Exxon Mobil Plans $4.6 Billion Pension Contribution

Exxon Mobil Corp. is expecting to contribute $4.6 billion to its worldwide pension plans in 2009, the company said Friday, February 27.

The Irving, Texas-based company will contribute $3 billion to its U.S. plans and $1.6 billion to non-U.S. plans, according to its annual report, filed Friday with the Securities and Exchange Commission.

Last year, Exxon Mobil contributed $52 million to its U.S. plans and $956 million to its non-U.S. plans.

Fair value of the oil company’s U.S. plans was $6.6 billion as of December 31, down 37 percent for the year. Non-U.S. plans’ fair asset value was $11.3 billion at the end of 2008, down 34 percent from a year earlier.

Exxon Mobil spokesman Chris Welberry said in a phone interview that pension assets were down in line with market movements in 2008. He emphasized that all the company’s pension plans are defined benefit, and are backed up by the financial strength of the company.

Filed by Jennifer Byrd of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.