Deals - Acquisition, Mergers, Divestitures

Berkshire Hathaway to Buy Occidental’s OxyChem for $9.7B in Cash

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   |    Thursday,October 02,2025

Berkshire Hathaway is doubling down on its long-running relationship with Occidental—this time through a major downstream industrial move.

Occidental and Berkshire Hathaway announced a definitive agreement for Berkshire to acquire OxyChem, Occidental’s chemical business, in an all-cash transaction valued at $9.7 billion, subject to customary purchase price adjustments. The deal is expected to close in 4Q 2025, pending regulatory approvals and other customary conditions.

For Occidental, the transaction is primarily a balance-sheet and resource runway story. The company said it expects to use $6.5 billion of the proceeds to reduce debt and reach its stated goal of keeping principal debt below $15 billion, a target set following its CrownRock acquisition announcement in December 2023. Management framed the sale as a catalyst that strengthens Occidental’s financial position and supports a “significant resource opportunity” the company has been building in its oil and gas business for the past decade.

OxyChem is a global manufacturer of commodity chemicals used across water treatment, pharmaceuticals, healthcare, and construction-related end markets. Berkshire described the acquisition as adding a “robust portfolio of operating assets” supported by an accomplished team, and said OxyChem will become an operating subsidiary within Berkshire.

Occidental will retain OxyChem’s legacy environmental liabilities through an Occidental subsidiary, and Glenn Springs Holdings Inc. will continue managing existing remedial projects for that subsidiary—an important detail that limits Berkshire’s exposure to historical environmental obligations.

Barclays served as Occidental’s financial advisor and Cravath, Swaine & Moore LLP served as legal counsel.

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