Chevron to relocate HQ, executives to Houston

big move

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

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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This article originally ran on EnergyCapital.

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Houston tied with Dallas-Fort Worth to produce the highest number of top-rated employers in Texas. Photo by Thaddious Thomas on Unsplash

16 Houston-based companies hailed best places to work by U.S. News

the standouts

More than a dozen Houston-based companies are sharing the spotlight in U.S. News and World Report's collection of the "Best Companies to Work For" in 2024-2025.

The annual report examines publicly-traded companies around the world to determine the best employers based on six metrics including work-life balance and flexibility; quality of pay and benefits; job and company stability; career opportunities and professional development; and more. The companies were not ranked, but included based on reader surveys and publicly available data about each workplace.

New for the 2024-2025 report, U.S. News analyzed549 companies across 29 different lists, including the overall best companies list — which includes the best 300 companies across the U.S., the United Kingdom, Ireland, Switzerland, Luxembourg, and Bermuda — 24 industry-specific lists, and four regional lists.

There were 16 total companies based around Houston that made the lists, with the majority being based in the city, while one each were located in Spring and The Woodlands.

Leading the pack in Houston is construction company Comfort Systems USA, which provides HVAC, plumbing, and electrical services. Comfort Systems employs 15,800 people, brings in $5.57 billion in annual revenue, and has a market cap of $11.21 billion. The company earned high ratings for its job stability, "belongingness," and professional development opportunities, according to U.S. News.

Comfort Systems also made appearances on U.S. News' industry-specific "Best in Construction" list, and the "Best Companies in the South" list.

Independent energy company Marathon Oil was another top-rated Houston employer, with nearly 1,700 employees, an annual revenue stream of $6.38 billion, and a $15.4 billion market cap. The company was specifically highlighted with a "Top Quality of Pay" label, but also boasts high ratings for its employees' work-life balance, job stability, and belongingness.

In addition to being included in the overall "Best Companies" list, Marathon Oil earned recognition in the industry-specific "Best in Energy" list and the "Best Companies in the South" list.

A second Houston-based energy company earning a spot among the top employers is Occidental (also known as Oxy). The petroleum corporation, which has been in operation since 1920, has nearly 12,600 employees and brings in $27,43 billion in revenue every year.

According to U.S. News, Occidental offers many financial, health and wellness, and workplace benefits including 401k matching, tuition assistance, an employee assistance program, flexible work arrangements, and much more. The company was also given a "Top Quality of Pay" designation.

Occidental appeared in U.S. News' "Best in Mining and Raw Materials," the overall "Best Companies," and "Best Companies in the South" lists.

Other top companies to work for in Houston include:

  • Insperity, Kingwood – Best in Professional Services; Best Companies (overall); Best Companies in the South
  • Southwestern Energy Company, Spring – Best in Energy; Best Companies (overall); Best Companies in the South
  • PROS – Best in IT, Software and Services; Best Companies (overall); Best Companies in the South
  • Powell Industries – Best in Manufacturing; Best Companies (overall); Best Companies in the South
  • Stewart – Best in Insurance; Best Companies (overall); Best Companies in the South
  • ConocoPhillips – Best in Energy, Best Companies in the South
  • LGI Homes, The Woodlands – Best in Construction; Best Companies in the South
  • Service Corporation International – Best in Consumer Products and Services; Best Companies in the South
  • Skyward Specialty Insurance – Best Companies in the South
  • Camden Property Trust – Best in Real Estate; Best Companies in the South
  • Cheniere – Best in Energy
  • EOG Resources – Best in Energy
  • Murphy Oil Corporation – Best in Energy

"Prospective and current employees understand the significant impact their employer has on their quality of life," said Carly Chase, vice president of careers at U.S. News and World Report, in a release. "Whether a new grad seeking a company to launch their career, an established professional looking for a change or an HR professional researching the strengths of their company and others, Best Companies to Work For provides a central space to see which companies are meeting their employees' needs best.

Top workplaces around Texas
In all, 42 different employers headquartered in the Lone Star State made it onto U.S. News' 2024-2025 "Best Places to Work For" lists. The Houston metro area tied with Dallas-Fort Worth with the highest number of top-rated employers, at 16 each. Only one company from West Texas made it onto the list: Diamondback Energy in Midland.

The top companies to work for in Austin are:

  • Cirrus Logic
  • CrowdStrike
  • Digital Realty
  • Silicon Labs
  • E2open
  • Q2

The top companies to work for in San Antonio are:

  • Frost Bank
  • iHeartMedia
  • Rush Enterprises, Inc., New Braunfels

The best places to work for across Dallas-Fort Worth are:

  • Thryv Holdings, Inc., Dallas
  • Comerica, Dallas
  • Veritex Community Bank, Dallas
  • Charles Schwab, Westlake
  • Southwest Airlines, Dallas
  • CMC, Irving
  • Sabre, Southlake
  • Texas Instrument, Dallas
  • Omnicell, Fort Worth
  • Enhabit, Dallas
  • Builders FirstSource, Irving
  • Invitation Homes, Dallas
  • Celanese, Irving
  • Atmos Energy, Dallas
  • Lennox, Richardson
  • Caterpillar, Irving
The full list of the best companies to work for can be found at usnews.com

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This article originally ran on CultureMap.

