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

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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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The five-month program establishes a significant relationship between the 20 selected startups and NOV, beginning with paid pilot programs. Photo via NOV.com

NOV opens applications for unique energy tech startup pilot program in Houston

calling all innovators

Houston-based NOV is launching a new growth-stage startup accelerator focused on the upstream oil and gas industry.

NOV, a provider of oil and gas drilling and production operations equipment, has announced its new NOV Supernova Accelerator in collaboration with VentureBuilder, a consulting firm, investor, and accelerator program operator led by a group of Houston innovators.

Applications to the program are open online, and the deadline to apply is July 7. Specifically, NOV is looking for companies working on solutions in data management and analytics, operational efficiency, HSE monitoring, predictive maintenance, and digital twins.

The five-month program establishes a significant relationship between the 20 selected startups and NOV, beginning with paid pilot programs.

"This is not a traditional startup accelerator. This is often a first-client relationship to help disruptive startups refine product-market fit and creatively solve our pressing enterprise problems," reads the program's website.

Selected startups will have direct access to NOV's team and resources. The program will require companies to spend one week per month in person at NOV headquarters in Houston and will provide support surrounding several themes, including go-to-market strategy, pitch practice, and more.

“The NOV Supernova Accelerator offers a strategic approach where the company collaborates with startups in a vendor-client relationship to address specific business needs," says Billy Grandy, general partner of VentureBuilder.vc, in a statement. "Unlike mergers and acquisitions, the venture client model allows corporations like NOV to quickly test and implement new technologies without committing to an acquisition or risking significant investment.”

With the appointment, NOV Inc.’s board of directors now has of ten directors, nine of whom are independent members. Photo via Getty Images

NOV appoints former energy transition exec to board

new hire

Houston-headquartered NOV Inc. announced the appointment of a former energy transition executive to its board of directors.

Patricia Martinez was named to NOV’s board, and the appointment is effective as of March 6. She was formerly chief energy transition officer of Enerflex Ltd.

“We are delighted to welcome Patricia Martinez to NOV’s board of directors,” Clay Williams, chairman, president, and CEO of NOV, says in a news release. “Patricia brings extensive industry experience to our board, including growing energy businesses in international markets, and more recently guiding and developing projects within the energy transition ranging from CCUS to hydrogen to biogas. Her deep insights into emerging energy opportunities will help shape NOV’s energy transition strategy.”

Martinez, who also serves as a director of Par Pacific Holdings Inc., holds a bachelor’s degree in business administration and marketing from Universidad Argentina de la Empresa and an MBA from Houston Christian University.

With the appointment, NOV Inc.’s board of directors now has of ten directors, nine of whom are independent members.

Katie Mehnert, founder and CEO of Ally Energy, is featured in an NOV-produced film about DEI in the energy transition. Photo via allyenergy.com

Short film focused on Houston entrepreneur, energy transition ecosystem releases online

dirty nasty people

In a new short film, a Houston energy entrepreneur sets the scene for the energy industry and showcases her passion for an equitable transition for the sector.

"Dirty Nasty People" originally premiered May 18 to the Houston community. Now, the NOV-produced film featuring Katie Mehnert and her company Ally Energy is available for viewing online.

The film, directed by Paul Dufilho, tells Mehnert's story, her passion for energy, and her career, which began at Enron, grew at Shell and BP, and took her to founding a company dedicated to diversity, equity, and inclusion in the space. Ally Energy, which was founded in 2014 as Pink Petro, is a community and talent platform for the evolving energy industry.

In the movie, Mehnert introduces the dual challenge the industry is facing — and how DEI is integral to solving it.

“On the one hand, we all need energy — affordable, reliable energy — to keep lives going,” she says in the film. “But we are harming the planet. And ourselves.

"It is complicated — this challenge is very complicated," she continues. "But it’s going to take collaboration, and diversity of thought — diversity of energy form. It’s going to take bringing people into the energy industry, into the fold, looking at this challenge in a different way — but it’s all about working together.”

