Berkshire Hathaway Acquires Occidental Petroleum’s Chemicals Business for $9.7 Billion
In late 2025, Berkshire Hathaway acquired Occidental Petroleum's chemicals business in a $9.7 billion deal. This transaction marks the second major collaboration between the two companies following Berkshire's support of Oxy's Anadarko acquisition in 2019. The sale allowed Occidental to use part of the proceeds—$6.5 billion—to reduce debt, strengthening its financial position as oil prices rose in 2026. Berkshire Hathaway’s long-term strategy involves acquiring reliable assets that contribute to a diversified portfolio across multiple sectors including energy, insurance, and manufacturing. The chemicals business complements Berkshire's midstream operations but remains just one part of the conglomerate's broader holdings. Both companies appear satisfied with the deal as each achieved strategic goals. While Occidental benefits from focusing on its upstream oil production amid rising prices, Berkshire gains a stable asset that aligns with its long-term vision for consistent cash flow and growth across economic cycles.
Topics: corporate transactions energy oil and gas