This shouldn't surprise anybody.
"Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter told Reuters."
https://kelo.com/2021/04/26/exxon-retreated-from-oil-trading-in-pandemic-as-rivals-made-fortunes/
@wxp+1ayX0vaf – The type of trading that makes Shell and BP money isn’t based on relationships. Study–up a little before you slam something you don’t fully understand.
@1kyg+1ayX0vaf is a troll
Love how this got released right before the old PDS was due.
XOM can not trade successfully as they do not have the talent or the mentality for this. We did a huge study in 2017 that said we could make one to two billion dollars per year speculative trading. We staffed up internally and made many out hires. The problem is that XOM can not ever let the workers, in this case, the traders make their own decions and make those designs quickly as all decisions as we all know need to be made by this Kool drinking, risk adverse, upward managing, bu–t kissing senior managers, who know nothing about speculative trading and how to make money in this business. From the start in 2017 it was a total flop. Read the fine, small print notes in the annual reports and search for "mark to market" there you will find that we lost one to two billion dollars per year beginning in 2017. So this was another of Woods "lean into" strategies kng with his id––t managers in Supply that put this whole operation into effect and it completely back fired and lost the whole company a ton of money. Thankful we got out of it in 2020 because we would have lost billions in 2020 had we not.
Very least, a joke.
The Exxon trading floor is a joke.
Been there, left and do not recommend anyone to work in a place where relationship with customers is not valued.
Our executives are not business leaders but managers in bred within the company. They don’t manage risks, they are trained to not take risk at all costs. There is very little proactive behavior. They could not work anywhere else successfully.