1996
-----------------------------------------------------------------------------

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

                                   FORM 10-K

     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                  ACT OF 1934

                    For the fiscal year ended December 31, 1996

                           Commission File No. 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, Virginia 22037-0001
                         Telephone:  (703) 846-3000
                    (Address of principal executive offices)

            Securities registered pursuant to Section 12(b) of the Act:

                                                     Name of Each Exchange
     Title of Each Class                              on Which Registered  
Common Stock, $2.00 Par Value                        New York Stock Exchange 
7 5/8% Debentures due 2033                           New York Stock Exchange
8% Debentures Due 2032                               New York Stock Exchange 
8 3/8% Notes Due 2001                                New York Stock Exchange 
8 5/8% Debentures Due 2021                           New York Stock Exchange

          Securities registered pursuant to Section 12(g) of the Act:
  Guarantee, Mobil Oil Corporation Employee Stock Ownership Plan (ESOP) Trust
                   9.17% Sinking Fund Debentures Due 2000

  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 .

  Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. ____

  The number of voting securities of the registrant  outstanding on February 28,
1997, the latest  practicable date, was (i) 394,331,412  shares of common stock,
all of which  comprise a single  class  with a $2.00 par  value,  and each being
entitled  to one  vote and  (ii)  87,489  shares  of  Series B ESOP  Convertible
Preferred Stock, $1.00 par value per share, and each being entitled to 100 votes
for a total of 8,748,900  votes. As of the same date, the aggregate market value
of voting stock held by  non-affiliates  of the registrant was  $48,360,023,279,
based on a closing price of $122.750 per share. The approximate number of common
equity security holders as of the same date was 184,988.

  Parts I and II incorporate information by reference to the Annual Report to
Shareholders for the year ended December 31, 1996. Part III contains information
incorporated by reference to the registrant's definitive proxy statement, which
will be filed with the Securities and Exchange  Commission within 120 days after
December 31, 1996.
------------------------------------------------------------------------------



<PAGE>











                                MOBIL CORPORATION
                                    Form 10-K
                                December 31, 1996
                                TABLE OF CONTENTS


                                                                Page(s)

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

                                                           1996         1996
                                                          Annual       Annual
                                                        Report on    Report to
                                                        Form 10-K   Shareholders

                                     PART I

Item  1. Business ...................................         1                -
            (a) General ..............................        1                -
            (b) Environmental Matters ................        1            28,47
            (c) Segment and Geographic Information ...        2            36,37
            (d) Business Description and Properties ..        2         53,54,59
                   Petroleum Operations ...............       2                -
                     Upstream .........................       3                -
                     Downstream .......................      15                -
                  Chemical Operations ................       16                -
                 Other Operations ...................        18                -
Item  2. Properties .................................        19                -
Item  3. Legal Proceedings ..........................        19                -
Item  4. Submission of Matters to a Vote
            of Security Holders ......................       20                -

                                   PART II

Item  5. Market for Registrant's Common Stock
           and Related Stockholder Matters ..........        21               29
Item  6. Selected Financial Data ....................        21               57
Item  7. Management's Discussion and Analysis
            of Results of Operations and
             Financial Condition ......................      21      19-30,32,34
Item  8. Financial Statements and
             Supplementary Data .......................      21   29,31,33,35-56
Item  9. Changes in and Disagreements with
            Accountants on Accounting and
             Financial Disclosure .....................      21                -

                                  PART III

Item 10. Directors and Executive Officers
           of the Registrant ........................        21                -
Item 11. Executive Compensation .....................        21                -
Item 12. Security Ownership of Certain Beneficial
           Owners and Management ....................        21                -
Item 13. Certain Relationships and
             Related Transactions .....................      21                -

                                  PART IV

Item 14. Exhibits, Financial Statement Schedules
           and Reports on Form 8-K ..................        23                -
         Supplemental Financial Information .........        25                -
           Financial Statement Schedule .............        25                -
         Signatures .................................        26                -
         Exhibit Index  .............................        27                -
         Exhibits ...................................        28                -





<PAGE>



                                     PART I

Item 1. Business.

(a) General

  Mobil  Corporation  (Mobil)  was  incorporated  in March  1976 in the state of
Delaware.  Mobil's  principal  business,  which is conducted  primarily  through
wholly-owned  subsidiaries,  is in  the  petroleum  industry.  Mobil  is  also a
manufacturer  and  marketer of  petrochemicals,  packaging  films and  specialty
chemical  products.  Through its subsidiaries,  Mobil had business  interests in
more than 125 countries and employed  approximately  43,000 people  worldwide at
December 31, 1996.

  Through its  subsidiaries,  Mobil operates a worldwide oil and gas exploration
and producing  business,  a global marketing and refining complex,  a network of
pipelines  and  tankers  linking  these  worldwide  oil  and gas  businesses,  a
world-scale   chemical  business  and  a  highly   sophisticated   research  and
engineering operation.

  A list of Mobil's  most  significant  subsidiaries  is  contained  on pages 30
through  32 of this  Annual  Report  on Form  10-K.  In this  Report,  except as
otherwise  indicated  by the  context,  the term  "Mobil"  refers to the  parent
corporation  and all of its  subsidiaries  and  affiliates  and their  operating
divisions collectively, and sometimes to one or more of them.

  Mobil makes no  representations  as to the future  trend of its  business  and
earnings,  or as to future  events and  developments  that could  affect the oil
industry in  particular  and that may affect other  businesses in which Mobil is
directly or indirectly engaged. These include such matters as the divestiture of
certain operations,  environmental  quality control standards,  oil imports, new
discoveries of hydrocarbons and the demand for petroleum products.  Furthermore,
Mobil's business could be affected by future price changes or controls, material
and  labor  costs,   legislation,   taxes,   labor  conditions,   transportation
regulations,   tariffs,   litigation,   embargoes,   foreign  currency  exchange
restrictions  and changes in foreign currency  exchange rates.  Mobil has direct
and indirect  investments and interests in many enterprises  worldwide and makes
no representation as to future  developments which may have a profound effect on
its business  enterprises  throughout the world. Mobil also recognizes that such
enterprises are subject to political  uncertainties  in many of the countries in
which it operates.  Countries in addition to the U.S.  which  currently are, and
are expected to continue to be,  significant  contributors to Mobil's  operating
earnings are  Australia,  Germany,  Indonesia,  Japan,  Nigeria,  Norway,  Saudi
Arabia, Singapore and the United Kingdom (U.K.).

(b)  Environmental Matters

  The  discussions of  Environmental  Matters on pages 28 and 47 of Mobil's 1996
Annual Report to Shareholders are incorporated herein by reference.

  Mobil and certain of its  subsidiaries  and affiliates are parties to numerous
proceedings  instituted by governmental  authorities and others under provisions
of applicable  laws or  regulations  relating to the discharge of materials into
the environment.  Such environmental proceedings are further discussed herein on
page 19 under Item 3. Legal Proceedings.


Mobil                                - 1 -

<PAGE>



(c)  Segment and Geographic Information

  Segment and Geographic  information for 1994, 1995 and 1996 on pages 36 and 37
of  Mobil's  1996  Annual  Report  to  Shareholders  is  incorporated  herein by
reference.

(d)  Business Description and Properties

  In addition to the business  description and properties  contained herein, the
following  data  included in Mobil's  1996  Annual  Report to  Shareholders  are
incorporated herein by reference:

                                                      1996 Annual
                                                       Report to
                                                      Shareholders
                  Description                             Page

   Estimated Quantities of Net Proved Oil and
     Natural Gas Liquids Reserves (Table 1) .....          53
   Estimated Quantities of Net Proved Natural
     Gas Reserves (Table 2) .....................          54
   Petroleum Product Sales ......................          59
   Refinery Runs ................................          59
   Chemical Sales by Product Category ...........          59

      PETROLEUM OPERATIONS

  Mobil is one of the largest oil companies in the world, with petroleum product
sales of almost  3.4  million  barrels a day.  In 1996  Mobil  produced  the oil
equivalent of 1.7 million  barrels  daily of crude oil,  natural gas liquids and
natural gas and had refinery runs of 2.1 million barrels per day.  Petroleum net
sales in 1996 were $66,709 million, up 25% from 1994 and 15% from 1995.

------------------------------------------------------------------------------
Petroleum Sales (a)                                 1994       1995       1996
   (Millions of dollars)
------------------------------------------------------------------------------
   Automotive gasoline ........................   $19,888    $21,697    $23,193
   Distillate and jet fuels ...................    13,671     14,710     17,842
   Other refined petroleum products ...........     6,501      7,318      8,193
                                                   -------    -------    -------
   Total refined petroleum products ...........    40,060     43,725     49,228
   Crude oil ..................................     7,593      8,268     11,206
   Natural gas ................................     5,072      5,282      5,369
   Other products .............................       686        846        906
                                                   -------    -------    -------
   Net Sales of Petroleum .....................   $53,411    $58,121    $66,709
                                                   =======    =======    =======
  (a) Excludes excise and state gasoline
        taxes of ..............................   $ 7,762    $ 8,646    $ 9,236
------------------------------------------------------------------------------

  Prices for crude oil have experienced  dramatic  fluctuations  during the past
several  years in  response  to both  political  and market  factors,  making it
difficult  to  forecast   future  trends  in  prices  or  margins  in  Petroleum
Operations.  During 1996 Mobil's  worldwide average price of crude oil increased
over  $3.50  per  barrel  reflecting  colder  winter  weather  in  the  northern
hemisphere, higher demand, and political uncertainties in the Middle East.

