“Kilby is expected to deliver mid-teens returns and long-duration contracted cash flows that are independent of commodity price cycles.”

In context

“Jeff Gustavson (President, New Energy): Thanks, Mike. The U.S. is undergoing a structural shift in electricity demand as AI accelerates, and reliable power is becoming the critical constraint. Chevron is well positioned to address this challenge. We bring a combination of assets and capabilities we believe few can match. A leading U.S. natural gas portfolio, extensive experience with large-scale behind-the-meter power, proven project execution capabilities, and strong partnerships that provide access to critical equipment and leading customers. This reflects Chevron's strategy in action. We're leveraging advantaged assets, customer relationships, execution capabilities and partnerships to deliver reliable, affordable energy while creating long-term shareholder value. While many data center power projects have been announced, few have secured long-term customer commitments for behind-the-meter power and only one is at multi-gigawatt scale, Project Kilby. This demonstrates our ability to execute at speed and scale. We recently signed a 20-year take-or-pay power purchase agreement with Microsoft for 2.67 gigawatts of firm behind-the-meter capacity, supporting its co-located data center complex. We're now focused on execution, with permitting and EPC activities progressing towards a final investment decision later this year. Kilby is expected to deliver mid-teens returns and long-duration contracted cash flows that are independent of commodity price cycles. Importantly, Kilby provides a repeatable model. We're already in advanced discussions on additional opportunities with existing and potential customers for future projects. We've engaged closely with local stakeholders throughout development and have been encouraged by the strong support we've received in West Texas. I'll now turn it over to Eimear to discuss the financial results.”