Carlos Slim’s Grupo Carso Deepens Pemex Partnership with Major Drilling Deal Amid Mixed Financial Results

MEXICO CITY, January 19, 2026 – Mexican billionaire Carlos Slim has solidified his position as the state oil company’s partner of last resort, with his conglomerate Grupo Carso SAB securing a landmark $1.99 billion contract to drill 32 wells at the Ixachi natural gas field. This deal, signed in late 2025, underscores Slim’s growing dominance in Mexico’s energy sector even as his diversified empire navigates a challenging economic environment marked by declining profits in its core industrial and retail divisions.

The Ixachi Field Contract: A $2 Billion Bet on Pemex

In September 2025, Grupo Carso, through its subsidiaries GSM Bronco SA and MX Dlta NRG 1 SA, signed a three-year contract with Petróleos Mexicanos (Pemex) to develop the Ixachi field in Veracruz. Considered one of Mexico’s most important onshore deposits, Ixachi currently produces approximately 93,000 barrels of oil and 715 million cubic feet of gas daily, equivalent to 236,000 barrels of petroleum per day. Pemex will begin payments for the drilling in January 2027, using income from hydrocarbons sold from the project. Carso expects 12 of the 32 wells to be producing by that time.

This investment is part of a broader strategy by Slim, who has spent over $2 billion on Pemex-linked projects including stakes in the giant Zama offshore field and the deepwater Lakach gas project. Analysts note that Slim has become one of the few private investors still willing to work with Pemex, which is burdened by over $100 billion in debt and production at a 40-year low. “He’s a pure monopolist, and who doesn’t like a good monopoly?” said John Padilla, managing director of IPD Latin America, highlighting Slim’s unique position.

Grupo Carso’s Financial Performance: A Diverging Picture

While the energy division secures major future contracts, Grupo Carso’s recent financial results reveal pressure in other areas. For the third quarter of 2025, the company reported a significant year-over-year decline, with consolidated sales falling 5.8% to 45.5 billion pesos (MXN) and controlling net income plummeting 78.4% to MXN 651 million. The company cited a 34.2% drop in Infrastructure and Construction sales after major project completations, higher wages, inflation, and increased depreciation.

The full-year 2024 picture was stronger, with annual revenue reaching MXN 202.98 billion and net income attributable to owners of MXN 14.97 billion. However, the sharp contrast with Q3 2025 results points to volatility. The company’s backlog has grown to MXN 79.47 billion, driven by new infrastructure and the Pemex drilling contracts, suggesting future revenue potential.

Key Financial Facts

Slim’s Political Calculus and Broader Empire

Carlos Slim has meticulously navigated Mexico’s political shifts, maintaining working relationships across administrations. He held a lengthy press conference in February 2024, offering a generally positive assessment of the then-outgoing López Obrador administration while criticizing the country’s security situation and the military’s expanding role in civilian enterprises. He has since engaged with President Claudia Sheinbaum, meeting with her in late 2025 for discussions on national development, which Sheinbaum described as a “courtesy talk.”

Beyond energy, Slim’s empire spans telecommunications (América Móvil, Telcel, Telmex), retail (Sanborns, Sears Mexico), construction, and banking. He has also made strategic international investments, including a 3.2% stake in UK telecom giant BT Group, acquired in 2024. Despite antitrust regulations aiming to reduce his market share in telecoms, Slim’s net worth has remained immense, consistently making him the richest person in Latin America.

Frequently Asked Questions

What is the Ixachi field contract?

It is a $1.99 billion agreement signed in September 2025 between Pemex and Carlos Slim’s Grupo Carso to drill 32 natural gas and oil wells in the Ixachi field in Veracruz over three years. Pemex will pay for the work starting in 2027 with revenue from the field’s production.

How is Grupo Carso performing financially?

Performance is mixed. The company had a strong full year in 2024 but reported a sharp decline in profit for the third quarter of 2025, with net income down 78.4%. This was offset by a growing backlog of projects, including the major Pemex contract, which points to future revenue streams.

What is Carlos Slim’s relationship with the Mexican government?

Slim maintains a pragmatic, working relationship with whoever is in power. He was a frequent interlocutor with President López Obrador and has also met with current President Claudia Sheinbaum. He positions his companies as essential partners for national development projects, particularly in energy and infrastructure.

Is Carlos Slim still the richest person in Mexico?

Yes. As of July 2025, Bloomberg ranked him as the 18th-richest person in the world with a net worth of $99.1 billion, making him the wealthiest individual in Latin America by a significant margin.