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Exxon Mobil Corp (NYSE:XOM)’s recent earnings announcement closed up another successful year in which the company delivered $36 billion in earnings.
Despite operating some of the most lucrative global oil projects, the company understands the inevitability of energy transition, deciding to launch a lithium operation in Arkansas.
Through Mobil Lithium, Exxon plans to produce lithium for one million electric vehicles per year by 2030. This ambitious plan starts by choosing lithium filtration technology — including one of the unproven direct lithium extraction (DLE) technologies, which the company has been rigorously testing at a pilot plant in Houston.
Patrick Howarth, head of Exxon's lithium business, clarified the situation at the ongoing Arkansas Lithium Innovation Summit in Little Rock.
“DLE is a small part of a really complicated process that has many different steps. We’re really focused on how do they interact with one another,” he said in front of over 600 energy sector executives, policymakers and stakeholders participating in the inaugural conference.
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The direct lithium extraction method, involving the filtration of lithium directly from brine without traditional evaporation ponds, has been a key focus for Exxon. This innovative approach promises more cost-effective and environmentally responsible lithium production than conventional methods.
"This could be a big boom for our state,” Arkansas Gov. Sarah Huckabee Sanders told Reuters.
Environmental responsibility is the focus of local policymakers who support Exxon's desire to make Arkansas the epicenter of the domestic lithium industry.
“There are plenty of reasons for us to be bullish on Arkansas lithium. Frankly, we can do it cleaner here than it's produced anywhere else in the world. No strip mining or huge evaporation ponds. Just wells that extract brine straight out of the ground. We can ensure America has a supply of this critical material, almost all of which currently comes from overseas, in large part from our number one adversary," Sanders said.
Exxon is working in partnership with Tetra Technologies (NYSE:TTI), an industry leader with patented technology for bromine production. A successful large-scale application of DLE technology would be a big win for Arkansas and a step forward in Exxon's diversification efforts.
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Photo: Shutterstock
