Exxon Sees Lithium From Saltwater as Greener Than Mining

Exxon Mobil Corp. wants to harvest lithium from underground saltwater in what it says is a cheaper and more environmentally friendly method than traditional mining.

“We can bring it on at a much lower cost, and I think, importantly, with much less environmental impact versus open mining that they’re doing in other parts of the world,” Chief Executive Officer Darren Woods said during a conference call with analysts Friday.

Exxon is among oilfield heavyweights exploring lithium extraction from brine, which exists naturally underground and is also a byproduct of oil drilling. The metal is a key component of batteries used ...