Chevron is acquiring land to produce lithium. The oil companies are slowly building out lower-carbon energy businesses. Oil giants Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) can read the writing on the wall: They can see that fossil fuels will eventually go extinct.

Chevron U.S.A., a subsidiary of Chevron, has entered the domestic lithium market by acquiring two leasehold acreage positions known for their high lithium content. The acquisition marks Chevron's inaugural venture into the lithium sector.

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.