Exxon Mobil and Chevron are jumping into the race to power artificial intelligence data centers, as the two oil majors bet tech companies will ultimately turn to natural gas to meet their tremendous energy needs.
Exxon unveiled plans this week to build a natural gas plant to power a data center.
The oil major estimates decarbonizing AI data centers could represent up to 20% of its total addressable market for carbon capture and storage by 2050.
Chevron is also working on ways to power data centers, said Jeff Gustavson, president of the oil company's new energy business, at the Reuters NEXT conference on Wednesday.
Chevron is a major national gas producer with power generation equipment and very large tracts of land that could be used for data centers, the executive said.
Persons:
Kathryn Mikells, Mikells, Jeff Gustavson, Gustavson
Organizations:
Exxon Mobil, Chevron, Exxon, Wall Street, Reuters