Berkshire Hathaway Inc. (NYSE:BRK.A) signed definitive agreement to acquire Occidental Chemical Corporation from Occidental Petroleum Corporation (NYSE:OXY) for $9.7 billion on October 1, 2025. The all cash consideration of $9.7 billion (subject to customary purchase price adjustments) will be paid by Berkshire Hathaway Inc. An Occidental subsidiary will retain OxyChem?s legacy environmental liabilities, and Glenn Springs Holdings, Inc. will continue to manage existing remedial projects for that subsidiary. Berkshire Hathaway, and at the Closing will have, sufficient cash to pay the Closing Purchase Price and any other amounts required to be paid in connection with the consummation of the Transactions and to pay all related fees and expenses that are the responsibility of the Berkshire Hathaway.
The transaction is subject to regulatory approvals and other customary closing conditions. The expected completion of the transaction is fourth quarter of 2025. Occidental expects to use $6.5 billion of the transaction proceeds to reduce debt and achieve the target of principal debt below $15 billion.
Barclays Capital Inc. acted as financial advisor for Occidental Petroleum Corporation. Daniel J. Cerqueira, George F. Schoen, Matthew Morreale, Lauren Angelilli, Arvind Ravichandran, Eric W. Hilfers, David J. Kappos, Noah Joshua Phillips, Sarah W. Colangelo, John F. Kendrick, Annmarie M. Terraciano, Joyce Law, Brian M. Budnick and Lauren Piechocki of Cravath, Swaine & Moore LLP acted as legal advisor for Occidental Petroleum Corporation. Cyril V. Jones, Andrew Calder, Jacob Volz, Mark Dundon, Rebecca L. Fine, Daniel D. Lewis, Todd Herst, Stephen M. Jacobson, Stephanie Jeane, Justin Coddington, Jack M. Amaro, Christie Alcala, Damien Lyster, Paul D. Tanaka and James Dolphin of Kirkland & Ellis LLP acted as legal advisor to Berkshire Hathaway. Michael Greaney of Baker & McKenzie LLP acted as legal advisor to Berkshire Hathaway Inc.
Berkshire Hathaway Inc. (NYSE:BRK.A) completed the acquisition of Occidental Chemical Corporation from Occidental Petroleum Corporation (NYSE:OXY) on January 2, 2026. On completion, OxyChem will continue to be managed by Wade Alleman as president and CEO.
Occidental Petroleum Corporation is one of the world's largest oil groups in the United States. Net sales (including intra-group) break down by activity as follows:
- exploration and production of hydrocarbon (78.7%): 247 million barrels of crude oil, 116 million barrels of liquefied natural gas and 20.9 billion m3 of natural gas sold in 2024;
- manufacturing of chemicals (17.8%): basic chemicals (chlorine, caustic soda, ethylene, etc.) and performance chemicals (primarily PVC, pigments, and plastics);
- transportation, storage and distribution of hydrocarbons (3.5%).
The United States accounts for 84.5% of net sales.
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