Mike Wirth

Mike, great to see you in person.

So let's talk about, of course, this AI data center power project, because I have to imagine this decision wasn't taken lightly to enter the energy or the power business that is.

So walk us through the decision tree there.

Congratulations.

And so this, of course, will be operational by 2027.

That's the plan.

Who knows what the world will look like?

And you think about Chevron, obviously synonymous with oil and gas.

But should we see this AI boom really continue and maintain sort of the trajectory that it's on?

How big do you think that the power business within Chevron could be?

And let's talk about where else you're looking outside of West Texas, because I know that you've said that you're going to increase exploration spending by about 50 percent.

I know that you went into a little bit of detail in the investor day about where in the world you're looking.

But where do you think that the most promising locations are at this point?

And when it comes to new countries, entry into new countries, you think about Iraq, you think about Libya.

Does the Trump administration play any role in helping to guide along those negotiations?

Well, with that in mind, I mean, you talk about demand.

It looks pretty good there.

But then you think about the supply side of the equation.

I know that you said earlier today that LNG spot prices in particular are going to be pressured due to high supply.

How does that sort of dynamic overall look going into 2026?