Occidental to Sell Chemical Business to Berkshire Hathaway for $9.7B

Details

for $9.7 billion in an all-cash transaction. The sale is subject to customary closing conditions, including regulatory approvals and the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period. Upon closing, Occidental will provide transition services and indemnify Berkshire Hathaway for certain liabilities.

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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.