SCHEDULE: Slim Family Reduces PBF Energy Stake to 21.2%

Sentiment:

Beneficial Ownership Amendment 13 March 2026 6:59 PM

The Slim family and Control Empresarial de Capitales have further reduced their beneficial ownership in PBF Energy Inc. to 21.2% through recent share sales.

Worse than expectedThe reporting persons, including the Slim family and Control Empresarial de Capitales, sold a total of 1,723,000 Class A Common Shares of PBF Energy Inc. since the last amendment, reducing their aggregate beneficial ownership from a previously higher percentage to 21.2%. This significant divestment by a major shareholder is generally viewed as a negative signal.

Summary

This filing is Amendment No. 8 to the Schedule 13D, updating previous filings regarding beneficial ownership in PBF Energy Inc.
The reporting persons include Carlos Slim Helu, his children (Carlos Slim Domit, Marco Antonio Slim Domit, Patrick Slim Domit, Maria Soumaya Slim Domit, Vanessa Paola Slim Domit, Johanna Monique Slim Domit), and Control Empresarial de Capitales, S.A. de C.V.
As of March 16, 2026, the reporting persons collectively beneficially own 24,746,098 Class A Common Shares of PBF Energy Inc.
This represents 21.2% of the outstanding Class A Common Shares, based on approximately 116,926,814 shares issued and outstanding as of February 6, 2026.
Since the filing of Amendment No. 7 on March 4, 2026, Control Empresarial de Capitales sold a total of 1,723,000 Class A Common Shares on the New York Stock Exchange across multiple transactions between March 5, 2026, and March 13, 2026.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a moderately negative development, as a substantial reduction in stake by a major, long-term investor can be interpreted as a lack of conviction or a strategic reallocation of capital away from PBF Energy Inc.

Negatives

A significant reduction in beneficial ownership by a major, long-term shareholder group, the Slim family and Control Empresarial de Capitales, can be interpreted as a negative signal regarding their conviction in the company's future prospects or valuation.

Risks

Potential negative market perception and downward pressure on PBF Energy Inc.'s stock price due to the substantial share sales by a prominent investor group.
Increased supply of shares in the market from the selling activity could impact liquidity and price stability.

Future Outlook

No forward-looking statements or guidance from PBF Energy Inc. are provided in this filing, which focuses solely on changes in beneficial ownership by the reporting persons.

Industry Context

StockSavvy.ai notes that a significant reduction in stake by a major, long-term investor like the Slim family could signal a shift in their investment strategy or a perceived peak in the refining sector's valuation. While not directly tied to PBF Energy's operational performance, such a move by a prominent shareholder often warrants attention from other investors, potentially influencing market sentiment for PBF Energy and other refining companies.

Comparison to Industry Standards

This filing pertains to a change in beneficial ownership by a specific investor group and does not contain operational or financial results from PBF Energy Inc. that would allow for a direct comparison to industry standards or specific comparable companies/projects.

Related Party Transactions

The filing details the sale of 1,723,000 Class A Common Shares by Control Empresarial de Capitales, S.A. de C.V., an entity whose voting equity securities are owned by a Mexican trust benefiting the Slim Family, who are also reporting persons. These transactions represent a reduction in a significant ownership stake by a related party.

Stakeholder Impact

Shareholders may interpret the significant reduction in stake by a major, long-term investor as a negative signal, potentially impacting market sentiment and the company's share price. This could lead to decreased investor confidence.

Next Steps

No specific future actions, events, or milestones for PBF Energy Inc. are mentioned in this filing, which focuses on past share transactions by the reporting persons.

Key Dates

Date	Description
October 3, 2024	Original Schedule 13D filed by the Reporting Persons.
October 25, 2024	Amendment No. 1 to Schedule 13D filed.
November 5, 2024	Amendment No. 2 to Schedule 13D filed.
December 2, 2024	Amendment No. 3 to Schedule 13D filed.
December 20, 2024	Amendment No. 4 to Schedule 13D filed.
February 28, 2025	Amendment No. 5 to Schedule 13D filed.
February 6, 2026	Date as of which approximately 116,926,814 Class A Common Shares were issued and outstanding, as reported in the Issuer's Form 10-K.
February 11, 2026	Amendment No. 6 to Schedule 13D filed.
February 12, 2026	Issuer's Form 10-K filed with the SEC.
March 4, 2026	Amendment No. 7 to Schedule 13D filed.
March 5, 2026	Control Empresarial sold 205,000 Class A Common Shares at a weighted average price of $46.5669.
March 6, 2026	Control Empresarial sold 13,000 Class A Common Shares at a weighted average price of $44.8882.
March 10, 2026	Control Empresarial sold 22,000 Class A Common Shares at a weighted average price of $40.0843.
March 11, 2026	Control Empresarial sold 838,000 Class A Common Shares at a weighted average price of $41.9138.
March 12, 2026	Control Empresarial sold 265,000 Class A Common Shares at a weighted average price of $43.5507 (Date of Event Which Requires Filing of This Statement).
March 13, 2026	Control Empresarial sold 380,000 Class A Common Shares at a weighted average price of $43.2971.
March 13, 2026	Date of signatures for Amendment No. 8.
March 16, 2026	Date as of which beneficial ownership calculations were made for this filing.

Recommendation

hold

The significant reduction in beneficial ownership by the Slim family and Control Empresarial de Capitales, totaling 1,723,000 shares, represents a notable divestment by a major shareholder. While this action itself does not directly reflect on PBF Energy Inc.'s operational performance, it can signal a lack of conviction or a strategic shift by a prominent investor. Seasoned investors would likely interpret this as a cautious signal, warranting a 'hold' recommendation to observe PBF Energy's upcoming financial results and any further strategic developments before making a definitive buy or sell decision.

Keywords

PBF Energy, Class A Common Stock, Carlos Slim, Control Empresarial, Schedule 13D, Share Sale, Beneficial Ownership, SEC Filing, Energy, Refining

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