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                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, DC 20549-1004



                                  FORM 10-Q


                              QUARTERLY REPORT

                   PURSUANT TO SECTION 13 or 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 1996


                         Commission file number 1-7555


                              MOBIL CORPORATION

           (Exact name of registrant as specified in its charter)


             Delaware                          13-2850309
 (State or other jurisdiction of            (I.R.S. Employer
  incorporation or organization)            Identification No.)


   3225 Gallows Road, Fairfax, VA.                   22037-0001
(Address of principal executive offices)             (Zip Code)


                               (703) 846-3000
                        Registrant's telephone number


  Indicate  by check  mark  whether  the  registrant  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X . No .

  The number of shares outstanding of the registrant's common
stock, all of which comprise a single class with a $2.00 par
value, as of October 31, 1996, the latest practicable date, was
393,964,421.
-----------------------------------------------------------------


<PAGE>




                          MOBIL CORPORATION

                              Form 10-Q
                           Quarterly Report
                          September 30, 1996

                          TABLE OF CONTENTS


  ----------------------------------------------------------------

   PART I - FINANCIAL INFORMATION                             Page

    Item 1.  Condensed Consolidated Financial Statements
               Consolidated Statement of Income for the
                 Three and Nine Months Ended
                 September 30, 1995 and 1996...................  1
               Consolidated Balance Sheet at December 31, 1995
                 and September 30, 1996........................  2
               Consolidated Statement of Cash Flows for the
                 Nine Months Ended September 30, 1995 and 1996.  3
               Notes to Condensed Consolidated Financial
                 Statements ...................................  4

    Item 2.  Management's Discussion and Analysis of Results
               of Operations and Financial Condition ..........  6


   PART II - OTHER INFORMATION

    Item 1.  Legal Proceedings ................................ 16
    Item 2.  Changes in Securities ............................ 17
    Item 3.  Defaults Upon Senior Securities .................. 17
    Item 4.  Submission of Matters to a Vote of Security
               Holders ........................................ 17
    Item 5.  Other Information ................................ 17
    Item 6.  Exhibits and Reports on Form 8-K ................. 17

   SIGNATURE .................................................. 18

   EXHIBIT INDEX .............................................. 19

    Exhibit 11.  Computation of Earnings per Common Share ..... 20
    Exhibit 12.  Computation of Ratio of Earnings to Fixed
                   Charges .................................... 22

  ----------------------------------------------------------------

<PAGE>


                    PART I - FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

                           MOBIL CORPORATION
                    CONSOLIDATED STATEMENT OF INCOME
                 (In millions, except per-share amounts)
<TABLE>
<CAPTION>
                                        For the Three Months|For the Nine Months
                                        Ended September 30, |Ended September 30,
                                        --------------------|-------------------
                                                            |
                                               1995    1996 |   1995     1996
                                            ------- ------- |-------  -------
<S>                                         <C>     <C>      <C>      <C>
Revenues                                                    |
  Sales and services (a) .................. $18,267 $19,852 |$54,369  $57,642
  Income from equity investments, asset                     |
    sales, interest and other .............     370     474 |    744      904
                                            ------- ------- |-------  -------
                                                            |
    Total Revenues ........................  18,637 20,326  | 55,113   58,546
                                            ------- ------- |-------  -------
Costs and Expenses                                          |
  Crude oil, products and operating                         |
    supplies and expenses .................  10,172  11,788 | 30,773   33,687
  Exploration expenses ....................     102     143 |    276      291
  Selling and general expenses ............   1,274   1,176 |  4,398    3,541
  Depreciation, depletion and amortization.     688     645 |  2,225    1,903
  Interest and debt discount expense ......     119     119 |    351      332
  Taxes other than income taxes (a) .......   4,880   4,850 | 13,878   14,077
  Income taxes ............................     616     836 |  1,611    2,427
                                            ------- ------- |-------  -------
    Total Costs and Expenses ..............  17,851  19,557 | 53,512   56,258
                                            ------- ------- |-------  -------
Net Income ................................ $   786 $   769 |$ 1,601  $ 2,288
                                            ======= ======= |=======  =======
                                                            |
Net Income Per Common Share (b)............ $  1.95 $  1.92 |$  3.94  $  5.70
                                            ======= ======= |=======  =======
                                                            |
Dividends Per Common Share ................ $  .925 $  1.00 |$  2.70  $ 2.925
                                            ======= ======= |=======  =======
                                                            |
                                                            |
                                                            |
Notes:                                                      |
                                                            |
(a) Includes excise and state gasoline                      |
      taxes of ............................ $ 2,202 $ 2,313 |$ 6,248  $ 6,685
                                                            |
(b) Based on net income less preferred                      |
      stock dividend requirements of ...... $    14 $    13 |$    42  $    40
      divided by the weighted average                       |
      number of common shares outstanding                   |
      (000's) of .......................... 395,536 393,925 |395,726  394,221
</TABLE>















               The accompanying notes are an integral part of these
                   condensed  consolidated financial statements.
                                          


MOBIL                              - 1 -






<PAGE>



                                   MOBIL CORPORATION
                               CONSOLIDATED BALANCE SHEET
                                     (In millions)
<TABLE>
<CAPTION>
                                                             Dec. 31,  Sept. 30,
                                     ASSETS                     1995       1996
                                                             -------    --------
<S>                                                          <C>        <C>     
Current Assets
  Cash and cash equivalents ................................ $   498    $   706
  Accounts and notes receivable ............................   7,316      7,561
  Inventories ..............................................   3,287      3,454
  Prepaid expenses and other current assets ................     642        697
  Deferred income taxes ....................................     313        219
                                                             -------    -------
    Total Current Assets ...................................  12,056     12,637

Investments and Long-Term Receivables ......................   4,184      5,214

Properties, Plants and Equipment ...........................  51,719     55,311
Less: Accumulated Depreciation, Depletion and Amortization .  26,869     27,980
                                                             -------    -------
Net Properties, Plants and Equipment .......................  24,850     27,331

Deferred Charges and Other Assets ..........................   1,048      1,045
                                                             -------    -------
    Total Assets ........................................... $42,138    $46,227
                                                             =======    =======

                       LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Short-term debt .......................................... $ 2,127    $ 3,706
  Accounts payable .........................................   5,358      5,383
  Accrued liabilities ......................................   2,703      2,978
  Income, excise, state gasoline and other taxes payable ...   2,676      2,688
  Deferred income taxes ....................................     190        238
                                                             -------    -------
    Total Current Liabilities ..............................  13,054     14,993

