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

Houston earns No. 3 spot among cities with most Fortune 500 headquarters

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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).

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

Houston energy companies score big on annual Fortune 500 ranking

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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.

Chevron expects all of its corporate functions to shift to Houston over the next five years. Photo via Getty Images

Following years of speculation, Chevron announces HQ move to Houston

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The Energy Capital of the World is adding another jewel to its corporate crown.

With the impending move of Chevron’s headquarters from Northern California to Houston, the Houston area will be home to 24 Fortune 500 companies. Chevron ranks 15th on this year’s Fortune 500.

Oil and gas giant Chevron, currently based in San Ramon, California, will join three Fortune 500 competitors that already maintain headquarters in the Houston area:

  • Spring-based ExxonMobil, No. 7 on the Fortune 500
  • Houston-based Phillips 66, No. 26 on the Fortune 500
  • Houston-based ConocoPhillips, No. 68 on the Fortune 500

Chevron, which posted revenue of $200.9 billion in 2023, employs about 7,000 people in the Houston area and about 2,000 people in San Ramon. The company says its chairman and CEO, Mike Wirth, and vice chairman, Mark Nelson, will move to Houston before the end of 2024.

In an interview with The Wall Street Journal, Wirth acknowledged Chevron’s differences of opinion with California policymakers regarding energy matters.

“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Wirth said.

Chevron expects all of its corporate functions to shift to Houston over the next five years. Jobs that support the company’s California operations will remain in San Ramon, where Chevron employs about 2,000 people. Some Chevron employees in San Ramon will relocate to Houston.

The company’s move to Houston hardly comes as a surprise. Speculation about a relocation to Houston intensified after Chevron sold its 98-acre San Ramon headquarters in 2022 and moved corporate employees to leased office space. Over the past several years, Chevron has shifted various corporate functions to Houston.

“This is just the final step that many industry observers were waiting to happen,” Ken Medlock, senior director of the Baker Institute’s Center for Energy Studies at Rice University, says in a news release.

“To start, Houston provides a world-class location for internationally focused energy companies, which is why there is such a massive international presence here,” Medlock adds. “Texas is also the nation’s largest energy producer across multiple energy sources and is poised to lead in emerging opportunities such as hydrogen and carbon capture, so Houston is a great place for domestically focused activities as well.”

The announcement of Chevron’s exit from California comes just a year after ExxonMobil finalized its relocation from Irving to Spring.

“Chevron’s decision to relocate its headquarters underscores the compelling advantages that position Houston as the prime destination for leading energy companies today and for the future,” Steve Kean, president and CEO of the Greater Houston Partnership, says in a post on the organization’s website.

“With deep roots in our region,” he adds, “Chevron is [a] key player in establishing Houston as a global energy leader. This move will further enhance those efforts.”

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Houston-based NRG announces new CEO and succession plan

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Houston-based NRG Energy Inc. announced Jan. 7 that it has appointed Robert J. Gaudette as president and CEO. Gaudette took over as president effective Jan. 7 and will assume the role of CEO April 30, coinciding with the company's next stockholder meeting.

Gaudette, who previously served as executive vice president and president of NRG Business and Wholesale Operations, will succeed Lawrence Coben in the leadership roles. Coben will remain an advisor to NRG through the end of the year and will also continue to serve as board chair until April 30. Antonio Carrillo, lead independent director at NRG, will take over as board chair.

"Rob has played a central role in strengthening NRG’s position as a leader in our industry through strategic growth, operational excellence, and customer-focused innovation," Coben said in the news release. "He is a strong, decisive leader with extensive knowledge of our business, markets, and customers. The Board and I are confident that Rob is the right person to lead NRG forward and take the NRG rocket ship to new heights. I can’t wait to see what comes next.”

Gaudette has been with NRG since 2001. He has served as EVP of NRG Business and Market Operations since 2022 and president of NRG Business and Market Operations since 2024. In these roles, he led NRG’s power generation and oversaw its portfolio of commercial and industrial products and services as well as its market operations, according to the company.

He has held various executive leadership roles at NRG. He earned his bachelor's degree in chemistry from The College of William and Mary and an MBA at Rice University, where he was a Jones Scholar. He also served four years as an Army officer.

“It is an honor to be appointed NRG’s next CEO at this transformative time for the energy sector and our company,” Gaudette said in the release. “With NRG’s electricity, natural gas and smart home portfolio, we are ideally positioned to meet America’s evolving energy needs. I am grateful to Larry and all my NRG colleagues, both past and present, who built our great company and positioned us for the future. I look forward to leading our incredible team to deliver affordable, resilient power for the customers and communities we serve, while creating substantial value for our shareholders.”

In addition to its traditional power generation and electricity businesses, NRG has been working to develop a 1-gigawatt virtual power plant by connecting thousands of decentralized energy sources by 2035 in an effort to meet Texas’ surging energy demands.

The company announced partnerships last year with two California-based companies to bolster home battery use and grow its network. NRG has said the VPP could provide energy to 200,000 homes during peak demand.

10+ must-attend Houston energy events happening in Q1 2026

Mark Your Calendar

Editor's note: With the new year comes a new slate of must-attend events for those in the Houston energy sector. We've rounded up a host of events to put on your calendar for Q1, including some that you can attend this month. Plus, other premier annual events will return in February and March 2026 and are currently offering early-bird, discounted registration. Book now.

