Retirement Plans and Postretirement Benefits

6 Months Ended

Jun. 30, 2012

Retirement Plans and Postretirement Benefits

Retirement Plans and Postretirement Benefits

8.             Retirement Plans and Postretirement Benefits

The following table sets forth the components of the net periodic benefit costs for Occidental’s defined benefit pension and postretirement benefit plans for the three and six months ended June 30, 2012 and 2011 (in millions):

Three months ended June 30	2012					2011
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	3		$	6	$	5		$	5
Interest cost	7			11		8			12
Expected return on plan assets	(8		)	—		(8		)	—
Recognized actuarial loss	5			9		3			7
Total	$	7		$	26	$	8		$	24

Six months ended June 30	2012					2011
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	6		$	13	$	10		$	11
Interest cost	14			22		15			23
Expected return on plan assets	(16		)	—		(16		)	—
Recognized actuarial loss	10			17		6			15
Total	$	14		$	52	$	15		$	49

Occidental contributed approximately $2 million in each of the three-month periods ended June 30, 2012 and 2011, and approximately $3 million and $4 million in the six-month periods ended June 30, 2012 and 2011, respectively, to its defined benefit pension plans.