Core Viewpoint - Occidental has completed the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, aiming to strengthen its balance sheet and focus on its oil and gas portfolio [1][2]. Group 1: Transaction Details - The sale of OxyChem is valued at $9.7 billion, subject to customary purchase price adjustments [1]. - Occidental's subsidiary, Environmental Resource Holdings, LLC, retains OxyChem's legacy tort claims and environmental liabilities associated with historical operations [2]. Group 2: Strategic Focus - The transaction is part of Occidental's strategy to enhance its balance sheet and concentrate on its oil and gas assets, which have been transformed over the past decade [2]. - The company aims to operate high-return oil and gas assets to deliver long-term value while driving innovation across its businesses [2]. Group 3: Company Overview - Occidental is involved in the production, marketing, and transportation of oil and natural gas, focusing on maximizing value and providing essential resources [3]. - The company is headquartered in Houston and primarily operates in the United States, Middle East, and North Africa, leveraging its leadership in carbon management to advance lower-carbon technologies [3].