Jan. 7-8 — AAPG Subsurface Energy to Power Workshop

This two-day AAPG workshop explores the expanding role of natural gas, geothermal, hydrogen, lithium, and uranium in accelerating electricity capacity. Participants will examine innovative solutions designed to reduce reliance on long-distance transmission lines, pipelines, and other costly infrastructure. Throughout the workshop, attendees will gain insight into both the technical deployment of subsurface resources and the land, legal, and permitting factors that influence project development.

This event begins Jan. 7 at Norris Conference Center at CityCentre. Register here.

Jan. 19-22 — PPIM 2026

The 38th international Pipeline Pigging & Integrity Management Conference and Exhibition takes place over four days at the George R. Brown Convention Center and the Hilton Americas. This industry forum is devoted exclusively to pigging for pipeline maintenance and inspection, engineering assessment, repair, risk management, and NDE. Two days of courses will take place Jan. 19-20, followed by the conference on Jan. 21-22, and the exhibition running Jan. 20-22. Register here.

Jan. 22 — MicroSeismic - Romancing Energy Forum

This forum will feature raw, unfiltered stories from the pioneers who changed the trajectory of American Shale. Attendees will gain insights into the playbooks, decisions, data, and lessons learned behind the biggest discoveries and engineering triumphs in modern energy. Keynote speakers include Tom and Diane Gates of Gates Ranch.

This event begins at 8 am on Jan. 22 at Norris Conference Center at CityCentre. Register here.

Jan. 22 — Houston Downton Luncheon: Beyond the Barrel: Pricing, Transition, and Geopolitics in 2026

Women's Energy Network Houston Chapter hosts this January lunch and learn featuring guest speaker Ha Nguyen with S&P Global Energy. Nguyen will discuss the global energy outlook for 2026, with a focus on strategic drivers, such as decarbonization and EV adoption, and a look at Houston's crucial role in the future of the U.S. market.

This event begins at 11:30 am on Jan. 22 at The Houston Club. Register here.

Feb. 18-20 — NAPE Summit Week 2026

NAPE is the energy industry’s marketplace for the buying, selling, and trading of prospects and producing properties. NAPE brings together all industry disciplines and companies of all sizes, and in 2026 it will introduce three new hubs — offshore, data centers, and critical minerals — for more insights, access, and networking opportunities. The event includes a summit, exhibition, and more.

This event begins Feb. 18 at George R. Brown Convention Center. Register here.

Feb. 24-26 — 2026 Energy HPC & AI Conference

The 2026 Energy HPC & AI Conference marks the 19th year for the Ken Kennedy Institute to convene experts from the energy industry, academia, and national labs to share breakthroughs for HPC and AI technologies. The conference returns to Houston with engaging speaker sessions, a technical talk program, networking receptions, add-on workshops, and more.

This event begins Feb. 24 at Rice University's BRC. Register here.

Feb. 26 — February Transition on Tap

Mix and mingle at Greentown Labs' first Transition on Tap event of the year. Meet the accelerator's newest startup members, who are working on innovations ranging from methane capture to emissions-free manufacturing processes to carbon management.

This event begins at 5:30 pm on Feb. 26 at Greentown Labs Houston. Register here.

March 2-4 — The Future Energy Summit

The Future Energy Summit is a premier global event bringing together visionaries, industry leaders, and energy experts to shape the future of energy. The second edition of the conference will provide a platform for groundbreaking discussions, cutting-edge technologies, and transformative strategies that will accelerate the energy transition.

This event begins March 2. Register here.

March 10-12 — World Hydrogen & Carbon Americas

S&P Global Energy brings together two leading events — Carbon Management Americas and World Hydrogen North America — to form a new must-attend event for those in the hydrogen and carbon industries. More than 800 senior leaders from across the energy value chain will attend this event featuring immersive roundtable discussions, hands-on training, real-world case studies, and unparalleled networking opportunities.

This event begins March 10 at Marriott Marquis Houston. Register here.

March 23-27 — CERAWeek 2026

CERAWeek 2026 will focus on "Convergence and Competition: Energy, Technology and Geopolitics." The industry's foremost thought leaders will convene in Houston to cultivate relationships and exchange transformative ideas during the annual event. Through the lens of 16 dynamic themes, CERAWeek 2026 will explore breakthroughs, cross-industry connections, and powerful partnerships that are accelerating the transformation of the global energy system.

This event begins March 23. Register here.

Japanese company launches solar module manufacturing at Houston-area plant

solar plant

A local subsidiary of a Japanese solar equipment manufacturer recently began producing solar modules at a new plant in Humble.

TOYO Co. Ltd.’s TOYO Solar LLC subsidiary can produce 1 gigawatt worth of solar modules per year at a 567,140-square-foot plant it leases in Lovett Industrial’s Nexus North Logistics Park on Greens Road. TOYO Solar’s next phase will accommodate 2.5 gigawatts’ worth of solar module manufacturing. The subsidiary eventually plans to expand manufacturing capacity to 6.5 gigawatts.

For now, TOYO Solar operates only one assembly line at the Humble plant. Once TOYO Solar has five assembly lines up and running, it could employ as many as 750 manufacturing workers there, according to Connect CRE.

TOYO says the plant enlarges its U.S. footprint “to be closer to the majority of its clients, meet the demand for American-made solar panels, and contribute to the growing demand for secure, sustainable energy solutions as demands on the grid continue to rise.”

Last month, TOYO purchased the remaining 24.99 percent stake in TOYO Solar to make it a wholly owned subsidiary. TOYO entered the Houston-area market through its 2024 acquisition of a majority stake in Solar Plus Technology Texas LLC.