A small oil company in California could demonstrate how the tech sector can use natural gas to power surging energy demand from artificial intelligence while still meeting climate goals. California Resources Corporation is an independent oil and gas company focused entirely on the Golden State, with a market capitalization of about $4.6 billion and proven preserves of 377 million barrels as of 2023.
The tech companies have publicly focused on renewables and nuclear power to address their energy needs while meeting climate commitments. "But that attitude may be changing as the market comes to grips with power demand implications that the data center buildout portends," Akamine wrote.
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