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EXXON ANNOUNCES ESTIMATED FIRST QUARTER 1992 RESULTS

 EXXON ANNOUNCES ESTIMATED FIRST QUARTER 1992 RESULTS
 Periods ended: First quarter Fourth quarter
 1992 1991 1991
 Net income (in millions) $1,350 $2,240 $1,120
 Net income per share $1.07 $1.78 $0.89
 IRVING, Texas, April 23 /PRNewswire/ -- Exxon Corporation (NYSE: XON) today reported first quarter 1992 net income of $1,350 million, down from $2,240 million earned in the extraordinarily strong first quarter of 1991 but up from $1,120 million in the more typical fourth quarter of 1991. Net income per share was $1.07 in the first quarter of 1992, as compared with $1.78 per share in the first quarter 1991 and $.89 per share in the fourth quarter.
 Exxon Chairman L. G. Rawl commented as follows:
 "Exxon first quarter 1992 net income reached the highest quarterly level since the record first quarter of 1991. Results in the first quarter of 1991 benefited from unusually favorable market conditions in foreign refining and marketing. In that period, falling crude oil prices coupled with the loss of industry refinery capacity in the Middle East caused petroleum product margins to be temporarily higher than usual, particularly in Europe and the Far East. The return of foreign product margins to more typical levels was primarily responsible for corporate earnings in the first quarter of this year being lower than the first quarter of 1991.
 "Operating volumes in the first quarter of 1992 were strong. Liquids production, natural gas production, refinery runs, petroleum product sales and chemical sales were all higher than the first quarter 1991.
 "Earnings in the first quarter of 1992 rose 21 percent from the fourth quarter of 1991 despite lower crude realizations, a weak market for natural gas in the U.S., and soft economic conditions in many markets. Results benefited from stronger natural gas sales in Europe and improved earnings from worldwide chemicals operations. Earnings were also helped by nonrecurring items, principally gains from overseas tax credits and the sale of assets."
 Additional comments on earnings from major operating segments compared to the first quarter of last year follow:
 Earnings in the first quarter 1992 from U.S. exploration and production operations were $125 million compared with $150 million in the corresponding quarter of last year, while earnings from foreign exploration and production operations were $785 million compared to $721 million last year. This year's foreign operations benefited from $83 million of nonrecurring tax credits. Last year's first quarter earnings included $75 million in loss provisions related to prospective divestment of U.S. producing properties.
 Relative to the first quarter of 1991, the negative impact on exploration and production earnings of lower crude oil and natural gas prices was partially offset by improved production volumes. Worldwide natural gas production rose 178 mcfd (millions of cubic feet daily) to 6,871 mcfd as increased volumes in Europe more than offset lower volumes in the weak North American market. Liquids production rose 11 kbd (thousands of barrels daily) to 1,761 kbd, reflecting the net of increased production in the North Sea and lower production in North America.
 First quarter earnings from foreign refining and marketing operations were $450 million, down from $1,097 million in the same period a year ago, while earnings from U.S. refining and marketing operations were $23 million compared with $256 million a year ago. Margins in most markets were significantly lower than in the 1991 quarter when earnings were unusually high due to the combined effect of declining crude prices and tight refinery conversion capacity. Foreign earnings included gains from asset sales of $115 million in this year's first quarter compared with gains of $160 million in the same period a year ago. Worldwide, product sales volumes rose 129 kbd to 4,824 kbd reflecting growth in most product categories.
 Earnings from chemical operations totaled $150 million in the first quarter 1992, compared with $223 million in the same quarter a year ago. Product sales volumes grew 9 percent quarter to quarter, but margins were generally lower. U.S. chemical operations earned $87 million compared with $123 million in the 1991 quarter, while foreign chemical operations earned $63 million compared with $100 million in 1991.
 Other operations, primarily comprised of Hong Kong power generation and coal and minerals activities, earned $70 million, little changed from the 1991 first quarter.
 Corporate and financing charges totaled $253 million compared with $278 million a year ago.
 Capital and exploration expenditures were $1,937 million in the first quarter, up $118 million from last year. Foreign expenditures accounted for 70 percent of the worldwide total and all of the growth from a year ago.
