Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 58

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 58
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 benefit obligation was determined by application of the terms of medical and dental benefits and life insurance coverage, including the effect of established maximums on covered costs, together with relevant actuarial assumptions and health care cost trend rates. Health care cost trend rates for Medicare advantaged prescription drug plans 

98 OXY 2024 FORM 10-K

table of contentsFINANCIAL STATEMENTSFOOTNOTES

are 7.7% starting in 2024, then grading down to 4.5% in 2032 and beyond. Health care cost trend rates used for non-medicare advantaged prescription drug plans are 5.5% to 5.7% in 2024, then grading down to 4.5% in 2032 and beyond.The actuarial assumptions used could change in the near term as a result of changes in expected future trends and other factors that, depending on the nature of the changes, could cause increases or decreases in the plan assets and liabilities.FAIR VALUE OF PENSION PLAN ASSETSQualified defined benefit plan assets are monitored by Occidental’s Pension and Retirement Trust and Investment Committee in its role as a fiduciary. The Investment Committee selects and employs various external professional investment management firms to manage specific investments across the spectrum of asset classes. The Investment Committee employs a liability driven investment approach that uses a diversified blend of investments (equity securities, fixed-income securities, and alternative investments) along a glide path to optimize the long-term return of plan assets relative to plan liabilities, at a prudent level of risk. Equity investments are diversified across U.S. and non-U.S. stocks, as well as differing styles and market capitalizations. Investment performance is measured and monitored on an ongoing basis through quarterly investment portfolio and manager guideline compliance reviews, annual liability measurements and periodic studies.The fair values of Occidental’s pension plan assets by asset category were as follows:millionsLevel 1Level 2Level 3TotalDecember 31, 2024Asset Class:    Government securities$33 $— $— $33 Corporate bonds (a)— 17 — 17 Equity securities (b)31 — — 31 Other2 41 — 43 Investments measured at fair value$66 $58 $— $124 Investments measured at net asset value (c)— — — 576 Total pension plan assets $66 $58 $— $700 December 31,