Chevron Corp and Exxon Mobil are considering entering the electricity business, with the U.S. oil majors working on deals to use natural gas and carbon capture to power the technology industry's AI data centers,

Exxon believes data centers could account for up to 20 percent of the total addressable market for CCS in 2050.

US multinational oil and gas major ExxonMobil has revealed plans for a new 1.5GW natural gas-fired power plant dedicated to powering data centers. The project is in the early stages of development. It would mark the first time Exxon has built a power plant that does not supply energy to its own operations.