ExxonMobil is planning a renewed push into energy trading to take on rivals like Shell and BP that have long leaned on buying and selling commodities to buoy profits.
The US oil supermajor is establishing a new business line called Global Trading that will pull together the company’s “expertise from across the company in global crude, products and feedstocks, natural gas, power and freight trading”, the US oil company said in a memo to employees seen by the Financial Times.
Exxon, long considered the most conservative of the oil supermajors, has historically focused more on oil, gas and fuel production than higher-risk energy and derivatives trading.
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