Mexico’s Richest Man Sells $1.15 Billion in U.S. Oil Stakes

Mexican billionaire Carlos Slim has sold more than $1.15 billion of U.S. oil stocks this year as geopolitical conflict drives crude prices and energy shares higher, according to OilPrice. The sales include cutting his stakes in PBF Energy and Talos Energy roughly in half.

Stake Reductions and Market Gains

Slim collected around $820 million selling PBF shares over more than 100 trading days, according to Bloomberg data cited in the report. PBF operates six U.S. refineries and has gained more than 170% this year, posting net income of $1.53 billion and a gross refining margin of $34.56 per barrel. Additionally, Slim sold $252 million of Talos shares in October alone as Middle East tensions pushed the stock to a three-year high. His remaining stakes in PBF and Talos now stand at approximately 11% and 13%, respectively.

Expansion in Mexico

The asset sales have not halted Slim's broader energy expansion in Mexico. His conglomerate Grupo Carso signed a $1.99 billion contract with Pemex to drill up to 32 wells at the Ixachi field in Veracruz, delivering eight wells so far. Carso's oil subsidiary Zamajal reported quarterly sales of 2.98 billion pesos, a 447% increase year-on-year.

Key facts

• Carlos Slim sold over $1.15 billion in U.S. oil stocks this year.
• PBF Energy sales totaled approximately $820 million over 100 trading days.
• Talos Energy sales reached $252 million in October alone.
• Slim's remaining U.S. oil holdings are valued at about $1.4 billion.
• Grupo Carso holds a $1.99 billion contract with Pemex for Ixachi field drilling.