Mobil achieves 133 percent reserve replacement rate in 1996.

FAIRFAX, Va.--(BUSINESS WIRE)--Jan. 20, 1997--Mobil Corp. (NYSE: MOB) announced today that it replaced 133 percent of its oil and gas production with new proved reserves in 1996. Over the past three years, the company has replaced, on average, 118 percent of its proved reserves.

"Our continued strong performance in reserve replacement is consistent with Mobil's goal to profitably grow production and increase shareholder value," said Mobil Chairman and Chief Executive Officer Lucio A. Noto. "This is being accomplished through a program which is focused in the international area and balances exploration, reservoir management and new venture opportunities, including acquisitions."

Including asset purchases and sales, additions to proved reserves in 1996 totaled 804 million barrels of oil equivalent (MMBOE), while annual production was 607 MMBOE. Proved reserves at year end were 6,810 MMBOE, up 197 MMBOE from 1995.

Of the 804 MMBOE reserve additions in 1996, 282 MMBOE resulted from exploration discoveries and extensions in the Aasgard Unit in Norway, offshore Eastern Canada, Nigeria and Equatorial Guinea. Another 571 MMBOE came from major acquisitions, including Ampolex and a 25 percent interest in the giant Tengiz oil field in Kazakstan. Partially offsetting these additions was a reduction of 134 MMBOE from the sale of assets in the U.S. and Canada related to ongoing restructuring initiatives.

Mobil's proved reserves represent about 28 percent of its total resource inventory. This inventory grew by over 5 billion barrels of oil equivalent (BBOE) in 1996, or the equivalent of over eight years of production, from 18.8 BBOE in 1995 to over 24 BBOE in 1996. This reflects exploration successes and acquisitions.

With the huge resources added during 1996, Mobil can expect to more than replace production with new proved reserves into the next century, with Tengiz being a major contributor as full development of the field progresses.

CONTACT: Mobil Corp.

David Dickson, 703/846-2378