Occidental Ends Major Deals After Berkshire Chemical Sale
Occidental Petroleum Corp. has concluded its significant deal-making phase by completing a major transaction. The company sold its chemical unit to Berkshire Hathaway Inc. for $9.7 billion. This sale reflects Occidental’s strategic focus on optimizing its portfolio.
Occidental’s Strategic Shift
Vicki Hollub, the Chief Executive Officer of Occidental, stated, “I believe we are done with the big deals.” This statement indicates a shift towards stabilizing operations after achieving their asset-sales goal.
Key Details of the Deal
- Company: Occidental Petroleum Corp.
- Buyer: Berkshire Hathaway Inc.
- Sale Price: $9.7 billion
- Focus of Sale: Chemical unit
- CEO: Vicki Hollub
The sale marks a significant step in Occidental’s strategy to streamline its operations. By prioritizing core business areas, the company aims to enhance its overall efficiency.
Future Directions
With this major sale completed, Occidental will likely focus on its remaining assets. The company aims to reinforce its market position and pursue growth opportunities in other sectors.
