It's Payback Day for San Antonio.
Back in 2008, San Antonio lost its Fortune 10 corporate headquarters, when AT&T suddenly pulled up stakes after 15 years headquartered in San Antonio under CEO Ed Whitacre, as new CEO Randall Stephenson moved the corporate headquarters to Dallas.
But now, San Antonio has another Fortune 10 company, as the booming domestic oil industry pushed Valero Energy, which was founded in San Antonio in 1980, into the number nine spot.
Valero is now larger in terms of revenues, $138 billion, than such well known corporate titans as Ford Motor Company, Hewlett-Packard, and J. P. Morgan Chase.
Fortune points out that Valero recently shed its retail 'Corner Stores,' spinning them off into a new company, CST, but gushes that "Valero remains the world's largest independent refiner, with 16 refineries and ethanol plants across the U.S., Caribbean, United Kingdom and Canada. Profit margins continue to be tight for the refining business, but as more and more oil and gas companies shed their refineries, Valero remains one of the most powerful games in town."
Ironically, the company Valero muscled out for the number nine spot....AT&T, which fell to number eleven.
Three of the Fortune 10 are based in Texas. Houston based Phillips 66 is Number Four, while Exxon-Mobil, based in Irving, is Number Two.