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Chevron Strikes 20-Year Power Deal to Provide Electricity to Microsoft Data Center in West Texas
US Markets

Chevron Strikes 20-Year Power Deal to Provide Electricity to Microsoft Data Center in West Texas

Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal.Chevron's subsidiary, Energy Forge One, entered into the agreement with Microsoft for the development of the project, known as Kilby, the oil giant said Monday. The companies didn't disclose the financial terms of the deal.The facility is expected to deliver about 2.67 gigawatts of capacity, with a majority of the generation to come from large turbines and related electrical infrastructure from GE Vernova (GEV), according to Chevron. Caterpillar (CAT) unit Solar Turbines will provide additional capacity, the company said.Chevron's shares dipped 0.2% in Monday trade, while Microsoft edged down 0.9%."Chevron is uniquely positioned to deliver power to customers with certainty, speed and at a competitive cost, leveraging Permian natural gas and our proven execution capabilities," said Jeff Gustavson, Chevron's president of new energies. "This project links Chevron's traditional strengths to emerging demand, creating differentiated value for our shareholders and the communities where we operate."Chevron said it's aiming for a final investment decision by the end of the year, with first power delivery expected in 2028. The project is anticipated to deliver mid-teen returns and generate diversified cash flow independent of oil and gas price cycles."The rapid growth we're experiencing in AI and cloud, driven by customer demand, requires energy infrastructure that can scale quickly and reliably," according to Noelle Walsh, Microsoft's president of cloud operations and innovation. "Our agreement with Chevron helps ensure we'll have dedicated, large-scale power to support the evolution and reliability of advanced compute."The project is estimated to generate more than $10 billion in state and local tax revenue, create nearly 2,000 jobs and boost wider economic growth, according to Chevron.Earlier this month, Amazon.com (AMZN) agreed to a multibillion-dollar deal with specialty glass maker Corning (GLW) to secure optical fiber, cable, and connectivity components for its US data center infrastructure.Price: $173.33, Change: $-0.30, Percent Change: -0.17%

$CAT$CVX$GEV$MSFT
Commodities

Chevron, Microsoft to Develop 2.7-GW Gas Power Plant in Texas

Chevron (CVX) said Monday that its subsidiary, Energy Forge One, has finalized an agreement with Microsoft (MSFT) to develop a 2.67-gigawatt natural gas-fired power plant in Texas to support data center operations for 20 years.Project Kilby will be co-located with a Microsoft-operated data center in West Texas. A final investment decision is likely by the end of this year, and first power by 2028, the company said.The project will use large turbines from GE Vernova (GEV) and will be equipped with additional capacity from Solar Turbines, a Caterpillar (CAT) subsidiary, according to the statement.Chevron also said it has collaborated with investment firm Engine No. 1 for the development of the project.Price: $173.80, Change: $+0.17, Percent Change: +0.10%

$CAT$CVX$GEV$MSFT
Equities

Update: Chevron Signs 20-Year Deal With Microsoft to Power Data Center in West Texas

(Updates with Chevron's statement in the headline and throughout.)Chevron (CVX) said Monday its Energy Forge One subsidiary has signed a 20-year power purchase agreement with Microsoft (MSFT) for a planned Microsoft-operated data center in West Texas.Under the agreement, Chevron and Engine No. 1 have been collaborating to develop a co-located natural gas facility known as Project Kilby, which is expected to deliver about 2.67 gigawatts of capacity in phases, primarily using GE Vernova (GEV) turbines and equipment from Caterpillar's (CAT) Solar Turbines unit, according to a statement.Chevron said it targets a final investment decision by the end of 2026, with first power delivery expected in 2028 and the project anticipated to deliver mid-teen returns.

$CAT$CVX$GEV$MSFT
Research

Bernstein Initiates GE Vernova at Outperform With $1,206 Price Target

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,240.22, according to analysts polled by FactSet.

