Occidental says it will retain all cash flow from oil and gas production.
"Acquiring high-quality producing royalties is a core component of our investment strategy and we are thrilled to be partnering with Occidental in this transaction," said Orion's chief investment officer, Oskar Lewnowski.
"This transaction offers significant royalty cash flow from the trona mines and has strong potential for mineral development."
Orion, a global alternative investment firm, has about $6.2 billion in assets under management.
The lands, commonly referred to as a ‘checkerboard' of one million surface acres in southern Wyoming, was part of the original land grant to Union Pacific when it built the first railroad across the USA. It forms part of Occidental's big divestiture programme for 2020 after its acquisition of Anadarko Petroleum ahead of the deep slump oil and gas markets. It posted $6.6 billion in June quarter writedowns.
Occidental will keep its core portfolio in the DJ Basin of northern Colorado and in Wyoming's Powder River Basin.
"This transaction significantly advances the progress against our $2 billion-plus divestiture target for 2020," Occidental president and CEO Vicki Hollub said.