Occidental Petroleum Inc., Houston, plans to contribute $179 million to its defined benefit plans in 2020, the company disclosed in its 10-K filing with the SEC on Friday.
The contribution reflects Occidental's acquisition in 2019 of The Woodlands, Texas-based Anadarko Petroleum Corp. and its defined benefit plans.
The merged company contributed $41 million to the pension plans in 2019.
As of Dec. 31, pension plan assets totaled $1.639 billion, while projected benefit obligations totaled $2.354 billion, for a funding ratio of 69.6%.
A year earlier, according to its most recent 10-K filing, Anadarko Petroleum's pension plan assets totaled $1.314 billion and PBO totaled $1.948 billion, for a funding ratio of 67.5%, and Occidental's pension plan assets totaled $338 million and PBO totaled $349 million, for a funding ratio of 96.8%.
The discount rate for the combined DB plans was 3.1% as of Dec. 31. A year earlier, Anadarko's pension plans had a discount rate of 4.3% and the Occidental plans had a discount rate of 4.09%.
The filing did not provide specific asset allocation information for the plans.
