Chevron signs long-term Microsoft power deal, shares hold near recent high

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-23, 08:03.

Chevron (US1667641005) expands its role in U.S. power markets with a 20-year electricity supply agreement tied to a major project serving Microsoft, while the shares trade on the NYSE close to a fresh 52-week high according to recent market data. This combination of a long-dated contract and robust share price level underscores how investors currently rate the energy major in comparison with integrated peers like Exxon Mobil.

What the Microsoft deal includes

Financial portal Investing.com reports that Chevron has agreed on a 20-year power purchase agreement with Microsoft for electricity from a planned large-scale gas-fired power project in West Texas, described as one of the biggest plants of its kind in the United States once built. The report on Investing.com states that first power deliveries are targeted for 2028 and that a final investment decision is expected before the end of this year.

According to the same report, the project, known as "Project Kilby", is being developed together with investment fund Engine and is designed for a capacity of around 2.67 gigawatts, which would put it in the top tier of U.S. gas generation assets by size. Investing.com highlights that Jefferies maintains a Buy stance on Chevron and sees the long-term contract as supportive for the investment case.

How Chevron shares trade on the NYSE

MarketBeat data show Chevron shares closed at 174.87 US dollars on the NYSE on 2026-06-22, after touching an intraday high of 175.45 dollars and marking a new 52-week high after a recent analyst upgrade. MarketBeat quotes also place the extended-hours price at 175.28 dollars as of 19:58 Eastern Time on the same day, with a 50-day range between 173.51 and 197.38 dollars.

Additional price data compiled by TradingKey show Chevron closing at 175.13 dollars on 2026-06-22, corresponding to a market capitalization of about 348.79 billion dollars and a trailing price-earnings ratio of roughly 30.4. The TradingKey overview confirms the size of Chevron among S&P 500 energy constituents and underlines the current valuation level the market assigns to the oil and gas group.

How Chevron earns its money

Chevron generates cash flow along the full oil and gas value chain, from upstream exploration and production in regions such as the Permian Basin and the Gulf of Mexico to downstream refining and marketing operations and a growing portfolio of lower-carbon businesses. A representative product line is its branded Chevron and Texaco fuels, sold through thousands of service stations that offer gasoline, diesel and lubricants to retail and commercial customers worldwide.

Where the shares trade today

The Chevron shares (US1667641005) trade on 2026-06-22 on the NYSE at 175.13 US dollars, based on the most recent closing data available.

This article is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.