Occidental Petroleum (OXY), financed by Warren Buffett, and Buffett’s Berkshire Hathaway Energy established a joint venture on Tuesday to harvest lithium from the generation of geothermal power. Early on Tuesday, OXY shares swung downward.
Berkshire Hathaway Energy Renewables and Occidental Petroleum have decided to test and implement technologies to extract lithium from geothermal brine. The hot, salty water known as geothermal brine is pumped to the earth’s surface and utilized to generate power.
BHE Renewables’ geothermal facility in Imperial Valley is testing technology from TerraLithium, a fully owned subsidiary of Occidental, as part of the joint venture. Its ability to manufacture lithium in a “environmentally safe way” has to be ascertained through testing.
In the Imperial Valley of California, ten geothermal power facilities run by BHE Renewables provide 345 megawatts of sustainable energy. The business claims that these facilities can handle 50,000 liters of “lithium-rich brine” each minute.
Buffett’s BHE Renewables intends to construct commercial lithium production facilities in California’s Imperial Valley if the test is successful, the business announced on Tuesday. Additionally, plans exist for the joint Occidental-BHE Renewables venture to grow outside of the Imperial Valley.
BHE Renewables Chief Executive Alicia Knapp stated in the news release on Tuesday, “We are pleased to be collaborating with Occidental on this amazing opportunity to make the Imperial Valley a global leader in lithium production.”
According to a research published in 2021 by the U.S. Department of Energy (DOE), obtaining lithium from geothermal brine may offer a means of bringing “domestic lithium into the market and creating power simultaneously, all with a minimum environmental imprint.”
According to the DOE, significant lithium deposits have mostly been found in the Salton Sea, which is situated in the Imperial Valley region of southern California.
Warren Buffett: Lithium, Geothermal, and OXY shares Occidental Petroleum’s shares dropped 1.4% on Tuesday during trading. On Monday, the stock fell 3% to 60.57. Since reaching a recent high of 71.19 on April 12, shares have decreased by 15%. Based on MarketSurge charts, OXY is now trading below its 200-day moving average.
Generally speaking, oil stocks saw a decline on Monday and early Tuesday as West Texas Intermediate oil prices gradually dropped to below $73 a barrel, a four-month low.
Over the course of the previous year, Berkshire Hathaway (BRKB), owned by Warren Buffett, significantly boosted its position in the global oil sector, making Oxy one of Buffett’s top assets. According to FactSet, Berkshire Hathaway owns a 28% share in Occidental Petroleum, which is situated in Houston.
The collaboration between Occidental Petroleum and Buffett’s Berkshire Hathaway Energy division on lithium production comes after Exxon Mobil (XOM) declared in late 2023 that it would start producing lithium by 2027.$73
By 2030, Exxon Mobil wants to be the top supplier of lithium to the electric car industry. The objective is to produce enough lithium to support the annual manufacturing of over a million electric vehicles.
Exxon planned to start producing lithium in 2027. The firm is still in talks with potential clients, which include producers of batteries and electric vehicles, as of November 2023.
Out of 99, the Composite Rating for Occidental stock is 30. In addition, the Warren Buffett stock has an 11 EPS rating and a 39 Relative Strength rating.
Source:
https://www.investors.com/news/warren-buffett-berkshire-hathaway-energy-occidental-lithium/
-
Sen. Mark Warner vs. The Biden Administration: A Future Political Showdown?
As the 2024 presidential election looms on the horizon, the political landscape in the United States is poised for dramatic shifts and potential conflicts. Among the most anticipated developments is the emerging rivalry between Senator Mark Warner and the Biden administration. This article delves into the history, recent developments, and future implications of this political…
-
Minnesota Vikings – Historic Background and Modern Analysis
The Minnesota Vikings, a staple in the National Football League (NFL), boast a rich history and a passionate fan base. Since their inception in 1960, the Vikings have experienced highs and lows, producing legendary players, memorable moments, and a legacy of resilience. This article delves into the storied history of the Vikings, their evolution over…
-
Khyree Jackson Is A Rising Star in College Football
Khyree Jackson has rapidly become one of the most talked-about names in college football. His journey from high school standout to college sensation is an inspiring story of talent, perseverance, and dedication. This article delves into Jackson’s background, his achievements, and what the future holds for this promising athlete. Early Life and High School Career…
-
Ice Spice Mom – The Rising Star Behind the Viral Sensation
The music industry is constantly evolving, and every once in a while, a new star emerges that captures the hearts and minds of audiences worldwide. Recently, one such star has made waves with her unique style and compelling story: Ice Spice. While much has been said about Ice Spice herself, there’s a growing interest in…
-
Lindsay Hubbard Announces Her First Pregnancy: All You Need to Know
Lindsay Hubbard, the vibrant star of Bravo’s “Summer House,” has just announced some thrilling news—she is expecting her first child! Fans of the show and followers of Lindsay on social media have been eagerly awaiting updates from her life, and this announcement has certainly generated a wave of excitement. In this comprehensive article, we’ll dive…
-
Saks Fifth Avenue vs. Neiman Marcus: A Comprehensive Comparison
Saks Fifth Avenue and Neiman Marcus are two of the most iconic luxury department stores in the United States. Known for their high-end fashion, exquisite accessories, and exceptional customer service, both retailers have carved out significant niches in the luxury market. This article delves into the history, offerings, customer experiences, and recent developments of these…
-
Ultimate Guide to Blade Ball Codes: Latest Updates and Tips for 2024
Blade Ball, a popular online game, has captured the hearts of players worldwide with its dynamic gameplay and engaging challenges. One of the key aspects that keeps players hooked is the use of codes that unlock various in-game rewards. In this comprehensive guide, we will delve into everything you need to know about Blade Ball…
-
Inter Miami Standings – A Swift Update You Should Know
Inter Miami CF, the Major League Soccer (MLS) team co-owned by David Beckham, has captured significant attention since its inception. Fans and soccer enthusiasts are keen to stay updated on the team’s performance, particularly its standings in the league. This article provides an in-depth look at Inter Miami’s current standings, recent performance, key players, and…
Dwayne Paschke specializes in writing, management, development, design and Search Engine Optimization. Although he has worked for 8 years in the industry, he never found an ideal person to work with as a partner. Later, he found Sebastian Pearson, and they both found specific understanding between them. Both of them divided their tasks in this project and are running this venture successfully.