Long-Term Debt .............................................   4,629      4,925
Reserves for Employee Benefits .............................   1,624      1,592
Accrued Restoration, Removal and Environmental Costs .......   1,254      1,254
Deferred Credits and Other Noncurrent Obligations ..........     884      1,233
Deferred Income Taxes ......................................   2,647      3,328
Minority Interest in Subsidiary Companies ..................      95        106
                                                             -------    -------
    Total Liabilities ......................................  24,187     27,431
                                                             -------    -------
Shareholders' Equity
  Preferred stock (ESOP-related) -- shares issued and
    outstanding: 92,864 at December 31, 1995 and
    89,192 at September 30, 1996 ...........................     722        693
  Unearned employee compensation (ESOP-related) ............    (411)      (376)
  Common stock -- $2.00 par value; shares authorized:
    600,000,000; shares issued: 443,905,531 at December 31,
    1995 and 445,147,296 at September 30, 1996 .............     888        890
  Capital surplus ..........................................   1,396      1,449
  Earnings retained in the business ........................  17,745     18,840
  Cumulative foreign exchange translation adjustment .......     (27)      (131)
  Common stock held in treasury, at cost -- shares:
    49,345,650 at December 31, 1995 and 51,183,750 at
    September 30, 1996 .....................................  (2,362)    (2,569)
                                                             -------    -------
    Total Shareholders' Equity .............................  17,951     18,796
                                                             -------    -------
Total Liabilities and Shareholders' Equity ................. $42,138    $46,227
                                                             =======    =======
</TABLE>



              The accompanying notes are an integral part of these
                  condensed  consolidated financial statements.


MOBIL                              - 2 -




<PAGE>



                                  MOBIL CORPORATION
                         CONSOLIDATED STATEMENT OF CASH FLOWS
                                    (In millions)
<TABLE>
<CAPTION>
                                                           For the Nine Months
                                                           Ended September 30,
                                                           -------------------

                                                              1995        1996
                                                           -------     -------
<S>                                                        <C>         <C>
Cash Flows from Operating Activities
  Net Income .........................................     $ 1,601     $ 2,288
  Adjustments to reconcile to net cash from
    operating activities:
      Depreciation, depletion and amortization .......       2,225       1,903
      Deferred income taxes ..........................         (41)        372
      Earnings (greater) less than dividends from
        equity affiliates ............................         (27)        111
      Exploration expenses (includes noncash
        charges:  1995-$20; 1996-$16) ................         276         291
      Gain on sales of properties, plants and
        equipment and other assets ...................         (34)       (311)
      Decrease (increase) in working capital items ...           6        (470)
      Other, net .....................................           7          (1)
                                                           -------     -------
Net Cash from Operating Activities ...................       4,013       4,183
                                                           -------     -------
Cash Flows from Investing Activities
  Capital and exploration expenditures ...............      (2,897)     (3,311)
  Acquisition of Ampolex Limited, net of cash
    acquired .........................................           -      (1,347)
  Proceeds from sales of properties, plants and
    equipment and other assets .......................         266       1,005
  Payments attributable to investments and
    long-term receivables ............................         (76)       (638)

                                                           -------     -------
Net Cash Used in Investing Activities ................      (2,707)     (4,291)
                                                           -------     -------
Cash Flows from Financing Activities
  Cash dividends .....................................      (1,111)     (1,193)
  Proceeds from borrowings having original
    terms greater than three months ..................       1,493       1,038
  Repayments of borrowings having original
    terms greater than three months ..................      (1,248)       (744)
  (Decrease) increase in other borrowings ............        (201)      1,362
  Proceeds from issuance of common stock .............          56          55
  Purchase of common stock for treasury ..............        (183)       (207)
                                                           -------     -------
Net Cash (Used in) Provided by Financing Activities ..      (1,194)        311
                                                           -------     -------
Effect of Exchange Rate Changes on Cash and
  Cash Equivalents ...................................         (46)          5
                                                           -------     -------
Net Increase in Cash and Cash Equivalents.............          66         208
Cash and Cash Equivalents - Beginning of Period ......         531         498
                                                           -------     -------
Cash and Cash Equivalents - End of Period ............     $   597     $   706
                                                           =======     =======
</TABLE>

-------------------------------------------------------------------------------

 Memo:

 Net cash from operating activities ..................     $ 4,013     $ 4,183
 Net cash used in investing activities ...............      (2,707)     (4,291)
 Cash dividends ......................................      (1,111)     (1,193)
                                                           -------     -------
 Excess (shortfall) of cash from operating activities
   over investing activities and dividends ...........     $   195     $(1,301)
                                                           =======     =======
------------------------------------------------------------------------------


           The accompanying notes are an integral part of these
               condensed consolidated financial statements.

MOBIL                              - 3 -

<PAGE>





                              MOBIL CORPORATION
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.  Basis of Financial Statements

  The condensed  consolidated  financial statements of Mobil Corporation (Mobil)
included  herein are unaudited and have been prepared  pursuant to the rules and
regulations of the Securities and Exchange  Commission  (SEC).  Although certain
information  normally  included in financial  statements  prepared in accordance
with  generally  accepted  accounting  principles has been condensed or omitted,
Mobil  believes  that the  disclosures  are  adequate  to make  the  information
presented not misleading. The condensed consolidated financial statements should
be read in conjunction with the  consolidated  financial  statements,  the notes
thereto  and the  financial  statement  schedule  included  or  incorporated  by
reference  in  Mobil's  Annual  Report on Form 10-K for its  fiscal  year  ended
December 31, 1995.

  The condensed  consolidated  financial  statements included herein reflect all
normal recurring  adjustments that, in the opinion of management,  are necessary
for a fair  presentation.  The results for interim  periods are not  necessarily
indicative of trends or of results to be expected for a full year.

