Overview

• Multiple outlets report advanced negotiations with a potential announcement within days, though neither Berkshire nor Occidental has confirmed the talks.
• If completed, the purchase would be Berkshire’s largest since the 2022 Alleghany deal, supported by the conglomerate’s roughly $344 billion cash pile.
• Berkshire is already Occidental’s largest shareholder with an ownership stake of about 28% valued at more than $11 billion.
• OxyChem operates roughly 23 plants producing chlor-alkali, PVC and other materials used in water treatment, battery recycling and construction, generating about $5 billion in revenue over the past year.
• JPMorgan estimates value near $10 billion, implying roughly 7–8x forward EBITDA, and says proceeds could lower Occidental’s leverage by about one full turn at the cost of future cash flow from projects like Battleground/Deer Park.