Trafigura is among the largest and most active trading houses in the United States. We hold large positions in New York Harbor, the U.S. Gulf Coast, and the Midwest - across many different product desks.
Many of our locations have significant blending and staging operations that we use to address specifications demanded in international markets.
Our long-term investments in infrastructure and expertise in logistics has enabled us to become an engine for U.S. exports.
Midland, U.S.AOil & Petroleum Products
Stamford, U.S.A.Metals & Minerals
Houston, U.S.A.Oil & Petroleum Products
Pleasanton, U.S.A.Oil & Petroleum Products
Oil & petroleum products
With offices in Houston, Texas and Stamford, Connecticut, Trafigura Trading LLC has a strong and growing presence in the U.S. Our long-term investments in infrastructure and expertise in logistics has enabled us to become an engine for U.S. exports.
Trafigura has established a unique market position in the United States, currently one of the most dynamic regions in the global hydrocarbons industry. With upstream crude, natural gas liquids (NGLs), and natural gas production booming over the past five years on the back of higher commodity prices, the infrastructure to transport, store, blend, process and market these materials is becoming increasingly critical.
Crude production from the Permian, Bakken, Eagle Ford and Western Canada have reached record highs in 2018 and are poised to grow further, reaching over 11 million barrels per day of production by the end of 2018.
While the vast majority of U.S. crude output is consumed domestically, domestic processing capabilities are reaching capacity, and an increasing segment of production is now moving to export destinations.
The ability of U.S. crude oil to continue to find new markets is critical to the continued growth of and investment in domestic energy production enhancing U.S. competitiveness internationally and creating and sustaining American jobs.
Trafigura is leading the charge both in terms of expanding domestic outlets for U.S. crude production as well as partnering with producers to find international markets for their output. Domestically, Trafigura’s trading teams have been able to successfully provide comprehensive offtake and marketing solutions for each of these resources.
Our long-term pipeline, storage, and dock solutions in the U.S. offer producers the ability to move large volumes of crude oil to the U.S. Gulf Coast. Through our partnerships with two condensate splitters in Corpus Christi, Texas, we are able to process approximately 100,000 barrels per day of domestic U.S. crude oil.
In addition, Trafigura is a market leader in exporting U.S. crude to international markets including Canada, markets in Central and South America, the Caribbean, Europe and Asia.
We continue to make investments to ensure the massive potential of U.S. shale resources can continue to be developed and delivered to their optimal markets.
We have a substantial footprint in Texas, where we gather and transport crude from the Permian and Eagle Ford Basins to our terminals and splitters in Corpus Christi. As the Permian continues to be the growth engine of U.S. production – with crude output currently reaching some 3.1 million barrels per day, a greater volume than OPEC members Venezuela, Libya and Nigeria combined – we continue to invest and commit to expanding infrastructure options out of the Basin.
Our recent agreement with pipeline operator Plains All American Pipeline, one of the largest commitments of its kind to be signed in the U.S., will enable us to receive up to 300,000 barrels of crude oil and condensate per day from this fast-growing region directly via the Cactus II pipeline from Midland in the heart of the West-Texas Permian producing region.
Trafigura’s commitment to domestic energy exports extends throughout downstream to refined products partnering with refiners across the U.S., to deliver gasoline, diesel and other products to an ever-increasing number of countries.
In 2018, Trafigura maintained its established position as a leading exporter of all products from the US, further building its collection and logistics footprint in the Permian Basin of Texas and repeatedly demonstrating its ability to place these cargoes in Asian markets, amongst others, with an attractive netback to producers. We also extended our lead in LNG trading by further growing volumes handled, and by signing a number of term offtake deals including a 15-year sale and purchase agreement with Cheniere Energy.
Texas Gulf Terminals
The Texas Gulf Terminals Project (TGTP) is a prospective offshore facility that will provide a safe, efficient and cost-effective infrastructure solution for the export of U.S. crude oil. TGTP is expected to handle about 10 percent of the expected growth in U.S. oil production, complementing additional infrastructure investments in the area.
