Exxon Mobil Corporation
Tom Cirigliano, 972-444-1109

Exxon Mobil Corporation (NYSE:XOM) today announced that it has reached
agreement on a long-running tax dispute with the Internal Revenue
Service. The dispute was over tax deductions ExxonMobil claimed on the
sale of natural gas primarily in Texas from 1974 to 1990.

ExxonMobil has gone to trial on this issue three times since 1989 and has
prevailed in all three cases.

In 1996 and 2001 ExxonMobil received favorable federal court decisions regarding
these deductions for the tax years 1974 and 1975 and was reimbursed by the
government for the taxes it previously paid.

ExxonMobil received a third federal court ruling in its favor in early 2003. The
IRS and Justice Department later agreed that ExxonMobil was entitled to these
deductions for its tax years 1976-90. The decision to finally settle the case
was reviewed by the congressional Joint Committee on Taxation.

Refunds for any taxes previously paid for 1976-90, including taxable interest at
rates set by the Internal Revenue Code, will be received by ExxonMobil as these
years are closed. The cumulative after-tax earnings impact of the settlement
will be approximately $2.2 billion and will be reported in fourth quarter 2003
results.