WSJ reports that Berkshire is in negotiations to purchase OxyChem from Occidental for around $10 billion.

The Wall Street Journal, citing sources familiar with the situation, reported Tuesday that Berkshire Hathaway was in discussions to purchase Occidental Petroleum’s petrochemical division for around $10 billion.

The sale of OxyChem, which provides products for sectors like medical care, food safety and construction, will add to the series of divestitures that the U.S. Oil and Gas producer has made in recent years.

Occidental, where Berkshire already holds the majority stake, is struggling with a heavy amount of debt. This debt was incurred as a result of its $55 Billion acquisition of Anadarko Petroleum, which it completed in 2019. Occidental outbid Chevron for shale fields in Texas.

Anadarko has nearly a quarter million acres of oil and gas reserves in the Permian Basin that can be produced for decades by using low-cost techniques.

The $12 billion purchase of CrownRock, a privately owned U.S. shale producer last year has significantly increased Occidental's debt burden. It stood at $23.34 at the end June.

OxyChem generated revenue of $2.42 billion during the first two quarters in 2025. (Reporting and editing by Tasim Zaid in Bengaluru, Pooja Menon from Bengaluru)

(source: Reuters)