------------------------------------------
INCOME ADJUSTED FOR SPECIAL 1998 1999 Incr/ 1998 1999 Incr/
ITEMS ($ Millions) Act Est (Decr) Act Est (Decr)
------------ ------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Exploration & Producing:
United States $ 44 $ 82 $ 38 $ 124 $ 105 $ (19)
International 191 300 109 501 508 7
------------ ------------ ------------ ------------- ------------- -------------
Total Exploration & Producing 235 382 147 625 613 (12)
------------ ------------ ------------ ------------- ------------- -------------
Marketing & Refining:
United States 194 198 4 280 288 8
International 223 122 (101) 462 323 (139)
------------ ------------ ------------ ------------- ------------- -------------
Total Marketing & Refining 417 320 (97) 742 611 (131)
------------ ------------ ------------ ------------- ------------- -------------
Chemical 58 24 (34) 125 30 (95)
Corporate and Financing (a) (55) (76) (21) (122) (133) (11)
------------ ------------ ------------ ------------- ------------- -------------
Operating Earnings (Before
Special Items) 655 650 (5) 1,370 1,121 (249)
------------ ------------ ------------ ------------- ------------- -------------
Special Items (13) 99 112 (23) 92 115
------------ ------------ ------------ ------------- ------------- -------------
Net Income $ 642 $ 749 $ 107 $1,347 $1,213 $ (134)
============ ============ ============ ============= ============= =============
EARNINGS PER COMMON SHARE ($)
BASED ON:
Operating Earnings (Before
Special Items) (b) $0.82 $0.82 $ - $ 1.72 $ 1.42 $(0.30)
Assuming Dilution(c) 0.81 0.81 - 1.68 1.39 (0.29)
Net Income (b) 0.81 0.95 0.14 1.69 1.54 (0.15)
Assuming Dilution(c) 0.79 0.93 0.14 1.65 1.51 (0.14)
</TABLE>
- ------------------------------------------------
(a) Includes corporate administrative expenses, net financing expense and other
items.
(b) The earnings per common share calculation is based on income, less preferred
stock dividend requirements, divided by the weighted average number of
common shares outstanding.
(c) Earnings per common share assuming dilution includes the dilutive effects of
stock options and convertible preferred stock.
<PAGE>
<TABLE>
<CAPTION>
Table 3
MOBIL CORPORATION
1998 by Quarter and Year 1999
------------------------------------------------------------- ----------------------
SPECIAL ITEMS
AFFECTING INCOME ($MM) 1Q 2Q 3Q 4Q Year 1Q 2Q
--------- --------- --------- ----------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
E&P--United States
Asset Impairments/Write-offs - - - (156) (156) - -
Federal Royalty Settlement - - (29) - (29) - -
E&P--International
Asset Impairments/Write-offs - - - (231) (231) - (22)
Asset Sales - - 55 - 55 - -
Deferred Tax Benefit - - - - - - 141
M&R--United States
LIFO Inventory Adjustment - - - 8 8 - -
M&R--International
LIFO Inventory Adjustment - - - (17) (17) - -
Restructuring (10) (13) (14) (97) (134) - -
Lower of Cost or Market
Inventory Adjustment - - - (261) (261) - -
Chemical
Lower of Cost or Market
Inventory Adjustment - - - (9) (9) - -
Corporate and Financing
Settlement of Prior Years' Tax Disput - - - 137 137 - -
Exxon Mobil Merger-Related Costs - - - (25) (25) (7) (20)
--------- --------- --------- ----------- ----------- ---------- ---------
Total Special Items $(10) $ (13) $ 12 $(651) $(662) $(7) $ 99
========= ========= ========= =========== =========== ========== =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Table 4
MOBIL CORPORATION
Second Quarter Six Months
----------------------------------------------- ----------------------------------------
INVESTMENT SPENDING ($Millions) 1998 1999 Incr/ 1998 1999 Incr/
Act Est (Decr) Act Est (Decr)
-------------- ------------- ------------- -------------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Capital and Exploration Expenditures
Exploration & Producing:
United States $ 174 $ 69 $ (105) $ 272 $ 148 $(124)
International 765 717 (48) 1,266 1,385 119
------------ ------------- ------------- ------------ -------------- --------
Total Exploration & Producing 939 786 (153) 1,538 1,533 (5)
------------ ------------- ------------- ------------ -------------- --------
Marketing & Refining:
United States 103 56 (47) 163 96 (67)
International 70 39 (31) 113 74 (39)
------------ ------------- ------------- ------------ -------------- --------
Total Marketing & Refining 173 95 (78) 276 170 (106)
------------ ------------- ------------- ------------ -------------- --------
Chemical 70 21 (49) 96 63 (33)
Other 70 21 (49) 98 42 (56)
------------ ------------- ------------- ------------ -------------- --------
Total Capital and Exploration Expenditure 1,252 923 (329) 2,008 1,808 (200)
Cash Investments in Equity Companies 255 100 (155) 352 444 92
------------ ------------- ------------- ------------ -------------- --------
Total Investment Spending $ 1,507 $ 1,023 $ (484) $ 2,360 $ 2,252 $(108)
============ ============= ============= ============ ============== ========
Memo: Exploration expenses charged
to operating earnings, included above
United States $ 32 $ 25 $ (7) $ 49 $ 48 $ (1)
International 65 105 40 122 173 51
============ ============= ============= ============ ============== ========
Total Exploration Expenses $ 97 $ 130 $ 33 $ 171 $ 221 $ 50
============ ============= ============= ============ ============== ========
OTHER FINANCIAL DATA ($Millions)
Total Revenues $13,233 $14,246 $1,013 $26,863 $26,429 $(434)
Depreciation, Depletion and Amortization 621 600 (21) 1,220 1,197 (23)
Income Taxes 392 267 (a) (125) 921 514 (a) (407)
AVERAGE U.S. PRICES
Crude ($/BBL) -- Mobil 11.73 15.10 3.37 12.50 12.75 0.25
Crude ($/BBL) -- Mobil + Aera 10.38 13.25 2.87 11.06 11.15 0.09
NGL ($/BBL) 8.44 10.48 2.04 9.07 8.91 (0.16)
Natural Gas ($/MCF) 2.07 1.99 (0.08) 2.05 1.83 (0.22)
AVERAGE INT'L. PRICES
Crude ($/BBL) 12.70 15.10 2.40 13.15 13.10 (0.05)
Natural Gas ($/MCF) 2.12 1.95 (0.17) 2.29 2.00 (0.29)
</TABLE>
(a) Reflects a deferred tax benefit of $141 million related to recovery of
exploration expenses incurred in prior years, which was recorded as a
Special Item (see Table 3).
