Benefits Think News You Can Use: Oil companies post record profits, pensions in the red

Published Updated 1 Min Read

From the “misplaced corporate priorities” files, energy companies — led primarily by oil titans Exxon Mobil, Chevron and ConocoPhillips — posted the lowest levels of pension plan funding across the 10 industries studied in a Citi analysis of S&P 500 companies.

Exxon Mobil, whose quarterly profits steadily break the company’s own earnings records, had the highest pension deficit, with $27.8 billion in assets to cover $34.5 billion in liabilities, a $6.7 billion deficit.


For reprint and licensing requests for this article, click here.


More From Employee Benefit News

Corporate pensions plans bleeding through falling interest rates

The past year was not a good one for the top 100 corporate pensions, according to research by Towers Watson. Falling interest rates and increased liabilities from updated mortality assumptions combined in 2014 to eradicate most of the gains from the previous year, Towers Watson found. The average funded status of the Towers Watson Pension 100 fell from 89% to 81% in 2014, even though plan assets gained in value. One bright note was that plan sponsors…

By Paula Gladych
Freelance writer

Sign Up Form

Login Modal Form