2023-07-31 14:12:59 ET
- Exxon Mobil ( NYSE: XOM ) is in early-stage talks with automakers including Tesla ( TSLA ), Ford ( F ) and Volkswagen ( OTCPK:VWAGY ) about supplying them with lithium for electric vehicles, Bloomberg reported Monday.
- Exxon ( XOM ) looking to secure buyers to support its push into lithium extraction and has set a goal of extracting 100K tons/year of lithium.
- Albemarle ( NYSE: ALB ) is said to be among the lithium producers Exxon ( XOM ) is talks with, sending its shares +2.9% .
- "Given Albemarle's leadership role in the market, people routinely want to speak with us - especially when looking at potential resources," the company told Bloomberg.
- Exxon ( XOM ) reportedly is exploring a lithium site in Arkansas and recently began drilling wells there, but has yet to decide if it wants to produce on its own or partner with others, according to Bloomberg.
- CEO Darren Woods said during Exxon's ( XOM ) earnings conference call last week that processing "brine and extracting the lithium is very consistent with a lot of the things that we do in our refineries and chemical plants and, in fact, in some of our upstream operations."
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Exxon in talks with automakers to supply lithium; Albemarle jumps