Wyoming is in talks to buy millions of acres of land from Occidental Petroleum Corp. in what lawmakers say would be the biggest land purchase since the U.S. bought Alaska from Russian tsar Alexander II.

The U.S. state is advancing bills authorizing the use of state funds to acquire the properties. People involved say the price ranges between $1 billion and $3 billion.

Oil and gas producer Occidental has put the land on the block as it pays down debt from its $55 billion acquisition of Anadarko Petroleum in 2019. The company is under pressure, with U.S. oil prices sliding below $50 a barrel and activist shareholder Carl Icahn agitating for change.

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