Houston has two newcomers among its 21 companies on the 2018 Fortune 500, which ranks U.S. public companies by total revenue.
Meanwhile, Houston lost one company — Baker Hughes Inc. — which was merged with Boston-based General Electric Co.’s (NYSE: GE) GE Oil & Gas business last summer. Now known as Baker Hughes, A GE Company (NYSE: BHGE), the combined company only reported financial statements for the last two quarters of 2017. Companies have to report full financial statements for at least three quarters of their respective fiscal year in order to be considered.
Westlake Chemical Corp. (NYSE: WLK) and Cheniere Energy Inc. (NYSE American: LNG) are Houston’s two newcomers this year.
Westlake made the list for the first time this year, taking the No. 352 spot. Last year, the chemical company just missed the Fortune 500, ranking No. 507. Westlake reported 2017 revenue of $8.04 billion, up 58.4 percent from 2016, and profit of $1.3 billion, up 226.9 percent.
Cheniere also made the Fortune 500 for the first time, coming in at No. 489. The liquefied natural gas producer reported $5.6 billion in revenue for 2017, up 336.5 percent from 2016. It also reported a net loss of $393 million for 2017, but that’s less than the company's net loss from previous years. Cheniere began seeing a major improvement in revenue and profit in 2016, after shipping its first LNG exports earlier that year.
Fortune lists 48 of the 500 companies as based in Texas. Although Fortune lists NRG Energy Inc. (NYSE: NRG) as headquartered in Princeton, New Jersey, the company considers itself dual headquartered. NRG has maintained dual headquarters in Princeton and Houston since acquiring Genon Energy in December 2012. NRG takes the No. 269 spot this year with nearly $11.28 billion in revenue.
One notable company not on Fortune’s list at all is Schlumberger Ltd. (NYSE: SLB), which maintains principal offices in Houston, Paris, London and the Hague.
Houston's top-ranked company was Phillips 66 (NYSE: PSX) once again, which moved up six spots to No. 28 overall this year. Overall, Walmart Inc. (NYSE: WMT) took the No. 1 spot for the sixth year in a row, while Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM) — which has a major presence in Houston — was No. 2. After Exxon, Dallas-based AT&T Inc. (NYSE: T) took the No. 9 spot nationwide, making it the only other Texas company to beat Phillips 66.