Chevron Corp and Exxon Mobil are considering entering the electricity business, with the U.S. oil majors working on deals to use natural gas and carbon capture to power the technology industry's AI data centers,

Exxon Mobil plans to invest heavily into several big projects over the next six years, even as some other oil companies are growing more cautious, the company said at an investor day on Wednesday. All that investment comes at a time when most analysts expect oil prices to fall next year because of a glut—which may be why Exxon stock was down 0.

This would be the first time Exxon built a power plant that wasn’t intended to power its own operations, the New York Times reported.