  Mobil's Petroleum  Operations are divided into two primary business activities
-- Upstream,  which refers to exploration and producing;  and Downstream,  which
refers to marketing, refining, supply and transportation.


Mobil                                  - 2 -

<PAGE>



      PETROLEUM OPERATIONS -- UPSTREAM

Exploration and Producing

  Significant   developments  in  1996  in  Mobil's  exploration  and  producing
operations included the following:

Worldwide
   In  1996,  Mobil  conducted   exploration  and  producing  activities  in  34
countries.  Net  production  of liquids  (crude  oil and  natural  gas  liquids)
averaged  854 thousand  barrels a day (TBD) in 1996,  an increase of 44 TBD from
810 TBD in 1995.  Net natural gas  production  of 4,587 million cubic feet a day
(MMCFD) in 1996 was 33 MMCFD higher than 1995. Combined production in the United
States was down 7% compared with 1995. International total production was up 8%,
primarily due to continued  development of resources in Nigeria,  new production
in  Equatorial  Guinea and  acquisitions  of Ampolex  and a 25%  interest in the
Tengiz field.  Worldwide  natural gas sales in 1996 were 5,475 MMCFD, a decrease
of 1,151 MMCFD,  as less  third-party  gas was  purchased  for resale due to the
start-up of the gas marketing joint venture with  PanEnergy.  Proved liquids and
natural gas reserve  additions  replaced 133% of 1996  production on a barrel of
oil equivalent (BOE) basis,  including  purchases and sales. The following table
summarizes  net  production  of crude oil and natural  gas liquids  (NGL) and of
natural gas for 1994 through 1996.

------------------------------------------------------------------------------
                                      Crude Oil & NGL(TBD)  Natural Gas(MMCFD)
Net Production                         1994  1995  1996    1994   1995   1996
------------------------------------------------------------------------------
Fully consolidated companies
  United States ....................    300   282   262   1,568  1,439  1,333
  Europe ...........................    173   173   153     948  1,098  1,187
  Asia-Pacific .....................    100    97   106   1,664  1,554  1,581
  Other Areas ......................    234   213   271     461    432    446
                                        ---   ---   ---   -----  -----  -----
    Total Consolidated .............    807   765   792   4,641  4,523  4,547
                                        ---   ---   ---   -----  -----  -----
Mobil's share of production of
  equity companies .................     47    45    62      29     31     40
                                        ---   ---   ---   -----  -----  -----
Total Production ...................    854   810   854   4,670  4,554  4,587
                                        ===   ===   ===   =====  =====  =====

  This table presents  Mobil's net production  from properties in which it has a
working or royalty  interest and its share of production of investees  accounted
for on the equity method.  Net production  excludes royalties and quantities due
others when produced, whether taken in kind or settled in cash.
------------------------------------------------------------------------------

United States
  In the United States, Mobil produced 1,333 MMCFD of natural gas and 262 TBD of
liquids,  or a total of 504  thousand  barrels a day of oil  equivalent  (TBDOE)
during 1996. When compared to 1995, total production decreased 7% as a result of
natural declines of maturing fields and asset divestment.

  To reduce  operating  costs and focus  capital  and people  resources  on core
growth  areas,  Mobil sold 52  non-strategic  fields and most of its natural gas
gathering  and  processing  assets.  The  proceeds  will be  reinvested  in more
attractive U.S. and international opportunities.

  On August 1, 1996  Mobil's  North  American  natural  gas  marketing  unit and
PanEnergy Corp.'s natural gas marketing unit finalized a joint venture to become
the third largest natural gas distributer in the U.S., marketing approximately 7
billion  cubic  feet a day  (BCFD).  Mobil  owns 40% of the new  venture,  which
conducts  business as PanEnergy  Marketing,  L.L.C.  in the United  States,  and
PanEnergy Marketing, L.P. in Canada. The joint venture will market nearly all of
Mobil's North American natural gas production.

Mobil                                  - 3 -

<PAGE>




Significant developments -- continued

  In California,  Mobil and a subsidiary of Shell  (CalResources) have agreed in
principle  to  form a joint  venture  that  will  own and  operate  the  current
California  upstream  operations of both companies.  Negotiations  are currently
under way and, if successful,  the new company would be the largest  producer of
oil and natural gas in the state of California with annual  production  rates in
excess of 250 TBDOE.

  Production  from the Gulf of Mexico,  which  accounts for 26% of Mobil's total
U.S. production, was approximately 500 MMCFD of natural gas and 41 TBD of oil in
1996. The Mobile Bay development program,  accelerated in 1996, will continue to
increase  production,  making  Mobil the largest  natural gas producer in Mobile
Bay.  In the  deepwater  Gulf of Mexico,  one of the  world's  large  unexplored
basins,  Mobil  acquired new ownership  interests in 51  additional  exploration
blocks. Mobil now has interests in over 220 blocks.

Europe
  Mobil  produced 65 TBD of liquids  and 618 MMCFD of gas in the United  Kingdom
during  1996.  Liquid  volumes were down  slightly  from 1995's  record  volumes
primarily  due to  operational  problems  in the Scott  field early in the year.
Natural gas production  increased 7% as new field  development  more than offset
natural declines in some of the older fields.

  During the year, Mobil successfully  re-negotiated its North Sea 'take or pay'
natural gas contracts with British Gas plc. In consideration for terminating two
(2) contracts and certain other price reductions,  Mobil will receive additional
interests in producing and transportation  assets in and around the Beryl field.
In all, these assets will provide Mobil with an additional 27 million BOE proved
reserves and will increase daily production by approximately 9 TBDOE.

  In 1996,  Mobil's share of production in Beryl area fields  amounted to 40 TBD
of liquids and 86 MMCFD of natural gas.  This  included  contributions  from the
Nevis  development,  on stream in the third quarter,  and the Telford field,  on
stream in the fourth quarter.

  All  Mobil-equity  and third-party gas from the Beryl area and the Scott field
is moved through the  Mobil-operated  210-mile long Scottish Area Gas Evacuation
(SAGE) pipeline and onshore processing plant at St. Fergus,  Scotland.  In 1996,
the plant  became the first of its kind in the U.K. to receive  the  prestigious
'ISO 9002' quality  assurance  award for  processing  natural gas. An upgrade of
facilities  to  accommodate  natural gas from the Britannia  field,  starting in
1998, remains on schedule.

  Mobil  produced 83 TBD of liquids and 53 MMCFD of natural gas in Norway during
1996,  primarily  from two of Europe's  largest  fields,  Statfjord and Oseberg.
Nearly 300% of production was replaced,  reflecting the significant contribution
of reserves from the Aasgard  development  in the  Haltenbanken  area,  offshore
mid-Norway.

   The Aasgard  development  was approved by the  Norwegian  parliament  in June
1996.  Aasgard, a 2.2 BBOE field, is the largest subsea development in the world
with over 60  subsea  completions.  Liquids  production  will  begin in 1998 and
natural gas two years later,  with Mobil's  share (7.35%  interest) at 17 TBD of
liquids and 70 MMCFD of natural gas.





Mobil                                 - 4 -

<PAGE>



Significant developments -- continued

  The Njord  Field,  in which Mobil  acquired a 20%  interest in 1995,  is being
developed using subsea  completions and floating  production  facilities.  First
production  is  scheduled  for the  fourth  quarter  of 1997.  Mobil's  share of
production at peak rate is expected to be 13 TBD.

  In early 1996,  Mobil was awarded five licenses in the northern  North Sea and
Norwegian Sea in the 15th Norwegian license round. These awards will allow us to
continue  exploring and to build on core production in these two areas. In 1997,
Mobil will  participate in four wildcat wells and will pursue  additional  high-
potential exploration acreage to be awarded in the Barents Sea.

   An onshore  natural gas  discovery,  Lauwersoog  East,  was made on the North
Friesland  concession in the  Netherlands  in 1996.  The field is located in the
Anjum area where Mobil has had a string of successful  exploration  wells in the
past. Production from Anjum,  scheduled to start in the third quarter 1997, will
double Mobil's current Netherlands production of 53 MMCFD by 1999.

  In 1996,  Mobil  produced  463 MMCFD of natural  gas and 5 TBD of crude oil in
Germany, totaling 89 TBDOE, a 14% growth over 1995. Mobil's natural gas sales in
Germany set a record in 1996,  increasing by 15% from 1995. Natural gas sales to
Ruhrgas,  Mobil's  major  customer,  were  unchanged.  However,  sales  to other
customers increased  significantly,  mainly due to deliveries to the former East
Germany.

  Mobil's  German  operation  replaced  127% of  production,  as a  result  of a
successful  wildcat  and  appraisal  drilling  program  and  improved  reservoir
performance.

   The  Eggstaett/Breitbrunn  project  (Mobil  share,  20%) in southern  Germany
commenced  in 1996 as a part of Mobil's  growing  natural gas storage  business.
Mobil now  participates  in four  significant  natural gas  storage  ventures in
Germany. This business provides a reliable contribution to earnings not impacted
by price  fluctuations.  Mobil is well  positioned to further grow this business
since it owns several  depleted  reservoirs  which can be converted into storage
operations in the future.

