Has Chevron Found a New Growth Platform?
One of the knocks against (NYSE: CVX), and many other oil and natural gas companies, is that they aren't participating in the energy transition toward electricity. That may have changed significantly, as Chevron has just tentatively agreed to provide 2.7 gigawatts of electricity to a (NASDAQ: MSFT) data center. Is Chevron suddenly an AI play? Here's what you need to know.
What's really happening between Chevron and Microsoft isn't exactly an electricity deal. Chevron is partnering with GE Vernova (NYSE: GEV) to build a natural gas-powered electric power plant. Assuming the agreement receives final approval, which won't be known until later in the year, it will provide Microsoft with dedicated power at a Microsoft data center under a 20-year agreement.
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Source Fool.com
Chevron Corp. Stock
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As a result the target price of 179 € shows a slightly positive potential of 4.86% compared to the current price of 170.7 € for Chevron Corp..
