Chevron CEO Mike Wirth outlined a plan to meet surging artificial intelligence power needs by building off-grid natural gas–fired energy parks in West Texas. Slated for startup in 2025, the facility will bypass the traditional electric grid and supply hyperscale data centers directly, insulating retail electricity consumers from potential price hikes. Chevron has partnered with Engine No. 1 and GE Vernova to develop modular power solutions, and Wirth emphasized that leveraging U.S. natural gas reserves will help the company “convert energy into intelligence” while preserving grid stability and avoiding incremental costs for households and businesses.

Chevron delivered a record year of oil and gas production in 2025, which helped cushion a 15% decline in average oil prices. Free cash flow rose by 35% year-over-year, driven by robust upstream margins and disciplined capital spending. The company repurchased $3 billion of shares in the fourth quarter and announced a 4% increase in its quarterly dividend, bringing it to $1.78 per share—equivalent to an annualized yield of roughly 4%. Over the past four years, Chevron has returned more than $100 billion to shareholders through dividends and buybacks, underscoring its commitment to delivering sustainable cash returns even as it invests in growth projects.