ExxonMobil announced plans to invest between $28 and $33 billion from 2026 to 2030 to increase its crude oil and natural gas output by 18 percent. This comes as the International Energy Agency (IEA) forecasts a peak in demand for these resources before 2030.
The company aims to establish partnerships with data center operators to provide lower carbon energy solutions. Both ExxonMobil and Chevron are exploring opportunities in power generation, anticipating a surge in demand.
Chevron's New Energies division has been negotiating for natural gas supplies to electricity generators, particularly those serving data centers. Jeff Gustavson, head of the division, emphasized the company's capabilities in natural gas, construction, and carbon capture technologies.
In contrast, BP and Shell are retreating from their previous ambitions in low-carbon electricity. The two companies have reportedly spent $18 billion over the past five years on these initiatives, which failed to yield significant returns.
Shell divested its European retail electricity distribution business last year, while BP sold its U.S. onshore wind operations. Both companies continue to engage in solar energy and electric vehicle charging, but are scaling back their wind power investments due to profitability concerns.
This shift reflects broader industry challenges, with major players reassessing their strategies in light of recent market dynamics and activist pressures surrounding climate investments.