Exxon Will Pay Some Oil Traders Cash Bonuses in Expansion Plan
- Risk-taking traders will receive cash bonuses under new plan
- Compensation has been point of contention for some traders
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Exxon Mobil Corp. introduced a new compensation policy that would pay some traders cash bonuses, a significant change within the US energy giant as it looks to expand its trading operations.
Under the new structure shared internally last week, traders will be divided into two categories: so-called system traders who buy and sell physical commodities in support of the company’s operations, and traders who take on risk to boost company profits. Only the latter will be eligible for performance bonuses. The bonuses will be all cash and will be paid out starting in December 2024. Details of the changes were described by people familiar with the matter, who asked not to be named discussing internal matters.