Asia-Pacific
  Arun,  located  in  northern  Sumatra,   supplied  virtually  all  of  Mobil's
production in Indonesia.  Mobil's share of  production  volumes  averaged  1,556
MMCFD of natural gas, 35 TBD of condensate and 31 TBD of liquefied petroleum gas
(LPG).

  Additional fields in North Sumatra are being developed to supplement declining
Arun production. The onshore South Lhok Sukon A&D fields were brought on line in
late 1996.  Development of the smaller Pase field began in 1996 with  production
expected to be on stream in 1998. Development activities commenced for the North
Sumatra Offshore "A" field to enable a 1999 start up.

  Additionally,  in 1996 Mobil  obtained  a 26%  participating  interest  in the
production  sharing contract (PSC) for the Natuna D-Alpha field which is located
in the South China Sea  northeast of Singapore.  Joint efforts to  commercialize
the project  are under way as a supply  source for LNG and/or  pipeline  natural
gas.





Mobil                                 - 5 -

<PAGE>



Significant developments -- continued

  Mobil acquired Ampolex  Limited,  an Australian based upstream oil and natural
gas  company,  in 1996.  At year-end  1996,  Ampolex  had proved  reserves of 98
million BOE. The bulk of Ampolex's assets are located in the Asia-Pacific area.

  In Australia,  Ampolex participates in a number of oil and natural gas fields.
When combined with Mobil's existing  production from the Griffin field,  Mobil's
Australia   production   increased   by  11  TBDOE  to  about  34   TBDOE.   The
Ampolex-operated  Wandoo oil  development is expected to start  production at 40
TBD in the second quarter 1997 (Mobil share, 24 TBD).

  The Gorgon field, also a part of the Ampolex acquisition, in Australia's North
West  Shelf,  is  being  jointly  evaluated  with  Texaco  as  a  potential  LNG
development.

  Ampolex is a partner in the successful Chevron-operated Kutubu oil development
in the  highlands of Papua New Guinea  (Mobil  share,  17 TBD).  In late 1996, a
significant oil discovery was made at the Moran prospect in the same country.

Other
  Mobil  restructured its western Canada operations to reduce costs and re-focus
efforts on areas which have the  potential  for  long-term  growth.  In Alberta,
Mobil is now  concentrating on natural gas exploitation and developing its heavy
oil resources.  Mobil commenced a pilot Steam Assisted  Gravity  Drainage (SAGD)
project to determine  the economic  viability  of this  technology  on its large
heavy oil  resources at Celtic,  Cold Lake,  and  Athabasca.  Early  results are
encouraging and the pilot project is being expanded in 1997.

  In eastern  Canada,  the  Hibernia  development  project  (Mobil  share,  33%)
achieved  several major  milestones  in 1996.  Newfoundland  Transshipment  Ltd.
(Mobil share, 41%) was formed in October 1996 to transport  Hibernia crude, with
the  potential  to  accommodate  regional  expansion,  including  the Terra Nova
project.  In November,  the gravity based  structure and topsides were completed
and preparations are on schedule for tow-out by June 1997.  Production from this
large oil field,  195 miles offshore  Newfoundland,  will commence in late 1997,
and peak  production of about 135 TBD (Mobil  share,  45 TBD) is expected by the
year 2000.

  Design  engineering  and detailed cost  estimates are currently  under way for
Terra Nova (Mobil share,  20.7%), a 300-400 million barrel oil field, located 25
miles  southeast of Hibernia.  Regulatory  approval of the  development  plan is
anticipated  in mid-1997.  First  production  is expected by late 2001 with peak
production rates of 100 TBD shortly thereafter.

  In early 1997, Mobil successfully concluded an asset exchange that resulted in
an increase in its  interest  in the Sable  project,  off the east coast of Nova
Scotia,  to 50%. Plans are  progressing  for the Sable  Offshore  Energy Project
(SOEP) to develop  six  fields of natural  gas.  The  development  plan has been
filed, a three-dimensional  geophysical survey over three of the fields has been
completed, and the front end engineering design contract was awarded in July.



Mobil                               - 6 -

<PAGE>



Significant developments -- continued

  A natural gas transportation  system is being developed  concurrently with the
SOEP activities.  It will include the Maritimes & Northeast Pipeline, a proposed
640 mile natural gas pipeline and related facilities. The pipeline (Mobil share,
25%)  will  transport  natural  gas from the Sable  area  through  the  Canadian
Maritime  provinces and into the  northeast  United States where it will connect
with the North American  pipeline grid.  Applications have been submitted to the
U.S. Federal Energy Regulatory Commission and the Canadian National Energy Board
for development of this project.

  Equity production in Nigeria was 209 TBD, 33% above the 1995 level of 157 TBD.
The most  significant  contributor  to the  increase  was the Asasa  field which
streamed in June 1996 and was producing  over 125 TBD (Mobil  share,  50 TBD) by
year-end.  Mobil's Nigerian operation  replaced over 200% of production,  due to
new finds and improvements in the existing resource base.

  Production is expected to grow to 600 TBD (Mobil  share,  240 TBD) in 1997 and
to 900 TBD  (Mobil  share,  360 TBD)  during  the next  decade.  Major  projects
initiated in support of this growth plan include Ekpe gas compression, the Usari
field development and further  development of the Oso field. The Oso NGL project
(Mobil share,  51%) to extract  natural gas liquids from the Oso field was about
75% complete at year-end 1996 and is on track to stream in 1998. Peak production
is projected to be 50 TBD (Mobil share, 26 TBD).

  Mobil  has a 40%  interest  in a joint  venture  with  the  Nigerian  National
Petroleum   Corporation   (NNPC)  covering  leases  in  shallow  water  offshore
southeastern  Nigeria. Work obligations have been completed and discussions with
NNPC are  currently  under way for  commercializing  these  leases.  Mobil  also
operates a 565,000 acre deepwater block under a Production  Sharing  Contract in
which  Mobil  holds  a 50%  interest.  Exploration  continues,  with  the  first
exploration well spudded at year-end 1996.

  The Zafiro field was discovered in March 1995,  marking the first  significant
oil  discovery in Equatorial  Guinea.  Mobil holds a 75% interest in the 547,000
acre Block B concession,  located 50 miles  offshore Bioko Island in the Gulf of
Guinea. In August 1996, Mobil, as operator, and partner, United Meridian,  began
producing  from the  Zafiro  field--only  18  months  after the  discovery  well
test--to  a floating  production,  storage  and  offloading  vessel,  the Zafiro
Producer.  By the end of 1996,  the field was  delivering  approximately  30 TBD
(Mobil share, 21 TBD) from six subsea wells.  Phase II development of the Zafiro
field is planned to increase gross production to about 80 TBD by 1998.

  In addition to Zafiro development activity,  Mobil made two discoveries in the
vicinity  of the  Zafiro  field.  The Rubi-1  wildcat  tested oil and gas from a
reservoir not previously seen in Zafiro.  The second reservoir was discovered by
the Jade-1 wildcat.  Further appraisal drilling of the Jade reservoir is planned
in early 1997.

  Mobil's two Qatar LNG ventures in partnership with the Qatar General Petroleum
Corporation  (QGPC)  continued to progress  steadily  during 1996. Both ventures
will  develop the giant North  Field that has about 250  trillion  cubic feet of
proved reserves.


Mobil                              - 7 -

<PAGE>



Significant developments -- continued

  The Qatargas LNG Venture, in which Mobil has a 10% interest,  achieved a major
milestone in 1996.  The first cargo of LNG to be produced from Qatar was shipped
in  December,  marking  the first new source of LNG from the  Middle  East since
1977.  The LNG was  delivered to Japan's Chubu  Electric  Power Company in early
1997 commencing a 25 year supply  agreement.  Sales to Japanese gas and electric
utilities will ultimately reach 6 million metric tons a year (MMTA).  The second
Qatargas  liquefaction  train was  completed in early 1997. A third is scheduled
for commissioning  and start-up in 1998. Peak gross production  volumes of 1,200
MMCFD of natural gas and 40 TBD of condensate will be reached soon thereafter.

  Development  of Mobil's  second LNG  project  in Qatar,  Ras Laffan  Liquefied
Natural Gas Company,  Ltd., (Ras Laffan) is well under way.  Equipment,  such as
main heat exchangers and storage tanks, that require a long lead time, are being
fabricated,  and site preparation is complete.  Construction of the LNG plant is
under way at the onshore location,  while upstream, the offshore jackets for the
producing  platforms  have been set and  drilling  activities  will begin by the
second quarter of 1997.

  During 1996, the Ras Laffan  shareholders,  QGPC(70%) and Mobil(30%),  reached
agreement with two Japanese  trading  companies,  Itochu  Corporation and Nissho
Iwai Corporation,  to sell them a 7% interest in Ras Laffan; commencing in 1997,
this will reduce Mobil's interest to 26.5%.

  Ras Laffan  has  contracted  to sell 2.4 MMTA of LNG to Korea Gas  Corporation
(KOGAS) for 25 years with initial  deliveries  planned for 1999.  In early 1997,
Ras Laffan  reached an  agreement  in  principle  to increase its sale of LNG to
KOGAS under the contract to 4.8 MMTA. Marketing is ongoing for future sales with
a goal of  supplying  at  least  10 MMTA of LNG to both  existing  and  emerging
markets in the Far East, Asia and Europe.

  Mobil has a 4.75% interest in an onshore oil concession  operated by ADCO, the
Abu Dhabi Company for Onshore Oil Operations.  A capacity  expansion  program is
expected to raise Mobil's share of sustainable production from 42 TBD in 1996 to
nearly 60 TBD by the year 2001.

