Occidental Petroleum OXY Stock Price Forecast
Occidental Petroleum (NYSE:OXY) Stock Under Pressure After $9.7B OxyChem Sale
Berkshire Hathaway’s $9.7 Billion Purchase Changes OXY’s Structure
Occidental Petroleum (NYSE:OXY) shocked the market after announcing it will sell its OxyChem division to Warren Buffett’s Berkshire Hathaway for $9.7 billion in cash, Berkshire’s largest deal since it acquired Alleghany for $11.6 billion in 2022. OxyChem, which generated close to $5 billion in revenue in the last twelve months, has long been a stabilizer against oil market swings. With this transaction, Buffett strengthens Berkshire’s industrial footprint while Occidental secures immediate liquidity. The company stated it will allocate $6.5 billion of the proceeds toward reducing…
