Exxon to appoint Alex Volkov head of global trading — sources

• Alex Volkov has nearly 30 years of experience at Exxon with roles across the US, Russia, and London; David Brown, an international crude trader, is also retiring
• Exxon's $3.9 billion paper loss from derivatives in Q1 pushed net income to a five-year low, underperforming European competitors
• European oil majors reported strong Q1 trading profits from the energy supply crunch triggered by the U.S.-Israeli war on Iran

Exxon Mobil Leadership Shakeup in Trading Division

Exxon Mobil is set to appoint Alex Volkov as head of global trading, following the retirement of current trading division chief Tracey Gunnlaugsson, who held the position since 2023, according to sources familiar with the matter. David Brown, an international crude trader, is also retiring from the company. Exxon declined to comment on the appointments.

Volkov brings nearly 30 years of experience at Exxon, having held various roles across the United States, Russia, and London. He is currently based in Texas.

The leadership transition comes amid challenging times for Exxon's trading operations. In May, the company reported a significant $3.9 billion paper loss from derivatives in Q1, driving net income to its lowest level in five years. This poor performance stands in stark contrast to European oil majors, which have established robust trading desks over decades and generated billions in profits during the same period.

The contrasting results highlight the competitive advantage European rivals hold in trading operations, particularly as they capitalized on energy supply disruptions triggered by the U.S.-Israeli war on Iran. While European competitors benefited from this year's energy supply crunch, Exxon's trading division struggled with derivative losses.

Market Implications: The appointment of Volkov signals Exxon's effort to rebuild and strengthen its global trading operations following substantial losses. Investors will be watching closely to see if new leadership can turn around the underperforming division and close the gap with European competitors who have demonstrated superior trading capabilities during volatile market conditions.