Key facts
- Carlos Slim sold over $1.15 billion in U.S. oil stocks this year.
- His remaining stakes in PBF Energy and Talos Energy are valued at approximately $1.4 billion.
- PBF Energy's third-quarter net income was $1.53 billion, a significant increase from $170 million a year prior.
- Talos Energy shares saw sales of $252 million in October alone.
Carlos Slim, Mexico's wealthiest individual, has divested over $1.15 billion in U.S. oil stocks this year, a move coinciding with rising crude prices and energy share valuations driven by Middle East tensions. Slim has significantly reduced his holdings in PBF Energy and Talos Energy, though his remaining stakes are still valued at approximately $1.4 billion. PBF Energy, a refiner with six U.S. facilities, has seen its shares surge more than 170% year-to-date, boosted by strong third-quarter results showing net income of $1.53 billion and a gross refining margin of $34.56 per barrel. In October alone, Slim sold $252 million of Talos Energy shares, pushing the company to a three-year high. These sales were executed through his investment firm, Control Empresarial de Capitales. Concurrently, Slim's conglomerate Grupo Carso has expanded its oil operations in Mexico, securing a $1.99 billion contract with Pemex for well drilling and reporting a substantial increase in sales for its subsidiary Zamajal.