Overview

• Both companies said they expect the all-cash transaction to close in the fourth quarter of 2025, subject to customary conditions.
• Occidental plans to use $6.5 billion of the proceeds to reduce debt and targets principal debt below $15 billion, with CEO Vicki Hollub signaling buybacks will resume.
• The purchase is Berkshire’s largest since its 2022 acquisition of Alleghany, and comes as the conglomerate holds about $344 billion in cash.
• Berkshire is already Occidental’s largest shareholder, with roughly a 28% stake built since first backing the company in 2019.
• OxyChem makes chlor-alkali and vinyl products used in water treatment and medical supplies, generated about $5 billion in revenue, and is expected to earn $800–$900 million pretax this year.