Chapter 1: What is the main topic discussed in this episode?
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Chevron heading to West Texas where the oil giant will build its first AI data center power project. The facility expected to be operational in 2027 as the energy company looks to capitalize on the boom in AI. Here to discuss is the man in charge. His name is Mike Wirth, the CEO of Chevron. Mike, great to see you in person.
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Chapter 2: What is Chevron's first AI data center power project about?
I think we see countries around the world have a renewed interest in doing business with the US. That's both bringing investment dollars to the US and also opening up their countries to investors from the US. And I have any number of examples where we have operations around the world and we've seen new opportunities that have developed for our industry and others to invest in both directions.
And so I think the Trump administration has played a critical role in opening doors and creating an environment where people are looking to do these kinds of deals.
Based on what you can see, how far out you can see, are economic conditions going to be supportive, not only to what you were just talking about there, but also some of the projections that you gave investors today with regards to free cash flow, et cetera?
Absolutely. Demand for energy will only grow into the future. In fact, the International Energy Agency today updated their scenarios, including laying out a scenario based on current policies that shows demand for oil and gas growing to 2050. Very different than what some of their prior scenarios have indicated. We've long held a view that that is more likely than some of these other scenarios.
So the underlying demand is very strong. Our portfolio was resilient even at a lower oil price. We can generate strong free cash flow. We've increased our dividend 38 years in a row. We've repurchased shares 18 of the last 22 years. So we've got a very strong track record of distributing free cash to shareholders. And at any price, we're well positioned to do that.
Well, not at any price. I mean, we're at a reasonable price. I mean, we're at 60 bucks more or less for Brent and WTI. Is the idea that if that for some reason came down into the 50s or even below, is that still doable?
Oh, yeah, absolutely. Our dividend, we increased our dividend during COVID when prices were you know, in the teens and went negative for a while. And so we've got to prepare for the volatility of a commodity business. That's the business that we're in. And we built a portfolio that will withstand the cycles of this business.
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? Does it ever come more into balance?
Well, I think oil prices in 2026 are likely to feel more pressure than LNG prices. There's a lot of oil supply that's coming back from the OPEC plus countries that had been holding supply back. And so that is has brought crude prices lower than they had been for the prior period of time.
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Chapter 3: How does Chevron plan to support the AI boom with energy?
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