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).

EDP Renewables North America LLC has announced four new solar projects in Texas, Mississippi and Illinois for major tech customers. Photo via Getty Images

Houston renewables developer powers 4 new solar parks for Amazon, Microsoft

now open

Houston-based EDP Renewables North America LLC announced that it has powered up four new projects across the country for customers Amazon and Microsoft.

The new projects come about a month after EDP Renewables powered up its new California solar park for Houston-based Shell Energy North America and the Eureka, California-based Redwood Coast Energy Authority.

EDP Renewables announced that it also launched the 100-megawatt Ragsdale Solar Park in Madison Country, Mississippi, in Q4 2024. Amazon has contracted for all 100 megawatts from the solar park through a 15-year power agreement.

The Ragsdale project is the company's second utility-scale project in Mississippi after EDP Renewables launched its Pearl River Solar Park last year.

“Ragsdale signifies EDP Renewables’ ongoing commitment to Mississippi, its communities, and local businesses. The opportunity to develop utility-scale solar and contract directly with customers like Amazon, who are also committed to expanding their own presence in Mississippi, has been invaluable," Sandhya Ganapathy, CEO of EDP Renewables North America, said in a statement. "We are proud to aid the state’s commercial and industrial growth with homegrown energy solutions."

Additionally, EDP Renewables has powered three new projects for tech-giant Microsoft, with two in Illinois and one in Texas.

In December EDP Renewables powered a 150-megawatt Cattlemen II Solar Project in Milam County, Texas, about 70 miles northeast of the Austin area. It joins the 240-megawatt Cattlemen I Solar Park, which came online a year prior.

The company also launched the 140-megawatt Wolf Run Solar Project near Jacksonville, Illinois, and the Hickory Solar Project in Jerseyville, Illinois, late last year. The Hickory project was developed in conjunction with D.C.-based Volt Energy Utility.

Microsoft has agreed to purchase 389 megawatts and renewable energy credits from the projects, which brings the portfolio between the two companies up to five projects in total. It also includes the Timber Road IV Wind Farm located in Payne, Ohio.

"The importance of ensuring benefits flowing from renewable energy development directly into communities has never been more important,” Ganapathy added in a statement. “Through these three additional projects, we’re keeping our promise – and indeed the industry’s promise – to contribute to the nation’s growing energy demand and in that process invest in long-lasting economic growth of our communities.”

Events not to miss, nomination deadline for awards program for innovative energy businesses, and more things to know this week. Photo via Getty Images

Calling all energy startups, Amazon enters the DAC chat, and more things to know this week

hou knew?

Editor's note: It's a new week — start it strong with three quick things to know in Houston's energy transition ecosystem. Submit an energy transition company to an awards program, read how Amazon entered the DAC conversation, and learn about events not to miss this week.

Houston Innovation Awards nominations coming to a close

Photo via Getty Images

If you haven't heard, EnergyCapital's sister site, InnovationMap, is accepting nominations for the 2023 Houston Innovation Awards. The deadline to submit is tomorrow, September 19, and there are several categories that might be of interest to the Houston energy transition ecosystem, such as:

  • Hardtech Business, honoring an innovative company developing and commercializing a physical technology
  • Digital Solutions Business, honoring an innovative company developing and programming a digital solution to a problem in an industry
  • Sustainability Business, honoring an innovative company providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy, and beyond
  • Corporate of the Year, honoring a corporation that supports startups and/or the Houston innovation community
  • People's Choice: Startup of the Year, selected via an interactive voting portal during the event
Now, these are only a few categories this year. To submit a nomination and read more about the awards, click here.

Events to have on your radar

Photo courtesy of The Cannon

  • September 21 — The Rice Alliance Energy Tech Venture Forum is an opportunity to learn about the latest emerging technologies, meet investors to seek funding, see promising companies, and more. (Note: I'm moderating a panel about venture investment at 2 pm)
  • September 21 — UH Energy Symposium, a panel series, is hosting its next installment, entitled Plastics, Chemicals, Circularity: What's Next?
  • September 28 — Chevron Technology Ventures seeks to identify novel technologies and innovation systems that stand to transform and improve facility-focused operational efficiencies, via the Chevron Technology Ventures Pitch Competition. Six Houston companies will compete to win a tailored field trial opportunity with CTV experts, plus a six-month, complimentary, flexible-workspace membership at The Cannon.

Amazon makes investment in direct air capture by way of Houston-based Oxy

Photo via 1pointfive.com

Houston-based cleantech company 1PointFive is among the recipients of e-commerce giant Amazon’s first investments in carbon-fighting direct air capture (DAC).

Amazon has agreed to buy 250,000 metric tons of carbon removal credits from Stratos, 1PointFive’s first DAC plant, over a 10-year span. That commitment is equivalent to the amount of carbon stored naturally across more than 290,000 acres of U.S. forecasts, says Amazon.

As Amazon explains, DAC technology filters CO2 from the atmosphere and stores it in underground geological formations. Aside from being stored, removed carbon can be used to make building materials like bricks, cement, and concrete. Read more.

