Chevron Enters US Lithium Sector with Smackover Acreage Deals
Chevron Corp. has entered the U.S. lithium...
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.
Chevron plans to use the direct lithium extraction (DLE) process to extract critical minerals from subsurface brines. Unlike traditional hard-rock mining or large-scale brine evaporation, the DLE method is considered more environmentally friendly as it takes up less land and requires less water. The process involves using adsorption, resin or membranes to extract lithium from brine. The emerging technology is also being used by several other companies, including Standard Lithium and its partner Equinor.
The conflict further intensified on its seventh day, with Israel hitting...
The conflict further intensified on its seventh day, with Israel hitting a nuclear facility in Iran, and Iran striking a major hospital in the south of Israel. Israel’s defense minister threatened Iran’s supreme leader Ayatollah Ali Khamenei, saying he “can no longer be allowed to exist.” Iran reportedly imposed a nationwide internet blackout to prevent Israeli cyberattacks, while several US-based airlines, including United and American, suspended flights to some parts of the Middle East as the conflict escalated. According to reports, President Trump has approved plans for an imminent US strike on Iran but has not yet given the final order.
X could soon offer stock trading on its app. “You’ll...
X could soon offer stock trading on its app. “You’ll be able to come to X and transact your whole financial life on the platform,” CEO Linda Yaccarino told the Financial Times, promising that users will have the ability to make investments and trades on the social media site. Owner Elon Musk has long dreamed of turning X into an “everything app” where users can do a lot more than just make fun of Jim Cramer’s financial advice. X already announced last year that it would soon partner with Visa to launch a digital wallet. As the FT noted, though, a deeper push into financial services would likely invite regulatory scrutiny for a company that’s already on thin ice with many advertisers.
Erick made landfall in southern Mexico as a Category 3 hurricane, becoming the earliest storm ever to hit the country at that strength.
Thai Prime Minister Paetongtarn Shinawatra is facing calls to step down after a leaked phone call apparently showed her acting deferential toward a Cambodian official.
Airbus is dominating this week’s Paris Air Show, earning ~$21 billion in sales while rival Boeing takes a backseat amid its ongoing safety struggles.
Honda successfully launched and landed an experimental reusable rocket, marking a major step toward being able to compete with SpaceX and Blue Origin.
A listeria outbreak tied to ready-to-eat chicken alfredo products at Walmart and Kroger stores has killed three people and sickened 17 others across more than a dozen states.
President Trump upped his personal insults of Federal Reserve Chair Jerome Powell, calling him “a real dummy” and an “American Disgrace” in a series of social media posts the day after the Fed held firm on interest rates.
Oil prices up nearly 3% as Israel-Iran conflict escalates, US response remains uncertain
(Reuters) - Oil prices jumped almost 3% on Thursday as a week-old air...
(Reuters) - Oil prices jumped almost 3% on Thursday as a week-old air war between Israel and Iran escalated and uncertainty about potential U.S. involvement kept investors on edge.
Brent crude futures settled up $2.15, or 2.8%, to $78.85 a barrel, its highest close since January 22.
U.S. West Texas Intermediate crude for July was up $2.06, or 2.7%, to $77.20 at 1330 EST (1730 GMT).
Trading volumes were light on Thursday due to a U.S. federal holiday.
Israel bombed nuclear targets in Iran on Thursday, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.
There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks.
The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks.
Goldman Sachs: Geopolitical Risk Could Add $10 to Oil Prices
Goldman Sachs has estimated that geopolitics could move Brent crude higher...
Goldman Sachs has estimated that geopolitics could move Brent crude higher by around $10 per barrel from a starting point in the mid-$70s. However, the bank admitted oil could top $90 in the case of an Iranian supply disruption.
Goldman’s analysts pointed to the disruption of oil flows via the Bab el-Mandeb Strait by the Yemeni Houthis’ attacks on vessels as an example of the fragility of Middle Eastern oil export security.
The bank said its base-case scenario remains the same, with Brent averaging $60 per barrel in the final quarter of the year in case of no supply disruption. However, this scenario has become increasingly doubtful in recent days as President Trump floats the possibility of the United States joining Israel in bombing Iran.
