Exxon bought 120,000 gross acres in the Smackover formation in southern Arkansas believed to contain vast lithium reserves. While Exxon's price tag is relatively modest ($100M), the acreage is quite large - nearly 9% the size of the Bakken Formation. This represents a true sea change for Exxon, who has largely (and by design) skirted the renewable energy boom.
According to the WSJ, the Smackover formation contains enough lithium for 50 million vehicles and assuming each EV requires 10 kgs of lithium, that means there's an estimated 500 million kgs of lithium available. Assuming a price of $30/kg, that's $15b worth of the silvery alkali metal.
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