Devon Energy Corp., Oklahoma City, purchased a group annuity contract from an insurance company to transfer about $190 million of its pension plan liabilities, the company disclosed Wednesday in a 10-Q filing with the SEC.
The transaction closed during the third quarter and represents about 15% of the company's total pension liabilities, the filing said. The company did not disclose the name of the insurance company.
As of Dec. 31, pension plan assets totaled $1.035 billion, while projected benefit obligations totaled $1.279 billion, for a funding ratio of 80.9%, according to the company's latest 10-K filing. That filing did not split assets and liabilities by region. The company has both U.S. and Canadian pension plans.
Spokesmen Tim Hartley and John Porretto could not be immediately reached to provide further information.