Exxon said to double London energy trading team to compete with European rivals

Exxon Mobil has significantly expanded its trading workforce in the UK, doubling its team to approximately 300 employees to enhance profitability from its global energy infrastructure.

The company's recruitment efforts are part of a broader strategy to strengthen its global trading network and compete more effectively in the $70 billion energy trading sector.

Both Exxon Mobil and Chevron are focusing on the growing liquefied natural gas (LNG) market, aiming to increase their market share and compete with industry leaders like Shell and BP.

Experts predict that LNG, along with gas and power, will become the primary profit driver in commodity trading, influencing the strategic direction of major American oil companies.

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Exxon Mobil (NYSE:XOM) has notably expanded its trading workforce in the UK, reportedly doubling its team over the past two years. This strategic move is aimed at enhancing profitability from its extensive global energy infrastructure.

Currently, Exxon employs approximately 300 traders, analysts, and support staff in London, with ongoing recruitment efforts designed to bolster its global trading network. An Exxon spokesperson confirmed this growth, emphasizing the company’s dedication to expanding its trading division, as reported by Bloomberg.

Earlier this month, the Financial Times highlighted Exxon Mobil and Chevron (CVX) as they strive to secure a larger share of the $70 billion energy trading sector. Both companies are enhancing their operations to capitalize on the surge in liquefied natural gas (LNG) business, positioning themselves to compete more effectively with industry leaders Shell (SHEL) and BP (BP).

Experts from McKinsey project that LNG, alongside gas and power, is poised to surpass oil as the primary contributor to profits in commodity trading. This market shift is driving the strategies of these two American supermajors, as reported by the Financial Times.