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00:02Michael Burry said he has owned Valero Energy since 2020 and views the position as more
00:07attractive as the U.S. moves toward reviving Venezuela's oil industry, according to CNBC.
00:13In a Substack post, Burry said many Gulf Coast refineries were built for Venezuelan heavy crude
00:18and have operated with suboptimal feedstock for years, which could improve margins if supply
00:23returns. He said Valero is well-positioned due to its heavy crude processing capability,
00:28while PBF Energy and HF Sinclair could also benefit over time.
00:33He also said deteriorated infrastructure could create demand for U.S. oil field services,
00:38noting he owns Halliburton and sees potential upside for Schlumberger and Baker Hughes.
00:43Shares of Valero rose about 10 percent Monday.
00:45For all things money, visit Benzinga.com.
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