Houston-based NOV Inc., an international oil and gas industry equipment and tech provider, backed the production of the film which was meant to showcase Ally, Mehnert, and the energy transition ecosystem locally.

"The energy workforce of the future will need to be as large and diverse as the technical solutions that will be needed to offset the effects of Climate Change," writes Dufilho on the website. "This project hopes to put a singular human focus on what is one of the largest issues of our day.

"There are already incredible people inside the industry doing the work of developing better energy solutions, and this project highlights just one of them," he continues. "However, the energy problems of the near future will require the perspectives and know-how of those who have not yet seen themselves as part of the solution. The outsider. The consumer. This project is for them."

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DOE proposes cutting $1.2 billion in funding for hydrogen hub

funding cuts

The U.S. Department of Energy has proposed cutting $1.2 billion in funding for the HyVelocity Gulf Coast Hydrogen Hub, a clean energy project backed by AES, Air Liquide, Chevron, ExxonMobil, Mitsubishi Power Americas and Ørsted.

The HyVelocity project, which would produce clean hydrogen, appears on a new list of proposed DOE funding cancellations. The list was obtained by Latitude Media.

As of November, HyVelocity had already received $22 million of the potential $1.2 billion in DOE funding.

Other than the six main corporate backers, supporters of HyVelocity include the Center for Houston’s Future, Houston Advanced Research Center, Port Houston, University of Texas at Austin, Shell, the Texas governor’s office, Texas congressional delegation, and the City of Fort Worth.

Kristine Cone, a spokeswoman for GTI Energy, the hub’s administrator, told EnergyCapital that it hadn’t gotten an update from DOE about the hub’s status.

The list also shows the Magnolia Sequestration Hub in Louisiana, being developed by Occidental Petroleum subsidiary 1PointFive, could lose nearly $19.8 million in federal funding and the subsidiary’s South Texas Direct Air Capture (DAC) Hub on the King Ranch in Kleberg County could lose $50 million. In September, 1Point5 announced the $50 million award for its South Texas hub would be the first installment of up to $500 million in federal funding for the project.

Other possible DOE funding losses for Houston-area companies on the list include:

A little over $100 million earmarked for Houston-based BP Carbon Solutions to develop carbon storage projects
$100 million earmarked for Dow to produce battery-grade solvents for lithium-ion batteries. Dow operates chemical plants in Deer Park and LaPorte
$39 million earmarked for Daikin Comfort Technologies North America to produce energy-efficient heat pumps. The HVAC company operates the Daikin Texas Technology Park in Waller
Nearly $6 million earmarked for Houston-based Baker Hughes Energy Transition to reduce methane emissions from flares
$3 million earmarked for Spring-based Chevron to explore development of a DAC hub in Northern California
Nearly $2.9 million earmarked for Houston-based geothermal energy startup Fervo Energy’s geothermal plant in Utah

Houston ranks No. 99 out of 100 on new report of greenest U.S. cities

Sustainability Slide

Houstonians may be feeling blue about a new ranking of the greenest cities in the U.S.

Among the country’s 100 largest cities based on population, Houston ranks 99th across 28 key indicators of “green” living in a new study from personal finance website WalletHub. The only city with a lower ranking is Glendale, Arizona. Last year, Houston landed at No. 98 on the WalletHub list.

“‘Green’ living means a choice to engage in cleaner, more sustainable habits in order to preserve the planet as much as possible,” WalletHub says.

Among the study’s ranking factors are the amount of greenhouse gas emissions per capita, the number of “smart energy” policies, and the presence of “green job” programs.

In the study, Houston received an overall score of 35.64 out of 100. WalletHub put its findings into four buckets, with Houston ranked 100th in the environment and transportation categories, 56th in the lifestyle and policy category, and 52nd in the energy sources category.

In the environment category, Houston has two big strikes against it. The metro area ranks among the 10 worst places for ozone pollution (No. 7) and year-round particle pollution (No. 8), according to the American Lung Association’s 2025 list of the most polluted cities.

