Where North America's Energy Companies Live
620 public energy companies, $3.7T in combined market value, and a two-city story: Greater Houston, TX holds 111 headquarters worth $2.0T; Calgary answers with 104 worth $616.1B. Everything else is a rounding error with a zip code.
The headquarters league table
Combined market cap of energy companies headquartered in each city. Tap a US city for its place page, or a Canadian city for the screener filtered to it.
What the $3.7T is made of
Market cap by industry · area = combined market cap.
Boom, bust, boom
Combined FY revenue of the 282 companies reporting in every year 2019–2025 · constant universe, USD.
Trough $953.4B in 2020, peak $2.3T in 2022.
The ten largest
By market capitalization. FY revenue trend, 2019–2025.
| # | Company | Ticker | HQ | Market cap | FY revenue trend |
|---|---|---|---|---|---|
| 1 | Exxon Mobil Corporation | XOM | Spring, TX | $642.6B | |
| 2 | Chevron Corporation | CVX | Houston, TX | $384.8B | |
| 3 | ConocoPhillips | COP | Houston, TX | $145.2B | |
| 4 | Enbridge Inc. | ENB | Calgary, AB | $110.4B | |
| 5 | Canadian Natural Resources Limited | CNQ | Calgary, AB | $96.7B | FY gap |
| 6 | Marathon Petroleum Corporation | MPC | Findlay, OH | $89.6B | |
| 7 | Valero Energy Corporation | VLO | San Antonio, TX | $88.5B | |
| 8 | The Williams Companies, Inc. | WMB | Tulsa, OK | $86.1B | |
| 9 | Phillips 66 | PSX | Houston, TX | $82.7B | |
| 10 | Enterprise Products Partners L.P. | EPD | Houston, TX | $81.9B |
* FY gap marks a Canadian filer with no fiscal_period='FY' revenue rows in our data — quarterly rows exist starting 2024, but no annual figure. We show the gap rather than fabricate a trend line.
How this was computed
- Take every company in the Atlas universe with sector='Energy' — 620 companies (419 US, 201 Canada).
- Group by headquarters city, state/province, and country (falling back to the company's general city/country fields when a dedicated HQ field is blank); sum market cap and count companies per city. Greater Houston, TX combines the Houston and Spring, TX clusters — both carry hq_county_fips='US-48201' (Harris County).
- Industry mix sums market cap by the company's industry classification, independent of the city grouping.
- Constant-universe FY revenue: for each company, take its fiscal-year revenue value at the LATEST period-end within each calendar year 2019–2025 (some filers carry more than one same-year 'FY'-tagged row — comparative prior-year disclosures or mislabeled quarterly rows — so the most recent period-end wins). Sum across only the companies with a value in every one of the 7 years.
- The ten largest by market cap get a real per-company FY revenue sparkline over the same window, or a disclosed "FY gap" when a company (all verified cases: Canadian SEDAR+ filers) has zero fiscal_period='FY' rows.
Coverage and limitations
592 of 620 energy companies have a usable headquarters city/state/country and appear in the league table above; 28 are missing one of those fields and are excluded from the city grouping only (still counted in the stat tiles above).
The constant-universe revenue series excludes every Canadian filer with no fiscal_period='FY' revenue row — verified live: Canadian Natural Resources (CNQ) and other SEDAR+ filers carry quarterly revenue rows only, starting 2024, with zero annual ('FY') rows in our data. This is a source-coverage gap in our financials ingest for some Canadian filers, not a data-quality choice by this report; it also means the 2019–2025 revenue trend understates true North American energy-sector revenue.
1 company record in the source data carry a mismatched country/province combination (e.g. a Texas HQ address on a record whose company-level country field reads 'CA') — flagged here per our data-quality review; the record is still included in every count and sum above, not silently dropped.
Market cap is a point-in-time figure (latest refresh), not FY-matched to the revenue figures shown alongside it — the two series answer different questions (current valuation vs. historical revenue) and should not be divided against each other.
Frequently asked questions
Greater Houston, TX, with 111 public energy-company headquarters and $2.0T in combined market cap.
Houston leads on both counts, but Calgary is nearly its equal in headquarters — 104 HQs worth $616.1B — and dominates Canadian energy.
620 in our universe: 419 in the United States and 201 in Canada, across oil & gas, uranium, solar, and coal.
CNQ has zero fiscal_period='FY' revenue rows in our data — only quarterly rows starting 2024. Rather than approximate an annual figure from partial quarters, we show a disclosed "FY gap" instead of a fabricated trend line.
Related: The Most Oil-Dependent Counties in America — a county-level lens on the same sector: where oil and gas GDP concentrates by place, rather than where company headquarters sit. Also see Utilities and the AI Power Crunch — the utilities companies serving the grid these energy companies sell into.