Latest news with #SmackoverFormation
Yahoo
29-06-2025
- Business
- Yahoo
Halliburton to Design Lithium, Geothermal Wells for GeoFrame Energy in East Texas
Halliburton Company (NYSE:HAL) is one of the most undervalued US stocks according to analysts. On June 24, Halliburton Company (NYSE:HAL) announced that it has secured a contract to support GeoFrame Energy's direct lithium extraction/DLE and geothermal project in East Texas. Halliburton will be responsible for planning and designing the first demonstration wells in the Smackover Formation, with operations anticipated to commence in late 2025. The project in East Texas is expected to be the first in the US to deliver battery-grade lithium carbonate from the Smackover Formation, which is a geological unit known for its lithium-rich brines. GeoFrame Energy aims to produce ~83,500 metric tons of battery-grade lithium carbonate annually, which is projected to be enough to fully meet current US demand. The initiative is expected to support domestic lithium production and reduce the country's reliance on foreign supply chains. A drilling rig in the desert with an orange sunset in the background. Halliburton will play a central role in the drilling phase by designing, constructing, and operating the demonstration wells, and eventually scaling the project to full field development. Beyond lithium production, GeoFrame Energy's project is designed as a model for sustainable mining. The company plans to use geothermal brine to generate zero-emission electricity through binary cycle generators. Halliburton Company (NYSE:HAL) provides products and services to the energy industry worldwide. GeoFrame Energy is a leader in green lithium carbonate and geothermal energy production. While we acknowledge the potential of HAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
28-06-2025
- Business
- Yahoo
Halliburton to Design Lithium, Geothermal Wells for GeoFrame Energy in East Texas
Halliburton Company (NYSE:HAL) is one of the most undervalued US stocks according to analysts. On June 24, Halliburton Company (NYSE:HAL) announced that it has secured a contract to support GeoFrame Energy's direct lithium extraction/DLE and geothermal project in East Texas. Halliburton will be responsible for planning and designing the first demonstration wells in the Smackover Formation, with operations anticipated to commence in late 2025. The project in East Texas is expected to be the first in the US to deliver battery-grade lithium carbonate from the Smackover Formation, which is a geological unit known for its lithium-rich brines. GeoFrame Energy aims to produce ~83,500 metric tons of battery-grade lithium carbonate annually, which is projected to be enough to fully meet current US demand. The initiative is expected to support domestic lithium production and reduce the country's reliance on foreign supply chains. A drilling rig in the desert with an orange sunset in the background. Halliburton will play a central role in the drilling phase by designing, constructing, and operating the demonstration wells, and eventually scaling the project to full field development. Beyond lithium production, GeoFrame Energy's project is designed as a model for sustainable mining. The company plans to use geothermal brine to generate zero-emission electricity through binary cycle generators. Halliburton Company (NYSE:HAL) provides products and services to the energy industry worldwide. GeoFrame Energy is a leader in green lithium carbonate and geothermal energy production. While we acknowledge the potential of HAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
25-06-2025
- Business
- Globe and Mail
Chevron's Lithium Push: How Big Oil Is Powering the EV Future
Chevron Corporation CVX is making a significant move into the lithium business. The energy giant just acquired 125,000 acres across Texas and Arkansas in the Smackover Formation, marking its first official step into commercial lithium production. This essential material is crucial for manufacturing electric vehicle (EV) batteries. The company plans to use the Direct Lithium Extraction (DLE) technology. This method promises to be quicker and more efficient than traditional mining, all while having a smaller impact on the environment. The Smackover Formation, known for its oil history, is now recognized as one of North America's richest lithium sources. Chevron's decision reflects a broader strategy to diversify beyond oil and gas. The company is leveraging its extensive experience in drilling, managing reservoirs, and handling fluids for this new venture. This shift comes at a time when there's increasing demand for domestically produced battery materials, as the United States aims to secure its critical mineral supply chains amid global uncertainties. Chevron's move into lithium isn't just a small side project; it shows a dedication to building a lasting, scalable business in energy transition materials. By utilizing its deep operational knowledge, Chevron is set to become a key player in the U.S. lithium supply chain. This step highlights not only a diversification of its portfolio but also Chevron's commitment to powering the electrification age and strengthening U.S. energy independence. Peer Moves: ExxonMobil and Occidental's Lithium Push Chevron's larger rival, ExxonMobil XOM, is already a step ahead in the lithium race. Back in 2023, the company secured 120,000 acres in the Smackover Formation, showing its early commitment to this critical mineral. ExxonMobil plans to leverage its deep expertise in underground operations and DLE technology, with an ambitious goal to produce enough lithium to power over one million EVs every year by 2030. The company has already signed supply agreements, including a major deal with South Korean battery manufacturer LG Chem. ExxonMobil is building a commercial facility in Arkansas, targeting first production by 2027. Occidental Petroleum OXY, through its TerraLithium subsidiary, is also making an ambitious play in the lithium market. The company holds significant land in Arkansas and has partnered with Berkshire Hathaway in California's Salton Sea region. Occidental Petroleum's focus is on extracting lithium from geothermal brines using proprietary DLE methods. This approach isn't just about churning out lithium but also aims for a low-carbon production method. This lithium venture naturally fits with Occidental Petroleum's larger goals of carbon management and decarbonization. The company sees lithium as a logical extension of its strategy to transition toward cleaner energy. CVX's Price Performance, Valuation and Estimates Shares of Chevron have gained more than 5% in the past month. From a valuation standpoint, Chevron's forward 12-month P/E multiple stands at around 18.5X, below the S&P 500. CVX carries a Value Score of B. Image Source: Zacks Investment Research CVX beat the Zacks Consensus Estimate for earnings in two of the last four quarters and missed in the other two. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report
Bloomberg
17-06-2025
- Business
- Bloomberg
Chevron Makes First Foray Into Lithium With Smackover Deals
Chevron Corp. made its first foray into lithium with two acreage deals in northeast Texas and southwest Arkansas aimed at building a domestic 'commercial scale' business. Chevron acquired 125,000 net acres from TerraVolta Resources LLC and East Texas Natural Resources LLC in the Smackover Formation, an underground rock formation that holds high lithium concentration, the Houston-based company said in a statement Tuesday.
