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A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

☆ Fund manager reveals one global energy stock to buy right now
▼ + stars: | 2023-11-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Total Energies is one energy stock investors should own right now, according to Brian Arcese, portfolio manager at investment firm Foord Asset Management. Total shares are trading at a significant discount compared to shares of Exxon Mobil, Chevron Shell, and BP on a forward price-to-earnings ratio basis at 6.8x, according to FactSet data. While Total is not among the 10 largest investments in Arcese's fund, Foord Asset Management is an investor in the stock. Arcese told CNBC Pro Talks that around 15-20% of Foord's equity portfolio is allocated to commodity and energy stocks. Scotiabank analysts have a hold-equivalent rating on the U.S.-listed stock with a price target of $68, where the stock is currently trading.

Persons: Brian Arcese, Arcese, it's, We've, Morgan Stanley, Paul Cheng, TotalEnergies Organizations: Foord Asset Management, Fund, Exxon Mobil, Chevron Shell, BP, New, Foord, Management, CNBC, Singapore . Commodities, Equity, UBS, Scotiabank, RBC Capital Markets, RBC Locations: New York, Paris, Singapore, U.S, Foord

☆ Chuck Schumer Doesn’t Know How Gas Prices Work
▼ + stars: | 2023-11-26 | by ( Jonathan Chanis | ) www.wsj.com time to read: +1 min

Senate Majority Leader Chuck Schumer (D., N.Y.) gives remarks at a press conference in the U.S. Capitol Building in Washington, Nov. 15. Photo: Anna Moneymaker/Getty ImagesSenate Majority Leader Chuck Schumer and 22 Democratic senators recently wrote to Federal Trade Commission Chairman Lina Khan calling for an investigation into the proposed mergers between Exxon Mobil and Pioneer Natural Resources and Chevron and Hess . The letter argues that these mergers will enable “anticompetitive coordination in the industry” and raise U.S. gasoline prices. A fair assessment of the proposed mergers and the fossil-fuel market doesn’t reveal a firm legal and economic basis to initiate antitrust enforcement proceedings against these deals. If the senators really want a competitive energy market that supplies American consumers with lower-priced fuel, they should support these mergers, not obstruct them.

Persons: Chuck Schumer, Anna Moneymaker, Lina Khan Organizations: U.S, Capitol, Getty, Democratic, Federal Trade, Exxon Mobil, Natural Resources, Chevron, Hess Locations: N.Y, Washington

☆ Oil and gas industry needs to let go of carbon capture as solution to climate change, IEA says
▼ + stars: | 2023-11-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Gorgon liquefied natural gas (LNG) and carbon capture and storage (CCS) facility, operated by Chevron Corp., on Barrow Island, Australia, on Monday, July 24, 2023. The oil and gas industry needs to let go of the "illusion" that carbon capture technology is a solution to climate change and invest more in clean energy, the head of the International Energy Agency said Thursday. Just 1% of global investment in clean energy has come from oil and gas companies, according to Birol. The industry needs to face the "uncomfortable truth" that a successful clean energy transition will require scaling back oil and gas operations, not expanding them, the IEA chief wrote. One of the major pitfalls in the energy transition is excessive reliance on carbon capture, according to the report.

Persons: Fatih Birol, Birol, Hess Organizations: Chevron Corp, International Energy Agency, United Nations, IEA, Exxon Mobil, Chevron, Shell, BP, Exxon, Resources Locations: Barrow Island, Australia, Dubai

Oil prices fell about $1 a barrel after OPEC postponed until next week a meeting to discuss production cuts. The oil cartel has been maintaining a tight market for crude oil with production cuts. It is expected to extend those cuts after oil prices have fallen after a spike in the summer to almost $100 a barrel. Markets in Greater China have been swaying in reaction to moves by Chinese regulators to prop up the ailing property market. A 0.9% drop in oil prices weighed on energy companies.

