Chevron has acquired 125,000 net acres in Texas and Arkansas to develop domestic lithium, utilizing a direct lithium extraction process to extract the product from the Smackover Formation.

Chevron said on Tuesday its has acquired on lease about 125,000 net acres in northeast Texas and southwest Arkansas, marking the entry of the U.S. oil major into domestic lithium production.

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;