SAN RAMON (dpa-AFX) - TerraVolta Resources, LLC and its investor, The Energy & Minerals Group - EMG, have finalized the sale of all equity interests in two subsidiaries holding leasehold acreage in East Texas and Southwest Arkansas to Chevron U.S.A. Inc., a unit of Chevron Corporation (CVX).
The transaction gives Chevron approximately 100,000 net acres, marking its entry into a U.S. lithium resource position and advancing its plans for a domestic, commercial-scale lithium business.
TerraVolta's President and CEO, Jamie Liang, emphasized that the deal advances the development of a significant portion of TerraVolta's resource and supports the growing need for domestic critical minerals to strengthen U.S. energy security.
John Raymond, EMG's Founder and Executive Chairman, highlighted EMG's strategy of building a domestic lithium supply chain through various investments, including TerraVolta. He commended the TerraVolta team for establishing a leading presence in the Smackover Formation and expressed confidence that Chevron's entry will help transform the asset into a key part of the U.S. lithium supply chain.
CVX is currently trading at $149.01, or 2.04% higher on the NYSE.
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