HOUSTON, April 2 (Reuters) - Exxon Mobil Corp hasoffered a glimpse of the scale of its nascent energy tradingoperation, disclosing operating profit and losses of about $230million during each quarter last year, the first time it hasrevealed the figures.
The world's largest publicly traded oil producer last yearlaunched a major push into energy trading, hiring veterans fromGlencore, Noble Group, BP Plc andelsewhere in the United States, Europe and Asia. It alsorecruited market analysts and specialists with experience incrude, natural gas, gas-liquids and gasoline.
The trading unit's pre-tax gains and losses averaged $230million in each quarter of 2018, according to a presentationdelivered to analysts last week at the Scotia Howard Weilinvestor conference. For the full year, trading provided anoperating profit of $10 million, up from a $99 million loss inthe prior year, according to a regulatory filing.
The profit was a fraction of Exxon's $20.8 billion inearnings last year. But the disclosure of even an range ofoperating profit was a milestone in shedding light on itsfledging business.
Rivals Royal Dutch Shell and BP, which have largercommodities trading businesses, traditionally also have notprovided detailed results for that activity. Shell for instancewraps its trading results in with its oil refining business. BPalso includes its trading as part of its downstream operations.
Comparing the majors' operations are difficult because ofthe lack of consistent and specific financial disclosures, saidLysle Brinker, executive director of upstream equity researchand analysis at energy consultancy IHSMarkit.
"Exxon Mobil has not historically been into that business,but they're getting into it now," Brinker said. "They realizenow they probably can be just as successful as the other guys."
An Exxon spokesman declined comment, pointing to thequarterly range figures in the presentation and full-yearresults in its annual report to the Securities and ExchangeCommission.
Under Chief Executive Darren Woods, Exxon has sought to usetrading to boost earnings, applying its knowledge of regionaloil and gas prices, and its extensive array of pipelines,storage terminals, ships and railcars to profit from pricedifferentials around the globe. It also has bulked up its riskmanagement systems.(Reporting by Gary McWilliams, Jessica Resnick-Ault in New Yorkand Ernest Scheyder in HoustonEditing by Marguerita Choy)