ExxonMobil Ranks 30th in Trading Volume as it Expands into Lithium Sector

On June 20, 2025, ExxonMobil (XOM) saw a trading volume of $2.143 billion, ranking 30th in the day's stock market activity. The company's stock price increased by 1.33%.

ExxonMobil has been actively expanding into the lithium sector, a strategic move that aligns with the broader industry trend of transitioning towards lower-carbon energy sources. In 2023, Exxon acquired land in Arkansas' Smackover Formation, known for its rich lithium brine deposits. This acquisition marked Exxon's entry into the lithium business, positioning the company to become a significant player in the electric vehicle (EV) battery market.

Chevron, another major oil company, has followed Exxon's lead by acquiring land in the same region. Chevron has signed deals to purchase 125,000 net acres across Northeast Texas and Southwest Arkansas, areas with high lithium content. This move is part of Chevron's strategy to establish a commercial-scale U.S. lithium business, leveraging its expertise in subsurface drilling and resource extraction.

Exxon's ambitious goal is to begin commercial lithium production by 2027 and to supply enough lithium by 2030 to meet the manufacturing needs of over 1 million EVs per year. The company has already started signing supply deals with potential customers, including a nonbinding agreement with battery parts maker LG Chem to supply 100,000 metric tons of lithium carbonate over several years. This strategic move not only diversifies Exxon's energy portfolio but also positions the company as a key player in the rapidly growing EV market.