Occidental (NYSE: OXY) announced today it has completed the sale of its chemical business, OxyChem, to Berkshire Hathaway (NYSE: BRK.A, BRK.B) for $9.7 billion in cash, subject to customary purchase price adjustments.

“This transaction accelerates our strategy to strengthen Occidental’s balance sheet and focus on our deep and diverse oil and gas portfolio which we have transformed over the last decade. We expect to operate our high-return oil and gas assets to deliver long-term value while driving innovation across our businesses,” said President and Chief Executive Officer Vicki Hollub. “We thank the OxyChem team for their decades of excellence and commitment to building a world-class enterprise, and we look forward to their continued success in the years ahead.”

As previously disclosed, an Occidental subsidiary, Environmental Resource Holdings, LLC (ERH), has retained OxyChem’s legacy tort claims and environmental liabilities primarily associated with historical operations outside of the footprint of the operating facilities that were sold. Glenn Springs Holdings, Inc. will continue to manage the remedial activities at environmental sites on behalf of ERH. Occidental expects to expend funds for remediation over many years based on the approved workplans.

About Occidental

Occidental produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, Middle East and North Africa.