Amazon has agreed to buy 250,000 metric tons of carbon removal credits from 1PointFive’s first DAC plant. Photo via 1pointfive.com

Oxy's cleantech arm scores Amazon DAC investment

carbon capture client

Houston-based cleantech company 1PointFive is among the recipients of e-commerce giant Amazon’s first investments in carbon-fighting direct air capture (DAC).

Amazon has agreed to buy 250,000 metric tons of carbon removal credits from Stratos, 1PointFive’s first DAC plant, over a 10-year span. That commitment is equivalent to the amount of carbon stored naturally across more than 290,000 acres of U.S. forecasts, says Amazon.

Financial terms of the deal weren’t disclosed.

1PointFive is a carbon capture, utilization, and sequestration (CCUS) subsidiary of Houston-based energy company Occidental Petroleum.

The carbon captured for Amazon will be stored deep underground in saline aquifers — large geological rock formations that are saturated in saltwater.

As Amazon explains, DAC technology filters CO2 from the atmosphere and stores it in underground geological formations. Aside from being stored, removed carbon can be used to make building materials like bricks, cement, and concrete.

1PointFive is constructing its first DAC plant in Ector County, which is anchored by Odessa. The facility is expected to be the world’s largest DAC plant, capturing up to 500,000 tons of CO2 per year. Amazon Web Services (AWS) will provide real-time performance data for the plant.

“Amazon’s purchase and long-term contract represent a significant commitment to direct air capture as a vital carbon removal solution,” Michael Avery, president and general manager of 1PointFive, says in a news release. “We are excited to collaborate with Amazon to help them achieve their sustainability goals.”

1PointFive broke ground on the Stratos plant in April. Its project partners include British Columbia-based Carbon Engineering and Australia-based Worley. The plant is expected to be fully operational by mid-2025.

1PointFive envisions establishing more than 100 DAC facilities around the world by 2035.

The Amazon deal isn’t the only major deal for 1Point5 this summer.

In August, the U.S. Department of Energy (DOE) announced a $600 million grant for a 1PointFive-operated DAC hub that will be built in South Texas. The more than 100,000-acre hub, comprising 30 individual DAC projects, eventually may remove and store up to 30 million metric tons of CO2 per year.

Also in August, Japan’s All Nippon Airways (ANA) said it reached an agreement with 1PointFive to buy 10,000 metric tons of carbon removal credits per year over a three-year period starting in 2025. The credits will be generated by 1PointFive’s Stratos plant.

In the U.S., DAC has gotten a huge boost from the federal government. The Inflation Reduction Act, passed in 2022, includes tax credits for capturing and storing carbon via DAC.

The International Energy Agency says 27 DAC plants have been commissioned around the world, with at least 130 more in the development stage. One forecast predicts the value of the global market for DAC systems will climb past $2.3 billion by 2030.

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$524M Texas Hill Country solar project powered by Hyundai kicks off

powering up

Corporate partners—including Hyundai Engineering & Construction, which maintains a Houston office—kicked off a $524 million solar power project in the Texas Hill Country on Jan. 27.

The 350-megawatt, utility-scale Lucy Solar Project is scheduled to go online in mid-2027 and represents one of the largest South Korean-led investments in U.S. renewable energy.

The solar farm, located on nearly 2,900 acres of ranchland in Concho County, will generate 926 gigawatt-hours of solar power each year. That’s enough solar power to supply electricity to roughly 65,000 homes in Texas.

Power to be produced by the hundreds of thousands of the project’s solar panels has already been sold through long-term deals to buyers such as Starbucks, Workday and Plano-based Toyota Motor North America.

The project is Hyundai Engineering & Construction’s largest solar power initiative outside Asia.

“The project is significant because it’s the first time Hyundai E&C has moved beyond its traditional focus on overseas government contracts to solidify its position in the global project financing market,” the company, which is supplying solar modules for the project, says on its website.

Aside from Hyundai Engineering & Construction, a subsidiary of automaker Hyundai, Korean and U.S. partners in the solar project include Korea Midland Power, the Korea Overseas Infrastructure & Urban Development Corp., solar panel manufacturer Topsun, investment firm EIP Asset Management, Primoris Renewable Energy and High Road Energy Marketing.

Primoris Renewable Energy is an Aurora, Colorado-based subsidiary of Dallas-based Primoris Services Corp. Another subsidiary, Primoris Energy Services, is based in Houston.

High Road is based in the Austin suburb of West Lake Hills.

“The Lucy Solar Project shows how international collaboration can deliver local economic development and clean power for Texas communities and businesses,” says a press release from the project’s partners.

Elon Musk vows to put data centers in space and run them on solar power

Outer Space

Elon Musk vowed this week to upend another industry just as he did with cars and rockets — and once again he's taking on long odds.

The world's richest man said he wants to put as many as a million satellites into orbit to form vast, solar-powered data centers in space — a move to allow expanded use of artificial intelligence and chatbots without triggering blackouts and sending utility bills soaring.

To finance that effort, Musk combined SpaceX with his AI business on Monday, February 2, and plans a big initial public offering of the combined company.

“Space-based AI is obviously the only way to scale,” Musk wrote on SpaceX’s website, adding about his solar ambitions, “It’s always sunny in space!”

