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EXXON ANNOUNCES ESTIMATED FIRST QUARTER 1993 RESULTS

 First Quarter
 1993 1992
 Net Income - $ Million 1,185 1,295
 Net Income - $ Per Common Share 0.94 1.03
 Revenue - $ Million 27,262 27,914
 Capital & Exploration
 Expenditures - $ Million 1,576 1,937
 IRVING, Texas, April 23 /PRNewswire/ -- Exxon Corporation (NYSE: XON) today reported first quarter 1993 net income of $1,185 million, or $0.94 per share, compared with $1,295 million, or $1.03 per share, in the same period last year.
 Net income in the first quarter 1992 included $158 million in net non-recurring credits, principally gains from asset sales and tax credits outside the U.S. This year's first quarter contained $47 million in such credits. Excluding non-recurring items, earnings in the first quarter 1993 equaled the first quarter of last year.
 Revenue was $27,262 million in the most recent quarter, compared with $27,914 million in the first quarter of last year. Capital and exploration expenditures of $1,576 million in the first quarter compared with $1,937 million last year.
 Exxon Chairman L. G. Rawl commented as follows:
 "Excluding the effect of one-time items, Exxon's earnings in the first quarter 1993 equaled first quarter 1992 results despite sluggish economic conditions in major markets. Lower operating expenses were a major positive factor in the 1993 first quarter. Expenses were lower because of restructuring of operations in the U.S. and Canada and continued emphasis on all aspects of cost control throughout the worldwide organization.
 "Moderately higher crude oil realizations and rising sales of chemical products contributed to first quarter 1993 earnings. Earnings also benefited from increased natural gas sales and realizations in the U.S.
 "However, petroleum product and chemical margins remained weak during the quarter, depressing results both in the U.S. and abroad. Excess industry capacity in refining and chemical manufacturing and slow economic growth were among the principal causes.
 "Capital and exploration expenditures in the recent quarter were below the level of a year ago, reflecting in part the completion of several major development projects in 1992. However, full year 1993 expenditures are likely to approximate the 1992 level."
 Additional comments comparing earnings from major operating segments with the first quarter of last year follow:
 Earnings from U.S. exploration and production operations were $228 million in the first quarter 1993, up from $125 million in the same period a year ago. Exploration and production earnings from operations outside the U.S. were $668 million, including $20 million of non- recurring credits, compared with $782 million last year, which included $83 million of non-recurring tax related credits.
 Relative to the first quarter of 1992, worldwide exploration and production operations benefited from lower operating expenses and higher crude oil prices. Worldwide crude production was 1,681 kbd (thousand barrels per day) in the first quarter of this year, compared with 1,762 kbd last year. However, natural gas production rose 133 mcfd (million cubic feet per day) to 7,060 mcfd, reflecting stronger market conditions in the U.S. and start-up of new production in the Far East in 1992.
 Earnings from refining and marketing operations outside the U.S. were $277 million in the first quarter of 1993, down from $454 million in the 1992 first quarter, which included $115 million of non-recurring gains from asset sales. Earnings from U.S. refining and marketing operations were $21 million in the first quarter of 1993 compared with $23 million in last year's first quarter.
 In 1993, product margins were lower than the corresponding quarter of 1992 and were particularly depressed in the U.S. Worldwide petroleum product sales volumes of 4,883 kbd were down from 4,925 kbd last year as declines in Europe and the U.S., especially distillates, more than offset increased sales in the Far East.
