Exxon Doubles London Energy Trading Operation With Hiring Spree
(Bloomberg) -- Exxon Mobil Corp. has doubled the number of traders working in the UK over the past two years, as the major presses ahead with plans to make more money from its vast worldwide energy infrastructure.
Exxon now has about 300 traders, analysts and support staff operating in London and continues to recruit to build out its network globally. An Exxon spokesman confirmed the growth in the UK hub and said the company is committed to building its trading business.
Exxon’s trading division is much smaller than that of European peers BP Plc and Shell Plc and it remains more conservative than its rivals despite the expansion. But its recruitment drive underscores a desire to optimize the company’s vast network of pipelines, refineries and chemical plants — a priority for Chief Executive Officer Darren Woods.
Most of the headcount growth has come from external hires, with a small number of people moving from Brussels after the company announced plans last year to shift some trading, people familiar with the matter said. The company also has significant trading operations in Houston and Singapore.
CEO Woods wants to focus on arbitrage opportunities that arise around its assets, a more conservative approach than that adopted by European rivals, or merchants including Trafigura Group and Vitol Group.
Exxon’s enlarged London trading division operates in crude, gas, refined products, power and freight, a person with knowledge of the matter said. The hiring push, which is ongoing, includes plans for recruiting graduates.
In Singapore, Exxon recently hired Sid Bambawale, the former head of Vitol’s Asia region liquefied natural gas operations, to lead its global LNG trading. The company is continuing to hire in LNG as it plans to double sales of the fuel to more than 40 million metric tons a year by 2030.
One hiring challenge for Exxon in the past was a compensation model that didn’t pay performance-related cash bonuses. Last year, it worked on moving its remuneration closer to that employed by the broader industry, which typically pays traders large bonuses tied to profit, and lower base salaries.
The addition of traders in London comes as Exxon presses ahead with the closure of its longtime Leatherhead office, to the south of London, next year. Those who remain with the company will switch to the London trading hub or the firm’s Fawley petrochemical complex.
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