Persons: Seng, Nordstrom, Swissquote, they’ll, Brent Organizations: Garden, Dow, Nasdaq, . Technology, Microsoft, Google, Broadcom, VMWare, Energy, Exxon Mobil, Halliburton, Nvidia, Department, University of Michigan, Federal, ” Fed, New York Mercantile Exchange, U.S Locations: BANGKOK, Asia, Japan, U.S, Shanghai, Greater China, South Korea, Taiwan, Mumbai, China, Turkey

☆ This CEO is changing the rules of American farming. Here’s why
▼ + stars: | 2023-11-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +12 min

At a time when social and environmental investments have been politicized, Ford and Land O’Lakes are staying the course. Courtesy Land O’Lakes, Inc.“We’re focusing on the things that are most important to our members, their families and to their businesses,” she told CNN. The EPA and the Hershey Company gave $2 million to Land O’Lakes member farms in Pennsylvania. Land O'Lakes CEO Beth Ford at the company's headquarters in Arden Hills, Minnesota, on July 29, 2021. In 2020, Land O’Lakes convened the American Connection Project coalition to advocate for public and private investment in high-speed internet infrastructure in rural communities.

Persons: “, Beth Ford, Ford, Evan Hillan, don’t, Truterra, ” Ford, ”, Ford’s, Carol, —, CNN’s Poppy Harlow, ‘ I’ve, ’ ” Ford, Harlow, Richard Tsong, I’ve, “ I’ve, O’Lakes, isn’t, Lucas Fuess, Kim Reynolds, Fuess, there’s, Kelly Garrett, ” Garrett, Garrett Organizations: Arden Hills , Minnesota CNN —, Fortune, Arden, Ford, CNN, Inc, US Environmental Protection Agency, EPA, Hershey Company, Pepsi, Mobil, Scholastic —, Star Tribune, Getty, American Connection, Biden, Republican, ”, Nature Locations: Arden Hills , Minnesota, Wisconsin, Truterra, Mill Hill , Pennsylvania, Pennsylvania, America, Ford, Sioux City , Iowa, Iowa, Iowa , Idaho , Kansas, Modale , Iowa, Inc, West, Arion , Iowa, American

☆ Factbox-The Main Contenders in Congo's December Election
▼ + stars: | 2023-11-20 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

President Felix TshisekediTshisekedi, 60, son of Congo's late opposition leader Etienne Tshisekedi, came to power in a disputed 2018 election buoyed by a power-sharing alliance with former president Joseph Kabila. In 2018, he was prevented from entering the country in time to submit his candidacy for the presidential election. Old rival Martin FayuluFayulu, 66, a former Exxon Mobil executive, came second in the 2018 election that he claims he won. Before the 2018 election, Fayulu was chosen as the joint opposition candidate in a deal with Tshisekedi. Fayulu sent representatives to a meeting in South Africa where the main opposition candidates discussed joining forces behind one candidate.

Persons: Ange Kasongo, Felix Tshisekedi, Martin Fayulu, Denis Mukwege, Felix Tshisekedi Tshisekedi, Congo's, Etienne Tshisekedi, Joseph Kabila, unravelled, Vital Kamerhe, Jean, Pierre Bemba, Tshisekedi, Businessman Moise Katumbi Katumbi, Kabila, Katumbi, Martin Fayulu Fayulu, Fayulu, Mukwege, Marie José Ifoku, Bate Felix, William Maclean Organizations: Democratic, Peace, Exxon Mobil, Tshisekedi Locations: Ange Kasongo KINSHASA, Democratic Republic of Congo, Katanga, Congo, Congolese, Rhodes Island, Congo's Katanga, South Africa

☆ Cramer: Diversification is crushing investors this year. Will 2024 be different?
▼ + stars: | 2023-11-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

The stock of Club holding Morgan Stanley (MS) dropped to $70 from $100 before bouncing back to $80 when interest rates recently peaked. Morgan Stanley and Schwab did nothing bad or shameful, but their multiples are shadows of their former selves. At least Morgan Stanley has a nice dividend yield of 4.25%. Key, Huntington, First Horizon, Morgan Stanley and Schwab are all good franchises that are regarded as cheap. The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.

