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EXXON ADOPTS ACCOUNTING CHANGES

 IRVING, Texas, Dec. 11 /PRNewswire/ -- Exxon Corporation (NYSE: XON) announced today adoption of two new Financial Accounting Standards Board Statements, No. 106 (postretirement benefits other than pensions) and No. 109 (income taxes), retroactive to Jan. 1, 1992. Adoption of these standards will not affect the corporation's cash flow and is not likely to have a material impact on future reported earnings.
 Adoption of these standards as of Jan. 1, 1992 will result in a net non-cash accounting charge of $40 million after tax, or $0.03 per share, to reflect application of the new accounting standards to prior years. The net charge is comprised of an $800 million after-tax charge for the adoption of FAS No. 106 and an after-tax credit of $760 million related to the adoption of FAS No. 109.
 In addition, operating results for the first three quarters of 1992 are being restated to reflect application of these new accounting standards. This restatement will not produce a significant change from previously reported results.
 Under FAS No. 106, the expected cost of providing certain benefits to retirees, principally life insurance and medical coverage, must be accrued during the period of their employment. Previously, these costs were charged against income as they were paid. FAS No. 109, which deals with accounting for deferred income taxes, modifies several provisions of FAS No. 96 which Exxon adopted in 1989.
 -0- 1/25/93
 /CONTACT: Exxon Public Affairs, 214-444-1107/
 (XON)


CO: Exxon Corporation ST: Texas IN: OIL SU:

WB -- NY057 -- 8496 01/25/93 12:22 EST
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Date:Jan 25, 1993
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