I told you so.
11 replies (most recent on top)
Difficult to take any significant financial risk in an agile fashion with CIMS and LPS in tow.
Any actual trader will want to off themselves having to deal with all the nonsense
@3pcg+1l9C3dbO Interesting comment, can you please elaborate? The company slows down and drags things out in many areas… what, in your view, makes this different?
Doing too little in 2023 will be read as ‘doing nothing.’ (Walking-back GVS changes to the org chart is clearly in this category.) Big things need to happen in 2023, or any progress made to-date will likely backslide several years.
The name may exist in 5years but will never be a real trading company
Doubt we will see anything in 2023
We’ve also been told to ‘patiently wait’ for how long now? 5 years? We’ve built refinery expansions in almost as much time.
Our track record in trading is not great.
https://www.reuters.com/business/energy/exxon-retreated-oil-trading-pandemic-rivals-made-fortunes-2021-04-26/
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Exxon instead systematically avoided risk by pulling most of the capital needed for speculative trades, subjecting most trades to high-level management review, and limiting some traders to working only with longtime Exxon customers, according to interviews with 10 former employees and people familiar with Exxon's trading operation. Traders were restricted to mostly routine deals intended as a hedge for Exxon’s more traditional crude and fuel sales rather than gambles seeking to maximize profit, four of the people said.
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Non-XOM trading companies give bonus of 10% of your trading profit...Many get bonus over 500k per year plus base salary. That is why attrition is high. The trading market is transparent and profits are marked to market daily...so there are clear measures of a traders contribution to bottom line
Yes, Exxon has always had trading. GVS fractured it into different reporting chains, ironically making it less ‘simple.’ Now, it is being put back together into one organization.
Yes already exists in E3. Crude floor is run by 3 hyenas. Product floor is better but attrition is crazy high. Gas trade floor is quiet. It’s probably one of the worst areas to be in if you don’t fit the egos or be molded.
https://www.tipranks.com/news/exxon-nysexom-to-create-trading-unit-to-compete-with-rivals
Doesn't xom already have a trading business?