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MOBIL TO REDUCE FOURTH QUARTER EARNINGS BY AN INVENTORY CHARGE

 FAIRFAX, Va., Jan. 4 /PRNewswire/ -- Mobil Corporation (NYSE: MOB) announced today that, because of the recent dramatic decline in worldwide crude oil prices, its fourth quarter 1993 results will include a special, non-cash charge of approximately $250 million after tax for the excess of inventory book values over current market values. This lower of cost or market charge largely reflects the decline in crude and product prices since 1982, the year in which LIFO (last-in-first-out) accounting was adopted in the International Marketing and Refining operations. Mobil adopted LIFO in its U.S. operations in 1957, when crude and product prices were low.
 -0- 1/4/94
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB)


CO: Mobil Corporation ST: Virginia IN: OIL SU:

TW -- NY044 -- 8983 01/04/94 15:11 EST
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Publication:PR Newswire
Date:Jan 4, 1994
Words:130
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