While Exxon shares initially fell by 4.5 percent on Dec. 1,...

While Exxon shares initially fell by 4.5 percent on Dec. 1, 1998, in reaction to the merger, Exxon shares subsequently advanced 23 percent through Oct. 16, 2000, outpacing a 17-percent average advance for the major oils and a 17-percent advance for the S&P 500.