Chevron Acquires 125,000 Acres Lithium Assets Texas, Arkansas

Chevron Corporation has made a strategic move into the lithium market by acquiring approximately 125,000 net acres of leasehold positions in Northeast Texas and Southwest Arkansas, areas known for the lithium-rich Smackover Formation. The company plans to develop these assets using direct lithium extraction technology, which promises faster, more efficient production with a smaller environmental footprint compared to traditional mining methods. This acquisition marks Chevron's initial step toward establishing a commercial-scale domestic lithium business, aiming to support energy manufacturing and expand U.S.-based critical mineral supplies critical for electrification and energy storage. Jeff Gustavson, president of Chevron New Energies, emphasized the importance of resilient domestic lithium supply chains for maintaining U.S. energy leadership and meeting growing customer demand. The move reflects a broader industry trend of major energy companies diversifying beyond oil and gas into essential materials for the energy transition. Chevron intends to leverage its expertise in subsurface resource development and integrate this new venture with its existing operations while continuing to balance growth in traditional energy sectors and lowering carbon intensity.