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

biggest companies

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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$21.5 billion merger to 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.

Houston climatech startup closes $5M seed round to scale copper alternative

seeing green

Houston-based material science and climatech startup DexMat has closed a $5 million seed round.

The round was led by non sibi ventures, with participation from Governance Partners, Tailwind Futures, BetterWay, Capital Factory and other investors. The company additionally announced that it has secured $3 million of non-dilutive funding.

DexMat plans to use the recent round to commercially scale Galvorn, its carbon-based conductive fiber. The high-performance copper alternative, originally developed at Rice University, is made from carbon nanotube (CNT) fibers, which are less energy- and CO2-intensive to produce.

The company says it will grow its technical and commercial teams and advance pilot-scale production to meet demand from new and existing customers in aerospace, defense and manufacturing industries.

"We’re seeing clear customer pull, particularly in wire and cable applications, as manufacturers look for conductive materials that are less dense, more durable, and resilient at scale,” Bryan Guido Hassin, CEO of DexMat, said in a news release. “This funding allows us to meet near-term demand and expand production capabilities in response to evolving supply-chain constraints."

The recent funding comes after a year of impressive growth. According to the news release, DexMat more than doubled its production and sales of Galvorn in 2025 compared to the previous year.

“We consistently hear the same message from customers: the material performs really well, and they need more of it at a lower cost,” Dmitri Tsentalovich, co-founder and CTO of DexMat, added in the release. “This round supports the production scale-up and cost reductions required to move Galvorn into broader commercial use.”

DexMat raised $3 million in funding in a round led by Shell Ventures in 2023. The company reports a 20-fold increase in capacity since its pre-seed round, along with a 96 percent reduction in production costs.

DexMat's technology was originally developed in the Rice University lab of co-founder Matteo Pasquali, who also serves as director of Rice’s Carbon Hub. According to previous reports, the company was built on over $20 million in non-dilutive funding—including grants from the Air Force Research Laboratory, Air Force Office of Scientific Research, U.S. Department of Energy, NASA, Advanced Functional Fabrics of America and the National Science Foundation—with Rice University included in the list of original investors.

Here are 5 must-attend Houston energy events for February 2026

Mark Your Calendar

Editor's note: The second half of February is buzzing with must-attend events for those in the Houston energy sector. We've rounded up a host of events to put on your calendar for the month, with topics ranging from AI in energy to emissions management for a sustainable future. Get the details below, and register now.

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. 23-25 — AI in Energy Summit

The third annual AI in Energy Summit will bring together 200 senior leaders from the utilities, oil and gas, power generation, and renewables sectors for three days of conversation in Houston, the heart of energy innovation. Attendees will hear directly from operators who’ve taken AI projects from proof of concept to full deployment; learn how make data AI-ready and align AI with business goals; and discover what’s working in GenAI, ML Ops, Agentic AI, and more.

This event begins Feb. 23 at Norris Conference 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. 25-26 — Energy Emissions Management Conference

The fifth annual Energy Emissions Management Conference is the premier gathering for energy leaders who are committed to staying ahead of the rapidly evolving emissions landscape. The conference aims to foster collaboration, drive technological innovation, and strengthen transparency, supporting organizations in meeting their regulatory obligations and sustainability goals.

This event begins Feb. 25 at Hilton Houston Westchase. 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.

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