2.  Acquisitions

  On February 14, 1996,  Mobil  announced that an Australian  subsidiary,  Mobil
Exploration  & Producing  Australia  Pty Ltd (MEPA),  had acquired a substantial
equity position in Ampolex Limited  (Ampolex) and had made a proposal to acquire
the remaining  listed  securities of this Australian oil and gas company.  After
MEPA  revised  its  offer  in May  1996,  the  Board  of  Directors  of  Ampolex
recommended that the holders of Ampolex's  ordinary and preference shares accept
MEPA's  offer.  MEPA's offer for the  preference  shares closed on September 13,
1996, with MEPA having acquired  approximately 99% of the preference shares, and
MEPA has commenced  compulsory  acquisition of the remaining  preference shares.
MEPA has acquired  approximately  99% of the ordinary shares,  and following the
close of the offer for the ordinary shares will be able to compulsorily  acquire
the  remaining  ordinary  shares.  In addition,  in April and July,  1996,  MEPA
offered to purchase  all of  Ampolex's  unsecured  subordinated  convertible  8%
notes.  Prior to MEPA's  takeover offer,  however,  a dispute had arisen between
Ampolex and certain holders of such notes as to the proper rate of conversion of
each note into Ampolex ordinary shares.  In June 1995,  Ampolex  initiated legal
proceedings in Australia,  seeking, among other things,  declarations as to such
rate of  conversion.  On September  25, 1996,  Ampolex  announced it had reached
agreement  to settle  this  litigation,  and the  holders  of the notes who were
parties to the litigation  tendered their notes to MEPA under the terms MEPA had
originally offered. MEPA now owns approximately 97% of the notes. On November 5,
1996,  MEPA  offered to purchase the  remaining  notes at a price of A$10.00 per
note.  If this offer is  successful,  the total price to be paid by MEPA for the
purchase of Ampolex will be U.S. $1,395 million.

  The acquisition of Ampolex was recorded using the purchase  accounting  method
for business  combinations  and the excess of MEPA's  investment in Ampolex over
the book  value of  Ampolex's  net  assets  was  allocated  on the  basis of the
estimated  fair  values of the net  assets  acquired.  Effective  July 1,  1996,
Ampolex was  consolidated  in Mobil's  financial  statements.  At June 30, 1996,
MEPA's  investment in Ampolex had been  accounted  for under the equity  method,
pending the completion of the purchase price allocation.




MOBIL                              - 4 -

<PAGE>



2.  Acquisitions -- concluded

  On May 16, 1996, Mobil announced that it had acquired a 25% equity interest in
the Tengiz oil field in the Republic of  Kazakstan  for $1.1  billion.  To date,
Mobil has paid $546 million,  and has recorded its  obligation for the remaining
balance which is payable in  installments  through the year 2000,  upon reaching
certain project milestones.

3.  Supplementary Cash Flow Data

  The table below  details the  components of the line  "Decrease  (increase) in
working  capital  items"  which is shown in the  Consolidated  Statement of Cash
Flows on page 3. The impact of changes in foreign currency translation rates has
been removed from these amounts.  Therefore, these amounts do not agree with the
differences  that could be derived from the  Consolidated  Balance Sheet amounts
shown on page 2.


     ----------------------------------------------------------------------
      (In millions)                                   For the Nine Months
                                                      Ended September 30,
                                                      --------------------

                                                          1995      1996
                                                         -----     -----
       Changes in Working Capital Items
       (Increases)/decreases

       Accounts and notes receivable .................   $ (85)    $(501)
       Inventories ...................................    (174)     (214)
       Prepaid expenses and other current assets .....     (80)      (40)
       Accounts payable ..............................    (129)      235
       Accrued liabilities ...........................     283        (1)
       Income, excise, state gasoline and
         other taxes payable .........................     191        51
                                                         -----     -----
       Decrease (increase) in working capital items ..   $   6     $(470)
                                                         =====     =====
     ----------------------------------------------------------------------

MOBIL                              - 5 -

<PAGE>




Item 2.  Management's Discussion and Analysis of Results of Operations and
Financial Condition.

RESULTS OF OPERATIONS
 -------------------------------------------------------------------------------
|                                                                              |
|  REPORTED EARNINGS              Third Quarter       |First Nine Months       |
|    (In millions)                _____________ Incr./|_________________ Incr./|
|                                   1995  1996 (Decr.)|   1995    1996  (Decr.)|
|                                  ----- -----  ----- | ------  ------  ------ |
| Petroleum Operations                                |                        |
|   E&P - United States .......... $  46 $ 234  $ 188 | $  185  $  556  $  371 |
|       - International ..........   256   303     47 |    792     963     171 |
|                                  ----- -----  ----- | ------  ------  ------ |
|   Total E&P ....................   302   537    235 |    977   1,519     542 |
|                                  ----- -----  ----- | ------  ------  ------ |
|   M&R - United States ..........   148    83    (65)|    131     311     180 |
|       - International ..........   200   148    (52)|    231     512     281 |
|                                  ----- -----  ----- | ------  ------  ------ |
|   Total M&R ....................   348   231   (117)|    362     823     461 |
|                                  ----- -----  ----- | ------  ------  ------ |
| Total Petroleum ................   650   768    118 |  1,339   2,342   1,003 |
|                                                     |                        |
| Chemical .......................   179    90    (89)|    523     225    (298)|
| Corporate and Other (a) ........    34   (22)   (56)|    (46)   (107)    (61)|
| Net Financing Expense ..........   (77)  (67)    10 |   (215)   (172)     43 |
|                                  ----- -----  ----- | ------  ------  ------ |
| Net Income ..................... $ 786 $ 769  $ (17)| $1,601  $2,288  $  687 |
|                                  ===== =====  ===== | ======  ======  ====== |
|------------------------------------------------------------------------------|
|                                                                              |
|  OPERATING EARNINGS             Third Quarter       |First Nine Months       |
|    (Adjusted for Special Items) _____________ Incr./ _________________ Incr./|
|       (In millions)               1995  1996 (Decr.)|   1995    1996  (Decr.)|
|                                  ----- -----  ----- | ------  ------  ------ |
| Petroleum Operations                                |                        |
|   E&P - United States .......... $  46 $ 152  $ 106 | $  237  $  474  $  237 |
|       - International ..........   256   270     14 |    817     930     113 |
|                                  ----- -----  ----- | ------  ------  ------ |
|   Total E&P ....................   302   422    120 |  1,054   1,404     350 |
|                                  ----- -----  ----- | ------  ------  ------ |
|   M&R - United States ..........   148    83    (65)|    235     311      76 |
|       - International ..........   229   148    (81)|    528     512     (16)|
|                                  ----- -----  ----- | ------  ------  ------ |
|   Total M&R ....................   377   231   (146)|    763     823      60 |
|                                  ----- -----  ----- | ------  ------  ------ |
| Total Petroleum ................   679   653    (26)|  1,817   2,227     410 |
|                                                     |                        |
| Chemical .......................   179    90    (89)|    539     225    (314)|
| Corporate and Other (a) ........   (37)   (8)    29 |    (55)    (62)     (7)|
| Net Financing Expense ..........   (77)  (67)    10 |   (215)   (172)     43 |
|                                  ----- -----  ----- | ------  ------  ------ |
| Income Excluding Special Items..   744   668    (76)|  2,086   2,218     132 |
| Special Items (table on page 7).    42   101     59 |   (485)     70     555 |
|                                  ----- -----  ----- | ------  ------  ------ |
| Net Income ..................... $ 786 $ 769  $ (17)| $1,601  $2,288  $  687 |
|                                  ===== =====  ===== | ======  ======  ====== |
|------------------------------------------------------------------------------|

 (a) Corporate  and Other  includes  the results  from Real  Estate  operations,
     Mining and Minerals, corporate administrative expenses and other items.


