Carlos Slim sells $1.15 bn of US oil stocks as war drives prices higher
ITF Team1 min read
The Mexican billionaire cut his stakes in PBF Energy and Talos Energy by about half, while still holding roughly $1.4 bn worth of shares amid rising crude prices.
Mexico’s richest man, Carlos Slim, has divested more than $1.15 billion of U.S. oil equities this year, a move that coincides with the ongoing Iran‑related conflict pushing crude prices and energy stocks upward. Slim reduced his holdings in PBF Energy and Talos Energy by roughly 50 percent, yet the remaining positions are valued at about $1.4 billion—similar to the worth of his oil portfolio in January.
Scale of the divestment
- Slim’s sales generated roughly $820 million, primarily from PBF Energy shares sold over more than 100 trading days.
- PBF Energy, which runs six U.S. refineries, has rallied over 170 % this year, helped by a third‑quarter net income jump to $1.53 billion from $170 million a year earlier.
- The gross refining margin at PBF rose to $34.56 per barrel, up from $9 per barrel in the same period last year.
Remaining exposure and broader wealth
- Despite the sell‑off, Slim’s oil holdings still total about $1.4 billion, keeping his exposure to the sector significant.
- His overall fortune, estimated at $124 billion, remains heavily anchored by telecommunications giant América Móvil.
What traders are watching
- Further movements in Iran‑related geopolitical risk that could lift crude prices further.
- Upcoming earnings from U.S. refiners such as Talos Energy, which may confirm whether the current margin expansion sustains.
- Potential shifts in U.S. policy or sanctions that could affect the oil‑related assets in Slim’s portfolio.
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This article is compiled from international market news for information only. It is not investment advice.