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Chevron Corp. has entered the U.S. lithium extraction sector by acquiring about 125,000 net acres in the Smackover Formation in two deals, the energy company said June 17.
One leasehold position was acquired from TerraVolta Resources, while the other was acquired from East Texas Natural Resources. Financial details of the transactions were not discussed. The acreage spans Northeast Texas and Southwest Arkansas, which has become a hotbed of activity for companies extracting lithium from brine.
Chevron joins peers Exxon Mobil Corp., Occidental Petroleum, and Equinor in the Smackover region. Here, oil and gas companies have been using their subsurface expertise to boost the domestic supply of the critical mineral used for electric vehicle batteries and energy storage systems, among other uses.
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