Friday, January 10, 2025
Exxon retreated from oil trading in pandemic as rivals made fortunes- oil and gas 360

Exxon retreated from oil trading in pandemic as rivals made fortunes

Reuters NEW YORK/HOUSTON – 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. The cuts left Exxon traders without the capital they needed to take full advantage of the