<PAGE>
<TABLE>
<CAPTION>
Table 5
MOBIL CORPORATION
Second Quarter Six Months
--------------------------------------- ---------------------------------------
1998 1999 Incr/ 1998 1999 Incr/
OPERATING HIGHLIGHTS Act Est (Decr) Act Est (Decr)
------------ ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET PRODUCTION OF LIQUIDS (TBD)
United States 242 243 1 241 243 2
------------ ----------- ---------- ----------- ---------- -----------
International:
Australia 41 30 (11) 36 31 (5)
Canada 60 79 19 61 73 12
Equatorial Guinea 46 55 9 46 57 11
Indonesia 41 30 (11) 43 31 (12)
Kazakhstan 42 52 10 42 53 11
Nigeria 239 263 24 241 262 21
Norway 76 66 (10) 77 67 (10)
United Kingdom 60 57 (3) 62 62 -
Middle East/Other 72 73 1 71 73 2
------------ ----------- ---------- ----------- ---------- -----------
Total International 677 705 28 679 709 30
------------ ----------- ---------- ----------- ---------- -----------
Worldwide 919 948 29 920 952 32
============ =========== ========== =========== ========== ===========
NET PRODUCTION OF NATURAL
GAS (MMCFD)
United States 1,119 863 (256) 1,121 882 (239)
------------ ----------- ---------- ----------- ---------- -----------
International:
Canada 461 421 (40) 446 422 (24)
Germany 407 576 169 478 588 110
Indonesia 1,252 964 (288) 1,367 1,034 (333)
United Kingdom 592 493 (99) 669 567 (102)
Other 362 421 59 363 421 58
------------ ----------- ---------- ----------- ---------- -----------
Total International 3,074 2,875 (199) 3,323 3,032 (291)
------------ ----------- ---------- ----------- ---------- -----------
Worldwide 4,193 3,738 (455) 4,444 3,914 (530)
============ =========== ========== =========== ========== ===========
TOTAL NET
PRODUCTION (TBDOE) 1,679 1,625 (54) 1,725 1,661 (64)
============ =========== ========== =========== ========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Table 6
MOBIL CORPORATION
Second Quarter Six Months
-------------------------------------- ----------------------------------------
1998 1999 Incr/ 1998 1999 Incr/
OPERATING HIGHLIGHTS Act Est (Decr) Act Est (Decr)
---------- ---------- ------------ ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
REFINERY RUNS (TBD)
United States (a) 941 804 (137) 921 792 (129)
Europe (b) 365 350 (15) 366 357 (9)
Asia-Pacific 726 743 17 737 758 21
All Other 139 177 38 162 179 17
---------- ---------- ------------ ----------- ------------- ------------
Worldwide 2,171 2,074 (97) 2,186 2,086 (100)
========== ========== ============ =========== ============= ============
PETROLEUM PRODUCT SALES (TBD) (c)
United States:
Automotive Gasoline
Sales to Trade 606 625 19 584 607 23
Supply/Other Sales 250 284 34 214 246 32
---------- ---------- ------------ ----------- ------------- ------------
Total Automotive Sales 856 909 53 798 853 55
Distillates/Jet Fuel 330 359 29 344 378 34
Other 266 269 3 264 271 7
---------- ---------- ------------ ----------- ------------- ------------
Total United States 1,452 1,537 85 1,406 1,502 96
---------- ---------- ------------ ----------- ------------- ------------
International:
Europe (b) 651 646 (5) 663 660 (3)
Asia-Pacific 830 800 (30) 835 841 6
All Other 434 450 16 443 457 14
---------- ---------- ------------ ----------- ------------- ------------
Total International 1,915 1,896 (19) 1,941 1,958 17
---------- ---------- ------------ ----------- ------------- ------------
Worldwide 3,367 3,433 66 3,347 3,460 113
========== ========== ============ =========== ============= ============
CHEMICAL SALES (MM LBS)
Worldwide Polyethylene Resin 705 704 (1) 1,406 1,437 31
Worldwide Paraxylene 488 433 (55) 946 854 (92)
CHEMICAL SALES BY PRODUCT
CATEGORY ($MM)
Petrochemicals $ 420 $ 385 $ (35) $ 892 $ 722 $ (170)
Films Products 171 164 (7) 338 325 (13)
Chemical Products 41 38 (3) 79 77 (2)
---------- ---------- ------------ ----------- ------------- ------------
Total $ 632 $ 587 $ (45) $1,309 $1,124 $ (185)
========== ========== ============ =========== ============= ============
</TABLE>
- ---------------------------------------
(a) 1999 reflects reduced volumes due to the sale of the Paulsboro refinery in
third quarter, 1998.
(b) Includes Mobil's share for the M&R alliance with BP in Europe.
(c) Includes trade and supply sales.
