Chevron signed a deal with Microsoft to supply 2.7 GW of data center power for 20 years. Who’s next?
The Chevron-Microsoft deal is fascinating for many reasons.
One of which is that Chevron is delivering the power directly.
This is different than the July 2025 announcement where EQT agreed to supply natural gas to an integrated power and data center project in Pennsylvania.
Chevron is actually supplying the power itself, via Energy Forge One LLC, a wholly owned subsidiary.
EQT is providing the gas to another entity that is converting the gas to power and feeding it to the data center.
The level of investment and the risk/return calculus are fundamentally different.
That leads me to my poll question this week…
Will we see any other upstream producer follow Chevron’s lead and play directly in data center-focused power generation?
Specifically, will we get another announcement before the end of this year? And if so, who will be involved?
➜ ExxonMobil
➜ Another major (e.g., Shell, bp, TotalEnergies, etc.)
➜ A large independent E&P (e.g., ConocoPhillips, Oxy, Diamondback, etc.)
➜ No announcement
Link to poll here.
