Ai

Chevron and Microsoft have signed a 20-year power purchase agreement for Project Kilby, a 2.67-gigawatt natural gas plant near Pecos, Texas that will supply one of the largest data center campuses in the US. The $7 billion co-development with Engine No. 1's Joulent marks a structural shift: oil majors are repositioning as AI infrastructure companies, locking in long-term contracted revenue as hyperscalers scramble for dedicated, dispatchable power outside the constrained grid.