In a strategic move that deepens its ties to the energy sector, Warren Buffett’s Berkshire Hathaway has struck a deal to acquire the OxyChem petrochemical division from Occidental Petroleum for a substantial $9.7 billion in cash. For Occidental Petroleum, the sale is a pivotal step in its aggressive debt-reduction strategy. The company has been actively divesting assets, particularly in the Permian Basin, to strengthen its balance sheet following its major CrownRock acquisition. Proceeds from the OxyChem sale, a significant portion of which will be used to retire debt, are expected to accelerate this financial overhaul. The unit is seen as a natural fit within Berkshire’s extensive industrial portfolio, complementing its existing holdings like Lubrizol.