Is ExxonMobil on the Road to Becoming an EV Stock?
ExxonMobil (NYSE: XOM) has a long history of scavenging the earth in search of new energy sources. Its primary focus is on finding new oil and gas deposits to sustain and grow its fossil-fuel output.
However, the company recently bought drilling rights to land that might hold another important power source: lithium. The mineral is a key input in making electric-vehicle (EV) batteries. Because of that, it could help drive growth for the oil company as the world transitions to lower-carbon energy sources.
According to a report by the Wall Street Journal, Exxon bought 120,000 gross acres in southern Arkansas for more than $100 million from exploration company Galvanic Energy. The land sits on top of the Smackover formation, which could contain sizable lithium deposits.
Source Fool.com
