Chevron said the acquisitions mark the first step in its establishment of a commercial-scale lithium business in the U.S.

Chevron (NYSE:CVX) said Tuesday it agreed to acquire 125K net acres in the Smackover formation spanning northeast Texas and southwest Arkansas from TerraVolta Resources and East Texas Natural Resources;

Multinational oil giant Chevron announced Tuesday that it has struck a deal with energy start-up TerraVolta to jump into the lithium extraction game in south Arkansas and east Texas.