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.

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

Chevron to relocate HQ, executives to Houston

big move

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.

Enbridge and Phillips 66 have made a commitment to making sure Houston has the support it needs to be resilient. Photo via Getty Images

$1.5M donation secures new alliance for disaster resilience in Houston

supporting the Bayou City's future

Disaster resilience and recovery efforts in the Houston area are getting a boost.

Thanks to a combined $1.5 million commitment from natural gas company Enbridge and energy company Phillips 66, the Greater Houston Community Foundation, and United Way of Greater Houston have formed the Greater Houston Disaster Alliance.

Enbridge and Phillips 66 are each donating $250,000 annually for three years to finance the alliance. The alliance says it will seek additional funding and partnership opportunities to help ensure the organization’s longevity.

The alliance aims to bolster year-round disaster preparedness in the region. It builds on a partnership worked out two years ago between the foundation and the United Way to coordinate philanthropic responses to Houston-area disasters.

The alliance hasn’t yet named a director. However, it already has begun searching for someone to fill the post, a process that could take several months.

Among the initiatives that the alliance will undertake are:

  • Solidifying infrastructure for directing community-wide philanthropic responses following disasters.
  • Pursuing partnerships with nonprofits to improve disaster relief..
  • Accelerating disaster fundraising and providing seed funding for ongoing resilience and recovery innovations.
  • Establishing a council of public and private leaders to mesh disaster resiliency and recovery strategies.

In the event of a major disaster, the alliance will form a separate leadership council to support fundraising.

“When it comes to disasters, it’s only a matter of time before the Houston region will be impacted again, and the Greater Houston Disaster Alliance gives us the opportunity to take a more proactive and effective approach to disaster recovery and resiliency,” Stephen Maislin, president and CEO of Greater Houston Community Foundation, says in a news release.

Every disaster in the Houston area highlights the struggles faced by residents who already were struggling to meet basic needs, according to Amanda McMillian, president and CEO of the United Way of Greater Houston.

“Recognizing the economic peril that many in our community face when disaster strikes compels us to develop the most effective and equitable social service response that we can now. That is why the work of the Greater Houston Disaster Alliance is so important,” says McMillian.

Houston is certainly no stranger to natural disasters. For example, Hurricane Harvey ranks among the worst U.S. natural catastrophes in the 21st century. The 2017 storm caused an estimated $125 billion in damage in Texas and Louisiana, damaged over 200,000 homes and led to more than 100 deaths.

“Harvey was a wake-up call to all of us who set a course for the city’s future,” Houston Mayor Sylvester Turner said in 2018.

. Photo via Getty Images

Houston energy giant expands implementation of Canadian startup's tech

big, big energy

CruxOCM, a startup with a significant Houston presence that specializes in robotic industrial process automation for energy companies, has secured even more business from energy giant Phillips 66.

The value of the deal wasn’t disclosed.

Houston-based Phillips 66 has agreed to expand it use of CruxOCM’s pipeBOT technology to cover even more pipelines. The pipeBOT technology is designed to improve the safety and efficiency of control room operations for pipelines and reduce control room costs.

CruxOCM and Phillips 66 launched a test of pipeBOT in 2020.

CruxOCM, based in Calgary, Canada, says pipeBOT is engineered to decrease manual controls through intelligent automation. With this technology in place, the fatigue of control room operators declines, because as many as 85 percent fewer manual commands must be entered, according to CruxOCM. Therefore, control room operators can focus on higher-level tasks.

“At CruxOCM, we empower control room operators with modern software that enables the autonomous control rooms of tomorrow, within the safety constraints of today. We look forward to continuing to strengthen our relationship with Phillips 66 for many years to come,” Adam Marsden, chief revenue officer at CruxOCM, says in a news release.

Founded in 2017, Crux OCM (Crux Operations Control Management) established its Houston presence last year. Also in 2021, the startup raised $6 million in venture capital in a “seed extension” funding round. Bullpen Capital led the round, with participation from Angular Ventures, Root Ventures, Golden Ventures, Cendana Capital, and Industry Ventures.

