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Exxon Mobil Corp (NYSE:XOM) is reportedly planning to unveil its long-awaited lithium strategy today.
The company plans to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, as per Reuters.
XOM is expanding into this sector to boost global production of ultralight metal by filtering it from salty brine deposits found globally and supplying it to battery makers.
The company aims to produce at least 10,000 metric tons of lithium annually in Arkansas by 2026 in partnership with Tetra Technologies Inc (NYSE:TTI), with initial production roughly equivalent to the amount needed to produce 100,000 EV batteries, as per the report.
Notably, earlier this year, XOM had agreed to develop over 6,100 lithium-rich acres in Arkansas with Tetra, as per Reuters.
Separate from its Tetra deal, the oil and gas giant also has more than 100,000 acres in Arkansas from which it plans to begin lithium production by 2027, per the report.
Last month, XOM reported Q3 FY23 adjusted net profit of $9.12 billion, or $2.27 per share, down from $18.682 billion, or $4.45 per share, a year earlier.
Also Read: Exxon Mobil Is This Analyst's Top Pick, Citing Premium Valuation Relative To Peers
Price Action: XOM shares are trading higher by 0.31% at $104.07 premarket on the last check Monday.