MOBIL                              - 6 -

<PAGE>



 -------------------------------------------------------------------------------

   SPECIAL ITEMS                        Third Quarter   |  First Nine Months
     (In millions)                       1995    1996   |    1995     1996
                                        -----   -----   |   -----    -----
  Asset Sales ........................  $   -  $  129   |   $ (22)   $ 129
  SRP Implementation (a)..............      -     (28)  |       -      (59)
  Restructuring (b)....... ...........      -       -   |    (505)       -
  Litigation Settlement ..............     71       -   |      71        -
  Property Write-downs................    (29)      -   |     (29)       -
                                        -----   -----   |   -----    -----
    Total Special Items ..............  $  42   $ 101   |   $(485)   $  70
                                        =====   =====       =====    =====

(a) Staff Redesign Project (SRP).
(b) Includes $286 million for SRP, $39 million for restructuring of U.S. 
    marketing and refining operations and $180 million for European refining.

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

  REVENUES BY SEGMENT                 Third Quarter      |   First Nine Months
    (In millions)                                  Incr./|                Incr./
                                                  (Decr.)|               (Decr.)
                                     1995     1996    %  |    1995    1996   %
                                  -------  -------  ---- |  ------ ------- ----

 Exploration & Producing .......  $ 1,693  $ 1,974   17  |  $ 5,268 $ 5,815  10
 Marketing & Refining ..........   15,391   17,500   14  |   45,280  50,138  11
 Chemical ......................    1,349      768  (43) |    4,163   2,341 (44)
 Corporate & Other .............      204       84  (59) |      402     252 (37)
                                  -------  -------       |  ------- -------
   Total Revenues ..............  $18,637  $20,326    9  |  $55,113 $58,546   6
                                  =======  =======       |  ======= =======
--------------------------------------------------------------------------------

CONSOLIDATED RESULTS OVERVIEW

THIRD QUARTER 1996 COMPARED WITH THIRD QUARTER 1995

  Consolidated  third  quarter  net income was $769  million,  a decrease of $17
million from the $786 million  reported for the third quarter of 1995.  Earnings
per common share for the third  quarter of 1996 were $1.92,  compared with $1.95
for the comparable  period in 1995. This quarter's  results included net special
benefits of $101 million -- $129 million of gains on asset sales,  partly offset
by $28 million of  restructuring  implementation  costs.  Last year's  quarterly
results included $42 million of net special benefits -- a $71 million  favorable
litigation  settlement,  partly  offset by $29 million of property  write-downs.
Excluding  special items from both periods,  third quarter 1996 operating income
of $668 million decreased $76 million, or 10%.

  Third quarter results were  disappointing due to unfavorable market conditions
in many of the businesses where Mobil has a substantial  presence;  although the
company's  outlook for these businesses is favorable over the longer term. Also,
results  were hurt by a higher  level of  unscheduled  refinery  downtime in the
United States. All affected refineries were restored to normal operations.

  Strong crude oil and natural gas prices were more than offset by significantly
lower  worldwide  downstream  and  petrochemical  margins.  In  particular,  the
downstream  business has not been able to recover rising crude oil prices in the
marketplace.   Additionally,   paraxylene   prices  have   recently  been  under
significant  downward  pressure as a result of surplus capacity and weak demand.
Other factors unfavorably affecting this period's comparison with last year were
the absence of the Nigerian reserve bonus, the Ruhrgas dividend, and income from
the divested chemical businesses. The expiration of the tax holiday for the

MOBIL                              - 7 -

<PAGE>



CONSOLIDATED RESULTS OVERVIEW -- continued

petrochemicals  joint venture in Saudi Arabia and higher exploration expenses in
international  upstream operations also had negative impacts.  Partly offsetting
these  items  was the  favorable  impact of higher  worldwide  downstream  sales
volumes, which were up 7%.

  This  quarter,  savings from expense  initiatives  totaled  about $160 million
before  tax,  including  savings  from the  staff  redesign  project  and  other
restructuring  programs.  These savings were,  however,  offset by higher volume
related  expenses,  including costs associated with new programs for growth,  as
well as inflation, in particular higher purchased energy expenses.

  Worldwide revenues in the third quarter of 1996 of $20,326 million were $1,689
million  higher than  revenues in the third quarter of 1995,  reflecting  higher
worldwide  crude oil,  natural  gas and  petroleum  product  prices,  and higher
petroleum product sales volumes, partly offset by lower petrochemical prices and
the absence of revenues from divested  chemical  businesses.  Income from equity
investments, asset sales, interest and other was $104 million higher, mainly due
to asset sales in this year's third quarter.  Crude oil,  products and operating
supplies and expenses increased by $1,616 million to $11,788 million,  primarily
due to increased  crude and product  prices and higher  worldwide  product sales
volumes,  partly  offset by the  impact  of the  divested  chemical  businesses.
Exploration expenses were $41 million higher,  mainly reflecting the acquisition
of Ampolex and higher dry drilling expense in international  areas.  Selling and
general expenses decreased $98 million to $1,176 million, in part due to expense
reductions associated with restructuring programs.  Depreciation,  depletion and
amortization  expenses  (DD&A) were $43 million lower largely due to the absence
of last year's  write-down  of certain  marketing  assets in  Australia  and the
effects of adopting FAS 121 in the fourth quarter of 1995,  partly offset by the
inclusion of Ampolex's DD&A. Taxes other than income taxes decreased $30 million
as higher  worldwide  product sales volumes and an increase in the duty tax rate
in the United  Kingdom were more than offset by the absence of import  duties on
crude oil resulting from the closure of the Woerth  refinery in Germany.  Income
tax expense  increased $220 million to $836 million,  mainly due to higher taxes
in international Exploration and Producing, including the absence of last year's
Nigerian reserve bonus, and other mix changes in the sources of earnings.

