Oil Tycoon in the Making: Carlos Slim’s $1 Billion Gamble

Carlos Slim, the Mexican telecom mogul who once dominated Latin American airwaves, now sets his sights on black gold. In 2024, Slim poured $1 billion into oil ventures, signaling a bold shift in his investment strategy.

The 84-year-old billionaire acquired significant stakes in PBF Energy and Talos Energy. He invested $602 million in PBF, raising his ownership to 25%. Slim also bought $326 million worth of Talos shares, pushing his stake to 24.2%.

Slim’s move triggered Talos to activate a poison pill, preventing him from gaining more control. Undeterred, he increased his share in a Mexican joint venture with Talos from 49.9% to 80%.

This oil-centric strategy comes despite global pushes for renewable energy. Slim bets on continued fossil fuel demand, especially in emerging markets. He pledged $1.2 billion to develop Mexico’s Lakach offshore gas field, partnering with state-owned Pemex.

Slim’s pivot to oil isn’t without risks. His net worth dropped 22% to $81.8 billion in 2024, partly due to a weakening peso. His holding company, Grupo Carso SAB, saw a 40% decline.

Yet, Slim sees opportunity where others see decline. He often bought shares when prices dipped, displaying his contrarian approach. This strategy could reshape Latin America’s energy landscape and Slim’s legacy beyond telecommunications.

As the world debates the future of energy, Slim’s billion-dollar bet on oil stands out. It challenges the narrative of fossil fuels’ decline and could influence energy policies across the region.

Oil Tycoon in the Making: Carlos Slim’s $1 Billion Gamble