ConocoPhillips Co., Houston, contributed $600 million to its U.S. pension plans in the third quarter, the energy company disclosed in an earnings news release Thursday.
The $600 million discretionary cash contribution is above the approximately $320 million contribution that was initially planned for the company's U.S. pension and post-retirement benefit plans this year.
A ConocoPhillips spokesman declined to comment on whether the company's international plans will receive funding beyond the $110 million initially announced for those plans this year.
A desire to accelerate funding of future obligations was the reason for the $600 million contribution, the company said in the news release.
ConocoPhillips contributed $214 million and $125 million to its U.S. and international pension plans, respectively, in 2016.
As of Dec. 31, 2016, the company's U.S. pension plans 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, according to its most recent 10-K. 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.