FIRST NINE MONTHS 1996 COMPARED WITH FIRST NINE MONTHS 1995

  Mobil's  consolidated  net income for the first nine months of 1996 was $2,288
million,  $687 million  higher than the $1,601  million earned in the comparable
period last year.  Included in this year's net income were net special  benefits
of  $70  million,   representing   gains  on  asset  sales,   partly  offset  by
restructuring implementation costs. Last year's results included $485 million of
net special  charges,  primarily for the  realignment of worldwide staff support
services and  restructuring  of marketing and refining  operations in the United
States and Europe.  Excluding  special items,  Mobil's 1996 nine month operating
income was $2,218 million, up $132 million, or 6%, from last year.

  The $132  million  increase in  operating  earnings  is mainly  from  improved
petroleum sector market conditions and benefits from higher volumes and business
initiatives,  largely  offset  by lower  Chemical  income.  In  Exploration  and
Producing,  higher  income  resulted  from  higher  prices  and lower  producing
expenses,  and from lower capital recovery charges  primarily due to adoption of
FAS 121 in the fourth quarter of 1995. In Marketing and Refining, higher volumes
and  industry  refining  margins  have  been  partly  offset  by a higher  level


MOBIL                              - 8 -

<PAGE>




CONSOLIDATED RESULTS OVERVIEW -- continued

of refinery  downtime and lower U.K.  marketing  margins.  Unscheduled  refinery
downtime reduced earnings by about $45 million versus last year. Chemical income
is lower than last year when record  income  resulted  from very high  worldwide
petrochemical margins. This year,  petrochemical margins are significantly lower
and results have been hurt by the absence of income from divested businesses and
the  expiration  of the  Saudi  tax  holiday.  Additionally,  reduced  operating
performance at certain chemical plants negatively impacted earnings by about $25
million.

  Since May 1995, Mobil has commenced five major restructuring programs with the
projected  elimination  of  approximately  6,000  positions  and the  closure of
certain  facilities.   During  1995,  the  Company   established   restructuring
provisions  of $911 million  ($590  million  after tax),  primarily to cover the
costs of employee separation benefits and the closure of certain facilities.  Of
this  amount,  $671  million  represented  forecast  cash  expenditures.  As  of
September  30,  1996,  cumulative  cash  outlays  covered  by the  restructuring
provisions totaled $352 million.  As of the same date, spending related to other
implementation costs for these programs totaled about $100 million,  before tax.
All programs are on schedule  and are  expected to reach an  annualized  savings
rate of over $1 billion by year-end.

  Nine month 1996 revenues of $58,546  million were $3,433  million  higher than
revenues in the same period of 1995 due to increased worldwide petroleum product
sales volumes and higher worldwide selling prices for crude oil, natural gas and
petroleum products,  partly offset by lower petrochemical prices and the absence
of revenues from divested chemical  businesses.  Income from equity investments,
asset  sales,  interest and other  increased  $160  million,  mainly due to this
year's gains on asset sales.  Crude oil,  products  and  operating  supplies and
expenses  increased by $2,914 million to $33,687  million due to increased crude
and  product  prices and higher  product  sales  volumes,  partly  offset by the
absence of costs from the  divested  chemical  businesses.  Selling  and general
expenses  declined $857 million to $3,541 million,  primarily due to the absence
of last year's special charges for various  restructuring  programs,  subsequent
expense  reductions  associated  with those programs and the  divestiture of the
chemical businesses. Depreciation, depletion and amortization expenses were $322
million  lower  largely due to the absence of 1995  restructuring-related  asset
write-downs  and the effects of adopting FAS 121 in the fourth  quarter of 1995.
Taxes other than income taxes  increased $199 million to $14,077  million due to
higher  worldwide  product sales volumes and an increase in the duty tax rate in
the United  Kingdom,  partially  offset by the absence of import duties on crude
oil  resulting  from the closure of the Woerth  refinery in Germany.  Income tax
expense increased $816 million over the prior year, mainly due to higher pre-tax
income and mix changes in the sources of earnings.



MOBIL                              - 9 -

<PAGE>




Exploration and Producing
--------------------------------------------------------------------------------

  Exploration and Producing
    Selected Operating Data           Third Quarter          First Nine Months
                                        Incr./(Decr.)            Incr./(Decr.)
                                 1995   1996   Vol.  %     1995  1996   Vol.  %
    Net Crude Oil and NGL                               |
    Production (TBD)   - U.S.     278    257   (21) (8) |   285   268   (17) (6)
                       - Intl.    533    594    61  11  |   523   568    45   9
                                -----  ----- -----      | ----- ----- -----
      Total ..................    811    851    40   5  |   808   836    28   3
                                =====  ===== =====      | ===== ===== =====
    Net Natural Gas                                     |
    Production (MMCFD) - U.S.   1,417  1,284  (133) (9) | 1,479 1,366  (113) (8)
                       - Intl.  2,677  2,784   107   4  | 3,055 3,118    63   2
                                -----  ----- -----      | ----- ----- -----
      Total ..................  4,094  4,068   (26) (1) | 4,534 4,484   (50) (1)
                                =====  ===== =====      | ===== ===== =====
                                                        |
  Total Net Production (TBDOE)  1,539  1,574    35   2  | 1,614 1,633    19   1
                                =====  ===== =====      | ===== ===== =====
--------------------------------------------------------------------------------

THIRD QUARTER 1996 COMPARED WITH THIRD QUARTER 1995

  Exploration and Producing  income of $537 million was $235 million higher than
the third  quarter of last year.  This year's  results  included $115 million of
special  benefits  for gains on asset  sales,  $82  million in the U.S.  and $33
million in Canada.  There were no  special  items last year.  Excluding  special
items, operating income of $422 million was $120 million higher than last year.

  In the United  States,  operating  income was $152  million,  up $106 million,
mainly due to higher  prices for crude oil and natural  gas. The crude oil price
increase was mitigated by the weakening of prices for  California  heavy crudes,
which make up about 40% of Mobil's  U.S.  crude  production,  relative  to light
crudes. Lower exploration expenses, savings from restructuring initiatives,  and
lower capital recovery charges also contributed to the improved earnings.  These
benefits  were  partially  offset  by the  impact  of lower  production  volumes
resulting from asset sales and natural field declines.