New Business Development
Mobil continues to expand its portfolio of new business  opportunities  with the
acquisition and development of Upstream projects throughout the world.

South America
-  Venezuela: Exploration activities are progressing at the Mobil-operated 
   La Ceiba exploration block (Mobil share, 50%), located on the southeastern 
   shores of Lake Maracaibo in western Venezuela, at a pace that will allow 
   drilling to start in the second quarter of 1997. In addition to La Ceiba, the
   Quiamare block in eastern Venezuela was recently added to Mobil's assets by 
   Ampolex's 25% interest in a production service contract. Quiamare also 
   contains several large exploration prospects to be further evaluated in 1997.
   Mobil and Lagoven, an affiliate of Petroleos de Venezuela, signed a Heads of
   Agreement in September 1996, outlining basic terms for a joint venture 
   involving the production of extra-heavy crude oil from Venezuela's Orinoco 
   Tar Belt.  This venture also involves partially upgrading the crude in 
   Venezuela, with final

Mobil                              - 8 -

<PAGE>



  Significant developments -- continued

New Business Development -- South America

   processing at Mobil's  Chalmette,  Louisiana  refinery. In February 1997,
   Veba Oel, an affiliate  of Veba AG,  joined Mobil and Lagoven in the joint
   venture with a 16.7% interest. The remaining 83.3% interest will be shared
   equally by Mobil and Lagoven.  Part of the terms of the agreement call for
   50-50 ownership of the Chalmette facility by Mobil and Lagoven.  The Mobil
   - Lagoven venture requires formal approval by the Venezuelan  Congress and
   completion  of the formal  joint  venture  agreements,  which are expected
   early in the second quarter of 1997.
-  Peru:  Mobil and its partner Shell signed a license agreement for rights to
   develop Camisea, the largest natural gas field in South America.  Camisea is
   located in southern Peru, 500 kilometers southeast of the capital, Lima.
   Mobil's share in the Camisea project is 42.5% with Shell, as operator, 
   holding the remaining 57.5% of the joint venture.  The license agreement
   provides that during an initial two-year period, there will be three 
   appraisal wells, detailed engineering studies, seismic reprocessing and 
   environmental assessments, and a commercial program aimed at developing the 
   Peruvian gas market.
   
-  Argentina:  Mobil acquired an interest in two natural gas properties in 1996,
   strengthening its position in the Argentinian natural gas sales market.  In
   addition, Mobil expects to utilize new regional pipelines to Brazil and Chile
   to expand its natural gas sales.
   Through its acquisition of Ampolex, Mobil gained a 23% interest in the 
   Aguarague block located in northwestern Argentina.  Mobil's share of current 
   production is about 30 MMCFD.  Mobil also purchased a 28% interest in the 
   Chihuidos block located in central Argentina's Neuquen basin.  The block 
   contains one producing field, Sierra Chata, which is currently producing 
   160 MMCFD (Mobil share, 45 MMCFD). Sierra Chata natural gas will be the first
   exported to Santiago, Chile, when the new GasAndes pipeline is completed in 
   1997.

Africa
   -  Angola:  Mobil,  with 50% interest and  operatorship,  signed a production
      sharing  contract for a deepwater  block  located in the lightly  explored
      Kwanza Basin.  The first  wildcat was drilled in late 1996.  Evaluation of
      the  commerciality  of this  prospect and another  wildcat are planned for
      1997. Additionally, Mobil holds a 21% interest in a Shell-operated block.
   -  Algeria:  In December  1996,  Mobil spudded its second wildcat well on the
      2.25  million-acre  Touggourt  concession.  After the  completion  of this
      wildcat,  the  first  appraisal  well to the  1995 oil  discovery  will be
      drilled to test the feasibility of horizontal  completions.  Mobil has the
      option to enter into the third  exploration  phase with a further  wildcat
      obligation. A decision is to be made by July 1997.

Europe
   -  Italy: Mobil participated with partners in the third appraisal well of the
      Tempa Rossa field. Two additional  appraisal wells will be drilled in 1997
      with a decision to develop the field expected before the end of the year.




Mobil                              - 9 -

<PAGE>



Significant developments -- continued

Former Soviet Union

   -  Russia: A Mobil-led consortium was awarded exclusive rights to negotiate a
      Production Sharing Agreement (PSA) for exploration of the 1.7 million-acre
      Kirin  block,  offshore  Sakhalin  Island.  The PSA  for  Kirin  has  been
      negotiated and is being reviewed in Moscow by the appropriate authorities.
   -  Kazakstan: During 1996, Mobil purchased a 25 percent equity interest in 
      the Tengizchevroil joint venture, which operates the Tengiz oil field.
      Located on the eastern shore of the Caspian Sea, Tengiz is one of the 
      world's largest oil fields. Gross production at the end of 1996 was about
      160 TBD (Mobil share, 40 TBD), and is projected to peak at 940 TBD (Mobil 
      share, 235 TBD) around the year 2014.
      In 1993, Kazakstan selected Mobil as the only U.S.-based company in a 
      consortium to explore for hydrocarbons in the Kazak sector of the Caspian 
      Sea. The Caspian Sea Consortium completed a seismic program in the summer 
      of 1996, ahead of schedule and under budget, as a prelude to exploratory 
      drilling. Block selection for drilling will be completed by the second 
      quarter of 1997.
      In April 1995, Mobil signed an agreement with three Kazakstani companies 
      forming the Tulpar Munai Joint Venture to explore and develop the 4 
      million acre Tulpar block in northern Kazakstan. In 1996, Shell and Japan 
      Kazakstan Petroleum Company each acquired 12.5% interest in the Tulpar 
      block -- half of Mobil's 50% interest.
      Mobil has worked closely with the governments of Kazakstan, Oman and  
      Russia and seven other oil companies to plan a 900-mile pipeline from the 
      Tengiz oil field to Russia's Black Sea port of Novorossiysk.  In April 
      1996, an agreement to restructure the Caspian Pipeline Consortium was
      reached; the restructured shareholder's agreement was signed in December 
      1996 providing Mobil with a 7.5% interest. The pipeline will provide 
      economic benefits for the entire region and give Kazakstan a new export
      route for its oil when completed in 1999.

   -  Azerbaijan:  Negotiations with the State Oil Company of the Azerbaijan 
      Republic are in progress for the Tagiev deepwater block and the Oguz 
      block, which lie immediately south and adjacent to the Neft Dashlary and 
      Guneshli fields. Technical and commercial evaluations are expected to be 
      be completed in early 1997.
      Mobil has joined with Ramco and Total in an alliance to study and
      evaluate the shallow water coastline of Azerbaijan. In addition, Mobil 
      is conducting a regional study of the entire southern Caspian Sea area 
      to identify additional near term and longer term opportunities.

   -  Turkmenistan: Mobil opened a venture office in Ashkabat, the capital of
      Turkmenistan, in July 1996. Mobil concluded an agreement with Monument 
      Oil & Gas plc. and the government of Turkmenistan to develop and explore 
      opportunities in the Nebit Dag License, onshore western Turkmenistan. The 
      license contains five producing properties and additional exploration 
      potential.  Production is scheduled to commence in 1997.  In early 1997, 
      Mobil and Monument entered into separate agreements with the government of
      Turkmenistan to extend their exploration and producing program to cover 
      other opportunities in the same region.




Mobil                              - 10 -

<PAGE>



  Significant developments -- continued

 Reserves
  Mobil is required to report reserve estimates to the U.S. Department of 
Energy. During 1996 Mobil filed proved reserve estimates covering the year
1995 under forms EIA-23, Annual Survey of Domestic Oil and Gas Reserves, and 
EIA-28, Financial Reporting System. Such estimates were consistent with 
reserve data filed with the Securities and Exchange Commission (S.E.C.).
------------------------------------------------------------------------------
Wells in Process of Being Drilled                               Total
  at December 31, 1996                                      Gross    Net
------------------------------------------------------------------------------
  United States .........................................       6      3
  International .........................................      46     19
                                                               --     --
  Worldwide .............................................      52     22
                                                               ==     ==
------------------------------------------------------------------------------

------------------------------------------------------------------------------
Improved Recovery Projects            Being Installed       In Operation
  at December 31, 1996                 Gross    Net         Gross    Net
------------------------------------------------------------------------------
  United States ....................       -      -           205     62
  International ....................       2      1            73     39
                                           -      -           ---    ---
  Worldwide ........................       2      1           278    101
                                           =      =           ===    ===
-----------------------------------------------------------------------------

------------------------------------------------------------------------------
                             ------- International --------
Productive Wells at                   Asia-   Other          World-   Mult.
  December 31, 1996    U.S.  Europe  Pacific  Areas   Total   wide   Compl.(a)
------------------------------------------------------------------------------
Oil: Gross .......   19,086   1,039     683   1,578   3,300  22,386    701
     Net .........    6,945     303     102     877   1,282   8,227    285

Gas: Gross .......    4,699     480      84     958   1,522   6,221    708
     Net .........    3,083     137      80     255     472   3,555    408

(a) Multiple completions included in geographic totals.
------------------------------------------------------------------------------

