Form 4: Slim Family's Control Empresarial Executes PBF Energy Stock Purchases

Control Empresarial de Capitales S.A. de C.V., linked to the Slim Family, acquired PBF Energy Class A Common Shares in two transactions on September 3rd and 4th, 2024.

Summary

• Control Empresarial de Capitales S.A. de C.V., associated with the Slim Family, reported changes in beneficial ownership of PBF Energy Inc. shares.
• On September 3, 2024, they acquired 510,000 Class A Common Shares at a weighted average price of $33.1755.
• On September 4, 2024, they acquired an additional 700,000 Class A Common Shares at a weighted average price of $33.3055.
• Following these transactions, Control Empresarial directly owns 19,829,598 Class A Common Shares.
• The Slim Family, as beneficiaries of a Mexican trust that owns Control Empresarial, may be deemed to indirectly beneficially own these shares.
• These shares represent approximately 16.9% of the 117,149,510 issued and outstanding Class A Common Shares of PBF Energy, as reported on August 1, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard SEC filing reporting stock purchases. The increased stake could be seen as mildly positive, but it's primarily an informational document.

Positives

• The increased stake by Control Empresarial could be interpreted as a positive signal regarding their confidence in PBF Energy's future prospects.

Future Outlook

There is no specific future outlook provided in this document.

Industry Context

This filing indicates significant ownership by a major shareholder, which is relevant to understanding the ownership structure and potential influence within PBF Energy. Monitoring such filings is standard practice in the energy sector.

Comparison to Industry Standards

• Comparing the Slim Family's stake in PBF Energy (16.9%) to other major shareholders in the refining industry can provide context.
• For example, Berkshire Hathaway's stake in Occidental Petroleum or Carl Icahn's past involvement with CVR Energy are relevant benchmarks.
• Institutional ownership levels in comparable companies like Valero Energy or Marathon Petroleum can also be used for comparison.

Stakeholder Impact

• Shareholders may react to the increased ownership stake, potentially influencing the stock price.
• Employees may see this as a sign of stability or confidence in the company's future.

Key Dates