Energy · Profile from Energy Research Companion
Mercuria
A Geneva-based energy and commodities trader founded in 2004 by Marco Dunand and Daniel Jaeggi — two former Goldman Sachs and Sempra traders — out of a merger with the trading arm of Poland's J&S Group, which grew within one generation into one of the five largest independent energy traders. Its defining move was buying JPMorgan's physical commodities business in 2014, when US regulators were pushing Wall Street banks out of owning oil, gas, power and warehouses (announced at ~$3.5bn, reported); that deal gave it a large North American power and gas book run from Houston. It sold a 12% stake to ChemChina in 2016, posted a record net profit of ~$2.98bn in 2022 (company), and then used the money to diversify: into metals (a new copper-led unit that reportedly earned ~$300m in 2025 to October), into US LNG offtake (a 20-year Commonwealth LNG contract of ~1 mtpa, raised to ~1.5 mtpa in 2026), into energy-transition finance (Silvania; loans to Fervo Energy) and into downstream assets (Raízen's Argentine refining and retail, agreed Jun 2026). Profits fell back to ~$1.4–1.5bn in 2024–25 (reported) before rebounding in the 2026 Gulf crisis (~$1.09bn in the half-year to March 2026, +88%, reported). Mercuria is the book's case of building a top trader in one generation — by buying a bank's platform at the moment regulation forced it out.
At a glance
- Founded
- 2004, from the merger of J&S Group's trading business with a company led by Dunand and Jaeggi (reported, verify structure); name Mercuria adopted ~2007 (verify)
- Headquarters
- Geneva; major offices in Houston (Mercuria Energy America), Singapore, London, Dubai, Shanghai and others (verify list)
- Ownership / structure
- Private; majority owned by management and employees; ChemChina bought ~12% in 2016 (reported; current holding verify)
- Leadership (2026)
- Marco Dunand (co-founder, chairman and CEO); Daniel Jaeggi (co-founder, president); Guillaume Vermersch (CFO, verify); Kostas Bintas (head of metals since 2023, reported)
- Segments
- Crude and refined products; natural gas, LNG and power (strong in North America and Europe); metals and minerals (since 2023); environmental products and transition investments; industrial and logistics assets
- Net profit (reported)
- ~$1.26bn (2021); ~$2.98bn (2022, record, company); ~$2.7bn (2023, reported); ~$1.52bn (2024, CFO, calendar year) vs ~$2.09bn (year to Sep 2024, Bloomberg); ~$1.43bn (2025, CFO) vs ~$1.31bn (Bloomberg); ~$1.09bn (half-year to Mar 2026, +88%) — bases differ, see §5
- Signature moves (incl. failures)
- Founding (2004); JPMorgan physical commodities purchase (2014); North American power and gas platform (2014–); ChemChina stake (2016); Silvania and transition investments (2021–); record profits (2022); metals expansion and the copper bet (2023–); Commonwealth LNG offtake (2026); Raízen Argentina purchase (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2004
Founding by Dunand and Jaeggi
Founding / merger
2014
JPMorgan Physical Commodities Purchase
Acquisition
2014
North American Power and Gas Platform
Strategy / market entry (built on the JPMorgan books)
2016
ChemChina Stake
Financing / ownership (minority stake sale)
2021
Silvania and Energy Transition Investments
Strategy pivot / financing
2022
Record Profits
Trading results / capital allocation
2023
Metals Expansion and the Copper Bet
Strategy pivot
2026
Commonwealth LNG Offtake
Offtake or supply contract
2026
Raizen Argentina Purchase
Acquisition