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Oklahoma’s Fortune 500 Report

Due to the pandemic skewing 2020 data, the 2021 Fortune 500 using this data will not be reported. The next Oklahoma Fortune 500 Locations Report with 2021 data will be released in 2022.

Our report of Oklahoma’s Fortune 500 companies includes manufacturing, retail, and service industries. Six Fortune 500 companies are headquartered in the state.

Report Highlights for 2023

The report contains:

  • The complete list of 500 with known Oklahoma locations
  • Biggest jumps in Oklahoma-based companies
  • 28 newcomers and returnees to the 500
  • Companies who dropped off the 500.

Oklahoma Headquartered Companies on the Fortune 500

The six Oklahoma headquartered companies made the 500 in 2023 are ONEOK, Devon Energy, Williams, Chesapeake Energy, NGL Energy Partners and Continental Resources. All are in the Energy Sector and Continental Resources (#407) makes the list for the first time.

  • ONEOK, headquartered in Tulsa, is the highest-ranked Oklahoma-based company again this year jumping 51 spots to #173.
  • Devon Energy, based in Oklahoma City, continues to perform well jumping 93 spots to #216.
  • Tulsa-based Williams is the only OK headquartered company to fall slightly this year from #347 to #370.
  • Two return to the 500 after a one-year hiatus, Chesapeake and NGL Energy Partners were previously on the list from 2016 through 2020, and this year marks Continental Resources’ debut.
  • Chesapeake (#350) ranks as the 9th fastest-growing Fortune 500 company by revenues this year.

Top Industry Sectors

  • Technology is the best performing sector by profits with 60 companies in 10 industries posting net profits of $375 billion.
  • Apple (#4) is the best performing company for the eighth time in nine years posting profits of $99.8 billion.
  • Dell Technologies (#34) with a support center in Oklahoma City posted profits of $2.44 billion.
  • The five companies in the Food & Drug Stores Sector have the largest average revenue of $86.5 billion each. Kroger and Walgreens are the top two performers.
  • The Health Care Sector has the 2nd largest average revenue of $69.3 billion.
    Of the 35 health care companies in five industries, UnitedHealth and CVS are the top two performers.

Newcomers & Fastest Growing Companies

  • Partly due to Russian crude being sanctioned, U.S. oil & gas companies including PBF Energy (#92), Occidental Petroleum (#110), Chesapeake Energy (#350) and others delivered high shareholder returns and surging revenues and profits.
  • Of all 28 newcomers this year, Albemarle (#493) based in Charlotte, NC with an Arkansas resource plant has the fastest 1-year growth in profits at 2,055%. They manufacture lithium, bromine and other chemicals.
  • Newcomer Vulcan Materials debuts at #49. They have a construction materials location in Mill Creek with 25-50 employees.
  • Warner Brothers Discovery (#118) has the fastest 1-year growth in revenues at 177%.
  • Constellation Energy (#162) is this year’s highest ranked newcomer. Based in Baltimore, they now provide utility services in Texas.
  • Southwestern Energy headquartered in Spring, TX has the biggest jump this year leaping 211 spots to #275.
  • Airbnb is a newcomer this year debuting at #450.

Energy Sector

With oil & gas prices on the high side again this year, the Energy Sector is the 8th largest by average revenue with 64 companies in six industries averaging $37.8 billion. Two of the six energy newcomers or returnees are headquartered in Oklahoma (Chesapeake and Continental Resources) and more than half have Oklahoma locations.

  • Chevron’s annual revenue jumped 52% and six spots to #10. They have not been in the top 10 since 2015.
  • In the oil & gas equipment industry, Baker Hughes fell 15 spots but remains in the top 200 at #185.
  • Halliburton, also in oil & gas equipment, jumped 44 spots to #197.
  • American Electric Power (PSO’s parent company) jumped 15 spots to #205. They are the #5 ranked utility out of 23.

Aerospace & Defense Industry

Eight companies make up the Aerospace & Defense Industry rankings with average revenues of $39.5 billion each making it the 7th largest sector. Seven out of the eight companies have locations in Oklahoma.

  • Raytheon Technologies moved up to #57 and ranks #1 in revenues in Aerospace & Defense.
  • Boeing ranks #58 and #2 in revenues for Aerospace & Defense. The company was the only Aerospace & Defense company to record negative profits this year.
  • Lockheed Martin fell slightly to #60 but ranks #3 in Aerospace & Defense by revenues with $5.7 billion in profits.
  • General Dynamics (#105) and Northrop Grumman (#113) round out the top five Aerospace & Defense companies both recording strong profits this year above $3.3 billion.
  • L3Harris Technologies (#246), Textron (#318) and Huntington Ingalls (#375) also made the list each with revenues between $500 million and $1 billion.

Transportation Sector - Airlines, Motor Vehicles & Other Industries

The 21 companies in the Transportation Sector make up the 10th largest sector recording average revenues of $27.1 billion. Included in this sector are six airlines that continue to rebound with all but one (JetBlue) recording net profits.

  • American Airlines jumped 25 spots and to #89 and remains a close second to Delta Airlines (#85).
  • United Airlines (#96) jumped 50 spots and Southwest (#165) jumped 69 spots this year. The end of 2022 holiday season flight cancellations lowered Southwest’s 2022 net profits.
  • Alaska Air (#398) and JetBlue (#417) both returned to the 500 this year after a one-year drop off.
  • The 10 Motor Vehicles & Parts companies are the fourth largest industry with $38.3 billion in average net profits.
  • All of the top three motor vehicle companies, Ford (#19), General Motors (#21) and Tesla (#50), jumped in rankings with Tesla jumping the most (15 spots).
  • Goodyear Tire & Rubber jumped 18 spots ranking #191.
  • Knight-Swift Transportation headquartered in Phoenix with 50-100 employees in Tulsa debuted this year ranking #490.
  • Casey’s General Stores (#316) headquartered Iowa, jumped 129 spots this year with approximately 2,500 locations in 16 states across the Midwest including Oklahoma.
  • Dollar General with a distribution center in Ardmore fell just two spots to #108.
  • Dollar Tree who acquired Family Dollar fell just seven spots to #144. They have distribution centers in Duncan and Marietta.

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