Strategic Direction & Growth - Chevron is bigger, stronger, and better than ever, with growing free cash flow and earnings over the next five years [2] - Free cash flow is growing at greater than 10% compound annual growth rate, driven by the core business and supplemented by new opportunities [2] - The company plans to be operational with its data center power project by 2027 [4] - Exploration spending is set to increase by approximately 50% [11] Data Center Power Project - Chevron is entering the power business to support the coming boom in AI and the need for more power to support data center buildout [3] - The power project will be disconnected from the grid and serve only a dedicated customer for AI [3] - The company has 5 gigawatts of power generation to support facilities in remote locations without grid access [6] - The data centers will be located close to the gas supply and fiber infrastructure in West Texas [8][10] Market Dynamics & Supply - Demand for energy will only grow into the future, with oil and gas demand growing to 2050 based on current policies [15] - Oil prices in 2026 are likely to feel more pressure than LNG prices due to supply coming back from OPEC plus countries [19][20] - LNG spot prices are expected to be pressured due to high supply from new projects in the Middle East and the United States [19][20]

Core Viewpoint - Woodside Energy anticipates a 50% increase in oil and gas sales by 2032 to satisfy growing energy demand, especially in Asian markets [1] Group 1 - The company's CEO, Meg O'Neill, highlighted the rising energy demand as a key driver for this expected growth [1]

Industry Trends - Demand for energy is rising due to investment in power-hungry data centers [1] - The petroleum industry faces surprisingly tough times despite a president who supports it [1]

Joining us now is Tyler Rosenlick. He is fund manager and head of natural resource equities at Cohen and Steers. Uh now I know what ghost energy drink is.Not a promotion by the way. Tyler, it's great to have you on. >> Thanks so much for having me.>> Okay, so energy I do know something about. Let's talk first off about uranium, the nuclear renaissance. Everybody's talking about it, but let's I want to dial it back a bit.Okay, we're building exactly zero nuclear power plants in the United States right now. T ...

RT Bloomberg Opinion (@opinion)@DaveLeeBBG @parmy @cathythorbecke AI will create much more demand for energy. Where should it come from? 🤖🌎https://t.co/6kgUwBtaMS ...

JPMorgan says the US needs renewables to meet increasing demand for energy from the tech industry and more stories on today's Green Daily https://t.co/aVLSwSRzGR ...

Core Insights - Crude oil and gasoline prices experienced an increase, supported by a positive economic outlook reflected in the S&P 500 reaching a new record high, which bolstered energy demand and crude prices [2] - OPEC+ announced a smaller-than-expected increase in crude production, which provided additional support for crude prices [4] - Mixed results were reported in the weekly EIA inventory report, with crude inventories rising more than anticipated while gasoline and distillate supplies fell more than expected [3] Group 1: OPEC+ Production Decisions - OPEC+ agreed to increase crude production by 137,000 barrels per day (bpd) starting in November, which was below market expectations of a 500,000 bpd increase [4] - The organization is working to reverse a previous production cut of 2.2 million bpd, with a total planned increase of 1.66 million bpd [4] - OPEC's September crude production rose by 400,000 bpd to 29.05 million bpd, marking the highest level in 2.5 years [4] Group 2: Market Reactions and Price Dynamics - Saudi Arabia's Aramco decided to keep the price of its main oil grade for Asian customers unchanged for November delivery, contrary to expectations of a price increase, indicating potential weakness in energy demand [5] - The dollar index reached a 1.75-month high, which limited gains in crude prices on the same day [2] Group 3: Geopolitical Factors Impacting Supply - Reduced crude production in Russia is contributing to higher oil prices, as the Kirishi oil refinery halted most production following a drone attack [6] - Ukrainian attacks on Russian refineries have significantly limited Russia's crude export capabilities, with refined-product flows dropping to 1.94 million bpd in early September, the lowest in over 3.25 years [6]

Group 1: Crude Oil and Gasoline Prices - Crude oil prices are experiencing an increase, with November WTI crude oil up by 1.04 (+1.68%) and November RBOB gasoline up by 0.0187 (+0.99%) [1] - The rise in crude prices is supported by a positive economic outlook reflected in stock market rallies and a smaller-than-expected increase in OPEC+ crude production levels [2][4] - A mixed weekly EIA inventory report showed an unexpected increase in crude inventories, while gasoline and distillate supplies fell more than anticipated [3] Group 2: OPEC+ Production Decisions - OPEC+ agreed to a 137,000 bpd increase in crude production starting in November, which was less than the market's expectation of a 500,000 bpd increase [4] - OPEC's crude production rose by 400,000 bpd in September, reaching 29.05 million bpd, the highest level in 2.5 years [4] Group 3: Market Influences - Saudi Arabia's Aramco decided to keep the price of its main oil grade for Asian customers unchanged for November delivery, indicating potential weakness in energy demand [5] - Reduced crude production in Russia, due to a halt at the Kirishi oil refinery following a drone attack, is providing support for oil prices [6] - A decrease in crude oil held on tankers, which fell by 7% week-over-week to 82.81 million barrels, is considered bullish for oil prices [7]

Francisco Blanch is head of commodities and derivatives research at Bank of America Securities. Francisco, it's great to have you back on the program. How do you see this Russia story playing out.And are you surprised that oil's not moving more given that Ukrainian drones hit pretty deep inside Russia. >> Hey, hey, thanks for having me. Look, we've had of course hits to Ukrainian refineries, but also so Russian refineries by by Ukrainian drones, but also uh we had the port of Primorsque, which uh which was ...

Data Centers & AI - Concerns exist about a potential bubble in data centers, especially after Oracle's results, due to customer concentration [1] - The industry is bullish on AI and data center growth in the US [2] Energy Sector Investment - The energy space is viewed as having mass potential for private equity investment in the next 5 to 10 years [2] - Private equity investment is focused on energy services and utility services, specifically improving the grid [4] - Energy demand is expected to double over the next 25 years [5] - Supply chain issues and a shortage of skilled technicians create opportunities in the private equity space [5] Utility Services Consolidation - Significant fragmentation exists among utility service providers, creating consolidation opportunities for private equity [5] - Consolidation focuses on service providers serving the utilities, driven by increased outsourcing due to a shortage of skilled technicians [8] - Investment is aimed at consolidating service providers to large utilities where massive growth is anticipated [9] Materials & Services - Private equity money is flowing across the entire ecosystem, including materials needed for building data centers [10] - Investment is also directed towards O&M (Operations & Maintenance) services [10]