Houston companies score big on annual Fortune 500 ranking

by the numbers

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

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.

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This article originally ran on EnergyCapital.

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$12M pharmaceutical manufacturing facility to be built in Sugar Land

coming soon

A nearly $12 million drug manufacturing facility is coming to Sugar Land.

City leaders in Sugar Land recently approved a $1.3 million performance-based incentive for DeliverIt Group, a Sugar Land-based provider of specialty pharmacy, infusion therapy and clinical care services, for the development of the 60,000-square-foot facility.

The facility, which will be registered with the U.S. Food and Drug Administration (FDA), will compound medication. The process of drug compounding combines, mixes or alters ingredients to create a medication tailored to a certain patient. A compounded drug is created when an FDA-approved drug can’t meet a patient’s needs.

The facility, which will employ 55 people, will expand DeliverIt’s offerings from specialty pharmacy and infusion services to advanced pharmaceutical manufacturing. In a press release, the City of Sugar Land says the facility reinforces the suburb’s status as a hub for life sciences and health care innovation.

DeliverIt, founded in 2010, already employs about 60 people.

The $1.3 million incentive, to be distributed over the course of 10 years, is being funded through the Sugar Land Development Corporation’s 4A sales tax program.

“The addition of a pharmaceutical manufacturing operation of this caliber reflects the type of targeted growth we want to see in Sugar Land,” Jennifer Alexander, business development manager for the City of Sugar Land, said in a news release. “Our focus on smart, strategic investment means supporting life sciences innovators in ways that maximize existing assets while driving long-term community prosperity.”

The current size of the U.S. drug-compounding market is estimated at $7.42 billion, and it’s projected to climb to $12.79 billion by 2035, according to Towards Healthcare Research and Consulting.

Drug compounding is gaining momentum due to increases in personalized medicine and personal treatment approaches, with growth being supported by aging populations and the rise of chronic illnesses, Towards Healthcare says.

XSpace plans $250M industrial condo expansion with RAFA Racing Club

growth mode

Houston-based XSpace Group has teamed up with two other Houston companies, RAFA Racing Club and Maximo Capital, to develop five industrial condo projects that pair flex space and high-end car storage space with a members-only clubhouse for motorsports enthusiasts.

The five projects will be built in the Dallas-Fort Worth; Miami-Boca Raton; Charlotte-Mooresville, North Carolina; Phoenix-Scottsdale; and Los Angeles markets. Other markets, including Las Vegas, are under consideration for future phases.

XSpace says the initial five-project venture will generate estimated sales of $250 million. Condos will be available to rent or own.

The ground floor of each project will feature a RAFA Racing Club Social & Performance Centre, a members-only clubhouse, event space and lifestyle hub. The remaining floors will offer space for car storage, collectibles, offices and studios. RAFA will operate the ground floor of each building.

“Our goal from day one with RAFA Racing has been to connect people through a shared love of performance and community,” Rafael Martinez, founder of RAFA Racing Club and principal of Maximo Capital, said in a news release. “By pairing XSpace’s forward-thinking condominium design with the exclusive hospitality, networking and high-performance environment of a RAFA Racing Club clubhouse, we’re establishing a community blueprint where passion meets community.”

Each clubhouse will offer:

  • Lounges
  • Dining, working and networking spaces
  • Concierge service
  • Driving simulators
  • Fitness and conditioning capabilities

“We’re building the most valuable community-driven real estate product in America — and RAFA Racing Club is the anchor that makes it unlike anything else on the market," Byron Smith, founder of XSpace, added in a release. “By integrating our flexible, high-end industrial condominiums with RAFA’s world-class hospitality and automotive community spaces, we are completely redefining what commercial real estate can be for the motorsports enthusiast.”

RAFA operates facilities for motorsports fans in Houston and Austin. The clubs, geared toward wealthy people, entrepreneurs, executives, and brand partners, combine a clubhouse, garage, paddock (racing’s version of a locker room), a “human performance” center and driver training programs.

RAFA plans to open seven clubs in the U.S. and three outside the U.S. over the next four years.

XSpace operates a high-end office, warehouse, and lifestyle condo project in Austin and is building a project in Houston that’s set to open in 2027.

Walmart expands drone delivery service to 8 new Houston-area stores

Now Landing

More Walmart delivery drones are now buzzing around Houston-area skies.

In January, Walmart launched its drone delivery service in partnership with Wing at five locations in the Houston area. The retail giant just added eight more stores to its Houston-area drone delivery network.

Wing says the expansion makes drone delivery available to more than 1 million residents of the Houston area. “Many can now bypass notorious Houston traffic to get everyday Walmart essentials delivered by drone in minutes,” Wing said in a release.

The eight Walmart stores that joined the drone delivery network are:

  • 13003 Tomball Pkwy. Houston
  • 12353 FM 1960 Rd. West, Houston
  • 2901 Riley Fuzzel Rd., Spring
  • 20310 U.S. Highway 59, New Caney
  • 1025 Sawdust Rd., Spring, TX 77380
  • 13484 Northwest Fwy., Houston, TX
  • 13750 East Fwy., Houston
  • 3506 Highway 6 South, Houston

Stores where drone delivery was already available are:

  • 14215 FM 2100 Rd., Crosby
  • 1313 N. Fry Rd., Katy
  • 15955 FM 529 Rd., Houston
  • 255 FM 518, Kemah
  • 6060 N. Fry Rd., Katy

Houstonians can learn whether their address is eligible for drone delivery from a Walmart store by visiting wing.com/walmart. Drone-delivered orders can be placed on the Walmart app, the Wing app, or at Walmart.com.

Once an order is ready, it’s loaded onto a delivery drone. The drone then flies up to 60 mph and at a cruising altitude of about 150 feet to reach the customer’s home. The average flight takes less than 5 minutes.

Once it arrives at the customer’s home, the drone stops, hovers at roughly 23 feet, and lowers the order via a tether. Wing says its drones gently lower orders to the ground to protect fragile items like eggs and coffee.

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This article originally appeared on CultureMap.com.

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