Retirement Plans and Postretirement Benefits

9 Months Ended

Sep. 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 nine months ended September 30, 2012 and 2011 (in millions):

Three months ended September 30	2012					2011
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	3		$	6	$	5		$	6
Interest cost	6			10		7			11
Expected return on plan assets	(7		)	—		(9		)	—
Amortization of prior service cost	1			—		1			—
Recognized actuarial loss	4			10		4			8
Total	$	7		$	26	$	8		$	25

Nine months ended September 30	2012					2011
Net Periodic Benefit Costs	Pension Benefit			Postretirement Benefit		Pension Benefit			Postretirement Benefit
Service cost	$	9		$	19	$	15		$	17
Interest cost	20			32		22			34
Expected return on plan assets	(23		)	—		(25		)	—
Amortization of prior service cost	1			—		1			—
Recognized actuarial loss	14			27		10			23
Total	$	21		$	78	$	23		$	74

Occidental contributed approximately $1 million and $12 million in the three-month periods ended September 30, 2012 and 2011, respectively, and approximately $4 million and $16 million in the nine-month periods ended September 30, 2012 and 2011, respectively, to its defined benefit pension plans.