Occidental Petroleum gains on deal to sell its chemical business for $9.7 billion

** Shares of shale producer Occidental Petroleum OXY rise 2.3% to $48.80 premarket

** Co says it will sell its chemical business to Berkshire Hathaway BRK.A for $9.7 billion

** OXY says it would use $6.5 billion of the proceeds to reduce debt, bringing total principal debt below the $15 billion target set after the CrownRock deal

** Transaction is expected to close in the fourth quarter of 2025

** As of last close, OXY shares were down 3.4% YTD