Exxon Mobil sees a key advantage in developing power plants for AI data centers as tech companies rush to secure energy sources for their operations. The oil and gas giant has claimed that its ability to supply decarbonized power will be a huge advantage.
During a conference call with analysts, CEO Darren Woods stated that Exxon is not interested in entering the utility business but is focusing on providing end-to-end solutions for capturing, transporting, and storing CO2. This will bring value to companies seeking decarbonized power and help manage emissions.
Exxon has designed a power plant fueled by natural gas that can capture over 90% of its carbon emissions. The company claims this is the first time it’s building a plant that doesn’t serve its own operations, indicating a growing interest from tech giants like Microsoft and OpenAI in decarbonized data centers.
The company will act as an integrator to accelerate project timelines, given its successful track record in project organization. Exxon aims to bring a site online by 2028 and decarbonize it by 2029. Despite concerns raised by China’s DeepSeek regarding the energy efficiency of AI, Exxon believes its approach won’t be impacted.
Chevron, another Fortune 500 company, has formed a partnership with investment firm Engine No. 1 to build gas-fired power plants for data centers, with plans to launch by late 2027. The partnership aims to capture most carbon emissions and will be co-located with data centers in the US Southeast, Midwest, and West regions.
Source: https://fortune.com/2025/02/01/exxon-ceo-darren-woods-decarbonized-power-plants-ai-data-centers-chevron-ceo-mike-wirth