Everyone still thinks about OXY as the company that almost blew itself up buying Anadarko.
That was 2019.
The company today looks very different.
According to OXY's latest 2025 10-K and Q1 2026 10-Q:
Debt has been reduced from over $40B after Anadarko to about $13.8B after the OxyChem sale.
Most near-term debt maturities are gone.
They're still generating billions in annual free cash flow even with lower oil prices.
Buybacks should become a bigger priority now that debt is below management's target.
Berkshire isn't just buying stock anymore
Everyone focuses on Buffett owning \~27%.
The bigger story is Berkshire bought OxyChem for $9.7B in cash.
That gave OXY enough cash to immediately pay down roughly $6.7B of debt, dramatically improving the balance sheet.
To me, that's a much bigger development than another Berkshire share purchase.
Why acquisitions matter
People forget OXY has been involved in some of the biggest deals in the industry.
Won the bidding war against Chevron for Anadarko in 2019.
Acquired CrownRock in 2024 to expand its Permian position.
Sold OxyChem to Berkshire in 2026 to repair the balance sheet.
Management has shown they're willing to make major strategic moves—sometimes good, sometimes painful. The company today is much leaner because of those decisions.