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/
-
Krispy Kreme’s Ghostbusters Doughnut Collection – A Spooky Collaboration for 2024
Krispy Kreme has always been known for its creative and exciting limited-edition doughnuts, and this October, the company has outdone itself once again. In celebration of the 40th anniversary of the cult-classic movie Ghostbusters, Krispy Kreme has launched a new collection of doughnuts inspired by the beloved film, offering fans a deliciously spooky treat that…
-
Ticketmaster to Pioneer New Apple Wallet Ticketing Feature on iOS 18
As the world anticipates the release of iOS 18, Apple has unveiled a revolutionary enhancement to its Apple Wallet—a feature that promises to transform the ticketing industry. Leading the charge is Ticketmaster, which is set to be the first major ticketing platform to implement this new feature. This collaboration between Apple and Ticketmaster will offer…
-
Breaking News – Addison’s Disease Rare Condition Affecting the Adrenal Glands
October 2024 – Addison’s disease, also known as primary adrenal insufficiency, is a rare yet serious condition that occurs when the adrenal glands fail to produce sufficient levels of cortisol and aldosterone. This hormonal imbalance can have a profound effect on various bodily functions, and without timely diagnosis and treatment, the disease can become life-threatening.…
-
Addison’s Disease – Rare Endocrine Disorder and Recent Advances in Treatment
Addison’s disease, also known as primary adrenal insufficiency, is a rare but potentially life-threatening condition caused by damage to the adrenal glands, which results in insufficient production of essential hormones such as cortisol and aldosterone. First identified by British physician Thomas Addison in 1855, this disorder can affect people of all ages, though it remains…
-
Northern Lights Forecast: Spectacular Aurora Expected Tonight
Tonight could offer a rare and stunning display of the Northern Lights, or Aurora Borealis, visible across several parts of the U.S. due to a severe geomagnetic storm forecasted by the National Oceanic and Atmospheric Administration (NOAA). This storm, rated G4 on a scale from G1 (minor) to G5 (extreme), is the result of a…
-
WWE Bad Blood 2024: Everything You Need to Know – Date, India Timings, Full Match Card, and How to Watch
WWE fans across the globe are eagerly awaiting the return of one of the most iconic pay-per-view events, WWE Bad Blood, which makes its triumphant comeback after two decades. Here’s everything you need to know about WWE Bad Blood 2024, including the match card, viewing options, and key event details. Event Overview Date: WWE Bad…
-
UNLV vs Syracuse Football Thriller – October 4, 2024
In a dramatic showdown on October 4, 2024, the Syracuse Orange narrowly defeated the UNLV Rebels 44-41 in overtime at Allegiant Stadium, Las Vegas. Both teams entered the game with matching 4-1 records, and the contest lived up to the hype with high-paced scoring and critical plays. First Quarter: Syracuse Takes Early Lead Syracuse took…
-
Joker 2’s Rotten Tomatoes Score: A Disappointing Turn for the Sequel?
Joker: Folie à Deux, the highly anticipated sequel to 2019’s Joker, has landed with less than stellar reviews, leaving fans and critics divided. Despite initial excitement, the Rotten Tomatoes score for the movie has raised concerns about its overall impact and reception. As of early October 2024, Joker 2 holds a disappointing Rotten Tomatoes score…
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.