January 05, 2026 [Market Watch]- Occidental has completed its $9.7 billion sale of OxyChem, its chemical business, to Berkshire Hathaway.

Occidental Chief Executive Vicki Hollb said Friday that the all-cash sale would strengthen the energy company’s balance sheet as it focuses on its oil and gas portfolio.

“We expect to operate our high-return oil and gas assets to deliver long-term value while driving innovation across our businesses,” Hollub said. “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.”

Environmental Resource Holdings has retained OxyChem’s legacy tort claims and environmental responsibilities, Occidental said. Glenn Springs Holdings is managing remedial activities at environmental sites on ERH’s behalf.