Overview

• Berkshire and Occidental announced the sale Thursday, confirming earlier reports of talks.
• The purchase is Berkshire’s largest since 2022 and follows its 2011 deal for Lubrizol in the chemicals sector.
• Berkshire holds about 27% of Occidental’s shares and is drawing on a record cash balance reported at roughly $344 billion.
• Occidental says the payout will help lower debt to below $15 billion, down from $23.34 billion at the end of June after prior acquisitions.
• OxyChem supplies chemicals for water chlorination, battery recycling and paper production and generated nearly $5 billion in revenue in the 12 months to June.