In 2019, Angular Ventures and Root Ventures co-led a $2.6 million funding round.

Business and government leaders in the Houston area hope the region can become a hub for CCS activity. Photo via Getty Images

3 businesses join Houston initiative for carbon capture and storage

seeing green

Three big businesses — Air Liquide, BASF, and Shell — have added their firepower to the effort to promote large-scale carbon capture and storage for the Houston area’s industrial ecosystem.

These companies join 11 others that in 2021 threw their support behind the initiative. Participants are evaluating how to use safe carbon capture and storage (CCS) technology at Houston-area facilities that provide energy, power generation, and advanced manufacturing for plastics, motor fuels, and packaging.

Other companies backing the CCS project are Calpine, Chevron, Dow, ExxonMobil, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips 66, and Valero.

Business and government leaders in the Houston area hope the region can become a hub for CCS activity.

“Large-scale carbon capture and storage in the Houston region will be a cornerstone for the world’s energy transition, and these companies’ efforts are crucial toward advancing CCS development to achieve broad scale commercial impact,” Charles McConnell, director of University of Houston’s Center for Carbon Management in Energy, says in a news release.

McConnell and others say CCS could help Houston and the rest of the U.S. net-zero goals while generating new jobs and protecting current jobs.

CCS involves capturing carbon dioxide from industrial activities that would otherwise be released into the atmosphere and then injecting it into deep underground geologic formations for secure and permanent storage. Carbon dioxide from industrial users in the Houston area could be stored in nearby onshore and offshore storage sites.

An analysis of U.S Department of Energy estimates shows the storage capacity along the Gulf Coast is large enough to store about 500 billion metric tons of carbon dioxide, which is equivalent to more than 130 years’ worth of industrial and power generation emissions in the United States, based on 2018 data.

“Carbon capture and storage is not a single technology, but rather a series of technologies and scientific breakthroughs that work in concert to achieve a profound outcome, one that will play a significant role in the future of energy and our planet,” says Gretchen Watkins, U.S. president of Shell. “In that spirit, it’s fitting this consortium combines CCS blueprints and ambitions to crystalize Houston’s reputation as the energy capital of the world while contributing to local and U.S. plans to help achieve net-zero emissions.”

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Houston firm invests $150M in leading 'lab on a chip' medical diagnostics co.

fresh funds

Houston-based health technology investment firm Hamershlag Private Capital Management Limited (HPCM) announced a $150.15 million venture investment in Patho Care LLC.

Patho Care is a “lab on a chip” medical diagnostics company known for its noninvasive point-of-care testing platforms, such as its Raman spectroscopy-based platform.

Its digital point-of-care testing devices are programmable, mobile, and reusable and can detect current or future respiratory bacterial or viral infections. The company says the technology is more cost-effective and provides results faster than traditional diagnostic methods.

“Patho Care LLC is a distinguished leader in healthcare diagnostics through the utilization of a novel approach with spectroscopy and this investment aligns with HPCM’s strategy of partnering with high-potential companies in dynamic industries,” L. Mychal Jefferson, Chairman of Hamershlag, said in a news release.

The transaction was structured as an acquisition and recapitalization using newly issued common stock and cash, which will work through a newly formed entity, PathoCare Holdings Inc. The deal will also facilitate the repayment of Patho Care LLC's existing financial obligations and settle Patho Care’s outstanding notes, helping ensure the company’s financial readiness, according to the release.

The investment will help Patho Care LLC improve operational efficiencies, broaden its service offerings and continue to innovate in the diagnostic testing space. The companies hope the collaboration will help “unlock new growth opportunities while maintaining the company’s legacy of excellence in an emerging technology,” according to a news release.

“Our commitment to delivering transformative value through innovative investments underscores our confidence in Patho Care’s vision and capabilities,” Jefferson added.

10+ can't-miss Houston business and innovation events for February

WHERE TO BE

From talks with the hall-of-fame beauty business founders to agtech and AI summits, Houston will host a number of events focused on innovation and innovators in February.