The project will allow large vessels to load cargo safely, directly, and fully via a single point mooring buoy system (SPM) in the Gulf of Mexico. The SPM will be anchored in approximately 93 feet of water, making the buoy accessible to Very Large Crude Carriers (VLCCs), one of the largest types of operating cargo vessel in the world and the most economical form of waterborne crude oil transportation. U.S. ports lack the infrastructure to fully load VLCCS, however the proposed SPM will be capable of fully and safely loading VLCC capacities in approximately 48 hours including vessel approach, mooring, cargo transfer, unmooring, and vessel departure.
According to the International Energy Agency, U.S. crude oil export capacity is expected to more than double to about 4.9 million barrels per day, with Corpus Christi emerging as the main export hub in the Gulf Coast. Trafigura is proud to play a role in helping to facilitate that transformation.
Conceptual animation of the Texas Gulf Terminals project
Conceptual animation of the Texas Gulf Terminals project01 November 2018
Metals & minerals
Trafigura is one of the world’s largest metals and minerals traders. We negotiate offtake and supply agreements with miners and smelters and invest in logistics through our subsidiary, Impala Terminals, to improve market access for our clients.
In the U.S., our non-ferrous and bulk division operates from Stamford, Connecticut. We negotiate off-take agreements with miners, smelters and invest in logistics to improve market access for our clients. The company currently sells bulk commodities (concentrates, refined metals, and coal) to a diverse customer base, particularly mining companies, smelters and refined metals retailers, consumers and fabricators.
Impala Terminals, a subsidiary of Trafigura, acquired and began managing the Burnside terminal in Louisiana, U.S. in 2011. Located on the East Bank of the Mississippi River at Mile 169.9, the terminal consists of a site of about 1,100 acres, with a deep water berth and ship loading/unloading equipment. We have refurbished and expanded the facility into one of the top bulk exporting facilities in the United States.
Our state-of-the-art terminal opens an integrated and efficient supply chain route from the United States to international markets through the Gulf of Mexico for our customers in the coal and pet coke producing heartland of the United States.
The facility is capable of loading Capesize class bulk vessels with coal, bauxite and alumina. Burnside has the potential to be the only coal terminal on the Mississippi with the capability to handle ocean vessels, barges and rail, thus allowing rail-to-vessel and barge-to-vessel capabilities.
Trafigura has invested significantly at Burnside to date, demonstrating our commitment to creating the safest and most modern bulk facility in the United States.
Impala Terminals Burnside, US: Commissioning of the continuous barge unloader
Impala Terminals Burnside, US: Commissioning of the continuous barge unloader12 May 2014
Galena Asset Management
Galena Asset Management is Trafigura Group’s wholly-owned investment subsidiary. Its activity has focused on the Galena Private Equity Resources Fund, which is invested in a number of mining and related assets and offers third-party investors the opportunity to invest alongside Trafigura on an equal basis. The Private Equity Resources Fund was launched in 2012 and became fully invested in 2017.
In the U.S., Wolverine Fuels (previously Bowie Resource Partners), a Utah-based bituminous coal producer, is majority owned by the Galena Private Equity Resources Fund which initially invested in 2013 and was recapitalised and reorganised during 2018 with the appointment of a new management team under externally-hired CEO James Grech. The Fund injected USD13.4 million in Wolverine to improve mine productivity, bringing its total investment in Wolverine since 2013 to approximately USD170 million. In addition Trafigura assisted Wolverine with refinancing its asset-based revolving credit facility, generating USD20 million of additional liquidity. The outlook for 2019 is positive, with coal prices strong and forward sales well hedged.
Leadership in the U.S.
Director of Oil Trading North America and Head of Houston Branch Office
Trafigura Trading LLC, Texas
Corey is the Director of North America for Trafigura, Head of Oil Trading, and Head of the Houston branch office at Trafigura Trading LLC.
In this role, Corey leads the North American Oil Trading business, which involves managing overall unit performance and defining and executing the region’s trading policy across the oil space. He also manages the business functions of the Houston office and Trafigura’s 240 U.S.-based employees handling transactions in many markets around the world. Trafigura has made a series of long-term investments in Corpus Christi, Texas, including a nearly USD1 billion investment in a premier marine export terminal and condensate splitter.
