Grupo Carso signs $1.99B contract with Pemex; Carlos Slim sells energy shares
What happened
Grupo Carso signed a $1.99 billion contract with Pemex. Separately, Carlos Slim sold shares in PBF Energy and Talos Energy. Over more than 100 trading days, Slim collected around $820 million selling PBF shares, and he sold another $252 million of Talos shares in October alone.
From oilprice.com
Why it matters
The stock sales occurred as the Iran war drove crude prices and energy shares higher. PBF Energy reported that its net income reached $1.53 billion, up from $170 million a year earlier, due to rising gross refining margins. This trend is supported by a worldwide fuel shortage that has benefited refiners.
From oilprice.com
Who's involved
- Grupo CarsoSigned a $1.99 billion contract with Pemex.
- PemexMexican state-owned petroleum corporation that signed a contract with Grupo Carso.
- Carlos SlimSold stakes in PBF Energy and Talos Energy.
- PBF EnergyPetroleum refiner whose shares Carlos Slim sold.
- Talos EnergyAmerican energy company whose shares Carlos Slim sold.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Grupo CarsoSpeculative
Grupo Carso might increase revenue from core oil sales following the contract with Pemex.
- PBF EnergySpeculative
PBF Energy could see continued high gross refining margins due to the worldwide fuel shortage.
- Talos EnergySpeculative
Talos Energy may see stock valuation remain high due to Middle East tensions and crude price increases.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Middle East tensions drive crude prices and energy shares higherMiddle East tensions drive crude prices and energy shares higherAlready happening
- Carso's $1.99 billion contract with Pemex may require SEC disclosuresPemex's new contract with Carso may require updated financial disclosures to the SECPossible
Keep exploring
The entities involved
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Grupo Carso
company
Nothing else this week.
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Pemex
Mexican state-owned petroleum corporation
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Carlos Slim
Mexican business magnate and investor
Nothing else this week.