In the WalletHub study, San Jose, California, earns the honor of being the country’s greenest city. It’s followed by Washington, D.C.; Oakland, California; Irvine, California; and San Francisco.

“There are plenty of things that individuals can do to adopt a green lifestyle, from recycling to sharing rides to installing solar panels on their homes,” WalletHub analyst Chip Lupo said in the report. “However, living in one of the greenest cities can make it even easier to care for the environment, due to sustainable laws and policies, access to locally grown produce, and infrastructure that allows residents to use vehicles less often. The greenest cities also are better for your health due to superior air and water quality.”

Leader tapped for Texas 'nuclear renaissance' and more energy news to know

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Editor's note: The top energy transition stories for the start of October include Texas' big bet on nuclear energy, ERCOT's innovative efforts, CenterPoint's capital improvement plan, and more. Read on for the five most-read EnergyCapitalHTX stories published Oct.1-15, 2025:

1. Policy adviser tapped to lead ‘nuclear renaissance’ in Texas

Jarred Shaffer has been named director of the new Texas Advanced Nuclear Energy Office. Photo via LinkedIn.

As Texas places a $350 million bet on nuclear energy, a budget and policy adviser for Gov. Greg Abbott has been tapped to head the newly created Texas Advanced Nuclear Energy Office. Jarred Shaffer is now director of the nuclear energy office, which administers the $350 million Texas Advanced Nuclear Development Fund. The fund will distribute grants earmarked for the development of more nuclear reactors in Texas. Continue reading.

2. ERCOT steps up grid innovation efforts to support growing power demand

ERCOT has launched its new Grid Research, Innovation, and Transformation (GRIT) initiative to help resolve grid challenges and meet growing demand. Photo via Getty Images

As AI data centers gobble up more electricity, the Electric Reliability Council of Texas (ERCOT) — whose grid supplies power to 90 percent of Texas — has launched an initiative to help meet challenges presented by an increasingly strained power grid. ERCOT, based in the Austin suburb of Taylor, said its new Grid Research, Innovation, and Transformation (GRIT) initiative will tackle research and prototyping of emerging technology and concepts to “deeply understand the implications of rapid grid and technology evolution, positioning ERCOT to lead in the future energy landscape.” Continue reading.

3. CenterPoint launches $65B capital improvement plan

CenterPoint Energy has launched a $65 million capital improvement plan that will focus on building and maintaining a “resilient” electric grid. Photo via centerpointenergy.com

To support rising demand for power, Houston-based utility company CenterPoint Energy has launched a $65 billion, 10-year capital improvement plan. CenterPoint said that in its four-state service territory — Texas, Indiana, Minnesota and Ohio — the money will go toward building and maintaining a “resilient” electric grid and a safe natural gas system. Continue reading.

4. UH projects propose innovative reuse of wind turbines and more on Gulf Coast

The Houston projects involve the innovative reuse of oil rig platforms and wind turbines. Courtesy rendering

Two University of Houston science projects have been selected as finalists for the Gulf Futures Challenge, which will award a total of $50 million to develop ideas that help benefit the Gulf Coast. Sponsored by the National Academies of Science, Engineering and Medicine’s Gulf Coast Research Program and Lever for Change, the competition is designed to spark innovation around problems in the Gulf Coast, such as rising sea levels, pollution, energy security, and community resiliency. The two UH projects beat out 162 entries from organizations based in Alabama, Florida, Louisiana, Mississippi, and Texas. Continue reading.

5. Energy startup Base Power raises $1 billion series C round

Base Power, founded by Justin Lopas and Zach Dell, has closed one of the largest venture capital deals of the year. Photo courtesy Base Power.

Austin-based startup Base Power, which offers battery-supported energy in the Houston area and other regions, has raised $1 billion in series C funding—making it one of the largest venture capital deals this year in the U.S. Continue reading.

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