making an impact
Houston trio lands on Time’s list of 10 most influential energy companies
Three companies with headquarters in Houston made Time magazine’s new list of the 10 most influential energy companies.
The unranked list includes:
- Houston-based oil and gas giant Chevron
- Houston-based Fervo Energy, a geothermal power provider that just went public in a $1.9 billion IPO
- Saudi Aramco, the world’s largest oil company, whose U.S. headquarters is in Houston
In naming Chevron to the list, Time cites the company’s standing as the only major American oil company operating in Venezuela. Time says Chevron wields “extraordinary power” over Venezuela’s massive oil reserves.
Despite pressure from the White House on U.S. oil and gas producers to ramp up investments in Venezuela, “Chevron has pumped the brakes, pledging to boost output gradually and not chase price fluctuations,” Time says.
“Chevron has been in Venezuela for over a century,” CEO Mike Wirth told shareholders in January. “We remain committed to leveraging our deep expertise and long-standing partnerships for the benefit of our shareholders and the people of Venezuela.”
Time points out that Fervo sits “at the front of the pack” in generation of geothermal energy. The Houston-based company uses fracking techniques borrowed from the oil and gas industry to create underground hot-rock reservoirs that heat water to generate electricity.
Fervo’s Cape Station in Utah is scheduled to start delivering power to the grid this year. At full capacity of 500 megawatts, it will be the first large-scale commercial geothermal plant in the U.S. Time says another site in Utah, Project Blanford, is Fervo’s hottest well yet, highlighting the potential for harnessing geothermal heat for at-scale clean energy.
“It’s hard to find something that can [deliver] reliable 24/7 energy, that’s carbon-free, and can be constructed in a timely manner,” Fervo CEO Tim Latimer said. “It’s energy without a lot of the compromises.”
Government-owned Saudi Aramco, which last year earned $104.7 billion in profit, not only is a dominant player in the Mideast oil and gas sector, but Time says it holds “global clout in politics and business” that reaches far beyond oilfields. For example, the company finances big projects spearheaded by Crown Prince Mohammad Bin Salman, who chairs Saudi Arabia’s sovereign wealth fund. These include initiatives in global sports, tourism, and AI.- Houston-based Fervo Energy closes $462M series E ›
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