Mobil                              - 11 -

<PAGE>





Significant developments -- continued

------------------------------------------------------------------------------
Net Exploratory and                      ------- International --------
  Development Wells                               Asia-   Other         World-
  Drilled                      U.S.      Europe  Pacific  Areas   Total  wide
------------------------------------------------------------------------------
  1994
  Exploratory wells
    Productive .............     42         2        -      17      19     61
    Dry ....................     19         7        5      23      35     54
  Development wells
    Productive .............    393        14        2      17      33    426
    Dry ....................     14         -        -       1       1     15

  1995
  Exploratory wells
    Productive .............     41         -        -      25      25     66
    Dry ....................     18         7        3      17      27     45
  Development wells
    Productive .............    476        14        1      62      77    553
    Dry ....................     15         -        1       1       2     17

  1996
  Exploratory wells
    Productive .............     21         3        1      45      49     70
    Dry ....................     18        12        4      18      34     52
  Development wells
    Productive .............    293        13       12     100     125    418
    Dry ....................      8         -        1       1       2     10
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Oil and Gas Acreage
  at December 31, 1996               Undeveloped Acreage   Developed Acreage
   (Thousands of acres)                Gross       Net      Gross       Net
-------------------------------------------------------------------------------
  United States ..................     4,186     2,474      4,408     2,739

  Europe .........................    14,001     5,112      1,594       568
  Asia-Pacific ...................    46,155    19,850      1,764       342
  Other ..........................    61,966    26,885      3,719     1,574
                                     -------    ------     ------     -----
    Total International ..........   122,122    51,847      7,077     2,484
                                     -------    ------     ------     -----
  Worldwide ......................   126,308    54,321     11,485     5,223
                                     =======    ======     ======     =====

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

Mobil                              - 12 -

<PAGE>



--------------------------------------------------------------------------------
Average Sales Price/Transfer Value
--------------------------------------------------------------------------------
  The following table shows Mobil's average sales price/transfer value (transfer
values are essentially equal to third-party sales prices) and average production
costs in oil and natural gas producing activities in 1994, 1995 and 1996. In 
calculating the "dollar per barrel" data, the divisor used is net production. 
Natural gas volumes have been converted to oil equivalent barrels and restated 
on a BTU (British Thermal Unit) basis, using 5,516, 5,510, and 5,519 cubic feet 
of gas per barrel for 1994, 1995, and 1996, respectively. Mobil's share of 
equity companies represents Mobil's share of results of operations for producing
activities of investees accounted for on the equity method. The geographic 
segment "Other Areas", in this table, includes principally Canada and Nigeria.
--------------------------------------------------------------------------------
UNITED STATES                                           1994     1995     1996
--------------------------------------------------------------------------------
Revenues
  Crude oil (per barrel) ............................  $12.91   $14.52   $17.40
  NGL (per barrel) ..................................  $10.37   $ 9.94   $13.16
  Natural gas (per thousand cubic feet) (a)..........  $ 1.72   $ 1.41   $ 2.17
Average dollars per barrel of oil equivalent
  Revenues ..........................................  $10.41   $10.13   $13.48
  Production (lifting) costs ........................   (4.43)   (4.95)   (5.08)
  Exploration expenses ..............................   ( .54)   ( .36)   ( .41)
  Depreciation, depletion and amortization ..........   (4.45)   (5.86)   (3.46)
  Other operating revenues/(expenses) ...............   ( .15)     .16     1.43
  Income tax expense ................................   ( .25)     .34    (1.99)
                                                       ------   ------   -------
Results of operations for producing activities ......  $  .59   $( .54)  $ 3.97
                                                       ======   ======   =======
Mobil's share of equity companies ...................       -        -       (b)
                                                       ======   ======   =======
Total ...............................................  $  .59   $( .54)  $ 4.00
                                                       ======   ======   =======
Above results include the following special items:
  Asset sales and write-downs .......................   ( .85)   ( .11)     .65
  Restructuring provisions ..........................       -    ( .26)    (.04)
  Asset impairment (FAS 121) ........................       -    (1.85)    (.37)

(a)   Effective  1996, the wellhead  price is reported.  Prior year numbers have
      been restated to reflect current year reporting.  This reporting change to
      wellhead price is consistent with our gas marketing business realignment.
(b)   Not applicable
--------------------------------------------------------------------------------
EUROPE                                                   1994     1995     1996
--------------------------------------------------------------------------------
Revenues
  Crude oil (per barrel) ............................  $16.21   $17.47   $20.85
  NGL (per barrel) ..................................  $11.69   $14.32   $17.47
  Natural gas (per thousand cubic feet) .............  $ 2.70   $ 2.70   $ 2.78
Average dollars per barrel of oil equivalent
  Revenues ..........................................  $15.43   $15.99   $17.62
  Production (lifting) costs ........................   (5.24)   (5.29)   (5.44)
  Exploration expenses ..............................   (1.15)   ( .94)   (1.17)
  Depreciation, depletion and amortization ..........   (3.40)   (3.43)   (3.49)
  Other operating revenues/(expenses) ...............     .52      .91      .71
  Income tax expense ................................   (3.65)   (4.06)   (4.73)
                                                       ------   ------   ------
Results of operations for producing activities ......  $ 2.51   $ 3.18   $ 3.50
                                                       ======   ======   ======
Mobil's share of equity companies ...................  $ 1.96   $ 2.79   $ 4.04
                                                       ======   ======   ======
Total ...............................................  $ 2.51   $ 3.17   $ 3.50
                                                       ======   ======   ======
Above results include the following special items:
  Asset sales and write-downs .......................   ( .13)     .04        -
  Restructuring provisions ..........................   ( .07)    (.19)       -
  Tax related items .................................       -      .19        -
  Asset impairment (FAS 121) ........................       -     (.09)       -

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


Mobil                               - 13 -

<PAGE>



--------------------------------------------------------------------------------
ASIA-PACIFIC                                            1994     1995     1996
--------------------------------------------------------------------------------
Revenues
  Crude oil (per barrel) ............................  $14.93   $15.09   $20.92
  NGL (per barrel) ..................................  $11.77   $16.35   $18.19
  Natural gas (per thousand cubic feet) .............  $ 1.99   $ 2.15   $ 2.50
Average dollars per barrel of oil equivalent
  Revenues ..........................................  $11.69   $12.77   $15.18
  Production (lifting) costs ........................   (1.78)   (1.73)   (2.01)
  Exploration expenses ..............................   ( .71)   ( .56)   (1.09)
  Depreciation, depletion and amortization ..........   (1.57)   (1.48)   (2.12)
  Other operating revenues/(expenses) ...............   ( .04)   ( .06)     .04
  Income tax expense ................................   (4.54)   (5.18)   (6.11)
                                                       ------   ------   ------
Results of operations for producing activities ......  $ 3.05   $ 3.76   $ 3.89
                                                       ======   ======   ======
Mobil's share of equity companies ...................  $  .41   $ 1.73      *
                                                       ======   ======   ======
Total ...............................................  $ 3.01   $ 3.74   $ 3.87
                                                       ======   ======   ======

Above results include the following special items:
  Asset sales and write-downs .......................       -      .12     (.15)
  Restructuring provision ...........................       -        -     (.03)

--------------------------------------------------------------------------------
OTHER AREAS                                             1994     1995     1996
--------------------------------------------------------------------------------
Revenues
  Crude oil (per barrel) ............................  $15.26   $17.03   $20.67
  NGL (per barrel) ..................................  $11.44   $14.74   $16.54
  Natural gas (per thousand cubic feet) .............  $ 1.29   $  .78   $  .89
Average dollars per barrel of oil equivalent
  Revenues ..........................................  $12.94   $13.49   $17.03
  Production (lifting) costs ........................   (4.38)   (5.83)   (5.46)
  Exploration expenses ..............................   (1.31)   (1.41)   ( .95)
  Depreciation, depletion and amortization ..........   (2.59)   (3.75)   (1.41)
  Other operating revenues/(expenses) ...............     .95      .73     1.48
  Income tax expense ................................   (4.15)   (3.44)   (8.43)
                                                       ------   ------   ------
Results of operations for producing activities ......  $ 1.46   $( .21)  $ 2.26
                                                       ======   ======   ======
Mobil's share of equity companies ...................  $  .96   $  .94   $ 2.02
                                                       ======   ======   ======
Total ...............................................  $ 1.39   $( .07)  $ 2.23
                                                       ======   ======   ======
Above results include the following special items:
  Asset sales and write-downs .......................   ( .32)       -      .22
  Restructuring provision ...........................       -    ( .12)       -
  Asset impairment (FAS 121) ........................       -    ( .89)       -

--------------------------------------------------------------------------------
WORLDWIDE                                               1994     1995     1996
--------------------------------------------------------------------------------
Revenues
  Crude oil (per barrel) ............................  $14.64   $16.10   $19.76
  NGL (per barrel) ..................................  $ 8.99   $10.38   $15.48
  Natural gas (per thousand cubic feet) .............  $ 1.96   $ 1.87   $ 2.29
Average dollars per barrel of oil equivalent
  Revenues ..........................................  $12.26   $12.75   $15.61
  Production (lifting) costs ........................   (3.95)   (4.42)   (4.50)
  Exploration expenses ..............................   ( .86)   ( .74)   ( .87)
  Depreciation, depletion and amortization ..........   (3.17)   (3.85)   (2.70)
  Other operating revenues/(expenses) ...............     .23      .39      .94
  Income tax expense ................................   (2.76)   (2.70)   (5.01)
                                                       ------   ------   ------
Results of operations for producing activities ......  $ 1.75   $ 1.43   $ 3.47
                                                       ======   ======   ======
Mobil's share of equity companies ...................  $  .96   $ 1.15   $ 2.26
                                                       ======   ======   ======
Total ...............................................  $ 1.73   $ 1.42   $ 3.42
                                                       ======   ======   ======
Above results include special items, net ............   ( .40)   ( .93)     .08

--------------------------------------------------------------------------------
* Not meaningful due to the exploratory nature of related activities.

