Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 57

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 57
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 COSTSThe following table sets forth the components of net periodic benefit costs for the years ended December 31:Pension BenefitsPostretirement Benefitsmillions202420232022202420232022Net periodic benefit costs:     Service cost — benefits earned during the period$4 $5 $7 $18 $16 $38 Interest cost on projected benefit obligation42 45 36 35 37 33 Expected return on plan assets(41)(45)(38)— — — Recognized actuarial loss (gain)2 4 1 (15)(20)5 Recognized prior service credit— — — (8)(9)(9)Gain (loss) due to settlement— 1 (1)— — — Net periodic benefit costs$7 $10 $5 $30 $24 $67 The service cost component of net periodic benefit costs is included in selling, general and administrative expense, oil and gas operating expense, chemical and midstream costs and exploration expense on Occidental’s Consolidated Statements of Operations. All other components of net periodic benefit costs are included in other operating and non-operating expense.ADDITIONAL INFORMATIONThe following table sets forth the weighted-average assumptions used to determine Occidental’s benefit obligation and net periodic benefit cost for domestic plans for the years ended December 31: Pension BenefitsPostretirement Benefits2024202320242023Benefit Obligation Assumptions:    Discount rate5.52 %4.98 %5.68 %5.12 %Rate of increase in compensation levels3.95 %3.96 %— — Net Periodic Benefit Cost Assumptions:Discount rate4.98 %5.27 %5.12 %5.43 %Rate of increase in compensation levels3.96 %3.95 %— — Assumed long-term rate of return on assets6.13 %6.65 %— — For domestic pension plans and postretirement benefit plans, Occidental based the discount rate on a AA-AAA Universe yield curve in 2024 and 2023. The assumed long-term rate of return on assets is estimated with regard to current market factors but within the context of historical returns for the asset mix that exists at year end. Assumed rates of compensation increases for active participants in certain plans vary by age group.The postretirement