The Slim vehicle sold two US energy names in four sessions, and it really is just profit-taking
Control Empresarial de Capitales S.A. de C.V. — director and 10% owner of PBF Energy and Talos Energy · Form 4s signed by Marco Antonio Slim Domit as attorney-in-fact
PBF Energy: 100,000 Class A shares sold 1 Oct at $82.00–$82.005, about $8.2m, leaving 13,616,127; then 120,000 shares on 5 Oct at about $84.13, $10,095,096. Talos Energy: 480,000 shares sold 6 Oct at a weighted average $16.9596 (range $16.90–$17.06), $8,140,607, leaving 38,599,036.
Whether this is something other than trimming. Three candidates: a mechanical programme running on a calendar; a manoeuvre around a disclosure threshold on the 24.5% Talos stake; or the tell that would make it an allocation decision rather than a view — selling the winner and the loser in the same week, which is what a holder raising cash does and what a holder with a view does not.
There is no loser. Both names were sold near the top of their own 52-week ranges. PBF went at $82–$84 against a 52-week high of $85.08 after a 216% year to date. Talos went at $16.96 against a 52-week range of $8.97–$18.73 — 90.6% of its high. The asymmetry the liquidity story needs is simply not in the prices, and without it the story has nothing to stand on. I dropped it.
The pace says trim, not exit. Schedule 13D/A No. 4, event date 26 March 2026, reports 41,233,604 Talos shares, 24.5% of class, with zero sole and 41,233,604 shared voting and dispositive power across eight named Slim family reporting persons. The holding is now 38,599,036 — −2,634,568 shares, −6.4% of the position in six and a half months, leaving 22.9% of the company. Extrapolated, that is a fifteen-year exit. Nobody exits over fifteen years.
And the price-insensitivity signature is absent. The shape that gave away the Fisher wind-down in Edition 027 — sharply larger size at a materially worse price — is not here. Sizes are modest and the prices are the best available. That is what taking profit looks like, and it is what the commentary says it is.
A Schedule 13D/A taking the Talos stake through a round threshold, or a tranche sold at a materially worse price than the one before it at materially larger size. Either would reopen the question. Neither is on file.