Occidental sells OxyChem to Berkshire Hathaway for $9.7 billion

HOUSTON, January 2, 2026 – Occidental has completed the sale of its OxyChem chemicals business to the Warren Buffet-led conglomerate Berkshire Hathaway for USD 9.7 billion in cash, the company said on Tuesday.

OxyChem manufactures basic chemicals including chlorine, caustic soda, vinyl chloride monomer and polyvinyl chloride used in products ranging from pharmaceuticals to building materials. The sale excludes legacy tort claims and environmental liabilities, which remain with Occidental via Environmental Resource Holdings, with remediation managed by Glenn Springs Holdings.

Berkshire Hathaway is a US-based multinational conglomerate holding company led by chairman and CEO Warren Buffett. Its diverse portfolio includes significant holdings in energy, utilities, insurance, railroads, manufacturing and consumer goods. Through its energy subsidiary, Berkshire Hathaway Energy, the group owns and operates electric and gas utilities across the USA and Canada.

Occidental is a US-based oil and gas producer operating primarily in the USA, Middle East and North Africa. It also invests in carbon management technologies aimed at developing lower-carbon solutions.

Read our latest insights on: