Company: OXY-WT
Filing Date: 2025-10-03
Form Type: 8-K
Source: 0001140361-25-037234
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Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-10-03
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On October 1, 2025, Occidental Chemical Holding, LLC (“ OCH”), and Environmental Resource Holdings, LLC (“ ERH”), each wholly-owned indirect
subsidiaries of Occidental Petroleum Corporation (“ Occidental”), entered into a purchase and sale agreement (the “ Purchase Agreement”) with Berkshire Hathaway Inc. (“ Berkshire Hathaway”), pursuant to which, subject to the terms and conditions set
forth therein, Berkshire Hathaway has agreed to acquire from Occidental all of the issued and outstanding equity interests in Occidental Chemical Corporation (“ OCC”), which holds Occidental’s chemical business (“ OxyChem”), in an all-cash
transaction (the “ Transaction”) for $9.7 billion, subject to customary adjustments for cash and indebtedness and for changes in working capital from an agreed upon working capital target. OxyChem is a global manufacturer of commodity chemicals,
with applications in water treatment, pharmaceuticals, healthcare and commercial and residential development.

The Purchase Agreement contains customary representations and warranties of OCH and ERH, including those relating to the business and operations of
OxyChem, in each case subject to various materiality qualifiers. The Purchase Agreement also contains customary representations and warranties of Berkshire Hathaway, subject to customary materiality qualifiers. The Purchase Agreement provides for
customary covenants, including covenants relating to (i) OCH using commercially reasonable efforts to operate OxyChem in the ordinary course and to refrain from taking certain actions without Berkshire Hathaway’s consent during the period from the
execution of the Purchase Agreement to the closing of the Transaction (the “ Closing”) and (ii) the parties using reasonable best efforts to obtain certain regulatory approvals necessary to consummate the Transaction. OCH has also agreed to
indemnify Berkshire Hathaway for any (a) pre-closing liabilities of OxyChem, (b) inaccuracies of customary fundamental representations and warranties, (c) inaccuracies of other representations and warranties, subject to a deductible and cap, (d)
breaches of certain covenants and (e) certain losses related to pre-closing taxes, in each case, subject to certain limitations and procedures. ERH will retain environmental liabilities relating to OxyChem’s legacy sites and has also agreed to
indemnify Berkshire Hathaway for such liabilities, subject to certain limitations and procedures.

Consummation of the Transaction is subject to various closing conditions, including: (i) the expiration or