Mobil                              - 14 -

<PAGE>




      PETROLEUM OPERATIONS -- DOWNSTREAM

Refining

  At  December  31,  1996,  Mobil  owned  or had  an  operating  interest  in 21
refineries  in 13 countries.  Mobil's  share of crude oil refinery  capacity was
2,297 TBD,  about 45% of which was  located  in the  United  States.  Worldwide
utilization of Mobil's refining  capacity  averaged 92% in 1994, 92% in 1995 and
94% in 1996.

  Significant  developments in 1996 in Mobil's refining  operations included the
following:

   -  At Altona,  Australia,  construction is under way on a new fluid catalytic
      cracking unit, which will increase  gasoline and distillate  production at
      the refinery. It is scheduled for completion mid-1997.

   -  Construction is under way on a residual fuel oil upgrading unit at a joint
      venture  refinery  (Mobil  share,  25%) in  Kawasaki,  Japan,  and will be
      completed  in  mid-1997.  It will  increase  production  of  gasoline  and
      low-sulfur distillates and fuel oil.

   -  Construction is under way on an 8 TBD lubricant base stock unit which will
      enhance the Jurong,  Singapore,  refinery.  It is scheduled to start-up in
      mid- 1997.

   -  At Yanbu,  Saudi Arabia,  the Petromin  Lubricating  Oil Refining  Company
      (Mobil  share,  30%) is  constructing  a new 5 TBD  lubricant  base  stock
      refinery, with completion scheduled during the first half of 1997.

   -  Mobil acquired an interest in the La Pampilla, Peru, Refinery.


Marketing
------------------------------------------------------------------------------
Petroleum Sales Volumes By Product (TBD)               1994     1995     1996
------------------------------------------------------------------------------
  Automotive gasoline ............................    1,216    1,291    1,322
  Jet fuel .......................................      246      262      275
  Distillate .....................................      911      954    1,033
  Other products .................................      702      715      738
                                                      -----    -----    -----
  Total ..........................................    3,075    3,222    3,368
                                                      =====    =====    =====
------------------------------------------------------------------------------
  Petroleum  products  are  marketed  extensively  in the U.S. and in almost 100
other  countries.  Mobil has over 18,000 retail outlets,  about 45% of which are
located in the United States. Petroleum products include automotive and aviation
gasolines,  motor oils,  lubricants and greases,  marine fuels, jet fuels,  fuel
oil, diesel oil, kerosene,  asphalts,  naphthas,  solvents,  waxes and liquefied
petroleum gas.

  The  principal  brand  names   identifying   Mobil's  products  are  "Mobil(R)
Unleaded",  "Mobil  Super+(R) ", "Mobil(R)  Special",  "Mobil(R)  Regular",  and
"Mobil(R)    Premium"    gasolines,    and    "Mobiloil(R)",    "Mobilheat(TM)",
"Mobilgrease(R)",  "Mobil 1(R)",  "Delvac 1(R)",  and "Mobil(R)"  industrial and
marine lubricants and process products.

  In 1996,  Mobil and British  Petroleum  p.l.c.  (BP)  entered into a strategic
alliance to strengthen  their European  operations in the refining and marketing
of fuels and  lubricants.  The alliance  will be  implemented  through  separate
operating businesses



Mobil                              - 15 -

<PAGE>



Marketing -- continued

for fuels and  lubricants in each of 43 countries  where Mobil and BP affiliates
are already active or may develop future business.  The businesses in the United
Kingdom, Turkey and Portugal commenced operations in the fourth quarter of 1996.
Businesses in the remaining countries will be implemented in 1997.

  In each  country,  Mobil will have a 30% interest in the fuels  business and a
51%  interest in the  lubricants  business.  The alliance is expected to produce
efficiencies  through  sharing  costs,  eliminating  duplication,  and achieving
economies of scale, while providing a platform for future growth.

  In Tianjin,  China, a lubricant blending plant was streamed in late 1996. This
was the first 100%  foreign-owned  oil industry  facility  approved in China.  A
second lubricant blending plant, located at Taicang,  China (near Shanghai),  is
under  construction  and is  scheduled  to be streamed  in late 1997.  Mobil has
entered  the  lubricants  market  in Peru  with  the  acquisition  of  Petrolube
facilities.

  In Africa,  Mobil  entered the Kenya  market with a full line of oil  products
with its purchase of Exxon's affiliate in that country.

Tankers
  At December 31, 1996, Mobil owned 25 ocean-going  tankers with an aggregate of
3,268  thousand  deadweight  tons,  of which one, with a capacity of 49 thousand
deadweight  tons, was registered in the United States.  An additional 5 tankers,
aggregating  838 thousand  deadweight  tons,  were under term charter  including
Mobil's  newest  very large crude  carriers  (VLCCs),  the RAVEN and EAGLE.  The
RAVEN, Mobil's second double-hull,  280 thousand  deadweight-ton VLCC was placed
in service in June 1996. The vessel,  with a capacity of 2.2 million  barrels of
crude oil,  is similar to the EAGLE  which was  commissioned  in 1993.  Both the
EAGLE and RAVEN were sold to separate  joint  venture (J/V)  companies  (Mobil's
share,  50%) in December  1996.  These  vessels will  continue to be operated by
Mobil  under  long-term  charter  with the J/V  companies.  In July 1996,  Mobil
ordered two additional  double-hull  VLCCs similar in size to the two already in
service.  These two new  construction  contracts were  subsequently  assigned in
December  to the same J/V  company  that owns the RAVEN and will be  operated by
Mobil under similar term charter arrangements. The first of the newly contracted
ships is scheduled to be delivered November 1998, and the second in May 1999.

Pipelines
  At December 31, 1996,  Mobil's U.S.  pipeline system,  including  partly-owned
facilities, consisted of 13,589 miles of crude oil, natural gas liquids, natural
gas, and carbon  dioxide trunk and gathering  lines,  and 8,026 miles of product
lines.  Also at that date,  Mobil's pipeline system outside the U.S.,  including
partly owned  facilities,  consisted  of 10,362 miles of crude oil,  natural gas
liquids,  and natural gas trunk and gathering  lines, and 1,914 miles of product
lines.


      CHEMICAL OPERATIONS
  Mobil  Chemical,  with  manufacturing  operations in 11 countries,  is a large
producer of petrochemicals, packaging films and specialty chemical products.


Mobil                              - 16 -

<PAGE>



Chemical Operations -- continued

------------------------------------------------------------------------------
Mobil Chemical Facilities                   United       Inter-       World-
 at December 31, 1996                       States     national (a)    wide
------------------------------------------------------------------------------
  Petrochemicals .......................         6            7          13
  OPP Films ............................         3            6           9
  Additives and Synthetics .............         3            2           5
  Research and Development .............         3            -           3
                                                --           --          --
   Total Chemical facilities ...........        15           15          30
                                                ==           ==          ==
   (a) Includes seven partly owned facilities.
------------------------------------------------------------------------------

  Principal chemical products include basic petrochemicals (ethylene, propylene,
benzene,  paraxylene),  intermediates  (ethylene  glycol)  and a key  derivative
(polyethylene).  Other products include synthetic lubricant base stocks and lube
additives, and plastic films for packaging and industrial applications.

Significant  developments in 1996 in Mobil's  chemical  operations  included the
following:

   -  In February, the sale of Muehlstein,  Mobil's resin trading operation, was
      completed.  In June, the Tucker Housewares  business was sold,  completing
      Mobil's   withdrawal  from  the  polyethylene  and  polystyrene   plastics
      fabricating  businesses in North America.  In August,  the sale of Mobil's
      Composite Products (Trex)  wood-thermoplastic  lumber substitute  business
      was completed.

   -  Mobil Yanbu Petrochemical  Company and Saudi Basic Industries  Corporation
      are expanding their 50-50 joint venture  petrochemicals  complex in Yanbu,
      Saudi Arabia, by the addition of a second ethylene production facility and
      facilities to produce additional  polyethylene and ethylene glycol as well
      as polypropylene.

   -  In January 1997, Mobil Chemical signed a previously announced agreement to
      enter into a 50-50 joint venture with Pequiven, the petrochemical 
      affiliate of Venezuela's state-owned oil company, Petroleos de 
      Venezuela, S.A. to evaluate the feasibility of developing a new 
      olefins complex at an existing petrochemicals site at Jose, Venezuela.
      The facility will include an ethylene cracker and related facilities 
      to produce polyethylene and ethylene glycol.

   -  As part of  Mobil's  previously  announced  program  to  expand  worldwide
      paraxylene   production  capacity,   the  major  expansion  in  Chalmette,
      Louisiana,  was  streamed  in late  1996.  Construction  is  substantially
      completed at the grassroots  complex in Beaumont,  Texas,  and start-up is
      slated for late first quarter, 1997.



