US EditionOccidental Petroleum Sells Dallas-Based Division to Berkshire Hathaway for $9.7 Billion
Berkshire Hathaway acquired Occidental's chemical business for $9.7 billion in cash while Occidental retains legacy environmental liabilities managed by Glenn Springs Holdings.
- Occidental announced it has completed the sale of its chemical business OxyChem to Berkshire Hathaway for $9.7 billion in cash, subject to customary purchase price adjustments, from Houston on Jan. 02, 2026.
- Framing the deal as balance-sheet strength, Vicki Hollub said, `This transaction accelerates our strategy to strengthen Occidental's balance sheet and focus on our deep and diverse oil and gas portfolio which we have transformed over the last decade,'
- As previously disclosed, Environmental Resource Holdings, LLC retained OxyChem's legacy tort claims and environmental liabilities, with Glenn Springs Holdings, Inc. managing remediation and Occidental expecting long-term remediation spending.
- Listing risk factors, the company said forward-looking statements involve estimates and risks, including uncertainties tied to retained liabilities and indemnification obligations, with no obligation to update unless legally required.
- Headquartered in Houston, Occidental primarily operates in the United States, Middle East and North Africa, producing and marketing oil and natural gas while advancing carbon management initiatives.
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Occidental Petroleum sells Dallas-based division to Berkshire Hathaway for $9.7 billion
The energy giant is using the bulk of the proceeds from this massive sale to tackle a debt problem that ballooned after a major acquisition last year. Here's how much the company plans to pay down and what its debt reduction target is.
Occidental Completes Sale of OxyChem - Occidental Petroleum (NYSE:OXY)
HOUSTON, Jan. 02, 2026 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) announced today it has completed the sale of its chemical business, OxyChem, to Berkshire Hathaway (NYSE:BRK, BRK.B)) for $9.7 billion in cash, subject to customary purchase price adjustments. "This transaction accelerates our strategy to strengthen Occidental's balance sheet and focus on our deep and diverse oil and gas portfolio which we have transformed over the last decade. We …
The CEO of Occidental said the all-cash sale strengthens the energy company's balance sheet while it focuses on its oil and gas portfolio.
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