OXY to Sell OxyChem to Berkshire for $9.7B, Utilize Funds to Cut Debts

Key Takeaways Occidental signed a $9.7B deal to sell OxyChem to Berkshire, expected to close in Q4 2025.OXY plans to use $6.5B from the sale to cut debt below $15B, easing interest expenses.The company has already repaid $7.5B in 13 months, reducing annual interest costs by $410M.Occidental Petroleum ((OXY) recently signed a definitive agreement with Berkshire Hathaway ((BRK.B) to sell its chemical business, OxyChem, for $9.7 billion. OxyChem is a global producer of essential commodity chemicals used in a w ...