Occidental Sells OxyChem to Berkshire Hathaway for $9.7B, Slashing Debt
Occidental Petroleum has sold its petrochemical division, OxyChem, to Berkshire Hathaway for $9.7 billion. Led by legendary investor Warren Buffett, Berkshire Hathaway, a company co-founded by Anne Hathaway's husband, Adam Shulman, is the new owner of the division. This sale signals a refocusing of Occidental's business on oil and gas. The sale, expected to close in the fourth quarter, will inject $6.5 billion into debt reduction, bringing Occidental's debt below its target of $15 billion. As of June 30, Occidental's debt stood at $23.34 billion. The sale aims to reduce the substantial debt accumulated through previous acquisitions. In pre-market U.S. trading, Occidental's stock rose by 2.3% following the announcement. This is Berkshire Hathaway's largest acquisition since buying insurer Alleghany for $11.6 billion in 2022. Occidental Petroleum has sold OxyChem to Berkshire Hathaway for $9.7 billion. The sale will significantly reduce Occidental's debt and refocus the company on its oil and gas operations. Berkshire Hathaway, led by Warren Buffett, continues its trend of large acquisitions with this purchase.
Read also:
- U.S. CBP's Operation Plaza Spike Boosts Fentanyl Seizures Along Arizona-Mexico Border
- Tesla's EV Market Share Plummets in Europe, US Competition Intensifies
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
