ConocoPhillips Co., Houston, plans to contribute about $430 million total to its global qualified and non-qualified pension and postretirement benefit plans in 2017, the company's recently filed 10-K shows.
Of the $430 million, approximately $320 million will be contributed to the company's U.S. pension and postretirement plans and $110 million to its international pension and postretirement plans.
ConocoPhillips contributed $214 million and $125 million to its U.S. and international pension plans, respectively, in 2016.
As of Dec. 31, the U.S. pension funds had $2.08 billion in assets and $3.42 billion in benefit obligations for a funded status of 60.8%, down from 69.2% at the end of 2015. As of the same date, the international pension funds had $3.07 billion in assets and $3.45 billion in benefit obligations for a funded status of 89%, down from 92.2% the previous year.
At the end of December, the U.S. pension funds had an asset allocation of 74.04% equities, 20.64% debt securities, 3.5% real estate and the remainder in cash. The international pension funds had an asset allocation of 52.96% equity securities, 38.4% debt securities, 6.12% real estate, 0.59% derivatives and the remainder in cash.
The discount rate used to determine benefit obligations for the U.S. plans was 3.95%, down from 4.5% at the end of 2015, and 3% for the international plans, down from 3.95% the previous year.
A spokesman could not immediately be reached for additional information.