  International  operating income of $270 million was $14 million higher, mainly
due to higher prices and volumes.  Volumes were up due to the success of Mobil's
continuing  investment  program in  Nigeria  and  production  was added with the
acquisitions of Tengiz and Ampolex.  Earnings were reduced this period by higher
exploration  expenses,  timing of the Ruhrgas  dividend  (received  in the third
quarter  of 1995 and in the  second  quarter  of 1996),  and the  absence of the
Nigerian reserve bonus included in last year's third quarter.

FIRST NINE MONTHS 1996 COMPARED WITH FIRST NINE MONTHS 1995

  Exploration  and Producing  income of $1,519  million was $542 million  higher
than last year. Last year's results included $77 million of special charges; $55
million related to the  restructuring  of staff support services and $22 million
related to losses on U.S.  asset sales.  This year's  results  included  special
benefits of $115 million for gains on asset sales.  Excluding special items from
both periods,  operating  income of $1,404  million was $350 million higher than
last year.  Higher income  resulted from higher  worldwide crude oil and natural
gas prices,  lower producing  expenses,  and from lower capital recovery charges
primarily due to adoption of FAS 121 in the fourth quarter of 1995.

MOBIL                              - 10 -

<PAGE>




Marketing and Refining
--------------------------------------------------------------------------------

  Marketing and Refining             Third Quarter          First Nine Months
   Selected Operating Data                Incr./(Decr.)           Incr./(Decr.)
                                  1995    1996  Vol.  %    1995   1996  Vol.  %
                                 -----   -----  ---  --   -----  -----  ---  --
  Petroleum Product
    Sales (TBD)(a)   - U.S. ...  1,285   1,414  129  10 | 1,266  1,340   74   6
                     - Intl. ..  1,910   1,990   80   4 | 1,885  1,963   78   4
                                 -----   -----  ---     | -----  -----  ---
       Total ..................  3,195   3,404  209   7 | 3,151  3,303  152   5
                                 =====   =====  ===     | =====  =====  ===
                                                        |
  Refinery Runs (TBD)                                   |
                     - U.S. ...    902     926   24   3 |   897    914   17   2
                     - Intl. ..  1,225   1,254   29   2 | 1,231  1,223   (8) (1)
                                 -----   -----  ---     | -----  -----  ---
       Total ..................  2,127   2,180   53   2 | 2,128  2,137    9   -
                                 =====   =====  ===     | =====  =====  ===

  (a) includes supply/other sales
--------------------------------------------------------------------------------

THIRD QUARTER 1996 COMPARED WITH THIRD QUARTER 1995

  Marketing and Refining  income of $231 million was $117 million lower than the
third quarter of last year. Last year's results  included $29 million of special
charges  for  property  write-downs.  There  were no  special  items  this year.
Excluding  special  items,  operating  income of $231  million was $146  million
lower.

  United  States  operating  income was $83 million,  down $65 million from last
year, mainly due to weak margins, as product prices lagged the increase in crude
costs, and unscheduled refinery downtime. The unscheduled refinery downtime hurt
earnings by about $25 million  versus last year.  These  factors were  partially
offset by higher product sales volumes,  notably retail  gasoline  sales,  where
volumes  increased  due to the  implementation  of Friendly  Serve(sm) and other
programs to develop new business.

  International  operating  income of $148  million  was down $81 million due to
lower integrated  margins in Europe and Asia-Pacific.  U.K.  marketing  margins,
while somewhat improved from the second quarter of this year, were significantly
below those in the third quarter of 1995. Lower  paraxylene  margins also had an
impact on Mobil's  Singapore  refinery  earnings,  as income from the  aromatics
complex at this facility is shared between M&R and Mobil Chemical.  These market
factors more than offset the positive impact of stronger sales volumes.

FIRST NINE MONTHS 1996 COMPARED WITH FIRST NINE MONTHS 1995

  Marketing and Refining income was $823 million,  $461 million higher than last
year. Last year's results  included special charges of $401 million (U.S. -- $65
million for redesign of staff support services and $39 million for restructuring
marketing and refining operations;  International -- $88 million for redesign of
staff support services,  $180 million for European refining,  and $29 million of
property write-downs).  There were no special items this year. Excluding special
items,  operating income  increased $60 million to $823 million.  Higher volumes
and industry  refining  margins were partly offset by a higher level of refinery
downtime and lower U.K. marketing margins. Unscheduled refinery downtime reduced
earnings by about $45 million versus last year.


MOBIL                              - 11 -

<PAGE>



Chemical

THIRD QUARTER AND FIRST NINE MONTH COMPARISONS OF 1996 WITH 1995

  Chemical  income of $90 million was $89 million  lower than last year's  third
quarter.  In the first nine  months of 1996,  Chemical  income was $225  million
compared with $523 million in the same period last year.  Excluding  last year's
special charge of $16 million for redesign of staff support  services,  Chemical
operating  income of $225  million  was $314  million  lower than the first nine
months of 1995. Declines in both the third quarter and the year-to-date  periods
reflected lower worldwide polyethylene resin and paraxylene margins, the absence
of income from divested businesses and the expiration of the tax holiday for the
company's  petrochemicals joint venture in Saudi Arabia.  Additionally,  reduced
operating   performance  at  certain   chemical   plants   negatively   impacted
year-to-date income by about $25 million.

Corporate and Other

THIRD QUARTER AND FIRST NINE MONTH COMPARISONS OF 1996 WITH 1995

  Corporate  and Other  expense of $22 million was $56 million  higher than last
year's third quarter when results  included $71 million of special benefits from
a favorable  litigation  settlement.  This year's quarterly results included net
special  charges  of  $14  million,  $28  million  of  costs  for  restructuring
implementation,  partly offset by a $14 million gain on an asset sale. Excluding
special items from both  periods,  Corporate and Other expense of $8 million was
$29 million lower than the third quarter last year when results  included  costs
associated with restructuring.  Additionally, the current-year quarter benefited
from  improved  results  in real  estate  operations  and the  timing of certain
miscellaneous items.

