Chevron Is Following ExxonMobil by Entering the Lithium Sector

Oil giants Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) can read the writing on the wall: They can see that fossil fuels will eventually go extinct. That's leading these energy giants to invest in expanding into lower-carbon energy. One area both oil stocks are expanding into is lithium, a key ingredient for making batteries for electric vehicles (EVs). Exxon entered the sector in 2023 by acquiring land in Arkansas' Smackover Formation, which is rich in lithium brine. Chevron is now following in Exxon's footsteps by acquiring land in the region to produce lithium. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool