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• Calif.'s inclusion in draft offshore plan sparks outrage
  The Trump administration's draft five-year offshore oil and natural...
  The Trump administration's draft five-year offshore oil and natural gas leasing plan would reopen California's coastal waters to oil and natural gas drilling for the first time in 40 years, proposing up to 6 lease sales between 2027 and 2030. The plan drew immediate backlash from Gov. Gavin Newsom, who declared it "dead on arrival." In a July letter, the American Petroleum Institute and nine other energy groups voiced support for including California and other regions in federal leasing programs, saying, "Undiscovered resources could be readily produced given the array of existing infrastructure in the area, particularly in southern California."
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• Chevron Aims to Enter Data Center Supply Market in West Texas
  Chevron is moving to become a direct...

  Chevron is moving to become a direct power provider to the AI sector, outlining plans for its first data center power project in West Texas during its Nov. 12 investor day. The company is in exclusive negotiations with an unnamed counterparty and expects to begin delivering power in 2027, with a final investment decision targeted for early 2026.

  
  

  The planned facility will start with 2.5 GW of gas-fired generation, expandable to 5 GW, positioning Chevron alongside a growing cluster of AI-focused data center developments across West Texas, the Permian region, and the broader Texas Panhandle. Unlike most recent AI power deals, which midstream operators have dominated, Chevron will leverage its own gas supply and long experience with behind-the-meter power for its operations.

  
  

  Chevron has already locked in key equipment, supported by a partnership announced in January with GE Vernova and Engine No. 1 for turbines capable of up to 4 GW. At the same time, management reiterated a strategy to grow free cash flow by 10% annually through 2030, based on $70 Brent, while trimming annual capex guidance by $1 billion to a range of $18 billion to $21 billion.

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• The shutdown is over, but some effects will linger
  After the longest shutdown in history, the House ...
  After the longest shutdown in history, the House passed a bill last night to fund the government through Jan. 30, and President Trump signed it, reopening the federal government, which had been shut since Oct. 1.
  
  The deal to resume government functions came together after eight Democratic senators broke ranks, allowing Republicans to pass a funding bill without extending the enhanced healthcare subsidies Democrats were fighting for. The package also included reinstatement of federal workers who were laid off during the shutdown and a controversial provision allowing some Republican senators to sue over investigations related to Jan. 6, 2021. Six Democrats also voted with Republicans in the House.
  
  ✈The FAA started cutting flights to ease pressure on temporarily unpaid air traffic controllers last week, causing travel disruptions that peaked on Sunday with nearly 3,000 flight cancellations and 11,000 delays. With the shutdown over, the FAA said the cuts would remain at 6% this week, rather than rising to 10% as planned, and will be lifted once it is safe to do so.
  
  However, National Air Traffic Controllers Association President Nick Daniels said earlier this week that it took over two months for staffing levels to rebound after the last shutdown ended in 2019.
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• ☕️What Else is Brewing Thursday Morning
  Toyota opens US battery plant. The Japanese automaker...
  Toyota opens US battery plant. The Japanese automaker declared its $14 billion North Carolina battery-making facility open yesterday, pledging an additional $10 billion investment in US manufacturing over the next five years as it hits the gas on its strategy to sell hybrid cars. While competitors shifted their focus to full EVs, Toyota bet on hybrids, a move that has proven lucrative as hybrid use ticks up and EV interest wanes. The new factory is Toyota’s 11th US manufacturing facility, but its first battery production site outside Japan. The plant will let it step up hybrid production, supplying hybrids and EVs with batteries while saving on shipping and tariff costs.
  
  Anthropic is the latest AI company to spend big to set up infrastructure. It plans to shell out $50 billion, starting with data centers in Texas and New York.
  
  US Treasury Secretary Scott Bessent said agricultural tariff cuts that apply to coffee, bananas, and other things that can’t be grown in the States are coming soon.
  
  President Trump urged Israel’s president to pardon its Prime Minister Benjamin Netanyahu, a political ally who has been accused of corruption.
  
  European budget airline Ryanair ditched paper boarding passes in favor of app-only travel documents.
  
  Skims, Kim Kardashian’s shapewear company that sells a fake hair micro thong, was valued at $5 billion in a recent funding round.
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• DAILY OIL PRICE: November 12, 2025
  Crude Oil: 58.49   (-2.55)....
  
  
  • Crude Oil: 58.49   (-2.55).
  
  
  • Nymex MTD AVG: 60.1258.
  
  
  • Natural Gas: 4.533   (-0.032).
  
  
  • Gasoline: 1.9554   (-0.0566).
  
  
  • Spreads: December/January (0.00)     January/February (+0.07).
  
  
  • Plains WTI Posting: 54.97   (-2.55).
  
  

  
  Source: Odessa American
  
  
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