Carlos Slim has been steadily selling down his positions in two US oil companies throughout October, capitalizing on a crude price rebound that Iran-related tensions helped fuel, and the Mexican billionaire has now realized more than $1.15 billion this year from the trade.
The sales break down across two names: roughly $820 million from PBF Energy overall, and $252 million of Talos Energy stock in October alone. Both figures reflect a sustained, methodical reduction rather than a single large block sale, consistent with an investor taking profits as prices climb rather than reacting to any single catalyst.
The timing behind those profits is notable. PBF Energy shares have jumped more than 170% and set a fresh record this month, giving Slim the ability to sell progressively larger tranches at progressively higher prices as the rally extended, the kind of favorable selling window that doesn’t come along often even for a well-timed sector bet.
Despite the scale of the sales, Slim hasn't fully exited either position. He's cut his stakes in PBF Energy and Talos Energy roughly in half, but the shares he still holds are worth approximately $1.4 billion, which is roughly what his entire position in both companies was worth back in January, before this year's price run-up. In effect, he's harvested significant gains while leaving a position of comparable value to where he started intact.
That combination, realizing over a billion dollars in profit while still holding a stake worth what the original investment was, reflects a disciplined approach to a concentrated sector bet: take meaningful money off the table as prices rally, without abandoning the underlying thesis that drove the original investment.
Slim's oil holdings trace back to a roughly $1 billion bet he made in 2024 to build out exposure to crude producers, a wager that initially looked out of step with broader market enthusiasm for other sectors but has paid off handsomely as Iran-related supply concerns pushed oil prices higher through 2026. The October selling marks the clearest sign yet that Slim is treating this year's rally as a window to bank gains rather than simply a confirmation to keep adding to the position.
