Chevron Corporation CVX and BP p.l.c. BP are among the most influential players in the global energy industry, and their rivalry is especially evident in the Gulf of America — one of the world's most productive offshore oil regions.
CVX and Microsoft team up on a 20-year Texas power deal, supporting AI-driven data center growth with reliable natural gas energy.
The agreement puts the oil giant on track to produce steady cash flows for years, insulating it from the boom-and-bust nature of oil and gas.
Chevron Corporation CVX and BP p.l.c. BP are among the most influential players in the global energy industry, and their rivalry is especially evident in the Gulf of America — one of the world's most productive offshore oil regions.
Shares of Chevron Corporation traded lower after the oil major announced a long-term agreement with Microsoft Corporation to supply electricity to a massive artificial intelligence data center in West Texas. Under the agreement, Chevron's unit, Energy Forge One LLC, will build a 2.67-gigawatt natural gas power plant under Project Kilby, a development expected to deliver electricity directly to a Microsoft-operated data center under a 20-year contract.
Zacks.com users have recently been watching Chevron (CVX) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Chevron Corp (NYSE:CVX) is up 0.9% in premarket trading after announcing a 20-year agreement to supply natural gas-fired power to a Microsoft (MSFT) data center in West Texas.
The 2.7-gigawatt project will have its own on-site power plant fueled by Chevron's local natural-gas production.
The data center, called Project Kilby, is expected to consume nearly 2.7 gigawatts of electricity, which is equivalent to about 2 million homes. A majority of the electricity will come from large gas turbines provided by Chevron's partner GE Vernova.
Markets rarely telegraph structural shifts, but when a massive geopolitical risk premium evaporates overnight, the rerating is always violent. The unexpected diplomatic breakthrough between the United States and Iran has effectively broken the back of the crude rally.
At $180.40, Chevron (NYSE:CVX | CVX Price Prediction) sits in a wait-and-see zone for many analysts.
CVX completes regulatory steps to enter Greece's Block 10, expanding its Eastern Mediterranean footprint as the project moves toward advanced exploration.