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Benzinga

Business

Dylan Berman

Occidental Petroleum (OXY) Shares Are Trading Lower Thursday: What's Going On?

Occidental Berkshire BRK OxyChem Petroleum Vicki Hollub

Occidental Chemical Corporation,Plant.,Occidental

Occidental Petroleum Corporation (NYSE:OXY) shares are trading lower on Thursday. Berkshire Hathaway, Inc. (NYSE:BRK) (NYSE:BRK) agreed to acquire its OxyChem business for $9.7 billion in an all-cash deal.

What To Know: Berkshire, which is Occidental's largest shareholder with an approximate stake of 28.2%, will absorb OxyChem as an operating subsidiary. The acquisition marks Berkshire's largest deal since its $11.6 billion purchase of Alleghany in 2022.

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