At the University of Chicago, researchers are developing ways to extract lithium from water sources. The leaders behind the Halliburton and GeoFrame collaboration were thrilled at the potential.

An oil behemoth was recently awarded a contract to design a geothermal-powered lithium mine in Mount Vernon, Texas.

It also won a key contract to design geothermal and direct lithium extraction (DLE) wells in East Texas for GeoFrame Energy, targeting a 2025 demonstration phase.

Halliburton Company (NYSE:HAL) received a setback this week after Stifel lowered the stock’s price target from $32 to $31, while reiterating a ‘Buy’ rating on its shares.

Halliburton dropped its share prices by 4.59 percent on Monday to close at $22.02 apiece, as investors repositioned portfolios ahead of its expected earnings release this week.

Last month, Halliburton Company (NYSE:HAL) bagged a new contract to design and drill wells for GeoFrame Energy’s geothermal and direct lithium extraction project.