Energy trader Vitol hands record $2.9 bln payout to its traders - Bloomberg News

Reuters
·1 min read

July 23 (Reuters) - Vitol Group has paid a record $2.9 billion to its executives and staff through share buybacks so far this year after the global energy trader posted its best-ever results in 2020, Bloomberg News reported on Friday.

Vitol's 2020 net profit of $3.2 billion exceeded its previous record of $2.3 billion, which it last achieved in 2019, the report said, citing the company's audited annual accounts.

Vitol made a significant chunk of its profits during the second quarter, when oil demand collapsed, allowing traders to buy cheap crude and store it, while locking in a profit by selling forward the oil on the futures market at higher prices, according to the report.

The trading house has distributed a total of nearly $19 billion through share buybacks in the past 17 years to its partners, the report added. (https://bloom.bg/3hYhU5q)

Vitol did not immediately respond to a Reuters request for comment. (Reporting by Sahil Shaw in Bengaluru; Editing by Aditya Soni)

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