Carlos Slim, the wealthiest individual in Latin America, seized the opportunity presented by the recent downturn in the stock market to increase his substantial holdings in two American energy firms.
Strategic Investments in Talos Energy and PBF Energy
Control Empresarial de Capitales SA, an investment vehicle controlled by Slim, invested $24.2 million during the first two days of the month.
This investment acquired 923,000 shares of Talos Energy Inc. and 357,000 shares of PBF Energy Inc., as revealed by regulatory filings. These purchases elevated Slim’s ownership stakes to 21.3% in Talos Energy and 15.5% in PBF Energy.
Continued Commitment to Energy Sector
This latest investment is part of a broader strategy by the Slim family to deepen their involvement in the energy sector, particularly in oil exploration, production, and refining, both domestically and in the United States, especially across the Gulf of Mexico.
In July, Slim’s conglomerate, Grupo Carso, committed $1.2 billion to develop the Lakach deepwater field in the Gulf of Mexico.
This field, situated approximately 98 km (61 miles) southeast of Veracruz, is projected to start gas production around 2026.
Expanding US Energy Investments
Prior to these recent acquisitions, Slim’s family holding company had already invested $500 million this year to acquire shares in U.S. energy producers.
PBF Energy, based in New Jersey, specializes in refining, while Talos Energy, headquartered in Houston, collaborates with Slim on projects in Mexico.
Financial Impact and Net Worth
Despite these substantial investments, Slim, who held the title of the world’s richest person over a decade ago, has experienced a 19% decrease in his net worth this year, largely due to the decline in the Mexican peso.
His wealth, which surpassed $100 billion for the first time in December, has now reduced to $85.1 billion, according to the Bloomberg Billionaires Index.
Conclusion
Carlos Slim’s significant investments in Talos Energy and PBF Energy highlight his strategic focus on the energy sector and his confidence in its future growth, despite the recent fluctuations in his personal wealth.
His ongoing financial commitments underscore the importance he places on expanding his influence and assets within this vital industry.