Here’s what not to miss and how to register.

Note: This post might be updated to add more events.

Feb. 7 – SheSpace Offsite: Coffee & Connection

Get out of the office and head over to Midtown network with fellow SheSpace members and working women via coffee and conversation.

This event is Friday, Feb. 7, from 2-4 p.m. at Kefita Coffee. RSVP here.

Feb. 11 – Texas Business Hall of Fame x Ion: Creators Series with Founders Janet Gurwitch (Laura Mercier) and Tiffany Masterson (Drunk Elephant)

Take part in Texas Business Hall of Fame’s launch of its Creators 2025 speaker series. Janet Gurwitch, founder of Laura Mercier, and Tiffany Masterson, founder of Drunk Elephant, will discuss lessons learned while building their global retail brands and their successful exits.

This event is Tuesday, Feb. 11, from 8–10 a.m. at the Ion. Register here.

Feb. 11 – How to Start a Startup

Gain insight from Mercury Fund’s Heath Butler and stick around for a happy hour afterward. This session, originally scheduled for Jan. 21, is geared toward entrepreneurs, small business owners, investors and academic partners

This event is Tuesday, Feb. 11, from 5:30–7 p.m. at the Ion. Register here.

Feb. 15 – Ion Family Tech Day: Youth Entrepreneurship with Lemonade Day University

Bring the whole family out to the Ion for a family-friendly entrepreneurial workshop with Lemonade Day. Kids can compete in a pitch competition to win free supplies, and trained instructors will coach kids on how to set goals, develop a business or marketing plan and budget, create a brand, save and invest money, and more.

This event is Saturday, Feb. 15, from 10 a.m.–12:30 p.m. at the Ion. Register here.

Feb. 18 — Female Founders and Friends

Connect with like-minded female founders, funders, and allies at this recurring event. Female Founders & Friends is open to all industries and coffee is provided.

This event is Tuesday, Feb. 18, at 9 a.m. at Sesh Coworking. Register here.

Feb. 20 — Diaspora Africa Conference

Come together to hear inspiring speakers, participate in interactive workshops and network with others who are passionate about African heritage and the contributions of the African diaspora. This event will showcase African innovation and allow attendees to connect with funding sources actively seeking high-growth opportunities in Africa.

This event is Thursday, Feb. 20, from 9 a.m.–6 p.m. at the Ion. Register here.

Feb 20–21 — TMC AI Summit 2025

The TMC AI Summit aims to translate advanced AI innovations into practical solutions for real-world biomedical and health care challenges by bringing together researchers, clinicians, and industry leaders. The event features various workshops and tracks with keynote speakers from Rice University, UTHealth, Microsoft Health Futures and other organizations.

This event is Thursday, Feb. 20, from noon–7 p.m. and Friday, Feb. 21, from 8 a.m.–5 p.m. at TMC Helix Park in the TMC3 Collaborative Building. Register here.

Feb. 25 — Houston Methodist Leadership Speaker Series at Ion - Tesha Montgomery

Hear from Houston Methodist’s SVP of System Patient Access about how the health care system is approaching improvements to patient access and highlighting women in health care leadership. Audiences can participate in a 30-minute discussion following Montgomery’s remarks.

This event is Tuesday, Feb. 25, from 4:45–6 p.m. at the Houston Methodist Tech Hub at the Ion. Register here.

Feb. 26 — Inaugural HTX AgTech Rodeo Innovation Summit 2025

Network with farmers, founders, startups and investors at the first-ever HTX AgTech Rodeo Innovation Summit. The all-day event will feature panels, fireside chats, a Saddle Up Pitch Competition and reception with live music.

This event is Wednesday, Feb. 26, from 8:30 a.m.–8 p.m. Find more information and register here.

Feb. 27 — NASA Tech Talks

Every fourth Thursday of the month, NASA experts, including longtime engineer Montgomery Goforth, present on technology development challenges challenges NASA’s Johnson Space Center and the larger aerospace community are facing and how they can be leveraged by Houston’s innovation community. Stick around after for drinks and networking at Second Draught.


