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

Thirteen 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
  • 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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Five companies with connections to Houston have made it on this year’s 100 most influential companies by Time magazine. Photo via Getty Images

Houston businesses score spots on prestigious list of most influential companies

leading the pack

Five companies with strong ties to Houston have been named among this year’s 100 most influential companies by Time magazine.

The five companies are:

  • South Korea’s Hanwha Group, whose Hanwha Power Systems Americas subsidiary is in Houston. Hanwha, known as the “Lockheed Martin of Asia,” was praised for winning approval last year from the American Bureau of Shipping for the world’s first large-scale, carbon-free liquefied natural gas (LNG) vessel.
  • Houston-based Intuitive Machines. In February, the company’s Odysseus spacecraft became the first commercial spacecraft to land on the moon. The feat also marked the first U.S. landing on the moon since 1972.
  • Saudi Aramco, whose Americas headquarters is in Houston. Time cited Saudi Aramco’s dominance in the global oil market as a $1.9 billion “giant.”
  • Germany-based ThyssenKrupp Nucera, whose U.S. headquarters is in Houston. The company builds alkaline water electrolyzers to power steel mills and other fossil-fuel-dependent industrial sites.
  • United Airlines, which operates a hub at George Bush Intercontinental Airport. Chicago-based United was lauded for funding startups that help produce sustainable aviation fuel.

To come up with the fourth annual list, Time solicited nominations and polled in-house contributors and correspondents, along with external experts. Editors at Time then evaluated each company based on factors such as impact, innovation, ambition, and success.

“The result is a diverse group of 100 businesses helping chart an essential path forward,” the magazine says.

In a news release, Time’s editor in chief, Sam Jacobs, says the list of 100 companies “is more than an index of business success.”

“It is an argument for what business influence looks like in 2024,” Jacobs adds. “At a time when leadership in other sectors is battered, surveys suggest that many look to corporate leaders first for direction …. Each show us how companies can provide new models and new inspiration for the future of humanity.”

A new ranking looks at the Houston companies with the most patents granted in 2022. Photo via Getty Images

These are the Houston companies with the most patents granted last year

by the numbers

Two major players in Houston’s energy industry are also major players in the patent arena.

A new ranking from the analytics arm of patent law firm Harrity & Harrity puts Saudi Aramco, whose North American headquarters is in Houston, and Halliburton, whose global headquarters is in Houston, puts them in a tie for the number of U.S. patents with 963 patents received in 2022. Saudi Aramco and Halliburton now share the title of Houston’s patent king.

Saudi Aramco saw a 12 percent rise in patents granted in 2022 compared with 2021, according to Harrity & Harrity’s Patent 300 report, while Halliburton experienced a 5 percent jump. Each company tied for 44th place among the top 300 U.S. patient recipients in 2022.

According to the report, Samsung Electronics (8,513 patents) knocked IBM off its longtime pedestal as the No. 1 recipient of U.S. patents. IBM (4,743 patents) now holds the No. 2 position.

Many of Aramco’s U.S. patents come from its R&D centers in Houston, Boston, and Detroit. The Houston R&D hub opened in 2014 and underwent an expansion three years later.

Aramco, a Saudi Arabia-based supplier of oil and natural gas, also generates patents through academic partnerships, such as the one it established last year with Rice University’s Carbon Hub. Aramco has committed $10 million over five years to the carbon initiative.

“While patents are a leading indicator of innovation, the ultimate goal is to create value through the development of solutions that help to address a particular need,” Aramco says. “Such results are often only possible with significant upfront investments, and patents make it possible to recoup these costs and potentially generate additional revenue through commercialization.”

Last year, Aramco boasted that it ranked first in the oil and gas industry for U.S. patents (864) granted in 2021. Until 2011, Aramco had received only 100 U.S. patents over a 78-year span.

“Many of the patents are for innovations Aramco uses itself for competitive advantage, although they can also be licensed to others, creating extra value for the company,” Jamil Bagawi, then the company’s chief engineer, wrote in 2021.

Halliburton also has ramped up its patenting efforts in recent years.

According to Houston law firm Yetter Coleman, those efforts kicked into high gear after Halliburton lost a fracking patent lawsuit to Tomball-based BJ Services, which is now out of business. In 2003, a Houston jury awarded $98 million in damages to BJ in the case, and Halliburton had to stop selling the system that allegedly infringed on BJ’s patent.

In the five years before the verdict, Halliburton averaged 142 patent awards a year, according to Yetter Coleman. The law firm reported in 2013 that Halliburton subsequently averaged 234 patents a year.

