Chevron purchases land in East Texas' lithium-rich Smackover Formation
Chevron purchases land in East Texas' lithium-rich Smackover Formation
Houston-based Chevron U.S.A. has become a player in the burgeoning East Texas lithium industry by purchasing about 125,000 acres in the Smackover Formation.
The formation, which is in Northeast Texas and Southwest Arkansas, is known to be a significant source of lithium brine. Lithium is used to make batteries in various electronics and for electric vehicles, among other uses.
Chevron acquired two leaseholds. The first is from TerraVolta Resources, whose investor is an affiliate of The Energy & Minerals Group, and the second is from East Texas Natural Resources.
