Texas Fortune 500 companies have grown over the last few years. Texas infrastructure, a booming economy, and lower taxes are just a few of the reasons large global corporations are relocating here. Texas is ranked #1 by Chief Executive Magazine as the best state to locate a business. Houston is the leader with the most fortune 500 companies with 24 out of the 54 in the state of Texas.
The newest edition of the annual Fortune 500 company rankings published by Fortune Media shows an uptick in Texas-based companies for 2022. Texas is now home to the most fortune 500 companies in the nation. In May of 2022, Governor Gregg Abbot announced (in part) that “Texas is the economic engine of the nation,”.
The state has many world-class universities providing a highly educated workforce. Texas has a fine-tuned infrastructure providing roads, highways, and seaports. The Port of Houston is one of the world’s largest and one of the most strategic gateways for cargo.
The first major business enterprises in Texas were oil, cattle, Bison, cotton, and timber. Texas has a gross state product of $2 trillion as of 2021, second only to California. If Texas was a country it would rank 9th in the total world economy, over Russia, Spain, Australia, and Mexico.
Texas’s economy has been fueled by the oil and gas industry since 1901 when the first oil was found at Spindletop near Beaumont. Texas’ current largest manufacturing export is petroleum and coal products. Texas’ biggest crop is cotton. Over the last ten years, Texas fastest growing economic sector has been construction.
The Texas Triangle
The Texas triangle which consists of 35 counties that make up the metropolitan areas of Houston, Dallas-Fort Worth, San Antonio, and Austin has become a major player in the national and global economy. The triangle area contains most of Texas’s economic assets including major universities, Fortune 500 companies, and other top Texas companies. Federal investments are also driving the growth of the Triangle area.
Even now with the threat of economic recession over our country and our current state of inflation, Texas is a favored leader in the economy. Due to Texas’ heavy energy production the state typically does well when oil and gas prices are higher. As the Texas housing market slows down and rent prices fall in the second half of 2022 this indicates a possible slowdown in inflation.
Many parts of Texas have experienced extreme heat and drought conditions this year which have given farmers and ranchers an economic hit. Many factors are at play when it comes to a healthy economy and a recession is still debatable. How it affects Texas remains to be seen. However, due to our historically strong economic indicators, we could fare better than many parts of the nation. Texas is in full recovery mode from the pandemic economic slump which is a significant economic indicator.
So how many Fortune 500 companies are in Texas? What is their rank in revenues?
54 Fortune 500 in Texas Ranked by Revenue:
1. Exxon Mobil is one of the world’s largest publicly traded international oil and gas companies. ExxonMobil has announced it will be relocating its corporate headquarters to Houston. The move is expected to be completed by mid-2023.
2. McKesson corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex. McKesson is a pharmaceutical distribution supply chain and health care leader. Founded in 1833 it is a global leader in pharmaceutical distribution, retail pharmacy, and health care supplies.
3. AT&T’s corporate office is in Dallas, Texas. AT&T is a provider of telecommunications, media, and technology services. Operating as a communications holding company AT&T is steeped in history. Co-founded by Alexander Graham Bell in 1855 as American Telephone and Telegraph Company. Bell was given the very first telephone patent in 1876.
4. Phillips 66 is a diversified energy and logistics company. Their corporate office is in Houston, Texas. Brothers Frank and L.E. Phillips founded Phillips Petroleum Company, headquartered in Bartlesville, Oklahoma, in 1917. After Phillips 66 split from ConocoPhillips, it relocated its headquarters to Houston in 2012.
5. Valero Energy produces, markets, and distributes transportation fuels and petrochemical products. Its corporate base is in San Antonio, Texas. Founded in 1980 Valero was named for the mission San Antonio de Valero (original name of the Alamo). Valero is a leading renewable energy producer.
6. Dell Technologies is one of the largest technology companies in the world. Michael Dell chairman and chief executive officer of Dell Technologies attended the University of Texas in Austin. Dell went public in 1988 and rebranded as Dell Computer Corporation. Dell is one of the world’s largest technology infrastructure companies. Dell’s corporate headquarters is in Round Rock, Texas. Round Rock is a suburban city near Austin, Texas. Dell Technologies employs 165,000 people around the world.
7. Energy Transfer is an energy transporter of natural gas, crude oil, NGLs, refined products, and liquid natural gas. Its corporate location is in Dallas, Texas. The pipeline and energy infrastructure company was formed in Texas in 1996 and became a publicly traded partnership in 2004.
8. Tesla is the first car manufacturer of electric vehicles. Founded in 2003 by a group of engineers Tesla provides electric vehicles, scalable clean energy generation, and storage products. Tesla was founded by Martin Eberhard and Marc Tarpenning in 2003. In February 2004 Elon Musk became the largest shareholder in the company at which time he became the Tesla chairman. On December 1, 2021, Tesla, Inc. relocated its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas.
9. Sysco is a wholesale restaurant food distributor. Their corporate office is in Houston, Texas. Sysco is a world global food service company. It is the largest broad-line food distributor in the world. As the largest marketer and distributor of foodservice products in North America, they provide food, related products, and services to approximately 390,000 restaurants, schools, hospitals, hotels, and other foodservice customers
10. Caterpillar the world’s largest construction and mining equipment manufacturer has announced they will be moving their global corporate headquarters to Irving, Texas (Las Colinas) a popular suburb of the Dallas/Fort Worth Metroplex. The transition will begin in 2022. Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment. They also manufacture off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.
