Correction Notification: Exxon Mobil Corporation Announces New Global Structure / Updated Forecast By Mid-December

Please see below the corrected version of the release: Irving, Texas (PROTEXT) - The following was issued today byExxon Mobil Corporation (NYSE: XOM): Today Exxon Mobil Corporation launched its new worldwideglobal structure. A news release regarding this follows. Keypoints in the news release include: -- The corporation will employ an organization structurebuilt on a concept of eleven separate global businesses. -- A new update on synergy benefits is expected by mid-December; preliminary studies over the last 10 months suggeststhe near-term benefits will likely be higher than the $2.8billion annually announced in December of last year. -- 140 transition teams composed of 1,500 Exxon and Mobilemployees have completed a significant amount of merger work. -- The corporation's global headquarters are officially upand running in Irving, Texas. Functional business lineheadquarters in Houston and Fairfax also are in operation. -- Five global upstream companies, the Chemical company andthe Coal and Minerals company will be located in Houston. -- Four global downstream companies will be based in Fairfax,Virginia. -- All three Exxon, Esso and Mobil brands will be retained. -- L. R. Raymond, former Chairman and Chief Executive Officerof Exxon, is Chairman and Chief Executive Officer. -- L. A. Noto, former Chairman and Chief Executive Officer ofMobil, is Vice Chairman. -- The 19-member Board will include six directors from Mobiland 13 from Exxon. Exxon Mobil Corporation announced today that it has launched anew organization structure built on a concept of eleven separateglobal businesses designed to allow the company to compete moreeffectively in a changing worldwide energy industry. Lee Raymond, Chairman and Chief Executive Officer of thecorporation, also said that by mid-December the company willannounce a revised forecast of merger benefits that will likelyexceed the $2.8 billion annual level announced last year. Regarding the synergy benefits the companies announced inDecember of 1998 Raymond said, "At that time, we announced anexpectation that the near-term benefits would total $2.8 billionannually, on a pre-tax basis. Since that time, our businesstransition teams have done a lot more planning and analysisaround how to combine the two companies and, at the same time,reorganize how we manage the business -- with a clear goal ofmaximizing the company's overall performance. We are convincedthat the combined company will achieve a higher return on capitalthan either company could have done alone. "Much of what has been done since last December has, ineffect, focused on maximizing synergy benefits. We now have amuch better understanding of what we can achieve, how we canachieve it and how much it could be worth. We have not yet,however, turned that understanding into an updated forecast. Ourplan is to do some post-closing work -- with an expectation thatwe will be able to announce a revised forecast of synergybenefits by mid-December. I will tell you that all we have seenand all we have found during the past 10 months suggests that theupdated number will likely be higher than the $2.8 billion annuallevel announced last year." Raymond added that the December 1, 1998 projection of aworldwide reduction in workforce of about 9,000 may also berevised in the new forecast. He expressed concern for thoseemployees who will be leaving as a result of the merger, butnoted that comprehensive severance packages and job placementassistance would be available to those employees who are notoffered positions with the new company. Regarding the significant organizational work accomplishedover the last year, Raymond said, "We believed almost a year agothat this merger was a great opportunity and, today, we are evenmore convinced of that. Our clear objective is to be the world'spremier petroleum and petrochemical company. This merger willsignificantly enhance shareholder value and allow us to meet theneeds of customers for quality products at competitive prices inthe next century." Raymond noted that Exxon and Mobil have historically shared anumber of core values that will continue to guide the managementof ExxonMobil. "First and foremost, Exxon and Mobil shared acommon resolve to maintain the highest standards for safety,health, and environmental care. The companies also shared a long-term commitment to creating shareholder value and a history ofstrong performance based on efficiency, capital productivity, andtechnological leadership," he said.

Transition Well Underway Raymond noted that a significant amount of merger planning andtransition work has already been completed. "We started in the first quarter of 1999 with 150 peopleassigned to about 25 'core' transition teams. That number grew tomore than 1,500 Exxon and Mobil people working on 140 teams justprior to closing. Throughout the process the teams havefunctioned extremely well -- with a high level of camaraderie anda common sense of purpose. This was an exceptional bonus --exceeding everyone's expectation and a source of great confidencein how well the organization will blend together," he said. Raymond noted that ExxonMobil's corporate headquarters areofficially up and running in Irving, TX. The Board of Directorshas taken all the necessary actions to complete the merger andthe company's new organizational structure. Financial reportingand cash handling processes are also in place, as are thecompany's emergency response and communication plans. Keypolicies and compensation and benefits programs are also ineffect, primarily for U.S. employees. In most other locations,the existing policies and programs will continue to apply untilnew ones are adopted by the local affiliates, which in some casesare subject to works council and labor agreements. Each of the functional business line headquarters offices inHouston and Fairfax are in operation, and organizational planshave been developed for regional centers and other key officelocations. These plans are being rapidly implemented, giving eachfunctional company full readiness in managing their day-to-daybusiness activities.

