Berkshire Hathaway to buy OxyChem for $9.7bn
By Benjamin Chiou
Date: Thursday 02 Oct 2025
(Sharecast News) - American holding company Berkshire Hathaway on Thursday announced that it is to purchase Occidental Petroleum's chemical business, OxyChem, for $9.7bn in its biggest acquisition in three years.
"Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team," said Greg Abel, the vice chair of non-insurance operations at Berkshire.
"We look forward to welcoming OxyChem as an operating subsidiary within Berkshire."
Warren Buffett's conglomerate, which already owns a diverse range of businesses across many sectors, including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing, is already the largest shareholder in Occidental.
In a statement, Occidental said it would use $6.5bn of the proceeds to reduce debt.
Occidental shares were down 5.5% at $45.12 by 1017 ET, while Berkshire Hathaway fell 0.4% to $496.33.
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