Leverages subsurface, drilling, and resource
extraction capabilities and strengths
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), announced today the acquisition of two leasehold acreage
positions. The first from TerraVolta Resources, whose investor is
an affiliate of The Energy & Minerals Group (EMG), and the
second from East Texas Natural Resources (ETNR) LLC.
The estimated leasehold position includes ~125,000 net acres and
is situated across regions where the Smackover Formation is
present, specifically spanning Northeast Texas and Southwest
Arkansas. This formation is of particular interest due to its
notably high lithium content and marks Chevron’s first step toward
establishing a commercial-scale, domestic lithium business.
Future development will aim to utilize the direct lithium
extraction (DLE) process, a set of advanced technologies employed
to extract lithium from brines produced from the subsurface.
Chevron seeks to deploy this emerging technology, which allows for
faster and more efficient production and is expected to have a
smaller environmental footprint compared to traditional extraction
methods.
“This acquisition represents a strategic investment to support
energy manufacturing and expand U.S.-based critical mineral
supplies,” said Jeff Gustavson, president of Chevron New Energies.
“Establishing domestic and resilient lithium supply chains is
essential not only to maintaining U.S. energy leadership but also
to meeting the growing demand from customers. This opportunity
builds on many of Chevron’s strengths including subsurface resource
development and value chain integration.”
Lithium is a key component supporting the trend toward
electrification and can contribute to building a resilient, lower
carbon energy system that meets growing energy demand, while
balancing reliability and affordability.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
new businesses in renewable fuels, carbon capture and offsets,
hydrogen, power generation for data centers, and emerging
technologies. More information about Chevron is available at
www.chevron.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20250617717350/en/
Media Contact: Kelly Russell 936-333-4077
kellyrussell@chevron.com
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