Exodus of veteran crude oil merchants from Exxon continues -sources By Reuters
© Reuters. FILE PHOTO: An Exxon gasoline station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photograph
By Devika Krishna Kumar and Gary McWilliams
HOUSTON/NEW YORK (Reuters) – Exxon Mobil Corp (NYSE:) has misplaced two high merchants from its U.S. vitality buying and selling group, in accordance with individuals accustomed to the matter, in a continued exodus from the group.
Exxon final 12 months reversed course on a significant enlargement of its oil and petroleum merchandise buying and selling as oil demand tumbled in the course of the pandemic. It suffered a $22.4 billion loss in 2020 from its oil manufacturing and refining companies, resulting in deep price cuts throughout the enterprise.
Veteran oil merchants Michael Paradise and Adam Buller, each of whom joined the corporate in 2019 after prolonged careers elsewhere, resigned final week, the individuals mentioned.
Paradise was a extremely regarded crude oil dealer who joined Exxon from Noble Group. He earlier was director of crude oil buying and selling at Citigroup (NYSE:) and BNP Paribas (OTC:). Buller joined Exxon in late 2019 after buying and selling oil for Petrolama Power Canada and Spain’s Repsol (OTC:). He earlier was director of worldwide oil buying and selling at BG Group.
Exxon final 12 months started chopping buying and selling workers and supplied others early retirement or severance packages, Reuters reported.
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