AlwaysFree: BP Says Trading Unit Generate $2.5 Billion Annual Returns

During presentations about BP’s clean-energy plans this week, the company revealed that its trading unit generates annual returns of as much as $2.5 billion. CEO Bernard Looney said that the company’s in-house trading arm has a long track record of boosting its return. BP said its traders handled 11 million bpd of crude in 2019. That exceeded those of well-known trading houses such as Trafigura, Glencore, and Vitol. Oil giants such as BP, Total, and Shell are usually secretive about how their trading businesses make money. Analysts said that BP’s recent reveal was a means to attract and convince investors that its trading business can boost returns from the renewable segment, which is now less profitable.