Warren Buffett's Berkshire In Talks To Buy OxyChem For $10 Billion: Report

Benzinga

Berkshire Hathaway is in talks to buy Occidental Petroleum’s chemical arm OxyChem for about $10 billion. The deal would be Berkshire’s largest since 2022 and its second big chemical purchase after Lubrizol. Occidental, which has cut debt by $7.5 billion, earned nearly $5 billion from OxyChem last year.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Berkshire Hathaway is in discussions to buy Occidental Petroleum's chemical unit,

00:07Oxychem, in a deal valued at about $10 billion. If completed, it would be Berkshire's largest

00:12acquisition since 2022 and could close soon, according to the Wall Street Journal. Occidental

00:18is best known for oil and gas and owns Oxychem, which earned nearly $5 billion last year from

00:24products used in water treatment, battery recycling, and paper production. Berkshire

00:29is already Occidental's largest shareholder, and if talks succeed, the deal would mark its second

00:34major chemical investment after the 2011 Lubrizol acquisition for almost $10 billion.

00:41Berkshire's ties to Occidental began in 2019, when Buffett provided $10 billion in preferred shares

00:47to support the company's $38 billion Anadarko takeover. Occidental has since reduced debt by

00:54$7.5 billion through asset sales. For all things money, visit Benzinga.com.

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