New Corporate Structure Raymond emphasized that in combining these two high-qualityorganizations, "Our primary objective was to create a bettercompany -- not a bigger company. ExxonMobil, first and foremost,is a new kind of organization -- one that will be able todistinguish itself in terms of its unique abilities andperformance. It is different from either of its components andfrom any other company in the energy industry today." Raymond said that ExxonMobil will employ a new organizationstructure built on a concept of eleven separate global businessesdesigned to allow the company to compete most effectively in theever-changing and challenging worldwide energy industry. Hestated that this new structure will result in a more focusedapproach as individual business lines are able to prioritizeopportunities and allocate resources on a worldwide basis.Raymond stressed that the new global orientation will also leadto faster identification and implementation of best practices,which is so critical to achieving and maintaining competitiveleadership. Five global upstream companies -- Exploration, Development,Production, Gas Marketing and Upstream Research -- will beheadquartered in Houston along with the Chemical company and theCoal and Minerals company. Four downstream companies -- FuelsMarketing, Lubricants & Petroleum Specialties, Refining & Supply,and Research and Engineering -- will be based in Fairfax,Virginia. The company's senior management, in addition to Raymond andLou Noto, Vice Chairman of ExxonMobil and former CEO and Chairmanof Mobil Corporation, includes four senior vice presidents: ReneDahan, Harry J. Longwell, Eugene A. Renna, and Robert E. Wilhelm.Dahan, Longwell, and Wilhelm were formerly senior vice presidentswith Exxon Corporation. Renna was President and Chief OperatingOfficer of Mobil Corporation. The chemical and the coal and minerals companies will reportto Dahan. The upstream companies will report to Longwell, and thedownstream companies to Renna. Several corporate staffdepartments and service groups will report to Wilhelm. The ExxonMobil board of directors consists of 13 non-employeedirectors and six employee directors who are the members of thesenior management team. Of the non-employee directors, nine weremembers of the Exxon board and four sat on the Mobil board.

Global Scope/Solid Operational Performance ExxonMobil has a presence in nearly 200 countries. The companyhas exploration or production operations in some 50 countries.The company sells fuels and chemicals in about 120 countries, andlubes in almost 200. Major manufacturing facilities for theseproducts are strategically located in 24 countries. "A key benefit of the merger is that it allows us to competemore effectively with the recently combined multinational oilcompanies and the very large state-owned oil companies that arerapidly expanding outside their home areas," Raymond said. "Inaddition," he added, "ExxonMobil will benefit as proprietarytechnology and customer offerings that were developed separatelyare shared and further improved." In discussing the strategic fit of Exxon and Mobil, Raymondsaid the two companies align well with each other in almost everyfacet of the business. "In the exploration and production area,for example, Mobil's and Exxon's respective strengths in Europe,Asia-Pacific, West Africa, the Caspian region, Russia, SouthAmerica, and North America line up well, with minimal overlap.Our respective deepwater assets and deepwater technology alsocomplement each other well."

Outstanding Portfolio/Well-Positioned for Growth The company, with headquarters in Irving, Texas, will be aworldwide leader among energy companies, benefitting fromunsurpassed functional and geographic diversity with strongglobal brands and leading positions in key businesses. Itsoperations range from exploration for and production of oil andgas to manufacturing and marketing of fuels, lubricants andchemicals, to mining of coal and minerals. In addition, thecompany is one of the world's premier independent powergenerators. ExxonMobil is well-positioned in both established and high-growth markets, as well as resource-rich upstream areas. It alsohas the financial capacity to pursue very large high-qualityinvestment opportunities, positioning it extremely well forfuture growth. "While ExxonMobil has industry-leading financial, operationaland technological assets, it is our employees who provide themost valuable and lasting competitive advantage," said Noto."Never in the history of our two companies will this advantage beas crucial as during the next several years as we jointly reachfor the exceptional benefits of this merger." Mobil also brings major liquefied natural gas assets andexperience to the combined company, complementing Exxon's naturalgas assets and gas-to-liquids technology. Noto said that in refining, marketing and chemicals, Exxon andMobil each have significant global brand recognition, expertiseand technology. "We will retain the Exxon, Esso, and Mobilbrands, which are among the best recognized and trusted in theworld. Those brands are complemented by ExxonMobil's strongretail operations which are located in key established as well ashigh- growth markets around the globe. In the lubricants area,Exxon is the world's leading producer of high-quality lube basestocks, which fits well with Mobil's leadership in finished lubestechnology and marketing. The company's network of 43 refineriesare well-positioned geographically to serve our fuels customersmost efficiently. Many are world-scale in size and enjoy thebenefits of integration with lubricants and petrochemicalsmanufacturing." In the chemical businesses, he added that ExxonMobil'smanufacturing strength, business mix, and technologicalleadership position it well to become the world's premierpetrochemical company. "Our current sales of about $15 billion/year make us one ofthe world's largest petrochemical companies -- but customerpreference and profitability, not size, will make us the premiercompany," Noto said. The company's new trademark is ExxonMobil. Designedspecifically to utilize the visual components of both the Exxonand Mobil brands, the logo retains Exxon's interlocking X's andMobil's red "O." The two names are connected to emphasize theunity of the combined company.

