Exxon losing veteran oil traders recruited during past expansion

Exxon losing veteran oil traders recruited during past expansion

Exxon Mobil Corp (XOM.N) has lost two veteran crude oil 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 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 a North Sea crude oil trader and adviser on accounting for transactions to its Leatherhead unit near London. He had previously worked for BP Plc (BP.L), Glencore Plc (GLEN.L) and Vitol SA (VITOLV.UL).

Exxon declined to comment on the departures, citing personnel matters.

“We’re pleased with our progress over the past couple of years to grow our team and capabilities,” said spokesman Casey Norton. Exxon’s scale and reach “give our trading teams a broad footprint and unique knowledge and insights” that can generate value for shareholders.

Source: Reuters

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