Occidental has finalized the sale of its chemical business, OxyChem, to Berkshire Hathaway.
The transaction amounts to $9.7 billion in cash, subject to customary adjustments.
This move aligns with Occidental's strategy to enhance its balance sheet and focus on its oil and gas portfolio.
Strengthened Balance Sheet
The sale of OxyChem reflects Occidental's commitment to fortifying its financial standing.
Focus on Oil and Gas Portfolio
Occidental aims to concentrate on its lucrative oil and gas assets for sustained value creation.
Long-Term Value Creation
Operating high-return assets is projected to drive innovation and outcomes for Occidental over the long term.
- The sale allows Occidental to streamline its operations and concentrate on its core oil and gas assets.
- The company expects the divestiture to bolster its financial position and pave the way for enhanced operational efficiencies.
Occidental's sale of OxyChem marks a strategic step towards optimizing its business focus and financial strength in the energy sector.