Occidental has completed the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash. Occidental plans to focus on its oil and gas portfolio and drive innovation across its businesses. The company will retain environmental liabilities associated with historical operations. Occidental operates globally, primarily in the United States, Middle East, and North Africa, and aims to advance lower-carbon technologies. The sale is part of Occidental’s strategy to strengthen its balance sheet. The company’s CEO, Vicki Hollub, expressed gratitude to the OxyChem team and looks forward to their continued success.

Read more at GlobeNewswire: Occidental Completes Sale of OxyChem