ExxonMobil Board Of Directors

Michael J. Boskin, T.M. Friedman Professor of Economics andSenior Fellow, Hoover Institution, Stanford University

Rene Dahan, Senior Vice President, Exxon Mobil Corporation

William T. Esrey, Chairman and CEO, Sprint Corporation

Donald V. Fites, former Chairman and CEO, Caterpillar, Inc.

Jess Hay, Chairman, Texas Foundation for Higher Education andHCB Enterprises, Inc., a private investment firm

Charles A. Heimbold, Jr., Chairman and CEO, Bristol-MyersSquibb Company

James R. Houghton, Chairman Emeritus, Corning Incorporated

William R. Howell, Chairman Emeritus, J.C. Penney Company,Inc.

Helene L. Kaplan, Of Counsel to the law firm of Skadden,Arps, Slate, Meagher & Flom LLP

Reatha Clark King, President and Executive Director, GeneralMills Foundation and Vice President, General Mills, Inc.

Philip E. Lippincott, Chairman, Campbell Soup Company,retired Chairman and CEO, Scott Paper Company

Harry J. Longwell, Senior Vice President, Exxon MobilCorporation

J. Richard Munro, former Co-Chairman and Co-CEO, Time-WarnerInc.

Marilyn Carlson Nelson, Chairman and CEO, Carlson Companies,Inc. and co-chair of Carlson Wagonlit Travel

Lucio A. Noto, Vice Chairman, Exxon Mobil Corporation

Lee R. Raymond, Chairman and CEO, Exxon Mobil Corporation

Eugene A. Renna, Senior Vice President, Exxon MobilCorporation

Walter V. Shipley, Chairman, The Chase Manhattan Corporationand The Chase Manhattan Bank

Robert E. Wilhelm, Senior Vice President, Exxon MobilCorporation

ExxonMobil Combined Worldwide 1998 Facts And Statistics Financial -- Net Income ($B)

8.1 -- Total Revenues ($B)

170 -- Average Capital Employed ($B)

82 -- Capital and Exploration Expenditures ($B)

15.5 -- Return on Average Capital Employed (%)

11% Upstream Operating -- Proved Reserves

(billions of oil-equivalent barrels)

21.3 -- Crude/Natural Gas Liquids Production

(million barrels per day)

2.5 -- Gas Production (billion cubic feet per day)

11.3 -- Crude/Natural Gas Liquids Proved Reserves

(billions of barrels)

11.5 -- Gas Proved Reserves (trillion cubic feet)

58.0 -- Countries (Exploration or Production)

Approx. 50 Downstream Operating -- Petroleum Product Sales

(million barrels per day)

8.8 -- Service Stations (thousands)

40+ -- Convenience Stores (thousands)

15 -- Refinery Thruput (million barrels per day)

5.5 -- Refineries

44 -- Countries with Refineries

24 -- Fuels Marketing (number of countries)

Approx. 120 Chemical Operating -- Prime Product Sales (million tons)

21 -- Revenues (incl. Intersegment) ($B)

15 -- Manufacturing Sites

73 -- Countries with Manufacturing

24 -- Olefins Capacity (million tons per year)

11.2 -- Polyolefins Capacity (million tons per year)

6.4 Other Operating -- Employees (thousands)

123 -- Common Shares Outstanding (billion)

3.5 -- Business Presence (number of countries)

Approx. 200ots Original Text Service: Exxon Mobil Corporation Internet:http://www.newsaktuell.de Contact: Media Relations of ExxonMobil Corporation (USA) 972-444-1107 Company News On-Call:http://www.prnewswire.com/comp/143842.html or fax, (USA) 800-758-5804, ext. 143842 Web site: http://www.exxon.mobil.com

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