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Not a Slump for Some

2015 was not a good year for a lot of people in the Oil & Gas industry. Prices dropped, rigs closed, towns emptied and jobs were lost. This industry has seen better days that is for sure. With the Shale boom dying down because of the surplus it seemed like this affected everyone in the industry; from the individual rig worker to the big companies it touched them somehow in some way.

 

Except for the Oil & Gas Traders. Amidst all the downturn the people who trade it and/or stored it made a killing. Mostly all of them showed huge profits last year. They have not had this good of a year since 2008-2009. Now you would say that this probably was a good thing for the economy as a whole, at least the downturn wasn’t completely down. However most of this trading companies are not in the U.S.. So better for the world economy not much for the U.S. economy.

 

Here are a few of the companies who made it big last year with Oil trading.

 

  • Glencore Plc, the world’s largest commodities trader. While its mining business suffered, Alex Beard, head of oil, saw its energy trading earnings before interest and tax rising to $778 million last year, up 49 percent from 2014.  Headquarters: Baar, Switzerland

 

  • In the first quarter of last year alone, BP’s trading profits surged $350 million above what the company considers the “normal” level,  BP Chief Financial Officer Gilvary said. The sum was equal to almost 15 percent of the company’s total quarterly adjusted profit. Headquarters: London, United Kingdom

 

  • At Mercuria Energy Group Ltd., global head of oil trading Kurt Chapman -- a Harvard University economics graduate and former U.S. Marine -- had his best year since 2009, according to a person with knowledge the situation. Headquarters: Geneva, Switzerland

 

  • Gunvor Group, where Jose Orti is head of crude oil trading, reported its best ever year, boosted by asset sales. But underlying trading and refining profits were also strong, up 10 percent from 2014.Headquarters: Geneva, Switzerland

 

  • Jeff Frase and Mitch Rubinstein at Noble Group oversaw a banner year in oil and energy trading from the U.S. -- a rare bright spot for Asia’s largest commodity trader. Headquarters: Hong Kong

 

As you can see all these companies are headquartered elsewhere. I think that in the future as the demand goes back up so will U.S. production. Maybe then the success can come back on to our soil.

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