Persons: It's, Huntington Bancshares, Stephen Steinour, Chris Gorman, Bryan Jordan, Morgan Stanley, That's, Charles Schwab, Schwab, We're, Macy's, Albert Bourla, Myers, Meyers, Eli Lilly, let's, Mills, Campbell Soup, WK Kellogg, McCormick, Neutrogena, Johnson, Edwards, Zimmer Biomet, Becton Dickenson, Baxter, BAX, Ford, Hess, Tesla, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Dominion, Federal Reserve, Nordstrom, Pfizer, Bristol, Myers, Hostess Brands, Novo Nordisk, PepsiCo, Hershey, Brands, Spice, Johnson, Moderna, American Electric Power, Duke Energy, Motors, JetBlue, EOG Resources, ConocoPhillips, Exxon Mobil, Nvidia, Apple, Federal Trade Commission, CNBC, Santiago, Getty Locations: Huntington, Memphis, Tennessee, Toronto, United States, Celgene, Bristol, New York City

☆ Israeli private detective sentenced in US to 6-2/3 years for hacker-for-hire scheme
▼ + stars: | 2023-11-16 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Michael Dalder/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - A U.S. court on Thursday sentenced an Israeli private detective to 6-2/3 years in prison for organizing global hacking campaigns against thousands of people including climate change activists and critics of German company Wirecard. In sentencing Azari in federal court in Manhattan, U.S. District Judge John Koeltl said the hacking had a "devastating impact" on its victims. "Your Honor, I made a mistake," Azari said in court through a Hebrew interpreter before the sentence was handed down. Prosecutors did not allege any link between Azari and Exxon, which denied any connection to Azari or his hacking campaign. Three victims who spoke in court, including two climate activists, said they still wanted to learn his clients' identities.

Persons: Michael Dalder, Aviram, Azari, John Koeltl, Prosecutors, Barry, Luc Cohen, Cynthia Osterman Organizations: Wirecard AG, REUTERS, District, Prosecutors, U.S, Exxon Mobil Corp, Exxon, Reuters, Thomson Locations: Aschheim, Munich, Germany, United States, Manhattan, U.S, New York, Azari, India

☆ Indonesia says Exxon Mobil plans to invest up to $15 bln in the country
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowJAKARTA, Nov 16 (Reuters) - U.S. oil major Exxon Mobil (XOM.N) is planning to invest up to $15 billion in a petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, President Joko Widodo said in a presidential palace statement on Thursday. The planned CCS facilities would be the biggest in Southeast Asia. Earlier this week, Indonesia signed an initial deal with an Exxon unit to explore investment in a petrochemical project in Indonesia to produce polymers. Exxon and Indonesian state energy company Pertamina also agreed to evaluate $2 billion in investments in CCS facilities using two underground basins in the Java Sea. "These large-scale opportunities could substantially boost industrial growth and decarbonisation in Indonesia, as well as the Asia Pacific region," said Carole Gall, president of Exxon Mobil Indonesia.

Persons: Dado Ruvic, Joko Widodo, Darren Woods, Pertamina, Carole Gall, Joe Biden, Fransiska Nangoy, Bernadette Christina, Muralikumar Anantharaman, Tom Hogue Organizations: ExxonMobil, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil, Exxon, Asia, Economic Cooperation, Exxon Mobil Indonesia, CCS, U.S, APEC, Thomson Locations: JAKARTA, Indonesia, Southeast Asia, San Francisco, Asia, Washington

☆ Berkshire sheds General Motors, Procter & Gamble as it builds cash
▼ + stars: | 2023-11-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Berkshire Hathaway logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. Berkshire also appeared to have shed what had been a $621 million stake in Celanese (CE.N) , a specialty materials company. The Braves had been split off from Liberty Media , another Berkshire investment, in July. The net sales contributed to Berkshire's record cash stake, which is about the same size as its $156.8 billion stake in iPhone maker Apple (AAPL.O). Neither appears to be a current Berkshire investment.

