Chevron explores new deals to power US data centers

Key Facts

1Chevron is exploring additional data center deals across the U.S. after signing a 20-year contract to power a Microsoft data center in West Texas.

Amid rising energy demand from data centers driven by AI, Chevron (CVX) is exploring additional deals to power data centers across the U.S., according to a Reuters report. The move follows a 20-year contract to supply a Microsoft data center in West Texas, signaling expansion into new revenue streams.

Major oil companies face pressure to diversify as the energy sector evolves. Per market data, Chevron closed at $172.24 (June 25), while Exxon Mobil traded at $136.41 and BP at $37.72. Analysts note that electricity demand from data centers could double by 2030, creating opportunities for energy firms.

Investors are watching for further deal announcements, with expectations that Chevron may unveil additional partnerships in coming months. Technically, CVX shares are trading near its session high of $172.77, indicating positive momentum. The focus also remains on Q3 results and updates on the company's energy strategy.