But scientists and industry experts say even Musk — who outsmarted Detroit to turn Tesla into the world’s most valuable automaker — faces formidable technical, financial and environmental obstacles.

Feeling the heat

Capturing the sun’s energy from space to run chatbots and other AI tools would ease pressure on power grids and cut demand for sprawling computing warehouses that are consuming farms and forests and vast amounts of water to cool.

But space presents its own set of problems.

Data centers generate enormous heat. Space seems to offer a solution because it is cold. But it is also a vacuum, trapping heat inside objects in the same way that a Thermos keeps coffee hot using double walls with no air between them.

“An uncooled computer chip in space would overheat and melt much faster than one on Earth,” said Josep Jornet, a computer and electrical engineering professor at Northeastern University.

One fix is to build giant radiator panels that glow in infrared light to push the heat “out into the dark void,” says Jornet, noting that the technology has worked on a small scale, including on the International Space Station. But for Musk's data centers, he says, it would require an array of “massive, fragile structures that have never been built before.”

Floating debris

Then there is space junk.

A single malfunctioning satellite breaking down or losing orbit could trigger a cascade of collisions, potentially disrupting emergency communications, weather forecasting and other services.

Musk noted in a recent regulatory filing that he has had only one “low-velocity debris generating event" in seven years running Starlink, his satellite communications network. Starlink has operated about 10,000 satellites — but that's a fraction of the million or so he now plans to put in space.

“We could reach a tipping point where the chance of collision is going to be too great," said University at Buffalo's John Crassidis, a former NASA engineer. “And these objects are going fast -- 17,500 miles per hour. There could be very violent collisions."

No repair crews

Even without collisions, satellites fail, chips degrade, parts break.

Special GPU graphics chips used by AI companies, for instance, can become damaged and need to be replaced.

“On Earth, what you would do is send someone down to the data center," said Baiju Bhatt, CEO of Aetherflux, a space-based solar energy company. "You replace the server, you replace the GPU, you’d do some surgery on that thing and you’d slide it back in.”

But no such repair crew exists in orbit, and those GPUs in space could get damaged due to their exposure to high-energy particles from the sun.

Bhatt says one workaround is to overprovision the satellite with extra chips to replace the ones that fail. But that’s an expensive proposition given they are likely to cost tens of thousands of dollars each, and current Starlink satellites only have a lifespan of about five years.

Competition — and leverage

Musk is not alone trying to solve these problems.

A company in Redmond, Washington, called Starcloud, launched a satellite in November carrying a single Nvidia-made AI computer chip to test out how it would fare in space. Google is exploring orbital data centers in a venture it calls Project Suncatcher. And Jeff Bezos’ Blue Origin announced plans in January for a constellation of more than 5,000 satellites to start launching late next year, though its focus has been more on communications than AI.

Still, Musk has an edge: He's got rockets.

Starcloud had to use one of his Falcon rockets to put its chip in space last year. Aetherflux plans to send a set of chips it calls a Galactic Brain to space on a SpaceX rocket later this year. And Google may also need to turn to Musk to get its first two planned prototype satellites off the ground by early next year.

Pierre Lionnet, a research director at the trade association Eurospace, says Musk routinely charges rivals far more than he charges himself —- as much as $20,000 per kilo of payload versus $2,000 internally.

He said Musk’s announcements this week signal that he plans to use that advantage to win this new space race.

“When he says we are going to put these data centers in space, it’s a way of telling the others we will keep these low launch costs for myself,” said Lionnet. “It’s a kind of powerplay.”

$21.5 billion merger will create Houston-based energy powerhouse

Major Merger

Oklahoma City, Oklahoma-based Devon Energy has agreed to buy Houston-based Coterra Energy in a $21.5 billion all-stock deal, forming an energy powerhouse that will be headquartered in Houston. The combined company, boasting an enterprise value of $58 billion, will adopt the Devon brand name.

Revenue for the two publicly traded companies totaled nearly $18.8 billion in the first nine months of 2025. Devon is a Fortune 500 company, but Coterra doesn’t appear in the most recent ranking.

The deal, already approved by the boards of both companies, is expected to close in the second quarter of 2026. Once the transaction is completed, Devon shareholders will own about 54 percent of the combined company and Coterra shareholders will own 46 percent.

“This transformative merger combines two companies with proud histories and cultures of operational excellence, creating a premier shale operator,” says Clay Gaspar, Devon’s president and CEO.

The combined company will be one of the world’s largest shale producers, with third-quarter 2025 production exceeding 550 thousand barrels of oil per day and 4.3 billion cubic feet of gas per day. A significant presence in the Delaware Basin, encompassing hundreds of thousands of acres, will anchor the company’s operations. The 10,000-square-mile Delaware Basin is in West Texas and southeastern New Mexico.

The new Devon also will operate in the Permian Basin, located in West Texas and New Mexico; Marcellus Shale, located in five states in the East; and Anadarko Basin, located in the Texas Panhandle, Colorado, Kansas, and Oklahoma.

Gaspar will be president and CEO of the combined company, and Tom Jorden, chairman, president, and CEO of Coterra, will be non-executive chairman.