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.

Halliburton to Design Lithium, Geothermal Wells for GeoFrame Energy in East Texas

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.

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Disclosure: None. This article is originally published at Insider Monkey.