Berkshire vs. Occidental: Who Actually Won the $10 Billion Chemicals Deal?

Berkshire Hathaway acquired Occidental Petroleum's chemicals business for $9.7 billion in late 2025. Occidental used $6.5 billion of proceeds to pay down debt, allowing it to focus on upstream oil and gas production as energy prices rise. The article argues both companies are winners: Occidental achieved its goal of debt reduction and operational focus, while Berkshire added a reliable chemicals business to its diversified portfolio with a long-term investment horizon.