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Carlos Slim, Latin America’s wealthiest individual, has significantly increased his ownership in U.S. oil and gas producer Talos Energy Inc. following the unexpected resignation of the company’s founder and CEO, which led to a decline in its stock value. Through his investment firm, Control Empresarial de Capitales, Slim acquired around 2.7 million additional shares this week for over $30 million, according to a Talos filing made on Thursday. This move has raised his total stake in the company to 23.8%, solidifying his position as the largest shareholder.
Slim, who has shown a growing interest in energy investments, has steadily expanded his holdings in Talos and U.S. refiner PBF Energy Inc. over the last year. These actions suggest that the 84-year-old billionaire sees considerable potential in the oil and gas sector. In Mexico, he has also partnered with Talos to explore one of the nation’s most significant oil discoveries in recent decades.
Tim Duncan, the CEO and one of Talos Energy’s founders, resigned unexpectedly on August 29. Talos made the announcement the next day, noting that board member Joseph Mills would temporarily oversee operations while the company searches for a permanent CEO. In response to Duncan’s departure, Talos shares dropped by 3.9%. A representative for the Slim family indicated that they had no prior knowledge of Duncan’s decision to step down.
In addition to the Talos investment, Slim’s firm acquired around 2 million more shares of PBF Energy this week, bringing their ownership in the New Jersey-based refiner to 17.6%. Despite these purchases, PBF shares have been sliding, hitting their lowest levels in over a year.
While Slim’s fortune has decreased by 17% this year, largely due to the depreciation of the Mexican peso, his investment activity has remained robust. In addition to his energy interests, Slim has recently taken a new position in the UK telecom firm BT Group PLC and expanded his stake in a Chilean telecom business through his company, America Movil SAB de CV.
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