TETRA Technologies, Inc. (TTI): Tetra Technologies surges as Reuters say...

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Wednesday, 12/20/2023 8:18:56 AM

Wednesday, December 20, 2023 8:18:56 AM

Tetra Technologies surges as Reuters says partnering with Exxon on lithium work
Nov. 13, 2023

Tetra Technologies (NYSE:TTI) +12.1% in Monday's trading following Exxon Mobil's (XOM) announcement that it has launched lithium operations in Arkansas, and Reuters reported Tetra will be an Exxon partner in the work.

Reuters had reported in June that Tetra (TTI) had issued a little noticed press release that it had signed an agreement with Saltwerx, an Exxon (XOM) subsidiary, to develop ~6K acres of salty brine deposits in Arkansas that are filled with lithium and bromine, although it provided few additional details.

Neither company has provided a production or development timeline, or financial details, although Exxon (XOM) will contribute ~2K acres and Tetra (TTI) ~4K acres to the partnership, according to the June report.

Tetra (TTI) currently buys bromine from Lanxess to produce a material used by Eos Energy Enterprises to manufacture batteries.

https://seekingalpha.com/news/4035615-tetra-technologies-surges-as-reuters-says-partnering-with-exxon-on-lithium-work