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Deloitte's new energy lead, a $7.4B deal, and more things to know this week

Here are three things to know in Houston energy transition news. Photo via Getty Images

Editor's note: It's a new week — start it strong with three quick things to catch up on in Houston's energy transition: a roundup of events not to miss, a Houston energy executive to know, and more.

Incoming: Deloitte names new head of energy, chemicals practice

Teresa Thomas was named vice chair and national sector leader for energy and chemicals at Deloitte. She takes over the role from Amy Chronis, partner at Deloitte LLP, who will continue to serve within the energy and chemicals practice until her retirement in June 2024.

"I am fortunate to have worked in the energy and chemicals industry for most of my career, and I'm honored to continue working with companies that are playing a pivotal role in powering progress and purpose," Thomas says in a news release. "Our industry is at the epicenter of the energy transition that can fuel tremendous potential for society, and I'm excited to be leading during this important and transformational time."

Last year, Chronis announced her retirement from Deloitte, and the company named Melinda Yee as the incoming Houston managing partner at Deloitte, a role Chronis held in addition to the title of vice chair and US energy and chemicals leader. Chronis is slated to retire in June 2024, and Yee's new role became effective this month. Read more.

Events not to miss

Put these Houston-area energy-related events on your calendar.

  • Energy Underground's January meeting is on January 18 at noon at the Esperson Building. Register.
  • The Houston Oil and Gas Executive Leadership Summit is an meeting of executives, policymakers, academics, and other professionals with a particular interest related to energy. The event is January 25 at the DoubleTree by Hilton Hotel Houston. Register.
  • Future of Energy Summit is Tuesday, February 6, at AC Hotel by Marriott Houston Downtown. Register.
  • The De Lange Conference, taking place February 9 and 10 at Rice University's Baker Institute for Public Policy, is centered around the theme “Brave New Worlds: Who Decides? Research, Risk and Responsibility” this year. Register.

Really big deal: Southwestern Energy to combine with Chesapeake in $7.4B deal

Chesapeake Energy and Southwestern Energy are combining in a $7.4 billion all-stock deal to form one of the biggest natural gas producers in the U.S.

The transaction, valued at $6.69 per share, will create a company that has large scale acreage in the Appalachia region and Haynesville, Louisiana. It has current net production of approximately 7.9 Bcfe/d with more than 5,000 gross locations and 15 years of inventory.

“The world is short energy and demand for our products is growing, both in the U.S. and overseas," Chesapeake CEO Nick Dell’Osso said in a prepared statement Thursday. "We will be positioned to deliver more natural gas at a lower cost, accelerating America’s energy reach and fueling a more affordable, reliable, and lower carbon future." Read more.

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A View From HETI

Twenty-six Houston-area companies landed on the latest Fortune 500 list. Photo via Getty Images

Houston maintained its No. 3 status this year among U.S. metro areas with the most Fortune 500 headquarters. Fortune magazine tallied 26 Fortune 500 headquarters in the Houston area, behind only the New York City area (62) and the Chicago area (30).

Last year, 23 Houston-area companies landed on the Fortune 500 list. Fortune bases the list on revenue that a public or private company earns during its 2024 budget year.

On the Fortune 500 list for 2025, Spring-based ExxonMobil remained the highest-ranked company based in the Houston area as well as in Texas, sitting at No. 8 nationally. That’s down one spot from its No. 7 perch on the 2024 list. During its 2024 budget year, ExxonMobil reported revenue of $349.6 billion, up from $344.6 billion the previous year.

Here are the rankings and 2024 revenue for the 25 other Houston-area companies that made this year’s Fortune 500:

  • No. 16 Chevron, $202.8 billion
  • No. 28 Phillips 66, $145.5 billion
  • No. 56 Sysco, $78.8 billion
  • No. 75 Conoco Phillips, $56.9 million
  • No. 78 Enterprise Products Partners, $56.2 billion
  • No. 92 Plains GP Holdings, $50 billion
  • No. 143 Hewlett-Packard Enterprise, $30.1 billion
  • No. 153 NRG Energy, $28.1 billion
  • No. 155 Baker Hughes, $27.8 billion
  • No. 159 Occidental Petroleum, $26.9 billion
  • No. 183 EOG Resources, $23.7 billion
  • No. 184 Quanta Services, $23.7 billion
  • No. 194 Halliburton, $23 billion
  • No. 197 Waste Management, $22.1 billion
  • No. 214 Group 1 Automotive, $19.9 billion
  • No. 224 Corebridge Financial, $18.8 billion
  • No. 256 Targa Resources, $16.4 billion
  • No. 275 Cheniere Energy, $15.7 billion
  • No. 289 Kinder Morgan, $15.1 billion
  • No. 345 Westlake Corp., $12.1 billion
  • No. 422 APA, $9.7 billion
  • No. 443 NOV, $8.9 billion
  • No. 450 CenterPoint Energy, $8.6 billion
  • No. 474 Par Pacific Holdings, $8 billion
  • No. 480 KBR Inc., $7.7 billion

Nationally, the top five Fortune 500 companies are:

  • Walmart
  • Amazon
  • UnitedHealth Group
  • Apple
  • CVS Health

“The Fortune 500 is a literal roadmap to the rise and fall of markets, a reliable playbook of the world's most important regions, services, and products, and an indispensable roster of those companies' dynamic leaders,” Anastasia Nyrkovskaya, CEO of Fortune Media, said in a news release.

Among the states, Texas ranks second for the number of Fortune 500 headquarters (54), preceded by California (58) and followed by New York (53).

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