Today, of course, Halliburton has far exceeded those numbers. And it vigorously defends its growing patent portfolio. In September 2022, for instance, three subsidiaries of the oilfield services giant filed two lawsuits against Houston-based rival U.S. Well Services alleging infringement of 14 Halliburton patents.

IAM, a website that reports about the intellectual property industry, noted that when Halliburton sued U.S. Well Services, “IP professionals in the oil and gas industry may well have reached for the popcorn. Battles of this magnitude rarely break out in their slice of the patent world.”

Halliburton and Aramco may be the goliaths in Houston’s patent world, but they’re not the only local organizations to appear on the Patent 300 list for 2022. Other Houston-area companies that made the cut are:

  • Spring-based Hewlett Packard Enterprise, No. 84. The tech company received 511 U.S. patents in 2022, down 4 percent from the previous year.
  • Houston-based SLB (Schlumberger), No. 117. The oilfield services company received 372 U.S. patents in 2022, down 14 percent from the previous year.
  • Houston-based Baker Hughes, No. 123. The oilfield services company received 350 U.S. patents in 2022, down 11 percent from the previous year.
  • ExxonMobil, No. 156. The oil and gas company received 281 U.S. patents in 2022, down 8 percent from the previous year. It is in the process of moving its headquarters from Irving to Spring.
  • United Imaging Healthcare, No. 253. The Chinese healthcare equipment company, whose North American headquarters is in Houston, received 175 U.S. patents in 2022, up 31 percent from the previous year.
Jim Sledzik joins the Houston Innovators Podcast to discuss corporate venture, Houston's role in the energy transition, and more. Photo courtesy of Aramco

Houston corporate investor on why Houston is poised to lead the energy transition

HOUSTON INNOVATORS PODCAST EPISODE 145

When it comes to Houston's potential to lead the energy transition, Jim Sledzik, North American managing director of Saudi Aramco Energy Ventures, says it's a no-brainer.

"We understand the energy business — we understand size and scale. And the size and scale of the challenges in front of us to get to net zero is enormous,” he says on this week's episode of the Houston Innovators podcast. “The basics are here. We just need to tap into the talent and experience."

Over the past decade, Saudi Aramco Energy Ventures has invested $320 million into 33 portfolio companies in the United States. Sledzik, who's worked in various energy services roles around the world before entering in to investment, explains that the corporate venture model is ideal for scaling big technology — and fast.

“When you’re using the venture model in a corporate setting, you have the company and the balance sheet behind you, which brings different benefits to companies you’re investing in,” he says. “These entrepreneurs who are looking to figure out how to deploy technology at scale becomes the real interesting item. All entrepreneurs want to grow — and they want to grow fast."

Scaling fast is risky, but big corporates — like Aramco — can help address the risks by providing a foothold in the market, a place to roll out the technology, and more.

“With corporate venture, you can bring the assets and the application of those technologies, and you can work to scale it in a manner that’s somewhat derisked,” Sledzik says on the show. “In corporate venture capital, you have other levers in which to pull to add value to the entrepreneurs you’re investing in. The private side brings different values.”

Earlier this year, Aramco announced a partnership with the Ion, representing its dedication to the Houston innovation ecosystem. Sledzik says Aramco being named a founding partner at the Ion opens the door to more collisions with Houston entrepreneurs. Starting later this month, Sledzik and his team will host office hours every other Friday.

"Ion is the place where you can find those collisions,” he says. “You just never know when serendipity is going to be created.”

He shares more about the types of technology Aramco is looking for and his advice to energy tech entrepreneurs on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


Data Gumbo, founded and led by Andrew Bruce, has announced its latest funding. Photo courtesy of Data Gumbo

Houston energy blockchain company announces $7.7M in funding, plans to expand to the Middle East

money moves

A Houston-based tech company has announced another round of funding to support its blockchain network growth as well as to establish a presence in the Middle East.

Data Gumbo has closed its series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures. The round includes participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

"The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships," says Andrew Bruce, founder and CEO of Data Gumbo, in a news release. "Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo's trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network."

With this latest raise, Data Gumbo's total funding raised to date is $18.4 million.

"Data Gumbo's success is marked by a wide variety of business use cases and opportunities for expansion," says Bruce Niven, chief investment officer at Aramco Ventures, in the release. "Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets."

The company's technology features smart contract automation and execution, which reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance with unprecedented speed, accuracy, visibility and transparency, per the release.

"Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets," says Kemal Farid, partner at L37, in the release. "We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG."

Earlier this year, the company announced its environmental, social and corporate governance tracking and reporting tool.

