Occidental Petroleum Corporation has completed the sale of its chemical business, Occidental Chemical Corporation, to Berkshire Hathaway Inc. for $9.7 billion in cash, subject to customary purchase price adjustments. The transaction transfers all issued and outstanding equity interests in the chemical subsidiary, which was held through Occidental Chemical Holding, LLC and Environmental Resource Holdings, LLC, both indirect wholly owned subsidiaries. Occidental provided unaudited pro forma condensed consolidated financial statements, including a balance sheet as of September 30, 2025 and statements of operations for the nine months ended September 30, 2025 and the years 2024, 2023 and 2022, reflecting the divestiture and certain debt redemption transactions. Occidental also issued a press release announcing the completion of the divestiture, and included extensive cautionary language regarding forward-looking statements and risk factors that could affect future results.
Occidental Petroleum director William R. Klesse acquired 5,000 shares of the company’s common stock on 12/16/2025 at $38.98 per share. After this purchase, he directly beneficially owns 218,913 Occidental Petroleum shares, highlighting his personal equity stake as a member of the board.
Occidental Petroleum (OXY) reported lower Q3 2025 results. Net sales were $6.717 billion versus $7.154 billion a year ago, and diluted EPS was $0.65 versus $0.98. Net income was $842 million versus $1.140 billion.
For the first nine months, net sales were $20.016 billion (flat year over year), operating cash flow was $7.898 billion, and capital expenditures were $5.674 billion. The company reduced total borrowings at face value to $20.815 billion from $24.391 billion, aided by $912 million of warrant exercises and asset divestitures of approximately $760 million (Permian working interests), $840 million (DJ Basin royalty/mineral interests) and $580 million (Permian gas gathering).
Occidental announced an agreement to sell OxyChem to Berkshire Hathaway for $9.7 billion in cash, subject to closing conditions, and plans to allocate the majority of after‑tax proceeds to debt reduction. As of October 31, 2025, common shares outstanding were 985,210,434. The effective tax rate was 28% in Q3, and new tax legislation (OBBB) is expected to reduce 2025 cash taxes.
Occidental Petroleum (OXY) furnished an Item 2.02 report announcing its financial condition and results of operations for the quarter ended September 30, 2025. The details are provided in a press release attached as Exhibit 99.1.
The information in this report and Exhibit 99.1 is furnished, not filed, under the Exchange Act and is not incorporated by reference into other filings unless specifically referenced. A Cover Page Interactive Data File is included as Exhibit 104.
Occidental Petroleum Corporation provided a brief management summary of factors it believes will affect results for Q3 2025. That summary is furnished as Exhibit 99.1 to the current report and is incorporated by reference. The filing clarifies the furnished exhibit is not being treated as "filed" under Section 18 of the Exchange Act and will not be automatically incorporated into other Securities Act or Exchange Act filings unless explicitly referenced.
Occidental Petroleum (OXY) reported an insider equity award for its Senior Vice President and COO. On 10/01/2025, the officer acquired 31,434 shares of common stock in the form of restricted stock units (RSUs) at $0 under the company’s Amended and Restated 2015 Long-Term Incentive Plan.
Each RSU represents a contingent right to receive one share upon vesting, which will occur in three equal annual installments beginning on September 30, 2026. Following the reported transaction, the officer beneficially owned 298,822 shares directly and 9,390 shares indirectly through the OPC Savings Plan, based on a plan statement dated October 1, 2025.
Occidental Corporation has agreed to sell its chemical business, Occidental Chemical Corporation (OxyChem), to Berkshire Hathaway Inc. in an all-cash transaction valued at $9.7 billion, subject to customary adjustments for cash, debt and working capital. OxyChem is a global producer of commodity chemicals used in water treatment, pharmaceuticals, healthcare, and construction-related markets.
The deal is being executed through subsidiaries Occidental Chemical Holding, LLC and Environmental Resource Holdings, LLC, and will close after required regulatory approvals, including expiration of the Hart-Scott-Rodino waiting period, and other customary conditions are met. Either party may terminate the agreement if closing has not occurred by March 30, 2026, with an automatic 90‑day extension if certain regulatory conditions remain outstanding.
Occidental will provide various indemnities to Berkshire Hathaway for specified pre‑closing liabilities, including certain tax and environmental matters, while a separate subsidiary will retain legacy environmental liabilities at OxyChem’s legacy sites and manage related remediation under a dedicated agreement.
Occidental Petroleum Corporation has agreed to sell all of the issued and outstanding equity interests of Occidental Chemical Corporation, which holds its chemical business, to Berkshire Hathaway Inc. in an all-cash transaction valued at $9.7 billion, subject to customary purchase price adjustments. The parties announced they have signed a definitive agreement, and Occidental released an investor presentation and joint press release describing the transaction and its anticipated benefits and risks.
Warren E. Buffett, Berkshire Hathaway and National Indemnity report a 32.7% economic interest in Occidental Petroleum (OXY). The filing shows each Reporting Person beneficially owns 348,853,373.38 shares of Occidental common stock, calculated to include warrants exercisable into an aggregate of 83,911,942.38 shares. The Berkshire warrants were originally issued in 2019 and adjusted multiple times: the exercise price lowered to $59.624 per share in 2020 and further adjusted to $59.586 per share with an increase to 83,911,942.38 underlying shares as of July 17, 2025. The filing reports no sole voting or dispositive power and lists only shared voting and dispositive power for the reported holdings.