ConocoPhillips Co., Houston, expects to contribute $560 million to its worldwide defined benefit pension funds this year — $350 million to its U.S. plans and $210 million to its international plans, according to its 10-K filed Tuesday.
The U.S. pension funds ended the year with $3.09 billion in assets and $3.95 billion in liabilities for a funded status of 78.2%, up from 64.5% a year earlier. The international plans ended the year with $3.13 billion in assets and $3.58 billion in liabilities for a funded status of 87.4%, up from 80.2% at the end of 2012.
The discount rate used to measure benefit obligations was 4.4% for the U.S. plans, up from 3.55% at the end of 2012.
The combined target asset allocation for the pension funds is 59% equity, 37% bonds and 4% real estate.