"Equinor's recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership," says Gareth Burns, head of Equinor Ventures, in the release. "Our follow-on investment confirms Equinor Ventures' confidence in Data Gumbo's solution for our company and the broader energy industry."

Growing Houston blockchain startup has raised $4 million to go toward supporting sales growth. Graphic courtesy of Data Gumbo

Exclusive: Houston blockchain startup closes $4M series B round led by new investor

money moves

An industrial blockchain-as-a-service startup based in Houston has closed a series B funding round thanks to support from both new and returning investors.

Data Gumbo Corp., which uses its blockchain network GumboNet to optimize smart contracts for oil and gas supply chains, announced its first close in its $4 million series B funding round that was led by new investor L37, which has operations in the Bay Area and in Houston. The round also saw contribution from returning investors Equinor Ventures and Saudi Aramco Energy Venture.

The funds will go toward growing Data Gumbo's sales team, which has been busy with the company's growth. While providing their own set of challenges and obstacles, both the pandemic and drop in oil prices meant oil and gas companies are prioritizing lean operations — something DataGumbo is able to help with.

"The opportunity in all this is companies have got to cut expenses," Andrew Bruce, CEO and founder, tells InnovationMap. "What's happened to us is our sales have absolutely exploded — in a good way. We have a huge number of leads, and we have to be able to deliver on those leads."

Bruce says leading the sales growth is Bill Arend, who was hired Data Gumbo's chief commercial officer this spring. Data Gumbo also recently announced that Richard Dobbs, 30-year veteran of McKinsey and former director of the McKinsey Global Institute, has joined the board as chairman.

"Dobbs is a recognized strategic industry thinker," Bruce says in a release. "His distinct expertise will lend structure, support and validation to Data Gumbo as we experience aggressive company growth."

Of course, fundraising in this unprecedented time, isn't easy. Bruce says he and his team were able to succeed thanks to a new investor, L37, which came from an introduction within Bruce's network.

"Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in digital transformation of the oil and gas industry," says Kemal Farid, a partner in L37, in a statement. "There is a lack of transparency, visibility and accuracy between counterparts of contracts that increases the costs of doing business and this has been greatly exacerbated by the current business landscape. We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships."

Additionally, Bruce says he's very proud of his company's return investors, who are also clients of DataGumbo.

"[We also have] the continuous support by our original investors — Aramco and Equinor — they invested in us not just once but twice," Bruce says. "They have been tremendously supportive, not just from an investor perspective, but also proving the value. We've got multiple projects starting with both of those companies."

Bruce says he already has eyes for another venture capital round — perhaps sometime next year — for Data Gumbo, which has raised $14.8 million to date. However, the company isn't far from profitability and growth from that avenue too.

"We're going to have the luxury of choice," Bruce says. "We want to grow as aggressively as possible so we are probably going to go the venture capital route."


GumboNet: Smart Contacts Made Simplewww.youtube.com

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Why this Houston medical device innovator is pumped up for the first total artificial heart

HOUSTON INNOVATORS PODCAST EPISODE 248

It's hard to understate the impact Dr. William Cohn has had on cardiovascular health as a surgeon at the Texas Heart Institute or on health care innovation as the director of the Center for Device Innovation at the Texas Medical Center. However, his role as chief medical officer of BiVACOR might be his most significant contribution to health care yet.

The company's Total Artificial Heart is unlike any cardiovascular device that's existed, Cohn explains on the Houston Innovators Podcast. While most devices are used temporarily for patients awaiting a heart transplant, BiVACOR's TAH has the potential to be a permanent solution for the 200,000 patients who die of heart failure annually. Last year, only around 4,000 patients were able to receive heart transplants.

"Artificial hearts historically have had bladders that ejected and filled 144,000 times a day. They work great for temporary support, but no one is suggesting they are permanent devices," Cohn says on the show.

The difference with BiVACOR's device is it abandons the bladder approach. Cohn explains that as assist pumps evolved — something his colleague, Dr. Bud Frasier, had a huge impact on — they featured new turbine and rotor technology. Daniel Timms, BiVACOR's founder and CTO, iterated on this technology beginning when he was a postdoctoral student at Queensland University of Technology in Australia.

"BiVACOR is the first artificial heart that leverages what we learned from that whole period — it has no bladders, it has no valves. It has one moving part, and that moving part is suspended in an electromagnetic field controlled by a computer and changed thousands of times a second," Cohn says. "It will never wear out, and that's why we think it's the world's first total artificial heart."

The company is seeing momentum, celebrating its first successful human implantation last month. The device was used for eight days on a patient at Baylor St. Luke’s Medical Center before the patient received a heart transplant.

