HOUSTON, Jan. 02, 2026 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) announced today that it has completed the sale of its chemicals business, OxyChem, to Berkshire Hathaway (NYSE: BRK.A, BRK.B) for $9.7 billion in cash, subject to customary purchase price adjustments.
“This transaction accelerates our strategy to strengthen Occidental’s balance sheet and focus on our deep and diverse oil and gas portfolio that we have transformed over the past decade. We plan to leverage our high-yield oil and gas assets to generate long-term value while driving innovation in our business,” said President and CEO Vicki Hollub. “We thank the OxyChem team for their decades of excellence and commitment to building a world-class company, and we look forward to their continued success in the years to come.”
As previously noted, a Western subsidiary, Environmental Resource Holdings, LLC (ERH), retained OxyChem’s legacy tort claims and environmental liabilities primarily associated with historical operations outside the footprint of the operating facilities that were sold. Glenn Springs Holdings, Inc. will continue to manage remedial activities at environmental sites on behalf of ERH. Occidental plans to spend remediation funds over many years based on approved work plans.
About Occidental
Western product, markets and transport oil and natural gas to maximize value and provide fundamental resources for life. The company draws on its global leadership in carbon management advance low-carbon technologies and products. Headquartered in Houston, Occidental operates primarily in the United States, the Middle East and North Africa. To learn more, visit oxy.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, objectives, forecasts, assumptions, risks and uncertainties. Actual results may differ from anticipated results, sometimes significantly. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including downturns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flow to finance operations; Occidental’s ability to successfully monetize certain assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local fluctuations and volatility in commodity prices and commodity futures; supply and demand considerations and pricing of Occidental’s products and services; actions of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries; results of operations and competitive conditions; future write-downs of proven and unproven oil and gas properties or equity investments of Occidental, or write-downs of productive assets, resulting in charges to earnings; unexpected changes in costs; governmental actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, tax and regulatory uncertainties), war (including the war between Russia and Ukraine and conflicts in the Middle East) and political conditions and events; inflation, its impact on markets and economic activity and related monetary policy actions taken by governments in response to inflation; availability of capital resources, capital expenditure levels and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental’s ability to complete, or materially delay, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties in integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business; uncertainties in estimated quantities of oil, natural gas liquids (NGLs) and natural gas reserves; lower than expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits of past or future rationalization actions aimed at reducing fixed costs, simplifying or improving processes and improving Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions, capacity constraints or other limitations in the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including disruptions in capital markets and instability of financial institutions; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international laws, regulations and litigation (including related to climate change or remedial action or assessment); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and gas operations, retroactive royalty or production tax regimes, and deepwater and onshore drilling and permitting regulations; Occidental’s ability to recognize the anticipated benefits of its business strategies and initiatives, such as the OxyChem divestiture, Occidental’s low-carbon operations or announced greenhouse gas emissions reduction goals or net zero goals; changes in government grant or loan programs; potential liability arising from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather conditions, power outages, natural disasters, cyberattacks, terrorist acts or insurgent activities; the extent and duration of global or regional health pandemics or epidemics and actions taken by government authorities and other third parties in this regard; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transport and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates, deductions, incentives or credits; and actions of third parties that are beyond Occidental’s control. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “commit,” “advance,” “assumption” or similar expressions that convey the forward-looking nature of events or results generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release, unless an earlier date is specified. Except as required by law, Occidental undertakes no obligation to update, amend or withdraw any forward-looking statements whether as a result of new information, future events or otherwise. Additional factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Part II, Item 1A “Risk Factors” of Occidental’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and others. filings with the United States Securities and Exchange Commission.