 Earnings from chemical operations totaled $123 million in the first quarter of 1993, compared with $151 million in the same quarter a year ago. Product sales volumes of 3,216 kt (thousand tons), were up from 3,115 kt last year, but margins were generally lower. Chemical operations in the U.S. earned $87 million, equal to the first quarter of 1992, while chemical operations outside the U.S. earned $36 million, down from $64 million last year.
 Other operations earned $48 million versus $65 million earned in 1992, reflecting declines in U.S. coal production.
 Corporate and financing charges were $180 million in the first quarter of 1993, down from $265 million in 1992. Financing costs in the current year benefited from debt-related foreign exchange gains associated with a stronger Canadian dollar. The 1993 quarter included $27 million of non-recurring tax credits, while the 1992 quarter included $40 million of charges associated with adoption of accounting standards FAS 106 and FAS 109.
 During the first quarter of 1993, Exxon purchased 1.3 million shares of its stock for the Treasury at a cost of $83 million.
 Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions.
 EXXON CORPORATION
 FIRST QUARTER 1993
 First Quarter
 FUNCTIONAL EARNINGS ($ Millions) 1993 1992
 Petroleum and natural gas
 Exploration and production
 United States $ 228 $ 125
 Non-U.S. 668 782
 Refining and marketing
 United States 21 23
 Non-U.S. 277 454
 Total petroleum and natural gas $1,194 $1,384
 Chemicals
 United States 87 87
 Non-U.S. 36 64
 Other operations 48 65
 Corporate and financing (180) (265)
 Earnings before accounting changes $1,185 $1,335
 Cumulative effect of accounting changes - (40)
 Net income $1,185 $1,295
 Net income per common share $ 0.94 $ 1.03
 OTHER FINANCIAL DATA
 Total revenue $27,262 $27,914
 Dividends paid on common stock
 Total $ 894 $ 832
 Per common share $ 0.72 $ 0.67
 Millions of common shares outstanding
 Average 1,241.7 1,241.7
 At March 31 1,241.8 1,241.4
 Shareholders' equity at March 31 $34,115 $34,165
 Capital employed at March 31 $47,442 $46,988
 Income and other taxes
 Income taxes $ 685 $ 643
 Excise taxes 2,758 2,959
 Other taxes and duties 4,582 5,263
 Total taxes $8,025 $8,865
 Exxon's share of income taxes
 paid by equity companies: $185 $225
 EXXON CORPORATION
 FIRST QUARTER 1993
 First Quarter
 1993 1992
 Net production of crude oil and natural
 gas liquids, thousands of barrels daily (kbd)
 United States 565 613
 Canada 255 272
 Europe 419 434
 Other Non-U.S. 442 443
 Worldwide 1,681 1,762
 Natural gas production available for sale,
 millions of cubic feet daily (mcfd)
 United States 1,772 1,602
 Canada 389 360
 Europe 4,324 4,525
 Other Non-U.S. 575 440
 Worldwide 7,060 6,927
 Refinery crude oil runs (kbd)
 United States 833 881
 Canada 394 397
 Europe 1,323 1,445
 Other Non-U.S. 632 632
 Worldwide 3,182 3,355
 Petroleum product sales (kbd)(A)
 United States 1,138 1,177
 Canada 496 502
 Europe 1,834 1,903
 Other Non-U.S. 1,415 1,343
 Worldwide 4,883 4,925
 Aviation fuels 365 340
 Gasolines, naphthas 1,758 1,753
 Heating oils, kerosene, diesel 1,624 1,686
 Heavy fuels 536 559
 Specialty products 600 587
 Total 4,883 4,925
 Chemical product revenue (including
 transfers to petroleum affiliates)
 United States $1,193 $1,166
 Non-U.S. 1,355 1,448
 Total chemicals $2,548 $2,614
 Chemicals prime product sales (kt) 3,216 3,115
 (A) Petroleum product sales include equity
 company volumes: 109 kbd in 1993 and
 107 kbd in 1992.
 EXXON CORPORATION
 FIRST QUARTER 1993
 First Quarter
 1993 1992
 Capital and exploration expenditures ($ millions)
 United States
 Exploration and production $ 306 $ 418
 Refining and marketing 69 79
 Other 80 78
 Non-U.S.
 Exploration and production 669 850
 Refining and marketing 275 250
 Other 177 262
 Total $1,576 $1,937
 Exploration expenses charged to income
 included above ($ millions)
 United States-consolidated affiliates $ 29 $ 39
 Non-U.S.-consolidated affiliates 101 132
 -share of equity companies 23 21
 Worldwide $153 $ 192
 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
 1993 - First Quarter $1,185 $0.94
 -0- 4/23/93
 /CONTACT: Ed Burwell of Exxon, 214-444-1108/
 (XON)


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

PS -- NY035 -- 9996 04/23/93 11:26 EDT
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