Barclays on Energy & Power: 2011 Pension Fund Status of Major Oil Companies and Independent Refiners

Barclays on Energy & Power: 2011 Pension Fund Status

Analyst, Paul Y. Cheng, said, "We reviewed the 2011 pension fund status of the major oil companies and independent refiners. Our analysis shows that the sector's net pension deficit jumped 31% in 2011 versus 2010 as a modest rise in pension assets was more than offset by a large 8% run-up in obligations."

"Relative to the company's market capitalization, Marathon Petroleum (NYSE: MPC), Petrobras (NYSE: PZE), and Tesoro (NYSE: TSO) ranked the worst between 14% and 12%, respectively, followed by BP (NYSE: BP), Sunoco (NYSE: SUN), and Alon USA Energy (NYSE: ALJ) between 10% and 9% of their market capitalization. HSE and Total (NYSE: TOT) ranked the best with deficits at less than 1% of their market capitalization."

"Relative to the company's capital employed, Imperial Oil (NYSE: IMO) and ExxonMobil (NYSE: XOM) ranked the worst at 19% and 15%, respectively, followed by MPC and SUN between 14% and 12%. HSE and HollyFrontier (NYSE: HFC) ranked the best with deficits at only 1% and 2%, respectively."

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