Occidental announced on January 2, 2026, that it has finalized the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash. The transaction is subject to customary purchase price adjustments.
President and Chief Executive Officer Vicki Hollub stated, “This transaction accelerates our strategy to strengthen Occidental’s balance sheet and focus on our deep and diverse oil and gas portfolio which we have transformed over the last decade. We expect to operate our high-return oil and gas assets to deliver long-term value while driving innovation across our businesses. We thank the OxyChem team for their decades of excellence and commitment to building a world-class enterprise, and we look forward to their continued success in the years ahead.”
The company also disclosed that an Occidental subsidiary, Environmental Resource Holdings, LLC (ERH), will retain OxyChem’s legacy tort claims and environmental liabilities related primarily to historical operations outside the facilities sold. Glenn Springs Holdings, Inc. will continue managing remedial activities at environmental sites for ERH. Occidental expects remediation funding requirements will extend over many years based on approved workplans.
Occidental remains focused on producing, marketing, and transporting oil and natural gas as part of its core business strategy. The company continues to leverage its position in carbon management technologies while operating mainly in the United States, Middle East, and North Africa.
Forward-looking statements included in this announcement caution that actual outcomes may differ due to various risks such as economic conditions, market fluctuations, regulatory changes, operational risks, geopolitical events, or other factors outlined in filings with the U.S. Securities and Exchange Commission.
