Oil and gas giant aims to be a leading lithium producer
- Exxon Mobil plans to produce lithium for electric-vehicle batteries by 2027
- Exxon Mobil aims to be a leading producer of lithium
- The company plans to supply enough lithium for over one million EVs per year by 2030
- Exxon Mobil will use environmentally-friendly methods to extract lithium
- Exxon Mobil acquired rights to a lithium-rich area in Arkansas
- Arkansas Governor supports the move as it will create high-paying jobs
Exxon Mobil Corp. has announced its plans to enter the lithium production business for electric-vehicle (EV) batteries. By 2027, the company aims to start producing lithium from a mining operation in southwest Arkansas under the brand Mobil Lithium. With the goal of becoming a leading producer of lithium, Exxon Mobil plans to supply enough lithium to meet the manufacturing needs of over one million EVs per year by 2030. The company intends to use its expertise to extract lithium with minimal environmental impact. Exxon Mobil has acquired rights to a lithium-rich area in Arkansas, known as the Smackover formation, which is considered one of the most abundant lithium resources in North America. The move has received support from Arkansas Governor Sarah Huckabee Sanders, who sees it as an opportunity to create high-paying jobs for the state. Exxon Mobil’s stock was up 0.3% in premarket trades, while it has experienced a 5.9% decline in 2023 compared to the Dow Jones Industrial Average’s 3.4% rise.
Factuality Level: 8
Factuality Justification: The article provides factual information about Exxon Mobil’s plans to produce lithium for electric-vehicle batteries by 2027. It includes statements from Exxon Mobil executives and the Arkansas Governor. However, it lacks specific details such as projected sales figures for the business and the exact amount paid for the rights to the lithium resources.
Noise Level: 7
Noise Justification: The article provides information about Exxon Mobil’s plans to produce lithium for electric-vehicle batteries by 2027. It mentions the company’s goal of becoming a leading producer of lithium and supplying the manufacturing needs of more than one million EVs per year by 2030. However, it lacks projected sales figures for the business and does not provide evidence or data to support the claim of unlocking vast supplies of North American lithium with fewer environmental impacts. The article also includes unrelated information about Arkansas Gov. Sarah Huckabee Sanders and the stock performance of Exxon Mobil.
Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to Exxon Mobil Corp., a major oil and gas company. The company’s plans to produce lithium for electric-vehicle batteries may impact the energy sector and the electric vehicle industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article does not describe any extreme event.
Public Companies: Exxon Mobil Corp. (XOM)
Key People: Dan Ammann (President of ExxonMobil low carbon solutions), Sarah Huckabee Sanders (Arkansas Gov.)
Reported publicly:
www.marketwatch.com 