11. ConocoPhillips corporate is in Houston, Texas. They develop and produce crude oil and natural gas globally.
12. Plains GP Holdings corporate is in Houston, Texas. It is a limited partnership that owns and operates energy infrastructures and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas.
13. Enterprise Products Partners corporate is in Houston, Texas. It is one of the largest midstream oil and gas companies in North America.
14. Oracle corporate offices are in Austin, Texas. Oracle is an umbrella company in the software industry. It is the world’s largest database management company.
15. USAA corporate is in San Antonio, Texas. USAA provides insurance, banking, investment, and retirement solutions to members of the U.S. military, veterans who have honorably served, and their families.
16. American Airlines Group Inc. corporate is in Fort Worth, Texas. Its center is located at DFW International Airport property Skyview B. The campus is located on 300 acres, adjacent to Dallas/Fort Worth International Airport.
17. Hewlett Packard Enterprise’s new corporate headquarters was relocated to Spring, Texas just outside of Houston in 2022. Hewlett Packard specializes in information technology.
18. D.R. Horton corporate is in Arlington, Texas. This premier quality construction company builds residential homes.
19. CBRE Group is a commercial real estate services and investments company. Their corporate office is in Dallas, Texas.
20. NRG Energy is a consumer services company. Their corporate office is in Houston, Texas. They are in the business of producing and selling energy and related products as well as services to consumers.
More Texas-Based Fortune 500 Companies…..
21. Occidental Petroleum corporate is in Houston, Texas.
22. Baker Hughes corporate is in Houston, Texas.
23. Builders FirstSource corporate is in Dallas, Texas.
24. Tenet Healthcare corporate is in Dallas, Texas.
25. Kimberly-Clark corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex.
26. Charles Schwab corporate is in Westlake, Texas a suburb of Fort Worth.
27. EOG Resources corporate is in Houston, Texas.
28. HF Sinclair corporate is in Dallas, Texas.
29. Texas Instruments corporate is in Dallas, Texas.
30. Waste Management’s corporate office is in Houston, Texas.
31. Targa Resources corporate is in Houston, Texas.
32. Kinder Morgan corporate is in Houston, Texas.
33. Cheniere Energy corporate is in Houston, Texas.
34. Southwest Airlines corporate is in Dallas, Texas.
35. Halliburton corporate is in Houston, Texas.
36. Pioneer Natural Resources corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex.
37. Fluour corporate is in Irving, Texas, a popular suburb of the Dallas/Fort Worth Metroplex.
38. AECOM corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex.
39. Jacobs Engineering Group corporate is in Dallas, Texas.
40. Group 1 Automotive corporate is in Houston, Texas.
41. Quanta Services corporate is in Houston, Texas.
42. Vistra corporate is in Irving, Texas, a popular suburb of the Dallas/Fort Worth Metroplex.
43. Westlake corporate is in Houston, Texas.
44. Yum China Holdings corporate is in Plano, Texas.
45. Celanese corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex.
46. Huntsman corporate is in The Woodlands a suburban township near Houston, Texas.
47. CenterPoint Energy corporate is in Houston, Texas.
48. APA corporate is in Houston, Texas.
49. KBR corporate is in Houston, Texas.
50. Diamondback Energy corporate is in Midland, Texas.
51. Academy Sports and Outdoors corporate is in Katy, Texas.
52. Commercial Metals corporate is in Irving, Texas a popular suburb of the Dallas/Fort Worth Metroplex.
53. Enlink Midstream corporate is in Dallas, Texas.
54. Southwestern Energy corporate is in Spring, Texas a suburb of Houston.
In Conclusion, Texas Economy
As you can see Texas is a leading force in corporate America and the future of our nation. For 20 years in a row, Texas has been the leading exporter of goods including energy, and high tech, among others. Economic development officials state Texas has seen more corporate expansion and relocations than it has in a long time.
There are more than 200 current corporate relocations and expansions in the state of Texas. Many national corporations have expanded their Texas operations this year and Texas’ innovative entrepreneurial climate is an indicator of more growth to come.
One strong economic indicator in Texas points to our vast infrastructure which includes the largest transportation network in the country. Comprised of 313,200 miles of public roads, 10,400 miles of railway, 380 airports, and 16 seaports our transportation sector is tremendous. Combined with our robust corporate presence, skilled workforce, and our 268 institutions of higher learning, Texas is a clear leader in our nation’s future economy.
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Texas’s vast infrastructure includes the largest transportation network in the nation. It is comprised of 313,200 miles of public roads, 10,400 miles of railway, 380 airports, and 16 seaports. Combined with Texas’ robust corporate presence, skilled workforce, as well as, 268 institutions of higher learning, Texas is a clear leader in our nation’s future economy.
Texas has a gross state product of $2 trillion as of 2021, second only to California. If Texas was a country, it would rank 9th in the total world economy, over Russia, Spain, Australia, and Mexico.