Group 1 - Berkshire Hathaway is nearing a deal to acquire Occidental Petroleum's chemical subsidiary OxyChem for approximately $10 billion, which would be its largest acquisition since the $13.7 billion purchase of Alleghany Corp in 2022 [1] - Occidental Petroleum has been divesting assets to raise cash, with the sale of OxyChem being a significant step in its strategy to streamline operations [1][2] - Berkshire Hathaway currently holds about 27% of Occidental Petroleum's outstanding shares, having started acquiring its stake in February 2022 amid the onset of the Russia-Ukraine conflict [2] Group 2 - Occidental Petroleum has announced nearly $4 billion in asset sales since last year to help pay down debt incurred from a $10.8 billion acquisition of CrownRock LP in 2023 [2] - The chemical products supplied by OxyChem are used in the medical, food safety, and construction industries, indicating the strategic importance of this business unit [1]