Houston Exploration

Houston, Texas proudly boasts its claim to be the “Energy Capital of the World,” emphasizing its rich history in both the oil and natural gas industries. The energy market has propelled the city of Houston into a first rate economic power, second only to New York in total number of Fortune 500 companies housed within its city limits. Of the 24 Fortune 500 businesses that call Houston home, 19 are energy and oil companies, headlined by international headquarters for Conoco Philips. Of the other 5 supermajor energy companies, 4 maintain extremely large influence in the Houston business landscape. Exxon Mobile, Shell Oil and BP all operate their United States headquarters out of Houston, though Shell Oil and BP have international or global headquarters abroad. Exxon Mobile makes its global headquarters due north in Irving, Texas, however it pales in comparison to the Houston branch both in size and scope. Chevron purchased and now occupies what used to be the Enron building, in an effort to consolidate its Houston personnel and maintain a more visible presence in the area.While the rise of gas and oil prices is an unwelcome threat for most locales throughout the country, much of Houston actually stands to benefit from increasing oil prices. A large constituency of Houston residents is employed by major energy companies as their large scale operations in the city provide hundreds of thousands of jobs. The city’s seemingly inverse economic relationship with the energy crisis has made Houston one of the more successful metro areas during the recent downturn and recession. Forbes has consistently ranked the city of Houston towards the top of its lists in regards to “Best Cities for College Graduates,” “Best Cities to Buy a Home” and “Best Big Cities for Jobs”. While it is not to say Houston is insulated from all the economic struggles facing our nation, its relative success can be largely traced back its powerful place in the energy industry and the continued demand for energy solutions.