What's Going On With Exxon Mobil (XOM) Stock?

Exxon Mobil Corp XOM shares are trading higher Monday. The company announced that it aims to be a leading lithium supplier for electric vehicles by 2030.

What To Know: Exxon Mobil announced that work has begun for its first phase of North America lithium production in Arkansas. The company ultimately plans to become a leading producer of lithium this decade. Exxon Mobil will brand its new lithium offering as "Mobil Lithium."

"Lithium is essential to the energy transition, and ExxonMobil has a leading role to play in paving the way for electrification," said Dan Ammann, president of ExxonMobil Low Carbon Solutions.

"This landmark project applies decades of ExxonMobil expertise to unlock vast supplies of North American lithium with far fewer environmental impacts than traditional mining operations."

Exxon Mobil acquired the rights to 120,000 gross acres of the Smackover formation in southern Arkansas in early 2023. The company plans to start producing lithium in 2027. By 2030, Exxon Mobil plans to be able to supply the manufacturing needs of "well over a million" EVs per year.

The company noted that it expects lithium demand to quadruple by 2030. 

See Also: Exxon Mobil Is This Analyst's Top Pick, Citing Premium Valuation Relative To Peers

XOM Price Action: Exxon Mobil shares were up 1.23% at $105.03 at the time of publication, according to Benzinga Pro.

Photo: Michael Martin from Flickr.