ConocoPhillips plans $340 million pension contribution in 2021

ConocoPhillips Co., Houston, expects to contribute about $340 million to its global defined benefit plans in 2021.

The multinational energy company expects to contribute about $265 million to its U.S. plans and about $75 million to its non-U.S. plans during the year, the company disclosed Tuesday in a 10-K filing with the SEC.

The company contributed $99 million to its U.S. DB plans and $60 million to its non-U.S. plans in 2020.

As of Dec. 31, U.S. defined benefit plan assets totaled $1.77 billion, while projected benefit obligations totaled $2.548 billion, for a funding ratio of 69.5%, up from 68.6% the year before. Meanwhile, non-U.S. DB plan assets totaled $4.79 billion as of Dec. 31, while projected benefit obligations totaled $4.4 billion, for a funding ratio of 108.9%, down from 111% a year earlier.

The discount rate for the U.S. plans was 2.3% as of Dec. 31, down from 3.25% a year earlier. The discount rate for non-U.S. plans, meanwhile, was 1.8%, down from 2.35% a year earlier.

As of Dec. 31, the actual allocation of the U.S. plans was 51.2% equities, 43.6% fixed income, 4.7% real estate, and the rest in cash and cash equivalents. As of Dec. 31, the actual allocation of the non-U.S. plans was 82.1% equities, 10.9% fixed income, 5.3% real estate, 1.5% cash and cash equivalents, and the rest in derivatives.