EXXON CORPORATION

              7/30/93 52-Wk-Rng FY/Q  EPS93  EPS94 PE94 NxtQtr LyQtr
Exxon Corp.     65.63   69-57   12/3   4.00   4.75 13.7  **.** **.**

1.  Exxon reported second quarter net per share of $.98, up from $.73 last
year.  Earnings included $210 million in non-recurring tax credits and
gains on asset sales.  Excluding these results, adjusted net income is $.83
versus a similarly adjusted result in last year's second quarter of $.71
per share.  While analysts routinely strip out of reported earnings
these identified one-time gains, it is worth noting that in Exxon's case,
the company has had small to moderate non-recurring gains in nine out of
the past ten quarters and only one small non-recurring loss.  Overall,
Exxon has had a net cumulative contribution to earnings of $.70 per share
from so-called non-recurring items since the beginning of 1991.  This would
seem to indicate a conservative accounting approach and a higher quality of
earnings than would be the case for several of its competitors.

2.  There were no significant surprises contained in Exxon's second-quarter
release.  Foreign exploration/production earnings were impacted by a large
decline in European gas sales related to a warmer than normal second
quarter.  Second-quarter demand always declines from the first but it was
much sharper than usual this year.  In addition, sales/earnings were
modestly and negatively impacted by deferral of liftings of U.K. North Sea
oil until the third quarter (revenues and earnings are booked as oil is
sold, not produced).  These two items resulted in foreign
exploration/production income below normal.  Foreign refining/marketing
earnings and margins were stronger than projected, with conditions
in the Far East quite good.  Results in the U.S. petroleum segments
were as expected.

3.  In the category of Other Operations, Exxon's earnings in Hong Kong
Power continued strong and to show good growth ($59 million for the quarter
versus $51 million last year).  But coal and minerals earnings were hurt by
lower coal production and falling copper prices.

4.  Looking ahead, Exxon's earnings will be helped by a build-up in domestic
oil production later this year, and analysts have raised their estimate for
full-year foreign refining/marketing.  The latter reflects a strong second
quarter and a likelihood that this segment may benefit from the recent
decline in oil prices.  On the other hand, oil prices have been weak and
analysts have lowered their full-year estimate leading to a reduced earnings
expectation for Exxon's exploration/production sector.

5.  Capital and exploration expenditures were marginally higher than last
year's second quarter at $2.1 billion and for the first half were some 7%
below last year at $3.7 billion.  Exxon should be in balance this year on its
cash flow and asset sales versus capital expenditures and dividends but look
for the company to generate significant free cash flow in 1994 and 1995.
This makes analysts highly confident of a dividend increase later this year
or early 1994.