BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring.
A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, 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 efficiency."
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
The spokesperson confirmed that Alexander George and Dylan Laurin were among the traders who left as part of the restructuring. Sources said that both George and Laurin worked on the crude desk.
A company spokesperson confirmed that George will be joining Phillips 66, a U.S. refiner to trade crude.
Sources confirmed that Laurin had also accepted a position at another oil trading firm.
Three sources confirmed that Trevor Plath who was a specialist in renewable fuels and carbon markets also left BB Energy.
Two sources confirmed that Nelson Rios Requena and Brendan Donahue, both distillate fuel traders who had left the company in recent weeks, also left.
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 a trading volume of 33 million tons crude and petroleum products. Reporting by Shariq KHan in New York; Georgina McCartney, Arathy SOMASEKHAR, and Ahmad Ghaddar, in Houston; and Lisa Shumaker, Daniel Wallis, in London.
(source: Reuters)