Mobil                              - 17 -

<PAGE>



      OTHER OPERATIONS

Mining and Minerals

  Mobil Mining and Minerals  produced and sold phosphate  rock and  fertilizers,
marketed Mobil's  recovered  sulfur in the U.S. and  administered  other mineral
resources.  In April 1996 Mobil  completed the previously  announced sale of its
Nichols  phosphate mine in Polk County,  Florida.  In conjunction with the sale,
the purchaser,  Agrifos  L.L.C.  entered into a long-term  tolling  agreement to
process rock at Mobil's fertilizer plant in Pasadena, Texas. This sale completes
Mobil's exit from the phosphate mining business.


Real Estate

  Mobil Land Development Corporation (Mobil Land) carried on Mobil's real estate
activities  in the  United  States.  In the fourth  quarter of 1996,  Mobil Land
completed the previously announced sale of its community development business in
seven  states to a real estate  investment  fund.  The sale of Phase I of Reston
Town Center, a mixed office/retail complex in Reston,  Virginia, and the sale of
the Hyatt Hotel in Reston were also completed.  With these sales,  Mobil has now
divested all of its land  holdings  with the  exception  of the Desert  Mountain
development, located in North Scottsdale, Arizona.


Research

  Mobil engages in research and development, principally in the U.S., Australia,
France,  Germany,  Japan, Norway and the United Kingdom.  Activities include the
development of technologies  and services which improve Mobil's  competitiveness
in core  business  areas -- finding oil and gas, and  converting  them to fuels,
lubricants  and  chemicals  while  meeting  environmental,   health  and  safety
standards.  Annual  research  expense was $275 million in 1994,  $252 million in
1995, and $206 million in 1996.


Mobil                              - 18 -

<PAGE>




Item 2.  Properties.

  Mobil  and  its  subsidiaries  own,  lease  or  have  interests  in  extensive
production,  manufacturing,   marketing,  transportation  and  other  facilities
worldwide.  Information on these properties has been  incorporated  into Item 1.
Business.

Item 3.  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 clean-up 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 November 25,  1996, a  previously-reported  civil  action,  brought by the
Department  of  Justice  on March 28,  1996 in the U.S.  District  Court for the
Middle District of Florida, was dismissed. The Department of Justice had alleged
that the operation of Mobil Mining and Minerals Company's  facilities located in
South Fort Meade, Fort Meade and Nichols,  Florida, violated the Clean Water Act
by reason of (a) discharges of pollutants  into  navigable  waters of the United
States in violation of permits issued under that Act and (b)  unpermitted  point
source  discharges.  The maximum potential amount of the penalties sought in the
action,  based upon the maximum  statutory penalty amount of $25,000 per day per
violation,  were  approximately  $6.5 million.  The action was dismissed  upon a
payment of $200,000.

   On December 11, 1996, a previously-reported  proceeding, brought by the Maine
Department  of   Environmental   Protection   (the  "MDEP")  against  Mobil  Oil
Corporation  on March 13, 1996 was  settled.  The MDEP had (1) alleged  that the
operation of a service  station in Saco,  Maine violated  MDEP's  regulations by
reason of (a) failure to report  evidence of a leak, (b) discharge of oil to the
environment, (c) failure to maintain leak detection equipment and (d) failure to
annually test electronic leak detection equipment, and (2) proposed a penalty of
$127,500. The proceeding was settled by a payment of $69,750.




Mobil                              - 19 -

<PAGE>



Item 3.  Legal Proceedings -- continued

   On October  9, 1996,  a  previously-reported  proceeding,  brought by the EPA
against Mobil Oil  Corporation on September 27, 1996,  was settled.  The EPA had
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 the EPA copies of several studies regarding toxic  substances,  and
had sought a penalty of  $303,000.  The  proceeding  was settled by a payment of
this amount.

   The  matters  described  in the  preceding  paragraphs  are  not of  material
importance in relation to Mobil's  accounts and are described in compliance with
SEC rules regarding disclosure of such matters 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.

Item 4.  Submission of Matters to a Vote of Security Holders.

  None submitted.

Mobil                              - 20 -

<PAGE>



                                  PART II

  The  information  required  by Items 5  through  7 is  incorporated  herein by
reference to Mobil's 1996 Annual Report to Shareholders.  The charts, graphs and
associated  captions  appearing  on pages 18 through 34 of Mobil's  1996  Annual
Report to  Shareholders  are not  incorporated  into this Annual  Report on Form
10-K. Below is an index to the incorporated information.
                                                           1996 Annual Report
                                                             To Shareholders
Item                      Description                            Page(s)

 5.   Market for Registrant's Common Stock and Related
        Stockholder Matters ..............................              29
 6.   Selected Financial Data ............................              57
 7.   Management's Discussion and Analysis of Results of
        Operations and Financial Condition ...............     19-30,32,34

Item  8.  Financial Statements and Supplementary Data.

  See page 23 for a list of the  financial  statements  and  supplementary  data
including those  incorporated  herein by reference to Mobil's 1996 Annual Report
to Shareholders.

Item  9.  Changes in and Disagreements with Accountants on Accounting
            and Financial Disclosure.

  None.

                                 PART III

Item 10.  Directors and Executive Officers of the Registrant.

Item 11.  Executive Compensation.

Item 12.  Security Ownership of Certain Beneficial Owners and
            Management.

Item 13.  Certain Relationships and Related Transactions.

  For Item 10, the names and ages of the Executive Officers of Mobil as of March
1, 1997, and the  position(s)  each of them has held during the past five years,
are  provided  on  page  22 of this  Annual  Report  on  Form  10-K.  The  other
information  called for by Item 10, and the information  called for by Items 11,
12 and 13, is incorporated  by reference to the  Registrant's  definitive  proxy
statement  for its Annual  Meeting of  Shareholders,  to be held on May 8, 1997,
which will be filed with the S.E.C. within 120 days after December 31, 1996.

  Information  required by Item 10 of this report  related to the names and ages
of the  Executive  Officers  of Mobil  Corporation  as of March 1,  1997 and the
position(s) each of them has held during the past five years, is provided on the
following page.



Mobil                               - 21 -

<PAGE>





--------------------------------------------------------------------------------
                      Executive Officers of the Registrant
--------------------------------------------------------------------------------
   Name (Age)         Position(s) Held During Past Five Years         Years Held
Robert F.     Vice President, Administration .................... 1996 - Present
 Amrhein (54) Manager, Human Resources, Mobil Business
                Resources Corporation ........................... 1995 - 1996
              Manager, Employee Relations, Exploration and
                Producing Division, Mobil Oil Corporation........ 1992 - 1995
              General Manager, Corporate Employee Relations...... 1988 - 1992

Walter R.     Treasurer ......................................... 1995 - Present
 Arnheim (52) Vice President, Planning and Economics ............ 1991 - 1995
              Controller/Treasurer, Exploration and Producing
                Division, Mobil Oil Corporation.................. 1988 - 1991

Thomas C.     Senior Vice President, Chief Financial Officer .... 1994 - Present
 DeLoach, Jr.   Executive Vice President - International, Marketing
 (49)           and Refining Division, Mobil Oil Corporation .... 1993 - 1994
                Vice President, Supply and Trading, Marketing and
                Refining Division, Mobil Oil Corporation ........ 1991 - 1993
              Vice President, Planning and Economics ............ 1990 - 1991

Charles H.    Corporate Secretary and Secretary of the Board of
 DuBois (47)    Directors and Executive Committee ............... 1996 - Present
              General Counsel, Mobil Exploration and Producing
                U.S. Inc. ....................................... 1989 - 1996

Samuel H.     Vice President .................................... 1996 - Present
 Gillespie III  General Counsel ................................. 1995 - Present
 (54)           Associate General Counsel ....................... 1994 - 1995
                General Counsel, Exploration and Producing
                  Division, Mobil Oil Corporation ............... 1990 - 1994

Paul J.       Executive Vice President, responsible for: the
 Hoenmans (64)  North America Exploration and Producing, New
                Exploration and Producing Ventures/Exploration
                and Liquefied Natural Gas/Independent Power
                Projects Business Groups ........................ 1996 - Present
              Executive Vice President, Exploration and Producing
                Division, Mobil Oil Corporation ................. 1986 - 1996

M. Frances    Controller ........................................ 1996 - Present
 Keeth (50)   Manager of Finance - Oil Products, Shell
                International Petroleum Company ................. 1996 - 1996
              Area Coordinator, East and Australia Region, Shell
                International Petroleum Company ................. 1995 - 1996
              Deputy Group Controller, Royal Dutch/Shell Group of
                Companies, Shell International Petroleum Company. 1992 - 1995
              General Manager, Products Finance, Shell Oil Company1991 - 1992

Aldis V.      Vice President, Planning and Economics ............ 1995 - Present
 Liventals (54) Vice President, Middle East and Marine Transportation
              Marketing and Refining Division, Mobil Oil
                Corporation ..................................... 1993 - 1995
              Region Executive, Mobil Asia Pacific Pte. Limited . 1991 - 1993

Lucio A.      Chairman of the Board and Chief Executive Officer . 1994 - Present
 Noto (58)    President and Chief Operating Officer ............. 1993 - Present
              Chief Financial Officer ........................... 1989 - 1993
              Vice President, Finance ........................... 1988 - 1993

Eugene A.     Executive Vice President, responsible for: the
 Renna (52)      North America Marketing and Refining, Europe/Former
                 Soviet Union, South America and Supply, Trading
                 and Transportation Business Groups ............. 1996 - Present
              Executive Vice President, Marketing and Refining
                 Division, Mobil Oil Corporation ................ 1986 - 1996

Robert O.     Executive Vice President, responsible for: the Africa
 Swanson (60)   and Middle East Asia Pacific, Worldwide Chemical
                and Technology Business Groups, and the office
                of Diversity and Inclusion ...................... 1996 - Present
              Senior Vice President, responsible for: Mobil
                Chemical Company; Mobil Mining and Minerals
                Company; Mobil Land Development Corporation; and
                Mobil Technology Corporation .................... 1993 - 1996
              Executive Vice President, International, Marketing
                and Refining Division, Mobil Oil Corporation .... 1985 - 1993
--------------------------------------------------------------------------------

Mobil                               - 22 -

<PAGE>




                                  PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on
            Form 8-K.

