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Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

Note 12 — Related Party Transactions

Slim Family and Affiliates

Carlos Slim Helú, Carlos Slim Domit, Marco Antonio Slim Domit, Patrick Slim Domit, María Soumaya Slim Domit, Vanessa Paola Slim Domit and Johanna Monique Slim Domit (collectively, the “Slim Family”) are beneficiaries of a Mexican trust which in turn owns all of the outstanding voting securities of Control Empresarial de Capitales S.A. de C.V. (“Control Empresarial” together with the Slim Family, the “Slim Family Office”). Control Empresarial held approximately 24.2% of the Company’s outstanding shares of common stock as of June 30, 2026 based on SEC beneficial ownership reports filed by Control Empresarial and the Company’s total outstanding shares of common stock as of that date.

The Company has a cooperation agreement with Control Empresarial that limits additional acquisitions of the Company’s voting securities by Control Empresarial if such acquisitions would result in ownership exceeding 25.0%, subject to specified exceptions. The agreement was amended on December 8, 2025 to extend its term through December 16, 2026, subject to early termination provisions. A discussion of the agreement is included in the Notes to the Consolidated Financial Statements in the 2025 Annual Report.

The Slim Family own a majority stake in Carso. Carso, through its subsidiary, has a majority ownership interest in TEM 7. See Note 6 – Equity Method Investments for additional information on TEM 7. At June 30, 2026 and December 31, 2025, the Company had a $2.8 million receivable from Carso related to advisory services the Company provided in connection with the Lakach Deepwater natural gas field off Mexico’s southeastern coast near Veracruz. At June 30, 2026, the Company also had a $4.2 million receivable from Carso related to the Incremental Mexico Equity Sale. These amounts are reflected in “Accounts receivable, net” on the Condensed Consolidated Balance Sheets for both periods.

 

 

 

Subsequent Event — In connection with the offering of the 8.000% Notes, entities and/or persons related to the Slim Family Office purchased an aggregate principal amount of $150.0 million of such notes from the initial purchasers of the offering. In connection with the offering, the Company agreed to pay an advisory fee of approximately $0.9 million to Inbursa, a banking institution controlled by the Slim Family. See Note 7 – Debt for additional information regarding the issuance of 8.000% Notes.

Equity Method Investments

The Company had a $0.3 million and $0.7 million related party receivable from TEM 7 as of June 30, 2026 and December 31, 2025, respectively. These amounts are reflected in “Accounts receivable, net” on the Condensed Consolidated Balance Sheets.