This event is Thursday, Feb. 27, from 6-7 p.m. at the Ion. Register here.

Feb. 27–28 – QVIDTVM x The Ion: Inaugural Hack Day Competition

Investment firm QVIDTVM and the Ion are calling all data scientists, analysts, developers and innovators to a new hack day. Participants will aim to find the total value of real estate platformed by Airbnb globally and can participate in a Fireside Chat on AI with Nick King, founder and CEO of Data Kinetic. Teams can include up to four people and prizes for first through third place will be awarded.

This event is Thursday, Feb. 27, at 9:30 a.m. until Friday, Feb. 28, at 5 p.m. at the Ion. Register here.


Houston humanoid robotics startup secures millions in pre-seed funding

my robot

A Houston-based startup developing AI-powered humanoid robots for manufacturers and other businesses has raised more than $10 million in pre-seed funding less than a year after its founding.

Nic Radford, co-founder and CEO of Persona AI, declines to disclose the amount raised. However, he tells InnovationMap that it was an eight-figure total.

While not providing names, Radford says Persona AI’s first outside investors include VC firms, institutions and high-net-worth individuals in the U.S., London and Singapore. One of the high-net-worth investors was among the first employees at SpaceX, Elon Musk’s Brownsville, Texas-based aerospace company, according to Radford.

No Houston investors have participated in the funding round yet. However, Radford says he’s working on bringing aboard one local investor before the round closes.

“Houston’s the perfect city to do a company like this in,” Radford says. “It’s just not the perfect investor climate, but it's the perfect city from a customer aspect.”

Persona AI’s pre-seed funding comes amid a dramatic surge in investment capital chasing AI startups. Global funding for AI-related companies exceeded $100 billion in 2024, up more than 80 percent from the 2023 total, Crunchbase data shows.

Radford and co-founder Jerry Pratt, the startup’s chief technology officer, bootstrapped Persona AI. The third co-founder, Jide Akinyode, serves as Persona AI’s chief operating officer. Radford and Akinyode helped develop NASA’s six-foot-two-inch Valkyrie humanoid robot and both are former employees of Webster-based Nauticus Robotics, a provider of autonomous subsea robots.

Persona AI launched last June in what Radford calls “anti-stealth mode.” The startup is close to announcing its first customer, which does business in the industrial sector. Persona AI expects customers to take delivery of its first robot in 18 to 24 months, Radford says.

Persona AI will operate primarily as a robotics-as-a-service provider, with the company retaining ownership of the lifelike robots and selling the labor that they supply. Radford says the startup’s robots will help alleviate a shortage of skilled labor in sectors like manufacturing.

A report released last year by consulting firm Deloitte and the Manufacturing Institute declared that as many as 1.9 million manufacturing jobs in the U.S. could go unfilled between 2024 and 2033 due to a skills gap and a tight labor market.

Persona AI competes in a market with enormous potential. In November, analysts at Citi Global Insights projected that the global market for humanoid robots could soar to $7 trillion by 2050, with 650 million of the robots tackling all sorts of jobs.

Radford says Personal AI is developing a “rugged” five-foot-eight-inch humanoid robot that’s able to survive tough indoor and outdoor conditions and take on tasks like carting around sheet metal, tending to metal-stamping machines, moving storage bins and handling order fulfillment. He likens his company’s robot prototype to a Ford F-150 pickup truck, compared to the less-sturdy versions produced by robotics competitors, which he calls the Toyota Camry or Volkswagen Beetles of the field.

Radford says he and his team “are building a really compelling startup in one of the hottest markets and one of the greatest cities.” Employees work at Persona AI’s headquarters in Houston or its satellite office in Pensacola, Florida, where Pratt is located.

“We don’t hire anybody that’s not a rock star or superstar,” says Radford, “and I think the city is going to benefit tremendously from our efforts at Persona.”

Radford saw his last company, Nauticus Robotics, from founding to IPO, left the company in January and previously told InnovationMap that he couldn't get the idea of advancing humanoid robotics out of his head. Read more here.