- Chevron, Energy Forge One, Engine No. 1 and Microsoft are developing roughly 2.67 GW of on-site generation for a Microsoft-operated Texas data center, with supply expected to begin in 2028.
- Most of the facility’s generation will use GE Vernova gas turbines, with additional capacity supplied by Caterpillar’s Solar Turbines subsidiary.
- The take-or-pay structure gives Chevron long-term contracted revenue and reduces its exposure to upstream natural-gas price volatility.
- Microsoft captured the stronger immediate market reaction: its shares rose 3.46%, compared with a 0.82% gain for Chevron, as investors focused on Azure and AI infrastructure demand.