Houston Declines in Fortune 500 Companies

Fortune Magazine has announced its 2011 list of the 500 largest American corporations. Andrew Schneider has this story on what the list says about the state of Houston business, as well as what it conceals.

Fortune 500Houston companies account for twenty-three of the Fortune 500 this year. That’s down slightly from 2010. But Jeff Moseley, president and CEO of the Greater Houston Partnership, isn’t worried.

“Houston, no doubt about it, is a headquarters town — is and will be. This is a great place for companies to headquarter out of. And the reality of it is that, being a headquarters town, from time to time, companies get acquired. So the new number really is misleading, because falling off the list were Smith International, which was acquired by Schlumberger, and Continental Airlines, acquired by United.”

Moseley notes that Exxon Mobil and Chevron, respectively ranked second and third on the list, both have large presences in Houston.

Surging oil prices lifted several Houston companies higher in the rankings. ConocoPhillips rose to fourth place, up from sixth last year. Marathon Oil shot up twelve spots to number 29. And Enterprise Product Partners, unranked up to now, burst onto the list at number 80.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...