Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK.B) is nearing an agreement to buy OxyChem, a division of Occidental Petroleum Corp (NYSE:OXY), for about $10 billion, The Wall Street Journal reported late Tuesday.
If finalized, the acquisition would be Berkshire’s largest since 2022 when it bought insurer Alleghany for $11.6 billion.
Berkshire Hathaway is currently holding $344 billion in cash, a record amount for the company.
Berkshire began buying Occidental Petroleum common shares in the open market in early 2022 and now owns more than $11 billion worth of Occidental stock, representing a 28.2% equity stake as of the end of June 2025, according to regulatory filings.
The media outlet noted that talks to buy OxyChem could be completed within days, citing people familiar with the matter.
Buffett had stated previously that he wouldn’t take full control of Occidental.
Occidental Petroleum shares edged up 0.4% to $47.44 in Wednesday trading.