Exxon Mobil Corp. (NYSE:XOM) has invented a type of graphite that can extend the life of electric-vehicle batteries by as much as 30%, pushing the oil major further into advanced battery materials as automakers look for longer-lasting cells and supply chains less reliant on China.
“We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” Chief Executive Officer Darren Woods, adding that it’s a “revolutionary step change in battery performance.”
According to Woods, several EV manufacturers are currently testing the new invention. The synthetic graphite is designed to be used on the anode side of the battery, with the intention of allowing for faster charging, a longer driving range and a longer lifespan for EV batteries.
The graphite is created from oil refining byproducts like petroleum coke, aiming to reduce reliance on mined graphite (mostly from China). It’s part of the company’s larger strategy to enter the battery supply chain, leveraging its chemical expertise for a more sustainable, lower-emission alternative to traditional mining. Exxon recently announced the acquisition of assets from Superior Graphite, with a goal of to scale up manufacturing and commence commercial production by 2029.
The graphite invention is part of the company’s new ventures, which include plans to aggressively grow its Low Carbon Solutions (CCS, biofuels, hydrogen), high-value chemicals (Proxxima™), and advanced materials (graphite for EVs). The Oil & Gas giant is doubling down on its strategy to leverage its unique competitive advantages, driving higher profitability and cash flow without increasing capital expenditure, positioning itself for enhanced investor returns while meeting growing global energy demand responsibly.
ExxonMobil’s new corporate outlook significantly raises its 2030 targets, aiming for $25 billion in additional earnings and $35 billion in cash flow growth versus 2024, an increase from prior goals, driven by its ongoing transformation, cost discipline, and focus on advantaged assets (Permian, Guyana, LNG). The company expects >17% Return on Capital Employed (ROCE) with no increased capital spending, growing Upstream production to 5.5 million barrels/day (mostly advantaged), and maintains a strong focus on shareholder returns via share buybacks and dividends.
By Alex Kimani for Oilprice.com
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