A report by the Texas Business Council that ranks the state of Texas’ largest companies provides a clear picture of the economic impact of the recent legislative session.
It ranks Texas-based companies at the top of the list for job growth and employment.
According to the report, the number of companies listed in Texas increased by 9 percent in the fourth quarter of 2019.
Companies including oilfield services company ConocoPhillips, medical device company Aetna and energy firm Schlumberger are also ranked among the state-leading companies.
Aetna, which had its second-biggest quarterly revenue increase in 2019, is now the fourth-largest company in Texas with a $1.3 billion market cap.
Schlumbergers, which is based in Houston, ranked as the fifth-largest with a market cap of $5.2 billion.
In the fourth fiscal quarter, Conoco, Aet, Schlumberg and Aetan Energy all reported net income of $4.5 billion.
Aet is also the largest company in Houston.
In total, ConocPhillips and Schlumberge are the top-three companies in Texas.
The report also shows the top five companies are all headquartered in Texas, with the top 10 ranking based on market cap and revenue.
Texas is second-largest in the nation for gross domestic product (GDP), and third-largest for the number and types of companies.
Accordingly, the report is the first of its kind to track the economic impacts of Texas-focused legislative sessions.
The study is part of a broader effort by the state government to track how businesses and the state are being impacted by legislative sessions and how that impacts the economy and workforce.
It’s important to note that the report does not include any measures of economic impact from the state budget and does not represent an assessment of the effects of any legislation passed by Texas lawmakers.