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Commodities

Sweden's Vattenfall Picks Rolls-Royce SMR for Nuclear Power Project

Swedish utility Vattenfall said on Monday that it was selecting UK-based Rolls-Royce small modular reactors over its US rival, GE Vernova (GEV), to supply small modular reactors for its nuclear power project on the Varo Peninsula.According to the company's press release, Rolls-Royce was selected from over 70 different options, in a process that took over four years, in what is set to be the country's first turn towards nuclear energy in over four decades, in its bid to decarbonize and strengthen economic competitiveness.Vattenfall noted that Rolls-Royce SMR offers an efficient and industrialized concept, with a proven pressurized water reactor technology. As the construction takes place in an industrialized and controlled environment, it reduces delays."We are very pleased to announce that Rolls-Royce SMR has been selected by Videberg Kraft," said Martin Darelius, the acting head of new nuclear at Vattenfall, who also added that the company offers "the strongest conditions for delivering a successful project."The British government too had lobbied in favor of the multi-billion-pound deal Rolls-Royce, with Prime Minister Keir Starmer calling it a "major win for Britain's economy," as it highlights the country's technology and innovation in helping drive Europe's clean energy transition.

$GEV
Wire

Jefferies Adjusts Price Target on GE Vernova to $1,210 From $1,350, Maintains Buy Rating

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,241.32, according to analysts polled by FactSet.Price: $906.30, Change: $+39.20, Percent Change: +4.52%

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Insider Trading

GE Vernova Insider Sold Shares Worth $4,568,798, According to a Recent SEC Filing

Victor Abate, Chief Executive Officer, Wind, on June 01, 2026, sold 4,819 shares in GE Vernova (GEV) for $4,568,798. Following the Form 4 filing with the SEC, Abate has control over a total of 1,863 common shares of the company, with 1,835 shares held directly and 28 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1996810/000199681026000134/xslF345X05/wk-form4_1780524690.xml

$GEV
Commodities

US Judge Refuses to Release GE Vernova From $4.5 Billion New England Wind Project

A Massachusetts judge has refused to release GE Vernova (GEV) from its contractual work on a $4.5 billion wind farm in New England, saying it should instead raise its dispute with developer Vineyard Wind to arbitration.Suffolk County Superior Court Judge Peter Krupp noted that nothing had materially changed since he had passed the injunction in April, allowing Vineyard Wind to pursue its legal dispute in court for immediate relief.Vineyard Wind, a joint venture between Spain's Iberdrola and Denmark's Copenhagen Infrastructure Partners, had sued GE Vernova after the company had issued a notice threatening to terminate its agreement due to non-payment of $360 million.The company had argued that GE Vernova's decision to exit its 62-turbine, 806-megawatt project would threaten its commercial viability.In his judgment, Krupp noted that the project relied on GE's "expertise and proprietary know-how to bring the turbines up to operational capacity," thus putting it in jeopardy if the company, its employees, and subcontractors decided to walk out abruptly.Vineyard Wind had argued that it was entitled to withhold payments from GE Vernova after one of its turbine blades collapsed and fell into the waters of Nantucket in 2024.

$GEV
Insider Trading

GE Vernova Insider Sold Shares Worth $2,470,857, According to a Recent SEC Filing

Matthew Joseph Potvin, Chief Accounting Officer, on May 14, 2026, sold 2,333 shares in GE Vernova (GEV) for $2,470,857. Following the Form 4 filing with the SEC, Potvin has control over a total of 3,549 common shares of the company, with 3,549 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1996810/000199681026000095/xslF345X05/wk-form4_1779145297.xml

$GEV
Commodities

European Wind Power Developers Face Higher Prices, Supply Constraints, Says Rystad Energy

Europe's offshore wind expansion ambition are running up against turbine supply constraints as well as rising prices in a market increasingly reliant on a concentrated group of manufacturers, Rystad Energy said on Wednesday.Siemens Gamesa and Vestas products are basically the only product options available to European developers since GE Vernova (GEV) paused new order intake due to operational setbacks, Rystad said.Rystad has found that turbine selling prices have risen between 40% and 45% since 2020, well in excess of manufacturing cost increases of 20% to 25% since then.The manufacturing cost increases come down to the turbines' most technically complex components such as the nacelle that contained the generator, gearbox and power electronics. There are also growing pressures within blade manufacturing, Rystad's research notes.Rystad said the result of the equipment supply bottleneck is that progress on deployment of this form of renewable power is now at least as much decided by equipment availability as it is down to political ambition.The research said that high demand, a limited supplier base and the growing complexity of turbines means that manufacturers have "real pricing power and the ability to be selective about which projects get built."Rystad concluded that Europe needed to expand manufacturing capacity or find workarounds to this set of problems otherwise it will face missing its 2030 targets for renewable energy and pay more for capacity it does install.The note says that larger 14 megawatt to 15 MW turbines have been dominant among recent deliveries to offshore projects, eclipsing those of 9-10 MW capacity.Rystad's research shone a light on a less evident trend beyond component costs, highlighting that some of their price hikes are reactionary, after manufacturers got somewhat burned by fixed-price supply contracts entered into immediately before a period of higher inflation.In a seller's market, manufacturers no longer feel pressure to assume such risks through that contract model and are passing more of future cost increases on to developers, Rystad said.

