While many had speculated Buffett would eventually take all of Occidental private, Berkshire is instead in advanced talks to buy Occidental's petrochemical business, OxyChem, for about $10 billion, according to the Wall Street Journal. Occidental, best known for its oil-and-gas operations, is valued at roughly $46 billion and already counts Berkshire as its biggest shareholder. His last large deal was the $11.6 billion takeover of insurer Alleghany in 2022. Buffett’s ties to Occidental date to 2019, when he invested $10 billion in preferred shares to help CEO Vicki Hollub outbid Chevron for Anadarko. Meanwhile, Berkshire is flush with a record $344 billion in cash and Treasurys.