Carlos Slim, the richest man in Mexico, has sold over $1.15 billion of his oil shares in the United States this year. This action follows the increase in oil prices and energy stocks due to wartime tensions in Iran. Slim has reduced his stake in PBF Energy and Talos Energy by about half, while the value of his remaining shares is approximately $1.4 billion, nearly equivalent to the value of these assets in January.
PBF Energy Performance
PBF Energy, which operates six refineries in the United States, has grown by over 170% since the beginning of this year. The company's financial results for the third quarter, released on Thursday, show a net profit of $1.53 billion, up from $170 million last year. Additionally, the company's gross refining margin has increased to $34.56 per barrel.
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Slim's Sales and Its Impact on Talos Energy
Carlos Slim sold $252 million of Talos shares alone in October, which accounts for nearly three-quarters of his sales for this year. Recent tensions in the Middle East have driven Talos's stock price to its highest level in three years. Currently, Slim's stakes in PBF and Talos are approximately 11% and 13%, respectively.
The sales were conducted through Control Empresarial de Capitales, an investment company he owns with his six children. However, these sales have not hindered Slim's expansion activities in Mexico. His holding group, Carso, signed a contract worth $1.99 billion with Pemex to drill up to 32 wells in the Ichachi field located in Veracruz last year. So far, eight wells have been delivered, and two to four more are expected to be ready by the end of this year.
Zamahal, Carso's oil subsidiary, reported quarterly sales of 2.98 billion pesos, a 447% increase compared to last year. This increase is attributed to the Ichachi contract. Additionally, Zamahal holds 17.8% of the Zama oil field, while Talos only has 4.5% of it. As a result, while Slim reduces his stake in Talos, he still maintains a larger share of the Mexican oil field in which both have invested.
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