Chevron sees AI-driven electricity demand as a new frontier

Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.

Chevron plans to grow oil and gas production by up to 3% annually through 2030 while cautiously moving into the power sector, The Wall Street Journal writes. 

The company is in exclusive talks to build a 2.5-gigawatt off-grid power plant in West Texas to serve an AI data center, with potential expansion to 5 gigawatts.

Partnering with Engine No. 1 and GE Vernova, Chevron sees AI-driven electricity demand as a new business frontier, though CEO Mike Wirth said the long-term scope of its power ambitions remains uncertain. The company will decide on the project early next year.

Advertisement

Chevron also plans to reduce costs by up to $4 billion by the end of 2026, repurchase up to $20 billion in stock over the next five years, and advance new chemical projects—all while keeping capital spending below earlier forecasts.

Read the full story. 

Oops! We could not locate your form.

Discussion (0)

From Our Partners

Daily Report Poll

ASK AI

Ask anything about Baton Rouge business