Occidental’s $9.7 Billion Sale of OxyChem to Berkshire Hathaway

On October 2, 2025, Occidental, an international energy company, and Berkshire Hathaway announced a definitive agreement for Berkshire Hathaway to acquire Occidental's chemical business, OxyChem, in an all-cash transaction for $9.7 billion, subject to customary purchase price adjustments. Cravath is representing Occidental in connection with the transaction.

The Cravath team is led by partners Daniel J. Cerqueira and George F. Schoen and includes associates Kelly N. King, Oluwatumise Asebiomo, Colin L. Halvey and Madison Burson on M&A matters; partner Matthew Morreale, senior attorney Annmarie M. Terraciano and associate Star S. Gulant on environmental matters; partners Lauren Angelilli and Arvind Ravichandran and associates Jamie Hunter Lee and Jessica Shung on tax matters; partner Eric W. Hilfers, of counsel Sarah W. Colangelo and associate S. Celine Li on executive compensation and benefits matters; partner David J. Kappos and associate Yunhao (Leslie) Liu on intellectual property matters; partner Noah Joshua Phillips, of counsel John F. Kendrick and associates Lavinia M. Hecht and Steven Nosco on antitrust matters; and senior attorney Joyce Law and practice area attorneys Brian M. Budnick and Lauren Piechocki on real estate matters. Leon K. Yang also worked on M&A matters.