Summary
Occidental Petroleum Corporation (OXY) has announced the completion of the divestiture of its chemical business, Occidental Chemical Corporation, to Berkshire Hathaway Inc. This significant transaction, valued at $9.7 billion in cash subject to customary adjustments, was finalized on January 2, 2026, as previously disclosed on October 3, 2025. The divestiture represents a strategic move to streamline Occidental's operations and likely aims to bolster its financial position, potentially reducing debt or increasing financial flexibility. Investors should note that this filing includes unaudited pro forma financial statements, which provide a view of Occidental's financial position and performance as if the divestiture had occurred at earlier dates. These statements, attached as Exhibit 99.2, are crucial for understanding the post-divestiture financial profile of the company. The company's press release, also furnished, confirms the completion and signifies a new chapter for Occidental, focusing on its core businesses.
Key Highlights
- 1Occidental Petroleum completed the sale of its chemical business (Occidental Chemical Corporation) to Berkshire Hathaway Inc. for $9.7 billion in cash.
- 2The transaction officially closed on January 2, 2026.
- 3The divestiture agreement was initially announced on October 3, 2025.
- 4The sale price is subject to customary purchase price adjustments.
- 5Unaudited pro forma financial statements reflecting the divestiture are included, showing the impact on past financial periods and as of September 30, 2025.
- 6This move is likely part of Occidental's strategy to focus on core operations and manage its capital structure.