Oil Trader Gunvor Has Near $300K Average Salary
A rare disclosure by Gunvor Group Ltd. confirms what’s long been suspected -- jobs at energy trading firms pay very well.
Gunvor had about 1,671 employees in 2020 with roles ranging from administrative assistants in Houston, to back office workers in Estonia and crude oil traders in Geneva.
The firm paid a total of $478 million in salaries during the year, Gunvor disclosed in its annual report as part of a bond filing. That means the average renumeration at the company was about $286,000 - far outstripping the starting salaries for analysts at some of the top banks on Wall Street.
A Gunvor spokesman in Geneva declined to comment.
Commodities traders have been caught up in a war for talent during the pandemic. They compete for talent against big banks, which are using bonuses and perks such as free Peloton exercise bikes to retain staff.
At Gunvor, the firm’s top traders -- who buy and sell commodities including crude oil, gas, biofuels -- are usually the highest earners because they are often paid a bonus based on the profit performance of their team.
Dramatic swings in the price of oil caused by the pandemic made 2020 one of the most lucrative years ever for energy traders. Gunvor enjoyed the best trading result in its history with gross profit of $1.7 billion. Its employee-shareholders, including co-founder, chairman and chief executive Torbjorn Tornqvist who owns 87% of the company’s shares, were paid a dividend of $83.5 million in 2020, up from $66 million in 2019.
Gunvor disclosed its 2019 and 2020 annual reports as well as its first-half 2021 financial performance as part of a $300 million bond issue. The new bond marked the trading house’s return to corporate debt markets for the first time since 2013.
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension