The agreement is part of "Project Kilby," where Chevron, through its subsidiary Energy Forge One, will collaborate with Engine No. 1 and Microsoft to develop approximately 2.67 gigawatts of on-site power generation capacity, expected to begin supplying power in 2028. Chevron will directly supply natural gas from its Permian Basin production fields and manage long-term operations as a co-investor and developer. This take-or-pay contract will provide Chevron with stable, long-term revenue while ensuring Microsoft's energy supply for decades to come.