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EXXON ANNOUNCES ESTIMATED 1992 RESULTS

 Fourth Quarter Year
 1992 1991 1992 1991
 Net Income - $ Million 1,400 1,120 4,770(A) 5,600
 Net Income - $ Per Common Share 1.12 0.89 3.79(A) 4.45
 Revenue - $ Million 30,161 31,020 116,476 116,492
 Capital & Exploration
 Expenditures - $ Million 2,566 2,729 8,761 8,823
 (A) (Full year net income includes a previously announced net charge of $40 million or $.03 per share associated with adoption of FAS 106 and FAS 109).
 IRVING, Texas, Jan. 25 /PRNewswire/ -- Exxon Corporation (NYSE: XON) announced today that its fourth quarter earnings were $1,400 million or $1.12 per share, up 25 percent from fourth quarter 1991 net income of $1,120 million or $0.89 per share. Revenue for the fourth quarter totaled $30,161 million compared with $31,020 million in the same period in 1991. Capital and exploration expenditures of $2,566 million compared to $2,729 million spent in the fourth quarter of the prior year.
 Full year 1992 net income was $4,770 million or $3.79 per share, which compared to record 1991 net income of $5,600 million or $4.45 per share. Revenue for 1992 totaled $116,476 million compared to $116,492 million in 1991. Full year 1992 capital and exploration expenditures were $8,761 million compared to $8,823 million in 1991.
 Exxon Chairman L. G. Rawl commented as follows:
 "Fourth quarter earnings were up substantially in 1992 versus the same period in 1991 despite weak crude prices and soft economic conditions in most markets. Lower operating costs were a major factor in the 1992 improvement, due in part to the restructuring of operations in the U.S. and Canada. Earnings also benefited from stronger U.S. natural gas prices and increased sales volumes of petroleum and chemical products. However, petroleum product margins remained weak in the fourth quarter despite lower supply costs.
 "For 1992 as a whole, Exxon's earnings totaled $4,770 million. Three-fourths of the corporation's earnings came from sources outside the U.S. 1992 earnings were down 15 percent from the record 1991 earnings level, when results benefited from unusually favorable market conditions in refining and marketing early in that year. In 1992, worldwide natural gas production and petroleum product sales were higher than the previous year, and both chemical sales and copper production were at record levels. Liquids production in 1992 was approximately in line with 1991 levels. Operating expenses were lower than 1991 reflecting the effect of ongoing efficiency initiatives."
 Additional comments on earnings from major operating segments follow:
 Fourth Quarter 1992 vs. Fourth Quarter 1991
 Fourth quarter 1992 earnings from exploration and production operations were $1,032 million, up 19 percent from $863 million earned in the fourth quarter of 1991. The improvement came primarily from higher U.S. natural gas realizations and lower worldwide operating expenses. Worldwide gas production of 6,492 mcfd (million cubic feet per day) was about equal to 1991. Liquids production declined 40 kbd (thousand barrels per day) to 1,716 kbd in 1992. U.S. upstream earnings increased $30 million to $187 million, including charges of $91 million associated with divestments of surplus producing properties. Foreign upstream earnings increased $139 million to $845 million, including $56 million of non-recurring credits.
 Earnings from refining and marketing operations rose $160 million or 61 percent from the fourth quarter of 1991 to $420 million. Operating expenses were lower quarter to quarter, and petroleum product sales volumes increased 61 kbd to 4,944 kbd, mainly on the strength of sales in the U.S. and Far East. Fourth quarter 1992 earnings from U.S. refining and marketing operations of $55 million were about flat with the 1991 period as lower margins offset the impact of higher volumes. Foreign earnings of $365 million, including $23 million of non-recurring credits, compared with $213 million in the same period last year, which included $84 million of non-recurring charges.
 Fourth quarter 1992 earnings from chemical operations totaled $56 million compared with $94 million in 1991. 1992 results included $15 million of non-recurring charges. Other operations earned $66 million in the fourth quarter, up $14 million from last year.
 Corporate and financing charges in the fourth quarter of 1992 were affected by debt-related foreign exchange losses associated with a weaker Canadian dollar. The 1992 quarter benefited from $45 million of non-recurring credits compared to $55 million of credits in the same period last year. Total charges were $174 million compared to $149 million in 1991.
 Full Year 1992 vs. Full Year 1991
 Earnings from U.S. exploration and production operations were $764 million, up $136 million from 1991, primarily due to lower operating expenses and a stronger natural gas market. Average natural gas prices were up 10 percent, and crude oil realizations were up slightly. Natural gas production declined 48 mcfd to 1,607 mcfd. Liquids production declined 28 kbd to 591 kbd.
 Earnings in 1992 from foreign exploration and production operations totaled $2,612 million compared with $2,500 million a year ago. Higher production volumes in 1992 and lower operating expenses offset the effect of lower crude oil and natural gas realizations. Increased production in the North Sea helped raise total liquids production by 18 kbd to 1,114 kbd. Natural gas production increased 218 mcfd to 4,060 mcfd, primarily as a result of the startup of new production in the Far East and increased sales in Europe.
