Occidental Petroleum Corp., Houston, expects to contribute a total of at least $170 million to its global pension plans in 2021.
The oil company contributed $146 million to the plans in 2020, according to its Feb. 26 10-K filing with the SEC.
The contributions reflect Occidental's acquisition in 2019 of The Woodlands, Texas-based Anadarko Petroleum Corp. and its defined benefit plans. The company also noted that the plans covering Anadarko employees were frozen effective June 30, 2020.
Occidental did not break down pension plan assets by region.
As of Dec. 31, global pension plan assets totaled $1.19 billion, while projected benefit obligations totaled $1.61 billion, for a funding ratio of 74%, up from 73.4% the year before.
The discount rates for the pension plans fell to 2.19% as of Dec. 31 from 3.09% a year earlier.
The company did not provide specific asset allocation information.