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Defined Benefit

ConocoPhillips to pump $380 million into defined benefit plans

ConocoPhillips Co., Houston, expects to contribute about $380 million to its defined benefit plans in 2019, the company disclosed Tuesday in its 10-K filing with the Securities and Exchange Commission.

About $195 million will go to domestic qualified and non-qualified pension and post-retirement benefit plans, while $185 million is earmarked for its international plans.

In 2018, the company contributed about $80 million to its U.S. plans and $130 million to its international plans.

ConocoPhillips had $1.34 billion in U.S. plan assets as of Dec. 31 and pension obligations of $2.14 billion for a funding ratio of 62.6%, down from 78.4% a year earlier. The company had $3.36 billion in international plan assets and liabilities of $3.44 billion for a funding ratio of 97.7%, up from 94.8% at the end of 2017.

The company used a discount rate of 4.25% as of Dec. 31 vs. 3.55% a year earlier. The discount rate for international plans was 3.05% and 2.8%, respectively.