New Mexico regulators reject Oracle’s pipeline application again, threatening AI data center plans

Land Commissioner cites insufficient benefits to state trust lands as Energy Transfer's 'Green Chile' pipeline hits another wall, complicating Oracle's massive Project Jupiter.

by Editorial Team

Thu 16 Jul 2026 · 19:23 EDT 2 min read

In Technology

Oracle Corporation (ORCL) price

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Last close: $140
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Market cap: $422.0B (shares as of 2026-09-07)
P/E (trailing): 21.9 (EPS to 2026-08-31)
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Annual revenue growth: +17.3% (FY ended 2026-05-31 vs FY ended 2025-05-31) 10-K
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Oracle Corporation and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Oracle Corporation ORCL · Price dated Oct 29, 2026 · tokenized ORCLx	$140	$422.0B	21.9	Unavailable	$67.4BFY ended 2026-05-31 · 10-K	+17.3%FY ended 2026-05-31 vs 2025-05-31 · 10-K	17,087,000,000FY ended 2026-05-31, attributable to the company · 10-K	30.6%FY ended 2026-05-31
Palantir Technologies Inc. PLTR · Price dated Oct 29, 2026 · tokenized PLTRx	$196	$472.0B	167.9	Unavailable	$4.5BFY ended 2025-12-31 · 10-K	+56.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,625,033,000FY ended 2025-12-31, attributable to the company · 10-K	31.6%FY ended 2025-12-31
CrowdStrike Holdings Inc. CRWD · Price dated Oct 29, 2026 · tokenized CRWDx	$261	$267.4B	Not meaningfulLoss, diluted EPS −0.45 to 2026-07-31 · SEC filing	Unavailable	$4.8BFY ended 2026-01-31 · 10-K	+21.7%FY ended 2026-01-31 vs 2025-01-31 · 10-K	−162,502,000FY ended 2026-01-31, attributable to the company · 10-K	−6.1%FY ended 2026-01-31
Shopify Inc. SHOP · Price dated Oct 29, 2026	$167	Unavailable	112.8	Unavailable	$11.6BFY ended 2025-12-31 · 10-K	+30.1%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,231,000,000FY ended 2025-12-31, attributable to the company · 10-K	12.7%FY ended 2025-12-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

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New Mexico’s Land Commissioner Stephanie Garcia Richard has denied Energy Transfer’s applications for a second time to build a natural gas pipeline segment that would fuel Oracle’s ambitious AI data center project. The rejection, which came on July 14, creates a significant obstacle for one of the largest planned data center developments in the country.

The decision follows an initial denial back in March, making it clear that state regulators have fundamental concerns about the project’s impact on state trust lands, emissions, water usage, and resource protection.

What’s actually at stake

The pipeline segment in question covers roughly 0.6 miles of state land.

The rejected ‘Green Chile’ pipeline would deliver natural gas to Project Jupiter, Oracle’s planned AI data center complex spanning approximately 1,400 acres with a targeted capacity exceeding 2 gigawatts.

Oracle has tried to sweeten the deal. The company says over 440 New Mexico residents are already employed on-site. The full buildout promises 4,000 construction jobs and 1,500 permanent positions. Oracle has also committed $50 million to local water system improvements.

Garcia Richard’s office concluded the pipeline applications didn’t demonstrate sufficient benefits to state trust lands, which the commissioner is legally obligated to protect and manage for revenue generation.

The energy puzzle gets messier

Oracle has already pivoted its fuel strategy to rely on Bloom Energy fuel cells, a cleaner-burning alternative to traditional power generation. But those fuel cells still need natural gas delivered to them.

The company has also set a target of 100% carbon-free electricity for its facilities by 2035.

Energy Transfer now has a 30-day window to appeal the denial.

Why crypto and tech investors should pay attention

The rejection also highlights a growing tension that investors need to price in. A project promising 1,500 permanent jobs and $50 million in water infrastructure used to be the kind of offer that got rubber-stamped.

For companies like Oracle, the risk calculus is shifting. Alternative energy sourcing strategies add cost and complexity. Project delays erode returns on massive capital expenditures.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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