Exxon Mobil's Lithium Leap: 100,000 Metric Tons To Fuel LG Chem's US Plant
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 20 2024
0mins
Source: Benzinga
Exxon Mobil and LG Chem Agreement: Exxon Mobil has signed a non-binding MOU with LG Chem to supply up to 100,000 metric tons of lithium carbonate for LG Chem's upcoming cathode plant in Tennessee, which is expected to be the largest in the U.S.
Environmental Impact and Investment Plans: The lithium will be produced using Direct Lithium Extraction technology, aiming to provide a more environmentally friendly domestic supply for U.S. EV battery manufacturers, while Exxon plans to sell conventional assets in the Permian Basin for $1 billion.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 149.930
Low
114.00
Averages
132.17
High
158.00
Current: 149.930
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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