Profits still ain't easy.

Cheap gas is great, but 2.67GW of new build natural gas in this market will cost $6-8 billion in fixed costs. You need wholesale pricing of ~$50-60/MWh ... OVER 25 years! ... to recover just the fixed costs.

For West Texas, prices averaged mid-$30s over the last year.

Microsoft has all of the leverage here, and Chevron wants a big announcement in an area where they don't have a lot of experience.