Michael Burry's bet on a U.S. takeover of Venezuelan oil that he has held for years

Group 1: Investment in Valero Energy - Michael Burry has owned Valero Energy since 2020, viewing it as increasingly attractive due to the U.S. potentially reviving Venezuela's oil industry [1][2] - Valero is highlighted for its ability to process heavy crude, making it a key beneficiary if Venezuelan oil supply increases [3] - Shares of Valero jumped about 10% following Burry's comments and the renewed interest in Venezuelan oil [3] Group 2: Broader Industry Implications - The deterioration of Venezuela's oil infrastructure presents opportunities for U.S. oilfield services companies, such as Halliburton, Schlumberger, and Baker Hughes, if large-scale rehabilitation begins [4] - Burry owns Halliburton and sees potential upside for it and other service companies involved in rebuilding Venezuela's oil infrastructure [5] - The involvement of U.S. contractors in Venezuela's oil sector is anticipated, especially as companies like Chevron and Exxon may seek to capitalize on the situation [5]