10:21 AM EDT, 07/11/2024 (MT Newswires) -- BP (BP) and Shell (SHEL) have lost many high-profile energy traders to commodities trading houses over better bonuses, Reuters reported Thursday, citing sources with knowledge of the matter.

Traders at firms like Vitol and Trafigura earn a portion of their profits so successful traders can earn millions annually, Reuters reported, citing sources close to the firms.

Commodity trading company Vitol distributed $5 billion in dividends last year, while Trafigura paid $5.9 billion, resulting in substantial payouts to partner shareholders, the sources reportedly said.

BP, Shell, and other major oil companies find it challenging to match such bonuses due to heightened scrutiny as publicly traded entities, they added.

Jason Breslaw and Tamoor Ali, London-based crude originators, left BP to join trading house Trafigura, according to the report.

Shell's Mehdi Chennoufi, who was head of LNG marketing, and crude trader Michas Barry joined Vitol, three sources reportedly told Reuters.

TotalEnergies' (TTE) crude trader Lionel Ader also joined Vitol, according to the three sources cited by Reuters.

Trafigura declined to comment while BP, Shell, TotalEnergies, and Vitol did not immediately respond to requests from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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