Berkshire Hathaway and Occidental have entered into a definitive agreement under which Berkshire Hathaway will acquire Occidental’s chemical business, OxyChem, in an all-cash transaction valued at US$9.7 billion, subject to customary purchase price adjustments. Under the terms of the agreement, Occidental will sell OxyChem to Berkshire Hathaway for cash consideration of US$9.7 billion and expects to deploy approximately US$6.5 billion of the proceeds to reduce debt, supporting its objective of bringing principal debt below US$15 billion following the previously announced CrownRock acquisition. An Occidental subsidiary will retain OxyChem’s legacy environmental liabilities through Glenn Springs Holdings Inc. OxyChem is described as a global manufacturer of commodity chemicals that are vital to quality of life, with applications in water treatment, pharmaceuticals, healthcare, and commercial and residential development.