Billionaire value investor Warren Buffett’s Omaha-based investment giant, Berkshire Hathaway, announced on Thursday, 2 October 2025, its plans to acquire Occidental Petroleum’s chemical business, OxyChem, according to an official release. The shares of the energy firm jumped over 2% during the pre-market trading session on Thursday.

Berkshire Hathaway plans to acquire Occidental’s chemical business in an all-cash transaction valued at $9.7 billion.

“Berkshire Hathaway (NYSE: BRK) and Occidental (NYSE: OXY) today announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all-cash transaction for $9.7 billion, subject to customary purchase price adjustments,” according to the official release.

The global manufacturer of commodity chemicals aims to strengthen its financial position and capitalise on a ‘20+ years of low-cost resource runway’ to deliver long-term value for the investors.

“Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team,” said Greg Abel, Vice Chairman of Non-Insurance Operations at Berkshire in the statement.

Occidental Petroleum Share Price Trend

Occidental Petroleum shares jumped 2.68% to $49 during the pre-market session on the New York Stock Exchange (NYSE), compared to $47.72 at the previous market close.

However, after the US stock market opened, the shares of the energy company dropped more than 3% to $46.26 as of 9:37 a.m. (EDT), compared to the previous Wall Street close, according to the data collected from MarketWatch.

(This is a developing story. Please check back for updates)

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