Home / Business and Economy / Berkshire Hathaway Acquires OxyChem for $9.7B, Paving Way for Occidental's Debt Reduction
Berkshire Hathaway Acquires OxyChem for $9.7B, Paving Way for Occidental's Debt Reduction
2 Oct, 2025
Summary
- Berkshire Hathaway to acquire OxyChem from Occidental Petroleum for $9.7 billion
- Occidental to use $6.5 billion from the sale to reduce debt below $15 billion
- Berkshire's largest deal since 2022 Alleghany acquisition
In a major deal, Berkshire Hathaway has announced that it will acquire OxyChem, a subsidiary of Occidental Petroleum, for $9.7 billion. The transaction, which is expected to close in the fourth quarter of 2025, will see OxyChem become an operating subsidiary within Berkshire.
Occidental Petroleum, led by CEO Vicki Hollub, has stated that it intends to use $6.5 billion of the proceeds from the sale to pare down its debt and achieve a target of principal debt below $15 billion. This move is seen as a significant step in strengthening Occidental's financial position, which has been a key focus for the company in recent years.
The deal marks Berkshire Hathaway's largest acquisition since its $11.6 billion purchase of insurance provider Alleghany in 2022. Berkshire's Vice Chairman of Non-Insurance Operations, Greg Abel, who is set to succeed Warren Buffett as the company's CEO, has expressed excitement about welcoming OxyChem into the Berkshire family.
