Exclusive: Exodus of veteran crude oil traders from Exxon continues -sources
HOUSTON/NEW YORK (Reuters) – Exxon Mobil Corp has lost two top crude oil traders from its U.S. energy trading group, according to people familiar with the matter, in a continued exodus from the group.
Exxon last year reversed course on a major expansion of its oil and petroleum products trading as oil demand tumbled during the pandemic. It suffered a $22.4 billion loss in 2020 from its oil production and refining businesses, leading to deep cost cuts across the business.
Veteran oil traders Michael Paradise and Adam Buller, both of whom joined the company in 2019 after lengthy careers elsewhere, resigned last week, the people said.
Paradise was a highly regarded crude oil trader who joined Exxon from Noble Group. He earlier was director of crude oil trading at Citigroup and BNP Paribas. Buller joined Exxon in late 2019 after trading oil for Petrolama Energy Canada and Spain’s Repsol. He earlier was director of international oil trading at BG Group.
Exxon last year began cutting trading employees and offered others early retirement or severance packages, Reuters reported.
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