Occidental Petroleum Corporation
Occidental Announces Sale of OxyChem to Berkshire Hathaway
Summary
On October 2, 2025, Occidental Petroleum Corporation announced a definitive agreement for Berkshire Hathaway to acquire its chemical business, OxyChem, in an all-cash transaction for $9.7 billion. Occidental plans to use the proceeds to reduce debt, aiming to achieve a principal debt level below $15 billion. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions.
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About Occidental Petroleum Corporation
Occidental Petroleum Corporation is a global energy producer, primarily focused on the exploration and production of oil and natural gas. Its operations span key regions such as the United States, the Middle East, and Latin America, contributing significantly to the energy supply chain. Aside from its core oil and gas activities, Occidental is actively engaged in chemical production through its subsidiary Occidental Chemical Corporation, which provides essential building blocks for a variety of industries, including agriculture, water treatment, and plastics. As a leader in its field, Occidental is committed to advancing sustainable and low-carbon energy solutions, notably through carbon capture and enhanced oil recovery techniques. The company plays a vital role in meeting global energy demands while striving to reduce environmental impact, thus positioning itself as a key player in the evolving energy landscape.
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