Chevron Enters Domestic Lithium Sector to Support U.S. Energy Security

Leverages subsurface, drilling, and resource extraction capabilities and strengths HOUSTON--(BUSINESS WIRE)--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. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets and strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. 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government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Chevron Enters Domestic Lithium Sector to Support U.S. Energy Security

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