Cohn says that BiVACOR has plans to use the TAH as "bridge-to-transplant" device in several other surgeries and expects to get FDA approval for that purpose in the next three to four years before working toward clearance for total artificial heart transplants.

Cohn has worked to support medical device startups at CDI at TMC for the seven years it has existed — first under Johnson and Johnson and then under TMC when it took the program over. He describes the center and its location as the ideal place for developing the future of health care, with Houston rising up to compete with regions known for medical device success — both coasts and Minnesota.

"Being in the shadow of the largest medical center on the planet — 106,000 employees show up there every 24 hours," Cohn says, "if you want to innovate, this is the place to do it."

2 Houston companies collaborating to develop lunar rideshare services

need a ride?

Houston-based space exploration company Intuitive Machines soon will be the Uber of space.

Intuitive Machines has signed a deal with Houston-based launch services company SEOPS to offer lunar rideshare services. Under the deal, Intuitive Machines will enable SEOPS to deliver customers' payloads to the surface of the moon, as well as to Lagrange points and geostationary transfer orbits. Essentially, this will let SEOPS hitch a ride on missions already planned by Intuitive Machines.

As NASA explains, spacecraft occupy Lagrange points between the earth and moon as “parking lots” so they can stay in a fixed position while conserving fuel. And according to the European Space Agency, transfer orbits “are a special kind of orbit used to get from one orbit to another.”

“Intuitive Machines’ rideshare capacity not only satisfies a growing market need, but it’s completely in our wheelhouse — leveraging our expertise in solving complex launch challenges for our customers,” Chad Brinkley, CEO of SEOPS, says in a news release. “It makes financial sense to take advantage of the excess capacity on Intuitive Machines’ lunar missions, while also supporting our customers' goals for lunar exploration.”

Intuitive Machines CEO Steve Altemus says the SEOPS deal underscores the aspirations of the space industry.

“SEOPS entrusting us with the delivery of its customers’ payloads to space highlights our capabilities to provide the essential infrastructure and services that support all groundbreaking commercial ambitions in space,” Altemus says.

Speaking of groundbreaking developments, Intuitive Machines recently pinned down a landing site for its sold-out mission to the South Pole. The mission will prospect for water ice.

NASA calls water ice “a valuable resource” for exploration of the moon, as it could provide drinking water, cool equipment, and generate fuel and oxygen.

The more than 650-foot-in-diameter South Pole landing site, chosen by Intuitive Machines and NASA, sits on the Shackleton connecting ridge. The ridge connects two craters.

NASA says the Shackleton ridge receives enough sunlight to power a lander for a roughly 10-day mission while offering a clear line of sight for satellite communications.

The mission, featuring an Intuitive Machines lander and NASA ice-mining equipment, is set for late 2024. The work must take place between November 2024 and January 2025 to capitalize on ideal conditions.

“A sold-out commercial and civil government mission early in our commercialization roadmap validates our approach to supporting an economy in deep space,” Altemus says in a news release. “Our expertise in landing site selection is world-class, and we believe the ability to identify landing areas with valuable resources will be essential to the future of the lunar economy.”

Ohio startup joins Houston clean tech accelerator

onboarding

A clean energy startup has joined Houston-based Halliburton Labs, an incubator for early-stage energy tech companies.

Adena Power, based in Ohio, uses three patented materials to produce a sodium-based battery that delivers clean, safe, long-lasting energy storage. The startup is trying to capitalize on the 100 terawatt-hour potential for energy storage in the U.S. grid.

“With Halliburton Labs’ support and operational expertise, Adena Power looks to accelerate scaling and take advantage of the high-growth market opportunity,” Nathan Cooley, co-founder and CEO of Adena Power, says in a news release.

Adena, founded in 2022, supplies energy storage batteries for the commercial, industrial, and utility sectors. The startup has collected funding from four investors, according to PitchBook: OhioXcelerate, Third Derivative, BRITE Energy Innovators, and For ClimateTech.

Adena’s addition to Halliburton Labs comes during a momentous year for the company. For example:

  • Adena won the People’s Choice Award at the National Renewable Energy Labs Industry Growth Forum.
  • Adena earned the MAKE IT (Manufacture of Advanced Key Energy Infrastructure Technologies) Prize from the U.S. Department of Energy.

“Our team is ready to collaborate with Adena to help them accelerate their growth to meet the demand for behind-the-meter storage solutions,” says Dale Winger, managing director of Halliburton Labs.

Halliburton Labs is a wholly owned subsidiary of Halliburton, a provider of products and services for the energy industry. The incubator will have pitches at the inaugural Houston Energy and Climate Startup Week next month.

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This article originally ran on EnergyCapital.

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