Nauticus Robotics has extended a contract with one of its biggest customers. Photo via nauticusrobotics.com

Houston robotics startup secures $2.1M contract extension with engineering tech co.

customer success

A Houston startup has just secured an extended contract with a major customer.

Webster-based Nauticus Robotics, a maker of autonomous oceangoing robots, has bulked up its current contract with Reston, Virginia-based Leidos in a $2.1 million extension.. That brings Leidos’ total financial commitment from $14.5 million to $16.6 million.

In partnership with Leidos, Nauticus is developing next-generation underwater drones for business and military customers. These unmanned underwater vehicles are being designed to carry out tasks that are dangerous or impossible for human divers to do, such as mapping the ocean floor, studying sea creatures, and monitoring water pollution.

“This very important work combines great attributes from each company to deploy a truly novel subsea capability,” says Nicolaus Radford, founder and CEO of Nauticus.

Based on Nauticus’ Aquanaut product, these robots will feature the company’s toolKITT software, which supplies artificial intelligence capabilities to undersea vehicles.

“This work is the centerpiece of Nauticus’ excellent collaboration with Leidos,” says Radford, “and I look forward to continuing our mutual progress of advancing the state of the art in undersea vehicles.”

Founded in 2014 as Houston Mechatronics, Nauticus adopted its current branding in 2021. Last year, Nauticus became a publicly traded company through a merger with a “blank check” company called CleanTech Acquisition Corp.

During the first six months of 2023, Nauticus generated revenue of nearly $4 million, down from a little over $5.2 million in the same period last year. Its operating loss for the first half of 2023 was almost $12.7 million, up from slightly more than $5.2 million during the same time in 2022.

Nauticus attributes some of the revenue drop to delays in authorization of contracts with government agencies.

The company recently lined up a $15 million debt facility to bolster its operations.

“I’ve never been more optimistic about the future of Nauticus. We employ some of the best minds in the industry, and we are positioned with the right product at the right time to disrupt a $30 billion market,” Radford said earlier this month. “Demand from potential customers is high, but constructing our fleet is capital-intensive.”

More good news for Nauticus: It recently signed contracts with energy giants Shell and Petrobras. Financial terms weren’t disclosed.

The Shell contract involves a project in the Gulf of Mexico’s Princess oil and gas field that Nauticus says could lead to millions of dollars in additional contracts over the next few years. Shell operates the offshore field, which is around 40 miles southeast of New Orleans, and owns a nearly 50 percent stake in it.

Co-owners of the Princess project are Houston-based ConocoPhillips, Spring-based ExxonMobil, and London-based BP, whose North American headquarters is in Houston. In July, the Reuters news service reported that ConocoPhillips was eyeing a sale of its stake in the Princess field.

Under the contract with Petrobras, whose U.S. arm is based in Houston, Nauticus will dispatch its Aquanaut robot to support the Brazilian energy company’s offshore activities in South America. Nauticus says this deal “opens up a potential market opportunity” in Brazil exceeding $100 million a year.

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This article originally ran on EnergyCapital.

The World Petroleum Conference, hosted later this year in Houston, has announced an innovation focus for the first time. Photo via Getty Images

Upcoming energy conference adds innovation focus for Houston-based event

innovating energy

The World Petroleum Congress, which plans to return to in-person status in December, is adding a new wrinkle — a pitch competition — to this year's event.

On August 4, the World Petroleum Congress announced the launch this year of the Innovation Zone, which will enable energy pioneers to showcase their offerings. The 2021 World Petroleum Congress — hosted in Houston this time around — is set for December 5-9 at the George R. Brown Convention Center.

Houston-based energy giant ConocoPhillips is sponsoring the Innovation Zone.

"For more than a century, innovation has enabled our industry to keep pace with the growing demand for safe and reliable energy," Bill Bullock, executive vice president and chief financial officer of ConocoPhillips, says in a news release. He adds that the Innovation Zone will highlight "innovations that can propel our industry's purposeful journey through the energy transition and into the future."

In all, 32 startups and individuals will pitch their products or practices on the World Petroleum Congress stage. One winner will be honored with the inaugural Energy Innovator Award.

