BP PLC, London, expects to contribute a total of $4.72 billion to its U.K. defined benefit plans through 2021, said its annual report released Tuesday.
The company expects its contributions this year to its pension funds worldwide will total $1.25 billion, including an unspecified portion of the projected U.K. contributions.
The company expects to make no contributions to its U.S. pension funds this year.
In 2014, BP contributed $1.25 billion to its pension funds worldwide, including $713 million to its U.K. plans, $354 million to its U.S. plans, $110 million to its eurozone plans and $75 million to its plans in other regions. In 2013, it contributed $1.27 billion worldwide.
As of Dec. 31, the BP U.K. pension funds had $31.773 billion in assets and $32.416 billion in liabilities; U.S. plans, $8.355 billion in assets and $11.875 billion in liabilities; eurozone, $1.973 billion in assets and $8.327 billion in liabilities; and other regions, $1.735 billion in assets and $2.638 billion in liabilities.
