ELIZABETH DESTEPHENS, Managing Director, FTI Consulting

Elizabeth DeStephens is a Managing Director in FTI Consulting's Power, Renewables & Energy Transition practice with more than 20 years of experience in the energy sector. She began her career with GE Nuclear Energy, before relocating to Houston for a commercial role with ExxonMobil. She supports companies, investors, and boards transactions, transformations, operations and across power, energy transition, critical minerals, and nuclear markets. Elizabeth has led more than $20 billion in transactions and financings and serves on the boards of University of Florida's Nuclear Engineering Program, the Houston Producers Forum, and the Houston Energy Finance Group.

How Critical Minerals Are Reshaping Cost, Risk, and Opportunity in Oil & Gas

Abstract

This session explains what critical minerals and rare earths are, why demand is accelerating, and how supply fragility turns into real exposure for oil and gas operators: higher equipment costs, longer lead times, and tighter project economics. We’ll examine what this means for capital planning, procurement strategy, and supply chain resilience across upstream, midstream, and downstream assets. Attendees will leave with a clearer view of where critical minerals touch their cost base and where new opportunities are arising for the industry.

Critical minerals are no longer just a battery story. Copper, electrical steel, rare earths, nickel, and power-electronics materials such as silicon carbide and gallium are embedded in the equipment oil and gas runs on: the electric motors in pumps and compressors, the transformers and switchgear that power electrified drilling and LNG trains, the variable-speed drives and automation systems in processing and refining, and the cabling behind every large capital project. Yet mining and processing of these materials is concentrated in a small number of countries, leaving supply chains exposed to geopolitical shocks, export controls, and sharp price swings. Those risks reach well beyond the battery supply chain and land directly on project budgets and schedules.

The picture is not all risk. With the U.S. Department of Energy adding helium to its Critical Materials List in October 2026, and lithium already on it, oil and gas is unusually well placed to participate in these emerging value pools. As examples, helium is recovered as a byproduct of natural gas processing, and lithium can be extracted from produced water and brines. The industry’s subsurface expertise, existing gas-processing infrastructure, and capital discipline give it a head start that few other sectors have.