  For the first  nine  months of 1996,  Corporate  and  Other  expense  was $107
million,  $61 million higher than last year.  Last year's  results  included net
special benefits of $9 million, the $71 million favorable litigation settlement,
offset by $62 million of restructuring charges. This year's results included $45
million  of  net  special  charges,  $59  million  of  costs  for  restructuring
implementation,  partly offset by a $14 million gain on an asset sale. Excluding
special items from both periods, Corporate and Other expense was $62 million, $7
million higher than last year when results were  favorably  impacted by the sale
of an office complex in Arlington, Virginia.

Net Financing Expense

THIRD QUARTER AND FIRST NINE MONTH COMPARISONS OF 1996 WITH 1995

  Net  Financing  Expense of $67 million was $10 million  lower than last year's
third  quarter  due to lower  interest  rates,  partly  offset  by  interest  on
additional   borrowings   resulting   from  this   year's   Ampolex  and  Tengiz
acquisitions.  For the first nine months of 1996, Net Financing  Expense of $172
million was $43  million  lower than last year  reflecting  lower  average  debt
balances,  lower average  interest  rates,  and the  capitalization  of interest
expense on major projects in Nigeria, Qatar and Canada.


MOBIL                              - 12 -

<PAGE>




DISCUSSION OF FINANCIAL CONDITION

  At  September  30, 1996,  total  current  assets of $12,637  million were $581
million  higher than at year-end  1995  reflecting  higher  accounts  receivable
balances due to higher  worldwide  prices and petroleum  product sales  volumes,
partly offset by the  contribution  of accounts  receivable to the gas marketing
joint venture with PanEnergy. Also contributing to the increase in total current
assets were higher inventories that mainly reflect higher volumes,  and a higher
level of cash and cash equivalents.

  Investments and long-term receivables increased $1,030 million,  primarily due
to the acquisition of a 25% equity interest in the Tengiz field in Kazakstan.

  Net  properties,  plants and  equipment  increased  $2,481  million to $27,331
million. Capital expenditures, including the acquisition of Ampolex, were partly
offset by  depreciation,  depletion  and  amortization,  and the impact of asset
sales.

  Total current liabilities of $14,993 million at September 30, 1996,  increased
$1,939  million from year-end  1995.  This increase  primarily  reflects  higher
short-term debt used to fund the acquisitions of Ampolex and Tengiz.

  Total debt of Mobil and its  subsidiaries  was $8,631 million at September 30,
1996, up $1,875 million from year-end 1995. The debt-to-capitalization ratio was
31% at September 30, 1996, compared with 27% at year-end 1995.

  Deferred  Credits and Other Noncurrent  Obligations  increased $349 million to
$1,233 million mainly due to future obligations related to the acquisition of an
interest in the Tengiz field.

  Current and noncurrent deferred income tax liabilities increased $729 million,
primarily  due to the  consolidation  of Ampolex  and  accelerated  depreciation
associated with an increase in investment  spending,  primarily in international
Exploration and Producing.

  Shareholders'  equity rose $845 million  during the first nine months of 1996,
primarily  due to an  increase  of $1,095  million in  earnings  retained in the
business at September 30, 1996.  Partly  offsetting the higher retained earnings
were a net charge in the  cumulative  foreign  exchange  translation  adjustment
account reflecting a strengthening U.S. dollar in certain countries in which the
company has significant operations ($104 million) and an increase in the cost of
common stock held in the treasury as 1,838,100 shares were purchased on the open
market to offset the dilutive effects of the issuance of shares upon exercise of
stock options ($207 million).

  During  the first  nine  months of 1996,  net cash  generated  from  operating
activities was $4,183  million,  $1,301 million less than the cash  requirements
for investing  activities  and  dividends,  reflecting the cost of the two major
acquisitions  of Ampolex and  Tengiz,  consistent  with  Mobil's  stated  growth
strategy in international oil and gas.


MOBIL                              - 13 -

<PAGE>



DISCUSSION OF FINANCIAL CONDITION - concluded

  Capital and Exploration Expenditures for the third quarter of 1996 were $2,750
million, an increase of $1,631 million from the comparable period last year. For
the first nine months of 1996,  worldwide  capital and exploration  expenditures
were $4,705 million,  compared with $2,897 million for the year-earlier  period.
The increase in both periods was primarily due to the full  consolidation of the
Ampolex acquisition that was previously reflected in investments and advances.
----------------------------------------------------------------------------
CAPITAL AND EXPLORATION
  EXPENDITURES                           Third Quarter    First Nine Months
 (In millions)                            1995    1996       1995     1996
                                         -----   -----      -----    -----
 Petroleum Operations                                   |
   Exploration & Producing  - U.S. ..   $  306  $   95  |  $  577   $  367
                            - Intl. .      459   2,226  |   1,267    3,072
   Marketing & Refining     - U.S. ..       94      87  |     333      261
                            - Intl. .      178     243  |     502      730
 Chemical ...........................       63      92  |     155      223
 Corporate & Other ..................       19       7  |      63       52
                                        ------  ------  |  ------   ------
     Total Capital and Exploration                      |
       Expenditures (a)..............   $1,119  $2,750  |  $2,897   $4,705
                                        ======  ======  |  ======   ======
 Memo:                                                  |
 Exploration Expenses charged                           |
   to income, included above                            |
                            - U.S. ..   $   27  $    6  |  $   53   $   39
                            - Intl. .       75     137  |     223      252
                                        ------  ------  |  ------   ------
     Total Exploration Expenses .....   $  102  $  143  |  $  276   $  291
                                        ------  ------  |  ------   ------
----------------------------------------------------------------------------
(a) Current year totals include $1,394 million for the acquisition of Ampolex.

  In addition to the above Capital and Exploration spending, Mobil also acquired
a 25%  equity  interest  in the  Tengiz  oil field in  Kazakstan  (in the second
quarter) for $1.1  billion,  of which about half has been paid to date,  and the
balance will be settled in  installments  through the year 2000,  upon  reaching
certain project milestones.

  Return on average  shareholders'  equity was 16.7% for the twelve month period
ended September 30, 1996, compared with 13.5% for the calendar year 1995. Return
on average  capital  employed for the twelve month  period ended  September  30,
1996, was 12.7%, compared with 10.9% for the calendar year 1995.

  Whenever external financing is needed, Mobil and its subsidiary companies have
ready access to multiple  capital  markets,  including  significant  bank credit
lines.

