Thread regarding ExxonMobil Corp. layoffs

$4B Opportunity Lost! PIP The Chairman and a few Presidents for P***Poor Comparative Performance

Exxon retreated from oil trading in pandemic as rivals made fortunes

Some of Exxon’s biggest rivals made enormous trading profits last year as their traders bought oil and stored it when prices plunged, then sold it at higher prices for future delivery. Rival Royal Dutch Shell (RDSa.L) said in March that it doubled its 2020 trading profits to $2.6 billion over the previous year. BP Plc (BP.L)’s trading arm earned about $4 billion, a near record, Reuters reported previously, based on an internal BP presentation. Such profits helped both companies offset massive losses from a collapse in fuel demand and prices as the pandemic curtailed travel worldwide.

https://www.reuters.com/business/energy/exxon-retreated-oil-trading-pandemic-rivals-made-fortunes-2021-04-26/

by Anonymous
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Post ID: @OP+1ayiendM
Comment! It's anonymous!

6 replies (most recent on top)

If they had just focused in Dallas on how to make $$$ during the downturn rather than taking attendance in Houston (again with it now), they could have made billions. Traders must have been marginally low performers.

by Anonymous
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Post ID: @2irp+1ayiendM

XOM accounts/reports for it differently than Shell. XOM reports paper only and does not XOM does not report the offsetting profits of physical trading. While shell/bp report combined physical and paper. With hedges using paper, the loss frequently negative, but a profit is usually showing up on the physical trade. No different than buying VIX protection (insurance) for your stock portfolio. You have see the result of the total paper+ physical portfolio.

by Anonymous
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Post ID: @1aqm+1ayiendM

@1urv+1ayiendM Is still a troll.

by Anonymous
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Post ID: @1eoj+1ayiendM

You got it wrong and right. Wrong: The profits are there – you can’t just look at the paper mark to market have to look at the physical barrel side too. Right: it is a big culture swing from top to bottom.

by Anonymous
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Post ID: @1ixa+1ayiendM

This best part of it is, all these Presidents will not be accountable for the loss opportunity. Not even for losses! We are ExxonMobil!

As an owner of EM stocks, my retirement plans are definitely hurt.

by Anonymous
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Post ID: @1iwr+1ayiendM

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.

by Anonymous
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Post ID: @1urv+1ayiendM

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