Warren Buffett Just Give Occidental Petroleum a HUGE $10 Billion Boost. Should You Buy OXY Stock Here?
Occidental Petroleum (OXY) has officially sealed its biggest divestment yet, selling its chemical unit OxyChem to Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) for $9.7 billion. The move is not just a headline-making M&A story; it’s a turning point in Occidental’s multi-year effort to clean up its debt-heavy balance sheet after blockbuster acquisitions. Occidental said it will apply $6.5 billion of the proceeds directly toward debt reduction, taking principal debt below the $15 billion target set af ...