BP GDP Path

Hi everyone - I have an offer from BP's GDP and I am curious about the pay and exits(?). I have read on here that it is a top program, but tbh I don't know a single thing about any of the other shops or even BP really. Am I limited to Houston after the 3 years of the GDP or are there exits in NYC or somewhere else? I know that the pay in the GDP isn't great, but how does it go from there? I am very unsure and any insights that you are willing to share would be very appreciated!

Comments (28)

 
  • Analyst 3+ in HF - Other
Aug 10, 2020 - 9:20pm

Definitely take the job, congrats.

After the 3 year program, you can get a job at most any firm, this includes NYC and Chicago.

The pay often doesn't get better after the program unless you get a trading seat. It's rare to get a seat right away because everyone in the industry wants it.

 
Aug 10, 2020 - 10:56pm

Lol how does one even get an offer from this program knowing so little about the business...I was under the impression these were competitive progs to get into lol...hiring team out for lunch ir what?

Don't take the job if you don't want to become a trader, you'll be miserable and the exit opps won't be of interest to you

 
  • Prospect in IB-M&A
Aug 10, 2020 - 11:01pm

I know a good amount about commodities and trading, but know very little about different firms or the long term career. Had an internship and proved myself enough to be near the top but was coming here for advice beyond the day to day. I can change over my username listing from m&a prospect to trading if that would help- I've had this account for years

 
  • Trader in S&T - Comm
Aug 12, 2020 - 9:12pm

It's a good seat. I only say good because it is BP in Houston which means gas which I don't find nearly as interesting as crude/products, but probably has more longevity.

I don't think you're "stuck" in Houston, but in all honesty it's probably where the best seats are. Natural gas traders are a dime a dozen so there are roles all over the country, but the shops with the firepower to let you be the trader everyone on this board thinks they are destined to be are primarily ran out of Houston. If you plan on going the distance with this career, I'd keep that in mind.

You can get rich at BP and you're set up as well as anyone to get rich somewhere else, but it's definitely not as sure of a thing with banking. Having said that, the job is a million billion times more fun and the absolute upside is probably higher.

 
  • Trader in S&T - Comm
Aug 12, 2020 - 9:28pm

My opinions on gas should be heavily discounted, but it's fungible and limited to moving around a certain way within which it is super efficient.

I would still choose an "oil" desk - crude, gasoline, or distillates. The trading of these products probably has plenty of race left. If you want to be on the cutting edge and on more strategy/business/project related stuff, I think a stronger argument could be made that long term opportunities seem more likely on gas though.

 
Aug 14, 2020 - 3:01am

Gas has more vol. plain and simple. The big blowouts you see on crude you see in gas on a yearly basis but it might just not be in the market you "cover" if you work at a place like BP. For example: look at SoCal, looks at the west this last 2 years (everyone is looking for west gas traders now when everyone has been saying west gas is dead for years). Look at Permian. Look at aeco. Looks at the global LNG/gas trade this summer.

Learning gas and how it flows sets you up to be able to look at other regional gas markets and trade it financial. Lots of crude trades you need the logistics and to move the actually physical barrels to realize the trade. If you want to be physical, crude is better. Crude trading is all about optimizing your assets to exploit pricing inefficiencies. Gas markets the financial product is often more liquid that the physical product. Yea trading gas physical is super efficient and you will be grinding out pennies. But once you understand how pipeline flows and storage and how the market balances, you have the tools to trade more markets financially.

Full disclose this is all coming from a gas guy, but I also have 2 rows of crude traders behind me.

 
Most Helpful
Oct 21, 2020 - 10:30pm

Pretty sure this has been touched on a bunch before, but generally the path through, and out of the GDP/TDP program in Houston looks like this:

1) Take and pass the Assessed Traders' Course. The pool of those folks every year is limited so nearly all find a seat. Which seat that is though depends on how well you network and keep relationships open through your rotations. If you want out of Houston, you have two options: NYC, where most of our Power trading is (you'll want to have a rotation or two in power to open that door) or Chicago (two options, we have a small physical gas desk that hasn't had an opening in years, or you could try and pivot to Oil/Products or Treasury, but both require a lot of networking out of your normal sphere).

2) Go into the Analytics team. We have a world-class analytical team, but it will be a few more years of learning and teeth-cutting. We haven't lost a ton of talent externally, but we have lost a chunk to our Chicago and London offices.

3) Go into our Marketing and Origination team, as a junior marketer. There is another assessment we have for that, but honestly this path is not great. We haven't really figured out how to grow marketers and originators (as we haven't really needed to) and honestly we probably should be moving folks out of our physical trading teams for thees roles rather than trying to grow 20-somethings into it.

4) Leave, which is fine. Every year we have folks leave to get an MBA, a JD, go to med school, or lateral move to another company. The BP alumni network is giant in the business. Work here for 10 years and you'll have former co-workers at nearly every other shop.

 
  • Trader in S&T - Comm
Oct 22, 2020 - 8:16am

What is the difference between Trading and Marketing/Origination? I noticed there seems to be a distinction between the two in O&G markets.

Is Marketing/Origination focused purely marketing say a specific oil major's asset volumes, and Trading to be focused with third party volumes at an oil major?

 
Oct 22, 2020 - 2:57pm
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