According to two people familiar with the matter, Volkov is poised for the role following internal succession planning discussions. The company has not publicly confirmed the appointment, and “Exxon declined to comment.” Reuters also reported that “sources said Tracey Gunnlaugsson, who led the trading division since 2023, was set to retire.”
Volkov, who is based in Texas, has spent close to 30 years at Exxon, building a career that spans multiple regions and business segments, including the United States, Russia, and London. His experience covers both upstream and commercial functions, with roles across liquefied natural gas, strategy, and integration.
As noted in industry disclosures, Volkov’s background includes senior positions such as vice president roles in global LNG marketing, upstream commercial operations, and business development. Most recently, he has worked in commercial and integration functions, reflecting a broad portfolio within Exxon’s trading and strategy ecosystem. “Reuters could not immediately reach Volkov for comment.”
The leadership reshuffle is not limited to the trading chief. Another senior departure is also underway, with experienced crude trader David Brown reportedly preparing to leave the company. “David Brown, who was an international crude trader, is also retiring from Exxon, three sources said.”
These exits come at a time when Exxon’s trading performance has come under scrutiny following financial headwinds. In May, the company disclosed a $3.9 billion paper loss tied to derivatives positions in the first quarter, which significantly weighed on earnings.
That loss contributed to net income falling to its lowest level in five years, a sharp contrast to the performance of some European oil majors, which have historically developed more expansive trading operations. Those firms have benefited from volatility in global energy markets, particularly during supply disruptions linked to geopolitical tensions.
The timing of Exxon’s internal changes highlights a broader recalibration in how major oil companies manage trading risk and exposure. While European competitors have often leaned into trading as a profit center, Exxon’s recent results underline the challenges of navigating high-stakes derivatives positions in volatile markets shaped by shifting geopolitical pressures and rapid price swings.