  At September 30, 1996,  Mobil had effective shelf  registration  statements on
file  with the SEC  permitting  the offer  and sale of  $1,815  million  of debt
securities.  Shelf  registrations  allowing the issuance of U.S. $531 million of
Euro-Medium-Term  Notes  and  bonds  having a  principal  amount  of 30  billion
Japanese yen were also in place.










MOBIL                              - 14 -

<PAGE>



CURRENT DEVELOPMENTS

Gulf of Mexico

  During  1995,  Mobil  acquired 40%  interest in two  deepwater  Gulf of Mexico
developments  -- the Cooper field in Garden  Banks and the Green  Canyon  area's
Allegheny  field.  Recent  performance of both projects has been  disappointing.
Original  projections for the Cooper field called for ultimate recovery of 60-90
million barrels of oil equivalent (MMBOE) (Mobil's share 24-36 MMBOE).  Original
projections  for the  Allegheny  field  were for  recovery  of about  120  MMBOE
(Mobil's  share 48 MMBOE).  Mobil's  combined  net book value for both fields at
September 30, 1996, was $233 million.  Ultimate production and recovery for both
projects are currently being reevaluated following recent drilling activities at
the Allegheny field and recent drilling and production performance at the Cooper
field. Ultimate production and reserves are expected to be lower than originally
projected  at both  fields.  Lower  cost  development  scenarios  are also being
progressed for the Allegheny  project which will likely delay start-up from late
1998 to near 2000.  Mobil is working with Enserch  (operator)  to determine  the
best course of action to improve the economics of both projects and continues to
closely monitor their progress.



MOBIL                              - 15 -

<PAGE>



                           PART II - OTHER INFORMATION


Item 1.  Legal Proceedings.

  Environmental Litigation.

  Mobil periodically  receives notices from the Environmental  Protection Agency
(EPA) or  equivalent  agencies at the state  level that Mobil is a  "potentially
responsible  party" under Superfund or equivalent state legislation with respect
to various waste  disposal  sites.  The majority of these sites are either still
under  investigation  by the  EPA or the  state  agencies  concerned,  or  under
remediation,  or  both.  In  certain  instances,  Mobil  and  other  potentially
responsible  parties have been named in court or  administrative  proceedings by
federal or state  agencies  seeking the cleanup of these  sites.  Mobil has also
been named as a defendant in various suits brought by private  parties  alleging
injury from  disposal of wastes at these  sites.  The  ultimate  impact of these
proceedings  on the  business or accounts of Mobil  cannot be  predicted at this
time due to the large number of other  potentially  responsible  parties and the
speculative  nature of cleanup cost estimates,  but based on our long experience
in managing environmental matters, we do not anticipate that the aggregate level
of  future  remediation  costs  will  increase  above  recent  levels  so  as to
materially  and  adversely  affect  our  consolidated   financial   position  or
liquidity.

  On September  27, 1996,  the EPA filed an  administrative  complaint  with the
USEPA hearing clerk alleging that Mobil Oil  Corporation  had violated the Toxic
Substances  Control  Act by failing  to submit to EPA copies of several  studies
regarding toxic substances. The penalty sought is $303,000.

  On September  30, 1996, a  previously-reported  proceeding  brought by the EPA
against Mobil Oil Corporation on August 8, 1995 was settled. The EPA had alleged
that the operations of Mobil Oil  Corporation's  Chalmette,  Louisiana  refinery
violated  various Clean Air Act  requirements  and various  requirements  of the
Emergency Preparedness Community Right to Know Act relating to the submission of
forms. The EPA had proposed a penalty of $281,991; the proceeding was settled by
a payment of $163,945.

  The  foregoing  proceedings  are not of  material  importance  in  relation to
Mobil's  accounts  and are  described  in  compliance  with SEC rules  requiring
disclosure of such proceedings although not material.

  Other Than Environmental Litigation.

  Mobil and its  subsidiaries  are  engaged  in various  litigations  and have a
number of unresolved  claims pending.  While the amounts claimed are substantial
and the ultimate  liability in respect of such  litigations and claims cannot be
determined  at this time,  Mobil is of the opinion that such  liability,  to the
extent not provided for through  insurance or otherwise,  is not likely to be of
material importance in relation to its accounts.

  Mobil has provided in its accounts for items and issues not yet resolved based
on management's best judgement.






MOBIL                              - 16 -

<PAGE>



Item 2.  Changes in Securities.
  None.

Item 3.  Defaults Upon Senior Securities.
  None.

Item 4.  Submission of Matters to a Vote of Security Holders.
  None.

Item 5.  Other Information.
  None.

Item 6.  Exhibits and Reports on Form 8-K.

  Exhibits.

    The following exhibits are filed with this report:

         11.  Computation of Earnings Per Common Share
         12.  Computation of Ratio of Earnings to Fixed Charges
         27.  Financial Data Schedule (electronic only)

  Reports on Form 8-K.

    Mobil filed the following  Current Reports on Form 8-K during and subsequent
    to the end of the third quarter:

    Date of 8-K                        Description of 8-K

    July 22, 1996     Submitted a copy of the Mobil News Release issued July 22,
                      1996, reporting Mobil's estimated earnings for the second
                      quarter of 1996.

    August 7, 1996    Submitted a news release issued August 7, 1996, reporting
                      that BP and Mobil had received approval from the European
                      Commission to combine the two companies' operations in the
                      marketing and refining of fuels and lubricants.

    September 3, 1996 Submitted  the  "Form  of Note" in
                      connection  with  the  offering  and sale of
                      Mobil   Oil   Corporation   Employee   Stock
                      Ownership Plan Trust Medium-Term Notes.

    October 21, 1996  Submitted a copy of the Mobil News Release issued October
                      21, 1996, reporting Mobil's estimated earnings for the
                      third quarter of 1996.






MOBIL                              - 17 -

<PAGE>



                                   SIGNATURE

  Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

REGISTRANT                                          MOBIL CORPORATION


BY                                                  /S/ M. F. Keeth

NAME AND TITLE                                      M. F. Keeth
                                                    Controller;
                                                    Principal Accounting Officer

DATE                                                November 12, 1996



MOBIL                              - 18 -

<PAGE>


                                   EXHIBIT INDEX

EXHIBIT                                         SUBMISSION MEDIA
-------                                         ----------------

  11.  Computation of Earnings Per                Electronic
       Common Share

  12.  Computation of Ratio of Earnings           Electronic
       to Fixed Charges

  27.  Financial Data Schedule                    Electronic

















MOBIL                              - 19 -

<PAGE>