$GEV
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were rising late Tuesday afternoon, with the NYSE Energy Sector Index adding 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index was up 0.1%.Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.Front-month West Texas Intermediate crude oil declined 3.5% to $102.69 a barrel, and the global benchmark Brent crude contract dropped 3.8% to $110.11 a barrel. Henry Hub natural gas futures fell 3.5% to $2.77 per 1 million BTU.In corporate news, Shell (SHEL) and Ineos Energy have agreed to jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico, Ineos Energy said. Shell shares rose 0.5%.Diamondback Energy (FANG) said operators may add 20 to 30 oil rigs in the US Permian Basin this year as elevated crude prices and supply disruptions tied to the Middle East conflict support higher activity. Diamondback shares were down 3.2%.GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova shares added 2%.Enlight Renewable Energy (ENLT) shares climbed 2.8% after it reported higher-than-expected Q1 earnings and revenue.

$ENLT$FANG$GEV$SHEL
Sectors

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.The Philadelphia Oil Service Sector Index was decreasing 0.4%, and the Dow Jones US Utilities Index was adding 0.8%.Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.Front-month West Texas Intermediate crude oil was declining 4.3% to $101.80 a barrel, and the global benchmark Brent crude contract was dropping 3.9% to $110.03 a barrel. Henry Hub natural gas futures fell 2.5% to $2.80 per 1 million BTU.In corporate news, Marathon Petroleum (MPC) shares gained 1.8% after its Q1 adjusted earnings and revenue rose year on year and beat analysts' estimates.GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova shares added 2.6%.Enlight Renewable Energy (ENLT) shares climbed 3.5% after it reported higher-than-expected Q1 earnings and revenue.

$ENLT$GEV$MPC
Wire

GE Vernova, Blue Energy Collaborating on Nuclear-Natural Gas Power Plant

GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday.The plan incorporates GE Vernova Hitachi Nuclear Energy's small modular reactor and two GE Vernova 7HA.02 gas turbines, the companies said. A final investment decision is expected in 2027 and the gas turbines are expected to be delivered in 2029.Blue Energy could begin preliminary site work on the project this year and submit an application to the US Nuclear Regulatory Commission for a construction permit in 2027, the companies said.Financial terms were not disclosed.Price: $1104.33, Change: $+30.38, Percent Change: +2.83%

$GEV
Commodities

GE Vernova Wins 1.35-GW India Pumped-Storage Order from MEIL

GE Vernova (GEV) has won an order from India's Megha Engineering and Infrastructures Limited to supply nine 150-megawatt pumped-storage units for the 1.35-gigawatt Upper Sileru hydropower project in Andhra Pradesh, it said in a Monday statement.The project is scheduled for completion in 2030, with the facility set to rank among India's largest pumped-storage plants. It is expected to provide electricity equivalent to the annual consumption of roughly 3 million homes.The project aims to support grid stability by storing excess renewable energy and balancing variable solar and wind generation.GE Vernova's contract covers design, engineering, manufacturing, testing, delivery, and commissioning support for the nine vertical Francis reversible units and associated control systems.The award marks the companies' second collaboration, following GE Vernova's ongoing delivery of four 125-MW pumped-storage units for the Kundah hydropower project.Pumped storage acts as large-scale energy storage, enabling rapid switching between pumping and generation to manage peak demand and frequency. GE Vernova said it holds about 30% of the global installed pumped-storage base and is developing over 3 GW of projects worldwide.Price: $1073.06, Change: $+10.11, Percent Change: +0.95%

$GEV
Commodities

Market Chatter: Siemens Energy, GE Vernova Raise Payment Risks for Venezuela Power Rebuild

