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.
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.
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