 Earnings from U.S. refining and marketing operations totaled $156 million compared to $514 million in 1991, while earnings from foreign refining and marketing operations were $1,418 million, down from $2,041 million a year ago. Worldwide operating expenses were lower in 1992, and product sales volumes rose 40 kbd to 4,810 kbd. However, earnings from most geographic sources declined in 1992, as industry margins were significantly lower than the unusually high levels of early 1991.
 Earnings from chemical operations totaled $451 million in 1992, down from $512 million earned last year. Sales volumes rose 8 percent, partially offsetting the effect of lower margins. U.S. chemical operations earned $274 million compared with $336 million in 1991, while foreign operations earned $177 million compared with $176 million in 1991.
 Corporate and financing charges of $843 million were up slightly from 1991 due to foreign exchange translation losses.
 Capital and exploration expenditures totaled $8,761 million. Current plans call for 1993 capital and exploration expenditures to be approximately the same magnitude.
 During 1992, Exxon purchased 5,891,000 shares of its stock for the treasury at a cost of $358 million.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 FOURTH QUARTER 1992
 Fourth Quarter Twelve Months
 FUNCTIONAL EARNINGS ($ Millions) 1992 1991 1992 1991
 Petroleum and natural gas
 Exploration and production
 United States $ 187 $ 157 $ 764 $ 628
 Foreign 845 706 2,612 2,500
 Refining and marketing
 United States 55 47 156 514
 Foreign 365 213 1,418 2,041
 Total petroleum and natural gas $1,452 $1,123 $4,950 $5,683
 Chemicals
 United States 34 69 274 336
 Foreign 22 25 177 176
 Other operations 66 52 252 224
 Corporate and financing (174) (149) (843) (819)
 Earnings before accounting
 changes $1,400 $1,120 $4,810 $5,600
 Cumulative effect of accounting
 changes - - (40) -
 Net income $1,400 $1,120 $4,770 $5,600
 Net income per common share $ 1.12 $ 0.89 $ 3.79 $ 4.45
 OTHER FINANCIAL DATA
 Total revenue $30,161 $31,020 $116,476 $116,492
 Dividends paid on common stock
 Total $ 894 $ 833 $3,514 $3,334
 Per common share $ 0.72 $ 0.67 $ 2.83 $ 2.68
 Millions of common shares outstanding
 Average 1,241.5 1,242.3 1,241.6 1,243.7
 At December 31 1,241.8 1,242.0
 Shareholders' equity at December 31 $34,800 $34,927
 Capital employed at December 31 $48,600 $48,329
 Chemical product revenue (including
 transfers to petroleum affiliates)
 United States $1,155 $1,231 $ 4,844 $ 4,919
 Foreign 1,273 1,541 5,806 5,784
 Total chemicals $2,428 $2,772 $10,650 $10,703
 Income and other taxes
 Income taxes $ 682 $ 621 $ 2,440 $ 2,918
 Excise taxes 3,227 3,440 12,365 12,221
 Other taxes and duties 5,289 5,559 21,513 20,823
 Total taxes $9,198 $9,620 $36,318 $35,962
 Effective income tax rate - pct. (1) 38.2pct. 38.4pct
 (1) Includes the effect of Exxon's share of
 income taxes paid by equity companies: $483 $579
 EXXON CORPORATION ATTACHMENT II
 FOURTH QUARTER 1992
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Net production of crude oil and natural
 gas liquids, thousands of barrels daily (kbd)
 United States 582 606 591 619
 Canada 248 263 268 278
 Europe 430 434 396 363
 Other Foreign 456 453 450 455
 Worldwide 1,716 1,756 1,705 1,715
 Natural gas production available for sale,
 millions of cubic feet daily (mcfd)
 United States 1,684 1,730 1,607 1,655
 Canada 329 361 326 355
 Europe 3,861 4,032 3,100 3,010
 Other Foreign 618 444 634 477
 Worldwide 6,492 6,567 5,667 5,497
 Refinery crude oil runs (kbd)
 United States 974 939 911 937
 Canada 381 437 391 432
 Europe 1,398 1,402 1,387 1,401
 Other Foreign 645 580 614 563
 Worldwide 3,398 3,358 3,303 3,333
 Petroleum product sales (kbd)
 United States 1,283 1,228 1,202 1,210
 Canada 520 556 513 527
 Europe 1,843 1,897 1,847 1,863
 Other Foreign 1,298 1,202 1,248 1,170
 Worldwide 4,944 4,883 4,810 4,770
 Aviation fuels 374 344 375 371
 Gasolines, naphthas 1,829 1,830 1,788 1,788
 Heating oils, kerosene, diesel 1,602 1,606 1,529 1,531
 Heavy fuels 533 525 527 518
 Specialty products 606 578 591 562
 Total 4,944 4,883 4,810 4,770
 Capital and exploration expenditures ($ millions)
 United States
 Exploration and production $ 406 $ 594 $1,659 $2,095
 Refining and marketing 161 204 456 511
 Other 139 153 442 449
 Foreign
 Exploration and production 870 939 3,544 3,263
 Refining and marketing 709 564 1,736 1,372
 Other 281 275 924 1,133
 Total $2,566 $2,729 $8,761 $8,823
 Exploration expenses charged to income
 included above ($ millions)
 United States-consolidated
 affiliates $ 58 $121 $186 $ 327
 Foreign-consolidated
 affiliates 203 173 619 575
 -share of equity
 companies 27 37 85 100
 Worldwide $288 $331 $890 $1,002
 ATTACHMENT III
 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 $1,295 $1.03
 - Second Quarter 930 0.73
 - Third Quarter 1,145 0.91
 - Fourth Quarter 1,400 1.12
 $4,770 $3.79
 -0- 1/25/93
 /CONTACT: Exxon Public Affairs, 214-444-1107/
 (XON)


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

LR -- NY056 -- 8504 01/25/93 12:34 EST
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Date:Jan 25, 1993
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