SCHEDULE: Slim Family Reduces PBF Energy Stake Below 20%

The Slim Family and Control Empresarial have filed a Schedule 13G, disclosing a 17.3% passive ownership stake in PBF Energy Inc., down from a previous position that required a Schedule 13D filing.

Summary

• The Slim Family (Carlos Slim Helu, Carlos Slim Domit, Marco Antonio Slim Domit, Patrick Slim Domit, Maria Soumaya Slim Domit, Vanessa Paola Slim Domit, and Johanna Monique Slim Domit) and Control Empresarial de Capitales, S.A. de C.V. collectively beneficially own 20,338,698 shares of PBF Energy Inc. Class A Common Stock.
• This ownership represents 17.3% of the outstanding Class A Common Shares of PBF Energy Inc.
• The percentage is calculated based on approximately 117,453,689 Class A Common Shares issued and outstanding as of March 6, 2026, as reported in the Issuer's Schedule 14A filed on March 17, 2026.
• This filing is a Schedule 13G, which amends a previously filed Schedule 13D, indicating a change in the reporting persons' status.
• The reporting persons no longer hold more than 20% of the outstanding Class A Common Shares and do not hold the securities with the purpose or effect of changing or influencing control of PBF Energy Inc., signifying a passive investment stance.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive development. While a reduction in stake could be seen negatively, the shift to a passive 13G filing removes potential uncertainty regarding activist intentions, which can be a positive for corporate stability.

Positives

• The Slim Family and Control Empresarial continue to hold a significant stake (17.3%) in PBF Energy Inc., indicating continued confidence in the company as a long-term investment.
• The shift from a Schedule 13D to a 13G suggests a passive investment stance, potentially reducing concerns about activist intervention or control changes, which can be viewed positively for corporate stability.

Negatives

• The reduction in ownership below 20% could be interpreted as a slight decrease in conviction or a strategic portfolio adjustment by the Slim Family.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that significant passive stakes by prominent investors like the Slim Family can provide a degree of stability to a company's shareholder base. In the refining industry, which can be volatile due to commodity price fluctuations and regulatory changes, a long-term, passive investor might be viewed favorably, signaling confidence without the immediate pressure of activist demands.

Stakeholder Impact

• Shareholders: The filing clarifies the passive nature of the Slim Family's significant stake, potentially reducing concerns about activist pressure and providing stability.
• Management: The declaration of passive intent (not seeking to influence control) may reduce pressure on PBF Energy's management from this large shareholder group.

Key Dates

Recommendation

The filing indicates a routine administrative change in the reporting status of a significant shareholder, moving from an active Schedule 13D to a passive Schedule 13G due to a reduction in ownership below 20% and a stated lack of intent to influence control. This does not present new fundamental information about PBF Energy Inc.'s operations or financial health that would warrant a change in investment thesis. The continued substantial ownership by the Slim Family, albeit passive, suggests a long-term view, supporting a 'hold' recommendation for existing investors.

Keywords

PBF Energy Inc., PBF, Carlos Slim Helu, Control Empresarial de Capitales, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Ownership, Passive Investment, Refining Industry