Exclusive-Exxon losing veteran oil traders recruited to beef up profit -sources By Reuters – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters. FILE PHOTO: An Exxon gas station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo

By Devika Krishna Kumar and Julia Payne

HOUSTON/LONDON (Reuters) -Exxon Mobil Corp has lost two veteran traders from its U.S.

energy trading group and a third is leaving its British unit, according to people familiar with the matter, in a continued exodus of top talent from the oil major.

Exxon (NYSE:) last year reversed course on an expansion of its oil and petroleum products trading as fuel demand tumbled during the pandemic. The company suffered a $22.4 billion loss in 2020, leading to deep job and cost cuts across the business.

Veteran oil traders Michael Paradise and Adam Buller, both of whom joined Exxon in 2019 after lengthy careers elsewhere, resigned last week, the people said. Paul Butcher, an oil trader in Britain, plans to leave in September, another person familiar with the operation said.

Butcher was recruited in 2018 as...read more...