Berkshire Hathaway is negotiating a deal to buy Occidental Petroleum’s petrochemical arm for about $10 billion, according to a report from The Wall Street Journal. It already counts Berkshire Hathaway as its largest shareholder. If the transaction closes, it would be Warren Buffett’s second major step into chemicals after Berkshire Hathaway purchased Lubrizol for nearly $10 billion in 2011, including debt. The last time Berkshire Hathaway struck a major deal was in 2022, when it agreed to buy insurer Alleghany. Berkshire Hathaway deploys record cash pile amid leadership changesMeanwhile, Berkshire Hathaway has been holding a record $344 billion in cash and Treasury bills as of the end of June.