Archive · 2 Oct 2025
Occidental Petroleum Done with Big Deals After OxyChem Sale
Occidental Petroleum, an oil company, has sold its chemical business, OxyChem, to Warren Buffett's Berkshire Hathaway.
With this sale, Occidental's CEO, Vicki Hollub, says the company is finished with making huge deals for now.
They want to use the money from the sale, about $6.5 billion, to pay off debts.
The goal is to give shareholders more value quicker.
They received multiple offers for OxyChem.
The focus shifts to growing the business they already have.
Occidental Petroleum sold its chemical unit, OxyChem, to Berkshire Hathaway for $9.7 billion.
The CEO of Occidental stated that the company is done with significant acquisitions.
The sale of OxyChem allows Occidental to focus on organic growth.
Proceeds will reduce Occidental's principal debt by approximately $6.5 billion.
Occidental aimed to reduce debt following the CrownRock LP acquisition.
- Who
- Occidental Petroleum Corp.
- What
- Finished with large acquisitions after the sale of OxyChem
- When
- Announced on Thursday, October 2, 2025
- Where
- N/A
- Why
- To enhance liquidity and accelerate debt reduction.
- Seller
- Occidental Petroleum Corp.
- Buyer
- Berkshire Hathaway Inc.
- Target
- OxyChem
- Sale Price
- $9.7 billion
- CEO's Stance
- Done with big deals