The Innovation Zone is open to energy companies, private entities, and individuals working as independent contractors. Proposals will be evaluated on seven criteria:

  • Innovation
  • Creativity
  • Potential or actual technical or business success
  • Environmental impact
  • Stakeholder impact
  • Scalability
  • Broad-based uses

Applications for the Innovation Zone are due Aug. 20. To obtain an application, visit the World Petroleum Congress website. Representatives of ConocoPhillips and the World Petroleum Congress will sift through the applications and pick 32 finalists, who will be notified in early September.

"Startups, with their innovative business models, will play a decisive role in shaping a sustainable energy future, and for participating companies, this is a good opportunity to present and forge new links with key stakeholders and investors," says Serafina Lalany, interim executive director of entrepreneurship and innovation nonprofit Houston Exponential.

Aside from ConocoPhillips, sponsors of this year's World Petroleum Congress include Chevron, Halliburton, Accenture, Hess, ExxonMobil, BP, Qatar Petroleum, Baker Hughes, and Saudi Aramco.

The 23rd World Petroleum Congress was supposed to happen last year in Houston but was shifted to 2021 due to the COVID-19 pandemic. More than 10,000 people are expected to attend this year's event. It's been estimated that the World Petroleum Congress will pump $60 million to $80 million into the Houston economy.

Staged by the World Petroleum Council, the event hasn't been held in North America since 1987, when Houston hosted it. It's known as the "Olympics" of the oil and gas sector.

The 24th World Petroleum Congress will be held in 2023 in Calgary, Canada. The event traditionally takes place every three years.

ConocoPhillips is one of America's best employers. Photo courtesy of ConocoPhillips

Houston energy leader earns spot among America's 50 best workplaces

Best of the Best

A major Houston energy player is raking in the awards. Austin-based Indeed recently revealed its list of the top 50 workplaces in the U.S., and Houston-based ConocoPhillips is joined by two other Texas companies.

To identify these top-rated workplaces, Indeed's data team mined the 100 million employee reviews on its own website and analyzed those from companies also featured on this year's Fortune 500 list.

ConocoPhillips has been exploring and producing oil and natural gas since 1875 and maintains its secret to success lies in the mantra "it's not just what we do — it's how we do it." It lands at No. 35, with employees praising the work-life balance and noting how they feel valued and respected.

Coming in at No. 3, Southwest earned raves for its supportive and fun environment, competitive pay, flexible work schedule, and enviable benefits (including free travel). Founded in 1967, the world's largest low-cost carrier also ranked No. 11 on Fortune's list of world's most admired companies for 2019.

Once based in Aliso Viejo, California, construction and engineering giant Fluor Corp. moved its headquarters to Irving in 2006. It takes the No. 17 spot on Indeed's list, and also resides on the Fortune 500 list with a 2018 revenue of $19.2 billion and more than 53,000 employees worldwide.

California clinches the rest of the top five, with Adobe (San Jose), Facebook (Menlo Park), Live Nation (Beverly Hills), and Intuit (Mountain View) demonstrating how tech and entertainment continue to remain popular industries for eager employees.

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This story originally appeared on CultureMap.com.

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Uber, Nuro and Lucid plan to roll out robotaxi services in Houston

autonomous autos

More autonomous vehicles are expected to hit the roads in Houston next year.

Ridesharing giant Uber announced that it plans to roll out its premium robotaxi service in the Bayou City in mid-2027. Houston will be Uber’s second planned market for the program, following the San Francisco Bay Area, where the program is expected to be rolled out later this year.

Uber, Nuro and Lucid Group will bring the robotaxi program to Houston with more markets planned for the future. Currently, Nuro is conducting autonomous on-road testing with safety operators in Houston. Testing includes simulation, closed-course testing and supervised public-road testing.

“Houston is a city Nuro knows well, and we’re excited to help bring this robotaxi service to the city through our partnership with Uber and Lucid,” Andrew Chapin, chief operating officer at Nuro, said in a news release. “Houston’s large, complex metro area is an ideal market for demonstrating how Nuro’s universal autonomy platform can generalize across different geographies and operating environments. We look forward to continued engagement with the community as we prepare to launch service in 2027.”

The fleet of 100 vehicles across California and Texas will feature Lucid Gravity EVs and future Lucid Midsize vehicles equipped with Nuro Driver technology, Nuro’s Level 4 universal autonomy platform, plus a redundant sensor suite with cameras, lidar, radar and a roof-mounted halo.

The vehicles will be owned and operated by Uber and its fleet partners and made available to riders through the Uber network, according to the company.

In addition to the fleet of autonomous vehicles, Uber also announced that it has secured a 50,000-square-foot depot facility and dedicated charging pitstop in Houston. The facility will allow Uber and its partners to control vehicle maintenance, repairs, charging, cleaning, and day-to-day operations.