Under Corey’s leadership, the North American Oil Trading business has undergone significant growth, propelling Trafigura to its current position as the largest oil exporter from the United States. He has helped to position Trafigura to capitalize on and facilitate the growth of Corpus Christi as a hub for U.S. energy exports. Trafigura in 2018 signed a long-term agreement with Plains All American Pipeline, L.P. to transport 300,000 bpd of crude oil from the Permian Basin to the Port of Corpus Christi via the Cactus II Pipeline, one of the largest commitments of its kind to be signed in the U.S. Furthermore, Trafigura signed a 15-year agreement with Cheniere Energy to buy 1m tons of LNG per year, in the first long-term flexible deal between an independent commodities trader and a U.S. producer. He is also leading Trafigura’s development of an offshore deepwater port in the Gulf of Mexico capable of servicing VLCCs.
Corey has been a part of Trafigura since 2011, serving as a trader and later Head of the Gasoline Team in the Geneva office. Prior to joining Trafigura, Corey worked at BP for nearly a decade on the gasoline team where he held regional leadership roles in BP’s Chicago, Los Angeles, London, and Singapore offices.
Corey has a degree in Finance from Bowling Green University, Ohio. He lives in Houston with his wife Stephanie and their three young children. Corey enjoys the outdoors and spends much of his free time training and participating in Spartan Obstacle Course Racing.
In the News:
Bloomberg, November 21 2018 - Texas is about to create OPEC's worst nightmare
Houston Chronicle, August 6 2018 – Race is on to build Texas’ first offshore oil export terminal
Global Newswire, April 6 2018 - Modifications to the Buckeye Texas Terminal Enable Berthing of Suezmax Class Oil Tankers - First Suezmax Oil Tanker Successfully Loaded at the Terminal
Global Trade Review (GTR), March 29 2018 - Trafigura, Natixis and IBM build first blockchain solution for oil
Platts, March 7 2018 - Blockchain efforts look to improve trade execution, breakdown data silos
Financial Times, March 6 2018 - U.S. oil pipelines pivot south as shale surges - America’s growing status as crude exporter is transforming industry’s infrastructure
Reuters, January 23 2018 - Trafigura, Plains sign deal to ship oil to Corpus Christi
Houston Chronicle, December 14 2017 - Prologo: Maximizing America's potential for energy
SmallHeroes.org, 2017- Our amazing friend, Corey Prologo, raised over USD100,000 while competing in the Beast Spartan Race on October 27th on behalf of Small Heroes.
Head of Coal Trading North America and Head of the Stamford Office
Trafigura Trading LLC, Connecticut
Andy Smolenack joined Trafigura in 2010 as our first coal trader in the U.S., having worked in the commodities industry for the previous five years. In addition to being Head of Coal Trading for North America, in September 2017 Andy was appointed Head of the Stamford office from where all North American metals and minerals, as well as bulk commodities trading is handled.
Before joining Trafigura Andy worked for Massey Energy and Thermo Fisher Scientific, having started his career with the U.S. Navy as an officer and fighter pilot.
Chief Financial Officer, North America
Trafigura LLC, Houston, Texas
Rodney Malcolm currently serves as the North American Chief Financial Officer for Trafigura. He joined Trafigura Trading LLC in 2015 and is based in Houston, Texas.
Rodney has over 20 years of experience in the energy finance and trading industry.
Prior to joining Trafigura, Rodney spent over six years at CITIGROUP as the Head of Americas Origination. While at Citi he was responsible for building the commodity origination group and integrating it with Citi’s capital markets.
Before that, Rodney was the Chief Financial Officer at Calpine Energy Services where he raised over USD5 billion in highly structured, high yield and mezzanine capital market transactions. Previously, Rodney spent eight years at Enron working in their Treasury & Risk Management, Industrial Markets, and Power & Gas Origination departments.
Rodney received his bachelor’s degree in Mechanical Engineering from Queen’s University in Ontario, and his MBA from the University of British Columbia.