Sumary of Exxon losing veteran oil traders recruited during past expansion -sources:
- 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..
- Article content Paradise was a highly regarded crude oil trader who joined Exxon from Noble Group and was previously director of crude oil trading at Citigroup Inc and BNP Paribas ..
- It has expanded into crude marketing, fuel transportation and storage and has is own trading unit run by a former Noble Group executive..
- Exxon recruited Paradise, Buller and a cadre of experienced traders from rivals and international oil trading firms hoping to replicate BP and Royal Dutch Shell success in trading..
- BP and Shell trading groups took advantage of last year market volatility to generate enormous trading profits, buying oil as it fell below $20 a barrel last spring….