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Houston energy companies score big on annual Fortune 500 ranking

Houston-based energy companies have again held a sizable presence on the Fortune 500 ranking. Photo via Getty Images

Fourteen businesses with global or regional headquarters in the Houston area appear on Fortune’s new list of the world’s 500 biggest companies.

Oil and gas company Saudi Aramco, whose headquarters for the Americas is in Houston, leads the Houston-area pack. With annual revenue of $494.9 billion, it lands at No. 4 on the Fortune Global 500. Ahead of Saudi Aramco are U.S. retailers Walmart and Amazon, and Chinese electric company State Grid.

To put Saudi Aramco’s annual revenue in perspective, the total is slightly above the gross domestic product for the Philippines.

For the third year in a row, Saudi Aramco stands out as the most profitable member of the Fortune Global 500. The company racked up $121 billion in profit last year.

Overall, Saudi Aramco and 32 other petroleum refiners — many of them with a significant presence in the Houston area — made the Fortune Global 500.

“The Global 500 is the ultimate scorecard for business success. The aggregate revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record level. That sum represents more than a third of global GDP — a sign of how much economic power is concentrated in these companies,” Scott DeCarlo, Fortune’s vice president of research, says in a news release.

Here’s the rundown of Fortune Global 500 companies with global or regional headquarters in the Houston area, including the ranking and annual revenue for each:

  • Saudi Aramco, No. 4, $494.9 billion, Americas headquarters in Houston
  • ExxonMobil, No. 12, $344.6 billion, global headquarters in Spring
  • Shell, No. 13, $323.2 billion; U.S. headquarters in Houston
  • TotalEnergies, No. 23, $218.9 billion, U.S. headquarters in Houston
  • BP, No. 25, $213 billion, U.S. headquarters in Houston
  • Chevron, No. 29, $200.9 billion, global headquarters relocating to Houston in 2024
  • Phillips 66, No. 52, $149.9 billion, global headquarters in Houston
  • Engie, No. 130, $89.3 billion, North American headquarters in Houston
  • Sysco, No. 163, $76.3 billion, global headquarters in Houston
  • ConocoPhillips, No. 235, $58.6 billion, global headquarters in Houston
  • Enterprise Products Partners, No. 303, $49.7 billion, global headquarters in Houston
  • Plains GP Holdings, No. 311, $48.7 billion, global headquarters in Houston
  • LyondellBasell, No. 368, $41.1 billion, global headquarters in Houston
  • SLB (formerly Schlumberger), No. 479, $33.1 billion, global headquarters in Houston

Fortune uses revenue figures for budget years ending on or before March 31, 2024, to rank the world’s largest companies.

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A View From HETI

Houston-based Solidec has closed an oversubscribed pre-seed round led by New Climate Ventures. Photo courtesy Greentown Labs.

Solidec, a Houston startup that specializes in manufacturing “clean” chemicals, has raised more than $2 million in pre-seed funding.

Houston-based New Climate Ventures led the oversubscribed pre-seed round, with participation from Plug and Play Ventures, Ecosphere Ventures, the Collaborative Fund, Safar Partners, Echo River Capital and Semilla Climate Capital, among other investors.

Solidec’s approach to chemical manufacturing replaces centralized infrastructure with modular on-site production using only air, water and electricity. Solidec’s platform is powered by modular reactors capable of producing widely used chemicals such as hydrogen peroxide, formic acid, acetic acid and ethylene.

“We’ve known the Solidec team for almost two years and have developed a high degree of conviction in the team, their technology, and their go-to-market strategy,” Eric Rubenstein, managing partner at New Climate Ventures, said in a news release. “We’re particularly excited about Solidec’s ability to produce many different widely used chemicals. It gives them critical flexibility to expand and serve a broad customer base.”

Solidec is initially focusing on hydrogen peroxide.

“Traditionally, hydrogen peroxide is produced in centralized, energy-intensive facilities using carbon-intensive inputs, then transported long distances, resulting in a significant carbon footprint,” Ryan DuChanois, co-founder and CEO of Solidec, said in the release. “Solidec’s modular reactor produces clean chemicals like hydrogen peroxide on-site, in fewer steps, and with less energy, slashing emissions, supply-chain risk, and cost.”

Solidec said its technology “is poised to disrupt the multibillion-dollar commodity and chemical industries.” The company has already signed up several customers.

The startup, a Rice University spinout, is a graduate of the Chevron Catalyst Program and a member of Greentown Labs Houston. It was cofounded by DuChanois, Haotian Wang and Yang Xia.

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