Reuters is reporting that Exxon Mobil has lost more top crude oil traders from its U.S. energy trading group. They became fed up with our incompetent senior management.
Highly experienced traders were recruited from the outside in 2019 because of their extensive experience in oil and gas markets. This was part of Darren’s big push to make money in trading, to try to copy the success of our competition at BP and Shell.
When oil collapsed last year, traders at BP and Shell bought in to take advantage of the extremely low prices and sold at higher prices for future delivery. BP and Shell reported billions in profits from their trading groups last year.
But what does our brilliant CEO do? He restricted capital to the trading group and curtailed their ability to make trades, and downsized the staff. Perfect timing! Another major blunder from Darren. His mistakes and flip-flops are becoming legendary.
Remember – we zig when they zag. Winning!