Commodities trader BB Energy lays some Houston traders off in major reorganization

Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made changes in order to focus its efforts on its most profitable core business while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes.

The spokesperson stated that "to strengthen our position in America, we have started implementing a comprehensive restructuring designed to improve financial resilience and commercial and operational efficiencies."

Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.

The company refused to comment on the way it performs administrative functions within its group.

TRADERS LEAVE THE FIRM

Alexander George and Dylan Laurin were among the traders who lost their jobs as a result of the reorganization, according to the spokesperson. Sources said that both George and Laurin worked on the crude desk.

Sources confirm that George and Laurin are now working at another company. Three sources confirmed that BB Energy laid off Trevor Plath who was a specialist in renewable fuels and carbon markets. In recent weeks, the company also lost two distillate fuel traders: Brendan Donahue, and Nelson Rios Requena.

Bloomberg reported earlier that BB Energy lost half its Houston traders due to a difficult oil market.

According to its website, BB Energy is one of the world's largest commodities trading companies, with revenues of $23 billion and trading volumes of 33 million tons crude and petroleum products. Reporting by Shariq KHan in New York; Georgina McCartney, Arathy SOMASEKHAR, and Ahmad Ghaddar, in Houston; Lisa Shumaker, in London.

(source: Reuters)