Chevron considers lithium production in latest EV bet by big oil

The lithium interest from U.S. oil majors contrasts with their counterparts in Europe, which have been more aggressive in certain energy-transition areas like wind, solar and power services.

U.S. companies have focused on adjacent areas of their fossil fuel business such as carbon capture and storage, hydrogen and lithium. Chevron itself has made clear it has no plans to invest significantly in big wind and solar projects, saying the returns are low and the competition is too high.

Chevron, originally scheduled to report quarterly results this Friday, posted better-than-expected earnings as output in the Permian Basin soared to a record and also said it waived the mandatory retirement age of 65 for Wirth. Shares climbed 2.3 percent as of 2:43 a.m. in New York trading Monday.