OCCIDENTAL PETROLEUM CORP /DE/ 8-K

What Happened

• Occidental Petroleum Corporation announced it completed the divestiture of its chemical business (Occidental Chemical Corporation) to Berkshire Hathaway Inc. pursuant to a Purchase Agreement dated October 1, 2025. The transaction closed on January 2, 2026 for $9.7 billion in cash, subject to customary purchase price adjustments. The company filed a Form 8‑K (Jan 2, 2026) and attached a press release and unaudited pro forma financial statements reflecting the transaction.

Key Details

• Buyer: Berkshire Hathaway Inc.; Seller affiliates: Occidental Chemical Holding, LLC and Environmental Resource Holdings, LLC (Occidental subsidiaries).
• Purchase price: $9.7 billion cash (subject to customary adjustments).
• Closing date: January 2, 2026; Purchase Agreement dated October 1, 2025 (previously disclosed Oct 3, 2025 8‑K).
• Pro forma disclosure: Unaudited pro forma condensed consolidated balance sheet (as of Sept 30, 2025) and pro forma statements of operations (nine months ended Sept 30, 2025 and years ended Dec 31, 2024/2023/2022) giving effect to the divestiture and certain debt redemptions (filed as Exhibit 99.2).

Why It Matters

• The sale removes Occidental’s chemical operations from its consolidated results going forward and provides an immediate cash inflow (~$9.7B before adjustments).
• Occidental filed pro forma financials reflecting the transaction and certain debt redemptions, which investors should review to understand the company’s post‑transaction balance sheet and operating results.
• The filing also reiterates retained risks tied to the divested business (including potential liabilities and indemnification obligations) and includes standard forward‑looking disclaimers. Investors should consider these changes when evaluating Occidental’s future cash position, leverage and operating profile.