Occidental Sells OxyChem Unit for $9.7 Billion to Berkshire Hathaway
In January 2026, Occidental Petroleum completed the $9.7 billion sale of its OxyChem chemicals unit to Berkshire Hathaway, trimming its noncore assets. The divestiture strengthens Occidental’s liquidity and reduces its asset base, potentially impacting future debt metrics and cash flows.
1. Sale of OxyChem Unit
In January 2026, Occidental Petroleum finalized the sale of its OxyChem chemicals division to Berkshire Hathaway for $9.7 billion. The transaction marks the exit of Occidental’s noncore chemical manufacturing arm and shifts focus back to upstream oil and gas operations.
2. Impact on Liquidity and Debt
Proceeds from the divestiture bolster Occidental’s balance sheet, providing additional liquidity and the opportunity to reduce outstanding debt. Analysts note the sale may lower leverage ratios and support higher credit metrics, while freeing capital for core oilfield investments.