Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 56

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 56
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) loss$(8)$3 $(122)$(217)Prior service credit— — (40)(45) $(8)$3 $(162)$(262)The following tables show the funding status, obligations and plan asset fair values of Occidental related to its pension and postretirement benefit plans for the years ended December 31:Pension BenefitsPostretirement Benefitsmillions2024202320242023Changes in the benefit obligation:Benefit obligation — beginning of year$879 $886 $718 $773 Service cost — benefits earned during the period4 5 18 16 Interest cost on projected benefit obligation42 45 35 37 Actuarial (gain) loss(38)19 105 (53)Benefits paid(71)(80)(50)(65)Other(3)4 4 10 Benefit obligation — end of year$813 $879 $830 $718 Changes in plan assets:Fair value of plan assets — beginning of year$732 $641 $— $— Actual return on plan assets16 77 — — Employer contributions23 89 45 54 Benefits paid(71)(80)(50)(64)Other— 5 5 10 Fair value of plan assets — end of year$700 $732 $— $— Unfunded status:$(113)$(147)$(830)$(718)

 OXY 2024 FORM 10-K97

table of contentsFINANCIAL STATEMENTSFOOTNOTES

Actuarial losses related to postretirement benefits are primarily due to changes in health care trend rates and expected increases in premiums related to certain provisions in the Inflation Reduction Act that go into effect in 2025 and 2026. Other actuarial gains and losses are primarily driven by discount rate movement. The following table sets forth details of the obligations and assets of Occidental’s defined benefit pension plans for the years ended December 31:Accumulated Benefit Obligation in Excess of Plan AssetsPlan Assets in Excess of Accumulated Benefit Obligationmillions2024202320242023Projected benefit obligation$648 $719 $165 $160 Accumulated benefit obligation$647 $717 $165 $157 Fair value of plan assets$505 $543 $195 $189 COMPONENTS OF NET PERIODIC BENEFIT