Persons: Brendan McDermid, Berkshire Hathaway, Warren Buffett, Todd Combs, Ted Weschler, Buffett, Benjamin Moore, Jonathan Stempel, Christian Schmollinger Organizations: Berkshire Hathaway, New York Stock Exchange, REUTERS, Berkshire, General Motors, Procter, Gamble, GM, Amazon, Atlanta Braves Holdings, Major League Baseball, The Battery, Braves, Liberty Media, Chevron, Apple, U.S . Securities, Exchange Commission, IBM, Exxon Mobil, Activision, Microsoft, Globe, Markel, BNSF, Thomson Locations: Berkshire, New York City, U.S, Celanese, Omaha , Nebraska, New York, Lincoln

☆ Berkshire sheds General Motors, Johnson & Johnson, Procter & Gamble as it builds cash
▼ + stars: | 2023-11-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Persons: Brendan McDermid, Berkshire Hathaway, Johnson, Warren Buffett, Todd Combs, Ted Weschler, Buffett, Benjamin Moore, Jonathan Stempel, Christian Schmollinger Organizations: Berkshire Hathaway, New York Stock Exchange, REUTERS, Berkshire, General Motors, Procter, Gamble, GM, Atlanta Braves Holdings, Major League Baseball, The Battery, Braves, Liberty Media, Chevron, Apple, U.S . Securities, Exchange Commission, IBM, Exxon Mobil, Activision, Microsoft, Globe, Markel, BNSF, Thomson Locations: Berkshire, New York City, U.S, Celanese, Omaha , Nebraska, New York, Lincoln

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ How to bet on a comeback in energy stocks, which look primed for a bounce
▼ + stars: | 2023-11-14 | by ( Nishant Pant | ) www.cnbc.com time to read: +3 min

DMI (Directional Movement Index): DMI is composed of 3 lines, DI+ (green line), DI- (red line) and ADX (blue line). When the DI- (red line) is above the DI+ (green line), it indicates a downtrend which is what XLE is experiencing at the moment. Note that both DI- and DI+ are changing direction which provides further confirmation that XLE is turning around. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: ”, XLE Organizations: SPDR Energy, Exxon Mobil, Natural Resources, Valero Locations: oversold, Chevron, XLE

The pay bumps could help win over some employees who balked at smaller bonuses last year that they blamed on losses from the retail operations. The firm's allocation for bonuses fell by as much as 40% in 2022, according to another source, after earnings slid 48%. Wall Street pay varies widely based on performance and market conditions, and bonuses account for a large share of compensation - in some cases more than double an employee’s annual salary. Goldman was involved in several major transactions in recent months that spurred optimism about a nascent market recovery. WALL STREET BONUS SLIDEThe potential compensation gains contrast with expectations for a broader industry slide.

Persons: Goldman Sachs, Stephen Biggar, Goldman, David Solomon, hasn't, we're, We're, Julian Salisbury, Dina Powell McCormick, They've, Christopher Connors, WALL, Thomas DiNapoli, Sheffield, Banks, Natalie Machicao, Lananh Nguyen, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Argus Research, Wall, Goldman, Sixth, MSD Partners, Bloomberg, Natural Resources, Exxon Mobil, Arm Holdings, Johnson Associates, York, Sheffield Haworth, Thomson Locations: Biggar, Sheffield Haworth, New York

☆ These are the top 10 holdings of the Mormon Church's $47 billion stock portfolio
▼ + stars: | 2023-11-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The investment arm of the Mormon Church revealed some of its holdings in a 13F filing on Tuesday. These are the top 10 holdings of the Mormon Church's stock portfolio as of September 30. AdvertisementThe Church of Jesus Christ of Latter-day Saints' has an investment portfolio topping $100 billion that includes $47 billion invested in stocks. AdvertisementThe church reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of September 30. These are the Mormon Church's top 10 stocks holdings at the end of the third quarter.

