The transaction reflects Buffett's investment acumen: buying a good business at an attractive price, while skirting the possibility of costly headaches.

Buffett wasn’t mentioned in materials on the deal, potentially signaling a passing of the torch to Vice Chair Greg Abel, who will become CEO in January.

Berkshire Hathaway gets a strong stand-alone business, while parent Oxy will get plenty of cash to pay down debt.

The transaction reflects Buffett's investment acumen: buying a good business at an attractive price, while skirting the possibility of costly headaches.