Berkshire Hathaway has announced a $9.7 billion deal to acquire OxyChem, the chemical division of Occidental Petroleum. The purchase marks Warren Buffett’s largest transaction since the $11.6 billion acquisition of insurer Alleghany in 2022.
About $6.5 billion of the all-cash deal will be used to reduce Occidental’s debt, which currently exceeds $20 billion. Buffett, 95, who recently said he will step down as CEO of Berkshire Hathaway at the end of the year, has long been a major investor in Occidental.
Oxy and Berkshire Hathaway have announced a definitive agreement for Berkshire Hathaway to acquire Oxy’s chemical business, OxyChem, in an all-cash transaction for $9.7 billion*.
— Oxy (@WeAreOxy) October 2, 2025
Read the full release on https://t.co/cWQDFtE9MS.
*Subject to customary purchase price adjustments pic.twitter.com/lyjC6gMryn
OxyChem manufactures key industrial products, including caustic soda, chlorine, and materials used in IV bags, pulp, paper, aluminum, and battery recycling. Occidental CEO Vicki Hollub praised the sale, saying OxyChem will “thrive under Berkshire Hathaway’s ownership.”
BREAKING: Warren Buffett bails out Vicki Hollub for a second time (and extracts a great price for himself).
— Javier Blas (@JavierBlas) October 2, 2025
Berkshire Hathaway is buying the chemical unit of Occidental Petroleum (OxyChem) for $9.77 billion in an all-cash deal. Occidental will use the bulk of the proceeds to… pic.twitter.com/xEJHyARi54
Occidental shares rose slightly in premarket trading following the announcement. The deal is expected to close in the fourth quarter of 2025.
Berkshire Hathaway to buy Occidental Petroleum’s chemical division for $9.7-billion https://t.co/o9VY9Zdmts
— The Globe and Mail (@globeandmail) October 2, 2025
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TIPP Staff
