Berkshire Hathaway to Buy Occidental's Petrochemical Unit for $9.7 Billion
By Connor Hart
Warren Buffett's Berkshire Hathaway said it will buy Occidental Petroleum's petrochemical business for $9.7 billion in cash.
The move confirms an earlier report from The Wall Street Journal about the deal, which is Berkshire's largest since 2022.
"This transaction strengthens our financial position and catalyzes a significant resource opportunity we've been building in our oil and gas business for the last decade," Occidental Chief Executive Vicki Hollub said Thursday.
Houston-based Occidental, which already counted Berkshire as its largest shareholder, is most widely known for its oil-and-gas operations. Its petrochemical division, OxyChem, manufactures and sells chemicals used in applications such as chlorinating water, recycling batteries and producing paper. The unit generated nearly $5 billion in sales in the 12 months ended in June.
The deal is expected to close in the fourth quarter, subject to regulatory approvals and other customary closing conditions. Occidental said it plans to use $6.5 billion of the transaction proceeds to pay down debt.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 02, 2025 07:37 ET (11:37 GMT)
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