Persons: —, of Jesus Christ, Tesla Brandon Bell, Ethan Miller, Microsoft Satya Nadella, Sean Gallup, Justin Sullivan Organizations: Mormon, Service, of Jesus, SEC, Advisors, Exxon Mobil, Mastercard Reuters, UnitedHealth, Reuters, Nvidia, Microsoft, Getty, Apple

☆ CNBC Daily Open: Moody’s downgrade won’t dent the Treasury market
▼ + stars: | 2023-11-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. South Korea's Kosdaq index rose around 2.2%, snapping a five-day losing streak. Hence, Biden and Xi will likely focus on "prevent[ing] a crisis," according to a political commentator. Consumer spending fellU.S. October retail sales, excluding autos and gas, fell 0.08% month on month, while core retail, which excludes restaurants, declined 0.03%, according to the new CNBC/NRF Retail Monitor.

Persons: Australia's, Biden, Xi, Joe Biden, Xi Jinping, That'll, Exxon, Morgan Stanley Organizations: CNBC, Dow Jones, NRF, Exxon, Exxon Mobil Locations: Asia, Pacific, U.S, Arkansas

☆ As Exxon eyes lithium, crucial decision looms on filtration technology
▼ + stars: | 2023-11-14 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +3 min

Choosing which DLE technology to license will be a crucial decision upon which Exxon's production of the battery metal will rely. The company has held talks with a range of DLE technology providers, including International Battery Metals (IBAT.CD) and privately held EnergySource Minerals. "We haven't chosen a (DLE) company yet. Because it not yet chosen a DLE technology, Exxon also has not yet forecast how much lithium it ultimately aims to produce. Exxon is also studying where else in the world it could produce lithium, Howarth said.

Persons: Dado Ruvic, Patrick Howarth, Howarth, we'll, Ernest Scheyder, David Gregorio Our Organizations: Exxon Mobil, REUTERS, Reuters, Rio Tinto, International Battery Metals, EnergySource, Exxon, Tetra Technologies, Thomson Locations: ., Arkansas, Sunresin, Rio, Los Angeles

☆ Exxon to start lithium production for EVs in the U.S. by 2027
▼ + stars: | 2023-11-13 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

[1/2] Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Ammann did not disclose how much Exxon intends to invest in the lithium business, or when it might become profitable. Exxon plans to begin production with partner Tetra Technologies, Reuters exclusively reported on Saturday. It will produce the metal onsite and sell it under the brand name Mobil Lithium, the company said on Monday. Exxon is focusing on lithium production to be used not only in EVs but also consumer electronics and energy storage systems that can hold electricity generated from intermittent solar and wind power.

Persons: Dado Ruvic, Dan Ammann, Ammann, Sabrina Valle, Sourasis Bose, Maju Samuel, Bernadette Baum Organizations: Exxon Mobil, REUTERS, Companies, Exxon, Tetra Technologies HOUSTON, Exxon's, Imperial, Tetra Technologies, Reuters, Mobil, BP, Shell, Deloitte, Thomson Locations: China, United States, Europe, Arkansas, U.S, Alberta, Canada, Houston, Bengaluru

☆ Exxon Makes Lithium Play in Long-Term Bet on EV Demand
▼ + stars: | 2023-11-13 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

China is the world leader in processing lithium and it is making major, risky investments to secure raw lithium in Latin America and Africa. Now, the U.S. is trying to develop its own supply to reduce its reliance on China. Photo illustration: Jamie LeventhalExxon Mobil said Monday it is starting to drill for lithium in Arkansas and aims to become a major U.S. supplier for makers of electric-vehicle batteries by 2030. The Texas-based oil company’s entrance into the lithium business, first reported by The Wall Street Journal in May, is an effort to reposition itself long-term for the advent of EVs and electrification in the transportation sector, which it dominated for decades as one of the world’s largest fuel makers. Lithium is a key ingredient in making batteries for EVs, cellphones and laptops.

