New York, June 27, 2026, 15:25 EDT
- Chevron finished Friday at $171.06, losing 0.69%. Brent and U.S. crude each dropped over 3% as worries about supply cooled.
- Chevron’s next hurdle is seeing if investors buy into its Microsoft-connected power effort as actual new revenue, and not just a story.
- Next week’s trading will be shorter as the NYSE shuts July 3 for Independence Day observed.
Chevron shares are on the defensive as the holiday-shortened week starts, weighed by falling crude prices and a fresh AI data center initiative that sent investors back to their models. Chevron finished Friday at $171.06, down $1.18, or 0.69%, with about 13.1 million shares changing hands.
The oil-stock play isn’t clear-cut right now. Chevron remains linked to crude, but it’s also telling investors these power contracts with tech firms could bring in more stable revenue. That’s steadier cash flow, less tied to oil-price moves.
NYSE regular trading is open 9:30 a.m. to 4 p.m. ET. U.S. cash equities are shut this weekend, and trading hours get another cut for the July 3 Independence Day holiday next week. New York Stock Exchange That leaves investors with four full sessions to track the oil selloff, the Microsoft power buy, and any new demand signs before the extended holiday break.
Chevron slipped Friday, trailing a market that barely moved. The S&P 500 edged down 0.05% and the Dow dropped 0.09%. Energy stocks ticked up 0.18%, according to WSJ market data. The Wall Street Journal Since the June 18 close ahead of the Juneteenth break, Chevron is off about 1.5%. WSJ historical prices put the stock at $173.63 on June 18 and $171.06 on June 26.
Oil dragged down sentiment Friday. Brent crude dropped 4.34% to settle at $71.99 a barrel, while West Texas Intermediate closed at $69.23, off 3.74%, as tankers kept passing through the Strait of Hormuz. Reuters Phil Flynn at Price Futures Group told Reuters there’s “a growing sense” crude will keep moving through the strait. Tamas Varga of PVM said “imminent oversupply” was a factor. Reuters
Chevron eyes more U.S. data-center power deals after Microsoft pact: Reuters Chevron is reviewing more data-center power deals in the U.S. after Reuters reported Friday it signed a 20-year contract to supply a Microsoft campus in Pecos, Texas. The project will use a natural gas-fired plant at 2.67 gigawatts. Reuters Chevron said it expects a final investment decision by year-end with first power in 2028. For now, the market is just pricing the plan, not any earnings.
Chevron’s president of new energies, Jeff Gustavson, told Reuters the company could do more projects with Microsoft and other customers, if the returns are there. “You can see more announcements over time,” he said. Reuters Reuters also said Exxon Mobil is the closest rival as both Chevron and Exxon chase deals to profit from Big Tech’s surging electricity use at AI data centers. Reuters
Chevron is trading like two stories. Oil still drives daily moves, with Friday as the latest proof. But the data center deal gives bulls a new growth pitch when oil is swinging and some investors want more locked-in cash flows.
The risk is clear. If crude keeps falling because supply normalizes and demand stays low, the AI play may not make up for weaker oil prices. If Project Kilby’s final sign-off gets pushed back, costs go up, or returns don’t meet targets, investors could see the deal as just a longer-term growth option, not something that lifts the near-term valuation.
Chevron will watch oil prices closely this week, rather than Microsoft. The company needs crude to stabilize. Management also has to show its strategy in the power market is disciplined. If not, Chevron shares could keep acting like a classic oil name facing a supply reset, instead of taking on the moves of a fresh AI infrastructure play.