  Mobil's consolidated financial statements, together with the report thereon of
Ernst  &  Young  LLP,  independent  auditors,   dated  February  28,  1997,  and
Supplementary   Information   appearing  in  Mobil's   1996  Annual   Report  to
Shareholders on the pages indicated below, are incorporated herein by reference.
With the exception of the aforementioned information, no other data appearing in
Mobil's  1996 Annual  Report to  Shareholders  are deemed to be filed as part of
this Annual  Report  under Items 8 and 14. Any chart,  graph  and/or  associated
caption appearing in the consolidated financial statements from pages 31 through
51 of Mobil's 1996 Annual Report to Shareholders are not incorporated  into this
Annual Report on Form 10-K.

Financial Statement Schedules:                             Page(s)
                                                  1996 Annual    1996 Annual
                                                   Report on      Report to
                                                   Form 10-K     Shareholders
(a)1.  Financial Statements.
   Consolidated Statement of Income ..........             -               31
   Consolidated Statement of Changes in
    Shareholders' Equity .....................             -               31
   Consolidated Balance Sheet ................             -               33
   Consolidated Statement of Cash Flows ......             -               35
   Segment and Geographic Information ........             -            36,37
   Notes to Financial Statements .............             -            38-51
   Report of Ernst & Young LLP, Independent
    Auditors .................................             -               52
   Supplementary Information .................             -         29,53-56

(a)2.  Financial Statement Schedules.

    Schedule II -- Valuation and Qualifying
    Accounts..................................            25                -

   Schedules  not  included  above  have  been  omitted  because  they  are  not
applicable,  not material, or the required information is given in the financial
statements or notes thereto or combined with the information  presented in other
schedules.



Mobil                               - 23 -

<PAGE>





(a)3.  Exhibits

   An index to  exhibits  filed as part of this  Annual  Report  on Form 10-K is
included on page 27.

(b)   Reports on Form 8-K.

        Date of 8-K                    Description of 8-K

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

      January 3, 1997     Submitted documents related to the Mobil Corporation 
                          Pass Through Trust 1996-A issuance of $231,900,000 in
                          certificates (principal amount at maturity).

      January 27, 1997    Submitted a copy of the Mobil News Release dated 
                          January 27, 1997, reporting estimated earnings for 
                          the fourth quarter and full year of 1996.

      January 31, 1997    Submitted a copy of the Mobil News Release dated
                          January 31, 1997, which announced that the Mobil
                          Corporation Board of Directors voted to split Mobil's
                          outstanding common stock two shares for one subject to
                          Mobil stockholders' approval of an increase in the
                          authorized number of shares of common stock.

Mobil                               - 24 -

<PAGE>




(c)     Supplemental Financial Information.

                          FINANCIAL STATEMENT SCHEDULE

------------------------------------------------------------------------------
                                MOBIL CORPORATION
                 SCHEDULE II--VALUATION AND QUALIFYING ACCOUNTS
              For the Years Ended December 31, 1994, 1995 and 1996
                              (Millions of dollars)
------------------------------------------------------------------------------
                                  Balance                              Balance
                                  Beginning                            End of
Description                       of Period   Additions   Deductions   Period
-----------------------------     ---------   ---------   ----------   -------

For the year ended December 31, 1994:
Reserves deducted in the balance sheet from the assets to which they apply:
    For doubtful accounts (a) ....     $128        $ 36          $42      $122
    For investments and
      long-term receivables ......       32           3            -        35
    For deferred tax assets (b)(c)      171         307           48       430

For the year ended December 31, 1995:
Reserves deducted in the balance sheet from the assets to which they apply:
    For doubtful accounts (a) ....     $122        $ 58          $74      $106
    For investments and
      long-term receivables ......       35           5            -        40
    For deferred tax assets (b)(c)      430          15           77       368

For the year ended December 31, 1996:
Reserves deducted in the balance sheet from the assets to which they apply:
    For doubtful accounts (a) ....     $106        $ 61          $51      $116
    For investments and
      long-term receivables ......       40          17            2        55
    For deferred tax assets ......      368          62           12       418

  (a)  Deductions include accounts written off.
  (b)  Deductions reflect utilization of tax credit carryforwards.
  (c)  Prior year amounts have been restated to reflect reclassification of
          certain balance sheet amounts.
------------------------------------------------------------------------------









Mobil                                  - 25 -

<PAGE>



                                   SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant,  Mobil Corporation,  has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

                              REGISTRANT       MOBIL CORPORATION

                                          By:/s/ M. Frances Keeth
                                             (M. Frances Keeth, Controller,
                                              Principal Accounting Officer)

                                              Date: March 14, 1997

  Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  this
report has been  signed  below by the  following  persons  on March 14,  1997 on
behalf of the registrant and in the capacities indicated.

       Signature                             Title

      Lucio A. Noto*            Director, Chairman of the Board and
     (Lucio A. Noto)              President, Principal Executive and
                                  Operating Officer

 Thomas C. DeLoach, Jr.*        Principal Financial Officer
(Thomas C. DeLoach, Jr.)


    M. Frances Keeth*           Controller, Principal Accounting Officer
   (M. Frances Keeth)

DIRECTORS

   Lewis M. Branscomb*
   Donald V. Fites*
   Charles A. Heimbold, Jr.*
   Paul J. Hoenmans*
   Allen F. Jacobson*
   Samuel C. Johnson*
   Helene L. Kaplan*
   J. Richard Munro*
   Aulana L. Peters*
   Eugene A. Renna*
   Charles S. Sanford, Jr.*
   Robert G. Schwartz*
   Robert O. Swanson*
   Iain D. T. Vallance*

*By   /s/ Gordon G. Garney
      (Gordon G. Garney, Attorney-in-fact)
Date:  March 14, 1997


Mobil                          - 26 -

<PAGE>


                                EXHIBIT INDEX

               EXHIBIT                             SUBMISSION MEDIA

3(i).1  Certificate of Incorporation       Incorporated by reference to Exhibit
        of Mobil Corporation, as amended,  3-a(i) to the Registration Statement
        in effect October 27, 1989.        on Form S-3 (S.E.C. File 
                                           No.33-32651), filed under Form 
                                           SE dated December 14, 1989.

3(i).2  Certificate of Designation,        Incorporated by reference to Exhibit
        Preferences and Rights of Series   3-a(ii) to the Registration Statement
        A Junior Participating Preferred   on Form S-3 (S.E.C. File No.
        Stock of Mobil Corporation dated   33-32651), filed under Form SE dated
        April 25, 1986.                    December 14, 1989.

3(i).3  Certificate of Designation,        Incorporated by reference to Exhibit
        Preferences and Rights of Series   3-a(iii) to the Registration
        B ESOP Convertible Preferred       Statement on Form S-3 (S.E.C. File
        Stock of Mobil Corporation dated   No.33-32651), filed under Form SE
        November 22, 1989.                 dated December 14, 1989.

3(ii).4 By-laws of Mobil Corporation,      Incorporated by reference to Exhibit
        as amended to June 14, 1955.       3.4 filed on Form 8-K dated July 6,
                                           1995.

10.1    1995 Mobil Incentive Compensation  Incorporated by reference to
        and Stock Ownership Plan.          Definitive Proxy Statement filed
                                           March 20, 1995.

10.2    1991 Mobil Incentive Compensation  Incorporated by reference to Exhibit
        and Stock Option Plan.             15 to the Registration Statement on
                                           Form S-8 (S.E.C. File No. 33-48887)
                                           filed August 10, 1992.

10.3    1986 Mobil Incentive Compensation  Incorporated by reference to Exhibit
        and Stock Option Plan.             15 to the Registration Statement on
                                           Form S-8 (S.E.C. File No. 33-5797)
                                           filed May 20, 1986.

11.     Computation of Earnings per        Electronic
        Common Share.  (Page 28)

12.     Computation of Ratio of Earnings   Electronic
        to Fixed Charges.  (Page 29)

13.     Mobil Corporation 1996 Annual      Electronic
        Report to Shareholders.

21.     Subsidiaries of the Registrant.    Electronic
        (Pages 30-32)

23.     Consent of Ernst & Young LLP,      Electronic
        Independent Auditors, dated
        March 10, 1997.  (Page 33)

24.1    Power of attorney dated as of      Electronic
        February 28, 1997, executed by
        the Board of Directors of Mobil
        Corporation authorizing execution 
        of Annual Report on Form 10-K.

24.2    Certified copy of Board of         Electronic
        Directors' Resolutions adopted
        February 28, 1997, authorizing
        signature by officers pursuant
        to power of attorney.

27.     Financial Data Schedule.           Electronic

Mobil                                 - 27 -