Persons: Jamie Leventhal Exxon Organizations: Jamie Leventhal Exxon Mobil, Wall Street Journal Locations: China, America, Africa, U.S, Arkansas, The Texas

☆ Exxon Mobil plans to produce lithium for electric vehicle batteries
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil plans to produce lithium for electric vehicle batteriesDan Ammann, president of Exxon’s low carbon solutions business, joins 'Squawk Box' to discuss their company's plans to produce lithium for electric vehicle batteries and more.

Persons: Dan Ammann Organizations: Exxon Mobil

☆ Exxon Mobil Plans to Produce Lithium in Arkansas
▼ + stars: | 2023-11-13 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

Exxon Mobil said on Monday that it planned to set up a facility in Arkansas to produce lithium, a critical raw material for electric vehicles, which pose one of the biggest challenges to the company’s oil business. It could also open the door for southern Arkansas to emerge as a major source of lithium. Most of the metal today comes from Australia and South America and much of it is processed in China. “Electrification is going to be a major component of the energy transition and we bring highly relevant experience to the production of lithium,” Dan Ammann, president of Exxon Mobil Low Carbon Solutions and a former top executive at General Motors, said in an interview. “We see an opportunity to deploy that will be highly profitable.”

Persons: Dan Ammann, “ Organizations: Exxon Mobil, Exxon, Natural Resources, Carbon Solutions, General Motors Locations: Arkansas, Australia, South America, China, “

☆ Watch CNBC's full interview with Exxon Mobil's Dan Ammann
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Exxon Mobil's Dan AmmannDan Ammann, president of Exxon’s low carbon solutions business, joins 'Squawk Box' to discuss their company's plans to produce lithium for electric vehicle batteries and more.

Persons: Exxon Mobil's Dan Ammann Dan Ammann Organizations: Exxon Mobil's

☆ Exxon aims to become a top lithium producer for electric vehicles with Arkansas drill operation
▼ + stars: | 2023-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Exxon Mobil aims to become a leading producer of lithium for electric vehicle batteries through a drilling operation the oil giant is launching in Arkansas, the company announced Monday. Discussions with potential customers such as electric vehicle and battery manufacturers are ongoing, Exxon said in a statement. The lithium operation comes as the major oil companies are under pressure to address climate change. Exxon views lithium as a decadeslong investment with high growth potential as the U.S. shifts to electric vehicles, Ammann said. The U.S currently has just one commercial-scale lithium production operation, in Nevada.

Persons: Dan Ammann, Ammann, " Ammann, CNBC's Organizations: Exxon Mobil, Exxon, Shell, BP, CNBC, . Geological Survey, U.S, Li, Department of Energy, Electric, Cox Automotive Locations: Arkansas, U.S, Argentina, Chile, Nevada

☆ Exclusive: Exxon aims to begin lithium production by 2026 in Arkansas
▼ + stars: | 2023-11-11 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +4 min

For Exxon and other oil companies, lithium production offers the prospect of selling a new product with relatively little added cost. OTHER ACREAGESeparate from its Tetra partnership, Exxon also controls more than 100,000 acres in Arkansas from which it plans to begin lithium production by 2027, according to the source. It was not clear whether Exxon plans to expand lithium operations outside Arkansas. Like all oil producers, Exxon extracts water containing traces of lithium as part of fossil fuel production. The Arkansas Oil and Gas Commission, which overseas lithium operations in the state, has said it plans to hold hearings on the matter.

Persons: Darren Woods, Mike Blake, Albemarle, Ernest Scheyder, Caroline Humer, David Gregorio Our Organizations: ExxonMobil, Milken, Global Conference, REUTERS, Exxon Mobil, Exxon, Tetra Technologies, EV, Reuters, Tetra, Chevron, Battery Metals, EnergySource Minerals, Energy, Arkansas Oil and Gas Commission, Benchmark Minerals, Thomson Locations: Beverly Hills , California, U.S, Arkansas, Florida, Texas, Albemarle, Louisiana, Los Angeles

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