Venezuela's $100 billion grid rebuild push faces setbacks as firms question payments, with under 13,000 megawatts available from a capacity of 36,000 MW, Reuters reported Monday, citing two sources involved in talks.Executives from Siemens Energy and GE Vernova (GEV) raised payment concerns during April meetings in Caracas, prompting financiers to be cautious about supporting grid upgrades.Those concerns weakened confidence in Venezuela's effort to revive infrastructure under a $100 billion reconstruction plan backed by Washington.Interim President Delcy Rodriguez is prioritizing reliable electricity after taking office in January, but the government has not secured firm payment guarantees for contractors.An executive who attended the Caracas meeting said a decade of neglected plants created massive repair needs, while authorities still lack a clear payment mechanism for suppliers.Available generation remains below 40%, driving repeated outages and restricting industrial output nationwide, according to the report.Thermal plant expansion through 2013 under Hugo Chavez left billions of dollars unpaid to contractors, many of whom authorities are now urging to return.Unclear project priorities, equipment needs, and approval requirements from both Washington and Caracas continue to delay investment decisions, the report added, citing the sources.Venezuela operates less than 13,000 MW from a total installed capacity of 36,000 MW, with fuel-based plants accounting for about 2,500 MW, or roughly 13% of capacity.Rodriguez is targeting repairs at two major thermal plants in early phases, though officials have yet to outline a broader recovery strategy.Multinational companies remain cautious about returning to Venezuela after past disputes during the Hugo Chavez era, when unpaid contracts eroded trust and discouraged future engagement.Several firms that did not receive cash payments pursued arbitration or filed legal claims abroad after accepting promissory notes, which they later sold at steep discounts.Rodriguez's government turned down a proposal from foreign firms that requested upfront payments for repairs and spare parts, while some financiers proposed routing payments through US Treasury-supervised oil revenue accounts, the report added, citing sources.has reached out to Siemens Energy, GE Vernova and PDVSA for any comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1081.26, Change: $+18.31, Percent Change: +1.72%

$GEV
Wire

Rothschild & Co Redburn Adjusts GE Vernova Price Target to $1,200 From $1,100, Maintains Buy Rating

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,190.40, according to analysts polled by FactSet.Price: $1068.97, Change: $-19.97, Percent Change: -1.83%

$GEV
Research

BNP Paribas Downgrades GE Vernova to Neutral From Outperform, Adjusts PT to $1,190 From $765

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,179.31, according to analysts polled by FactSet.

$GEV
Wire

HSBC Adjusts GE Vernova Price Target to $1,040 From $740, Maintains Hold Rating

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,150.58, according to analysts polled by FactSet.Price: $1153.79, Change: $+4.26, Percent Change: +0.37%

$GEV
Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Ge Vernova Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following GEV's stellar Q1 performance, we raise our 12-month target to $1,350 from $1,000, valuing shares at 56x our 2027 EPS outlook of $24.10 (revised from $23.36; 2026 EPS estimate updated to $15.48 from $14.50). While the multiple is a premium when compared to the broader market, GEV has traded near 55x on average since it went public as an independent company. Growth assumptions looking across 2026 and toward 2027 continue to rise along with better-than-anticipated quarterly results, as pricing, volumes, and order flows impress. In Q1, GEV experienced a massive 71% organic increase in orders to $18.3 billion, expanding its total backlog to $163 billion. Momentum was largely propelled by accelerating demand for gas turbines and grid solutions, with Electrification orders for data centers in Q1 alone surpassing the total for all of 2025. Robust Q1 results led to a lift for full-year guidance for revenue, EBITDA margin, and free cash flow.

$GEV
Wire

GE Vernova Benefiting From Strong Demand, Margin Upside, Buybacks, Oppenheimer Says

GE Vernova (GEV) continues to benefit from strong demand, a wider customer base, better pricing, software gains, rising cash flow, and buybacks, Oppenheimer said in a note Thursday.The brokerage said Q1 orders of $18.3 billion came in well above its $13.5 billion estimate, showing demand remains strong and broad across customers and regions, and the company's integrated offerings are helping it win more business, especially in electrification, where data center orders in the quarter moved ahead of all of fiscal 2025.GE Vernova's software business at both the product and operating levels still looks undervalued and could help margins beat forecasts, while strong cash generation and ongoing stock buybacks should continue to support the shares, according to the note.Management's steady price increases and focus on efficiency should support earnings, the brokerage said, noting that the company raised its fiscal 2026 revenue, margin, and free cash flow guidance.Oppenheimer kept its outperform rating on the stock and raised its price target to $1,303 from $1,139.Shares of GE Vernova were up 2.6% in Thursday trading.Price: $1157.05, Change: $+29.49, Percent Change: +2.62%

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