Exxon Mobil Corp is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business.
The development is a sea change for a company that has stood out from rivals by limiting its past activity out of concern it would be accused of market manipulation.
Exxon now aims to trade around more of its growing energy assets to get the best prices for its products and increase earnings, according to an employee familiar with the matter.
Expanded trading could add hundreds of millions of dollars to annual earnings from its own buying and selling of crude and fuels, but also comes with problems, including higher risk. Exxon expects to add 1 million barrels per day of output over the next several years as new oilfields and refinery expansions kick in, giving it more assets to trade. Read More
Latest posts by ET Energy World (see all)
- 60 companies participate in rooftop solar pre-bid meet in Madhya Pradesh - June 23, 2018
- RWE CEO eyes 1.5 bln euros annual investment in green energy - June 23, 2018
- Renewable energy seeks demand, investment to survive Trump squeeze - June 23, 2018