 During the first quarter of 1992, Exxon purchased 1,487,000 shares of its stock for the Treasury at a cost of $87 million.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 Functional Earnings
 ($ millions)
 First Quarter 1992 1991
 Petroleum and natural gas
 Exploration and production
 United States $ 125 $ 150
 Foreign 785 721
 Refining and marketing
 United States 23 256
 Foreign 450 1,097
 Total petroleum and natural gas $1,383 $2,224
 Chemicals
 United States 87 123
 Foreign 63 100
 Other operations 70 71
 Corporate and financing (253) (278)
 Net income $1,350 $2,240
 Net income per common share $ 1.07 $ 1.78
 Other financial data
 Total Revenue $27,914 $30,685
 Dividends paid on common stock
 Total $ 832 $ 834
 Per common share $ 0.67 $ 0.67
 Millions of common shares outstanding
 Average 1,241.7 1,245.0
 At March 31 1,241.4 1,244.7
 Shareholders' equity at March 31 $34,243 $33,037
 Capital employed at March 31 $47,066 $46,130
 Chemical product revenue (including
 transfers to petroleum affiliates)
 United States $1,156 $1,252
 Foreign 1,448 1,571
 Total chemicals $2,604 $2,823
 Income and other taxes
 Income taxes $ 641 $1,181
 Excise taxes 2,959 2,956
 Other taxes and duties 5,263 5,157
 Total taxes $8,863 $9,294
 Exxon's share of income taxes
 paid by equity companies: $225 $231
 First quarter 1992 1991
 Net production of crude oil and natural
 gas liquids, thousands of barrels daily (kbd)
 United States 611 631
 Canada 272 297
 Europe 434 367
 Other Foreign 444 455
 Worldwide 1,761 1,750
 Natural gas production available for sale,
 millions of cubic feet daily (mcfd)
 United States 1,546 1,754
 Canada 360 448
 Europe 4,525 4,117
 Other Foreign 440 374
 Worldwide 6,871 6,693
 Refinery crude oil runs (kbd)
 United States 881 933
 Canada 397 404
 Europe 1,445 1,444
 Other Foreign 632 561
 Worldwide 3,355 3,342
 Petroleum product sales (kbd)
 United States 1,177 1,207
 Canada 502 505
 Europe 1,902 1,830
 Other Foreign 1,243 1,153
 Worldwide 4,824 4,695
 Aviation fuels 339 361
 Gasolines, naphthas 1,722 1,695
 Heating oils, kerosene, diesel 1,649 1,615
 Heavy fuels 543 486
 Specialty products 571 538
 Total 4,824 4,695
 Capital and exploration expenditures ($ millions)
 United States
 Exploration and production $ 418 $ 457
 Refining and marketing 79 72
 Other 78 96
 Foreign
 Exploration and production 850 703
 Refining and marketing 250 218
 Other 262 273
 Total $1,937 $1,819
 Exploration expenses charged to income
 included above ($ millions)
 United States-consolidated
 affiliates $ 39 $ 62
 Foreign-consolidated affiliates 153 120
 -share of equity companies -- 1
 Worldwide $192 $183
 EXXON CORPORATION
 Net Income
 Million Per common share
 1987 - First quarter $1,070 $0.75
 - Second quarter 1,150 0.81
 - Third quarter 1,065 0.75
 - Fourth quarter 1,555 1.12
 Year $4,840 $3.43
 1988 - First quarter $1,455 $1.06
 - Second quarter 1,200 0.90
 - Third quarter 1,225 0.93
 - Fourth quarter 1,380 1.06
 Year $5,260 $3.95
 1989 - First quarter $1,810 $1.41
 - Second quarter 140 0.11
 - Third quarter 1,075 0.85
 - Fourth quarter 485 0.37
 Year $3,510 $2.74
 1990 - First quarter $1,280 $1.01
 - Second quarter 1,100 0.87
 - Third quarter 1,075 0.85
 - Fourth quarter 1,555 1.23
 Year $5,010 $3.96
 1991 - First quarter $2,240 $1.78
 - Second quarter 1,125 0.90
 - Third quarter 1,115 0.88
 - Fourth quarter 1,120 0.89
 Year $5,600 $4.45
 1992 - First quarter $1,350 $1.07
 -0- 4/23/92
 /CONTACT: Bill Smith of Exxon, 214-444-1107, or 214-444-1109/
 (XON) CO: Exxon Corporation ST: Texas IN: OIL SU: ERN


TS -- NY076 -- 1841 04/23/92 11:44 EDT
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Date:Apr 23, 1992
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