Berkshire Hathaway completed its acquisition of Occidental Petroleum’s chemical business, OxyChem, on January 2, 2026. The announced consideration was $9.7 billion in cash, subject to customary purchase price adjustments. The transaction transferred Occidental Chemical Corporation, the company that held OxyChem, to Berkshire.
What Berkshire bought
The agreement covered all issued and outstanding equity interests in Occidental Chemical Corporation, rather than a collection of individual plants or product lines. Occidental Chemical Corporation held Occidental’s OxyChem business. Berkshire’s October 2025 announcement described the transaction as a purchase of the company’s equity.
OxyChem produces industrial chemicals used in other products and services. The Associated Press identified chlorine used in water treatment, vinyl chloride used to make plastics, and calcium chloride used to treat icy roads among its products. Berkshire described OxyChem as an essential-chemistry producer with operations in the United States, Canada, and Latin America. The AP’s deal-day report provides the product examples.
Price and closing date
Berkshire and Occidental announced $9.7 billion in cash as the consideration, subject to customary purchase price adjustments. The figure should not be read as a confirmed, unadjusted final settlement amount: the purchase agreement contemplated adjustments for items including cash, indebtedness, and working capital relative to an agreed target. Occidental reaffirmed the $9.7 billion announced consideration when it reported completion. Occidental’s announcement and closing release describe the terms and completion.
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The companies announced the agreement publicly on October 2, 2025, after subsidiaries entered the purchase agreement on October 1. At announcement, they expected a fourth-quarter 2025 closing, contingent on regulatory approvals and other customary conditions. The sale ultimately closed on January 2, 2026, as confirmed by Berkshire’s completion notice and Occidental’s closing release.
Why it was described as Berkshire’s largest deal in years
The Associated Press characterized the OxyChem acquisition as Berkshire’s largest since its $11.6 billion purchase of Alleghany in 2022. That is AP’s comparison, not a formal ranking given in the companies’ deal announcements. It puts the transaction’s scale in context without changing the announced OxyChem consideration or its purchase-price-adjustment caveat.
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What the deal says about Buffett’s role
The transaction is a Berkshire Hathaway acquisition, but the companies’ announcement and completion releases do not establish that Warren Buffett personally initiated or led it. The headline framing around Buffett reflects his association with Berkshire; it should not be taken as evidence of an individually documented role in this particular purchase.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What changes for Occidental and OxyChem
Ownership of Occidental Chemical Corporation changed from Occidental to Berkshire. Occidental said the sale was part of its portfolio and capital-priorities decisions. The announced terms and closing notices establish the transfer, but do not by themselves show what operating changes, if any, followed at OxyChem or what financial results the acquisition will produce for Berkshire.
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