Exxon, Chevron betting part of their future in supplying energy, Bloomberg says

Exxon Mobil (XOM), Chevron (CVX), and Shell (SHEL) are betting that part of their future lies in supplying the energy needed for America’s technology giants to win the race for AI supremacy, Kevin Crowley of Bloomberg reports. Those plans, however, took a significant knock after the release of DeepSeek’s AI model, which uses a fraction of the power required to run the AI models released by OpenAI and Meta Platforms. Despite this, the world’s largest oil companies are betting on growing demand for electricity generated from natural gas in the future where crude consumption peaks due to the energy transition. “We’re also well-positioned to meet surging demand from data centers for low-carbon power, and on a timetable that alternatives such as nuclear simply can’t match,” Exxon CEO Darren Woods said on a call with analysts, according to Bloomberg.