Occidental Petroleum Corp. has announced that it will refrain from pursuing large-scale deals following its successful $9.7 billion sale of a chemical unit to Berkshire Hathaway Inc. This decision marks a significant shift in the company's strategy, as it aims to focus on stabilizing its operations and managing its existing assets. The sale not only helps Occidental meet its asset-sales target but also reflects a broader trend in the industry where companies are prioritizing financial health over aggressive expansion.

Occidental Petroleum has made a significant move by selling its chemicals unit to Berkshire Hathaway for $9.7 billion. This strategic decision aims to reduce its debt and strengthen its financial position. Such a deal not only reflects Occidental's commitment to improving its balance sheet but also highlights Berkshire's continued interest in diversifying its investments. This transaction is important as it could pave the way for Occidental to focus more on its core operations and enhance shareholder value.