financetom
Technology
financetom
/
Technology
/
Chevron working on supply of power to data centers, executive says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Chevron working on supply of power to data centers, executive says
Dec 11, 2024 11:06 AM

NEW YORK (Reuters) - U.S. oil major Chevron Corp ( CVX ) is considering ways to supply lower carbon power for data center operators, Jeff Gustavson, president of Chevron New Energies said in an interview at the Reuters NEXT conference in New York.

Gustavson's comments follow a similar announcement by Exxon Mobil ( XOM ) on Wednesday, which said it is working to help advance low-carbon electricity by adding carbon-capture to natural gas-fired power plants supplying data centers.

"We are working on this as well," Gustavson said, adding that Chevron's ( CVX ) experience supplying natural gas around the world, and operating natural gas fired power equipment, positions the company well to meet booming electricity demand from data centers.

Chevron ( CVX ) has been working on this for more than a year, Gustavson said on the sidelines of the event. He declined to provide additional details, saying the company will make detailed announcements at an appropriate time.

"It fits many of our capabilities - natural gas, construction, operations, and being able to provide customers with a low-carbon pathway on power through CCUS (carbon capture, utilisation and storage), geothermal, and maybe some other technologies," Gustavson said.

The rise of artificial intelligence and cloud computing is expected to drive electricity demand sharply higher, driving utilities to add new natural gas plants and delay the retirement of fossil-fuel power plants.

To view the live broadcast of the World Stage go to the Reuters NEXT news page:

(Reporting by Shariq Khan and Shashwat Awasthi in New York)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SMIC to closely monitor impact of tariffs on demand, says co-CEO
SMIC to closely monitor impact of tariffs on demand, says co-CEO
May 26, 2025
BEIJING (Reuters) -China's semiconductor foundry, Semiconductor Manufacturing International Corporation (SMIC), will closely monitor the impact of tariffs on demand, co-CEO Zhao Haijun said on Friday, adding that visibility for the second quarter was not clear at the moment. Zhao told analysts in an earnings call that while import tariffs had increased orders from U.S. customers in the past quarter, the...
P/E Ratio Insights for CPI Card
P/E Ratio Insights for CPI Card
May 26, 2025
Looking into the current session, CPI Card Inc. shares are trading at $19.85, after a 1.64% decrease. Over the past month, the stock fell by 6.29%, but over the past year, it actually went up by 0.96%. With questionable short-term performance like this, and great long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio. Evaluating...
Beyond The Numbers: 5 Analysts Discuss Flex Stock
Beyond The Numbers: 5 Analysts Discuss Flex Stock
May 26, 2025
Providing a diverse range of perspectives from bullish to bearish, 5 analysts have published ratings on Flex in the last three months. In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2...
CDW Stock: A Deep Dive Into Analyst Perspectives (5 Ratings)
CDW Stock: A Deep Dive Into Analyst Perspectives (5 Ratings)
May 26, 2025
In the preceding three months, 5 analysts have released ratings for CDW , presenting a wide array of perspectives from bullish to bearish. The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 1 0 4...
Copyright 2023-2026 - www.financetom.com All Rights Reserved