“Houston marks an important next step in our partnership with Lucid and Nuro as we expand autonomous mobility to more riders throughout the world,” Sarfraz Maredia, global head of autonomous mobility & delivery at Uber, added in the release. “Together, we’re combining best-in-class vehicle and autonomy technology with Uber’s scale, fleet operations expertise, and infrastructure capabilities to build a service that can grow across dozens of markets in the years ahead.”

Waymo launched its autonomous vehicle program in Houston in February.

The company later suspended its driverless car services in Houston, other major Texas cities, and Atlanta, after one of its vehicles was stranded by flooding during heavy rains. However, according to the Houston Chronicle, the fleet has resumed activity in Houston and is fully active.

Houston fintech company closes $7M funding round

fintech funding

Houston-based fintech company Receipts Depositary Corporation has closed a $7 million oversubscribed funding round and plans to scale.

The round was led by Austin-based LiveOak Ventures, with participation from Hivemind Capital, Onigiri Capital, OTC Markets Group, GTS, and Redbeard Ventures, according to a release from RDC.

RDC's platform issues depositary receipts (DRs) to qualified investors on digital and alternative assets, making it easier for investors to buy and trade hard-to-access and less traditional assets. Currently, the company offers DRs for cryptocurrencies including Bitcoin, Ethereum, Solana and XRP.

RDC says the new funding will allow it to launch new DR products across a wider range of asset categories, potentially including commodities. Additionally, it plans to grow its relationships with "banks, broker-dealers, market makers, custodians and exchange partners" and add to its product, operations, technology, and commercial functions teams. The company is actively hiring, according to a press release.

“Depositary Receipts are trusted, regulated capital markets products which RDC is bringing to an entirely new universe of assets, from commodities to digital assets, that have historically been out of reach of traditional securities markets," Krishna Srinivasan, founding partner at LiveOak Ventures, said the release. “The team's depth of experience in the DR business on a global scale, combined with the broad institutional validation from co-investors, anchor customers, and strategic partners across asset classes, makes RDC uniquely positioned to define this category. We're proud to lead this round and support the company as it scales.”

RDC was founded in 2022 by three Citibank alumni: CEO Ankit Mehta, CEO Bryant Kim and COO Ishaan Narain. It began offering its first DRs for Bitcoin in 2024.

“This funding round is a strong validation of what we’re building at RDC and the growing demand for modernized Depositary Receipt infrastructure,” Mehta added in the release. “With the support of LiveOak Ventures and our investor partners, we are accelerating development across our DR platform expanding our market reach, and building the team needed to support the next generation of DR product

Houston space co. adds local colleges to university alliance

space schools

Houston’s Axiom Space has added 26 new members to its University Alliance—including two from Houston—to support the next generation of space exploration.

Engineers, researchers and students from the partnering universities will be dedicated to advancing microgravity research, technology development and commercial innovation in low-Earth orbit.

Rice University and the University of Houston are among the new colleges to join the alliance, which launched with 15 members last year. The University of Texas at Austin and the University of Texas at El Paso have also joined, in addition to international institutions in Europe, Asia and Australia, and others from around the U.S. See full list here.

“Through the University Alliance, Axiom Space is uniting the international research community driven to enable human progress,” Lucie Low, Axiom Space chief science officer, said in a news release. “Together, alliance members are taking the initiative to ensure microgravity research benefits everyone on Earth and our shared goals fulfill a scientific purpose to advance civilization.”

Axiom is building the world’s first commercial space station, known as Axiom Station. The University Alliance “will support and advance space science during the transition from government-led to commercially owned and operated space stations,” the company said in a release. Partnering universities will contribute to the research community by participating in international collaborative scientific initiatives, identifying future research, and bolstering strategic positions in the commercial orbit research field.

Recently, the Rice Space Institute was also selected to lead the U.S. Space Force Strategic Institute 4 in addition to other space-centric partnerships.

“We’re excited to bring our expertise to this global alliance and to benefit from the deep expertise of our partners,” David Alexander, professor of physics and astronomy and director of the Rice Space Institute, said in a news release. “Space is truly a collaborative and global endeavor. Alliances like these are key to progress.”

UH and NASA’s Johnson Space Center expanded their collaboration in 2022. In 2024, UH launched its NASA MIRO Inflatable Deployable Environments and Adaptive Space Systems Center (IDEAS2) via a five-year, $5 million grant.

“As a major public research university located in Space City, the University of Houston has a unique opportunity and responsibility to help lead the future of space innovation, and our participation in Axiom Space’s University Alliance represents a major step forward in that mission,” Karolos Grigoriadis, the Hugh Roy and Lillie Cranz Cullen Endowed Professor and chair of mechanical and aerospace engineering at UH, added in a separate release.

Meanwhile, Axiom recently tacked on an additional $175 million to a previously announced capital raise, bringing the oversubscribed round to a total of more than $525 million. It also has announced plans to launch Swiss and Japanese subsidiaries.

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