Atticus Analysis

$PBF Why PBF PBF is already the largest US importer of Venezuelan crude, handling about 28% of recent volumes If US imports scale back and well above the pre-2019 levels (~800,000 bpd from today's ~135,000 bpd) this will dramatically improve margins and volumes Carlos Slim, Latin America's richest man owns 25% of the common Slim attended Trump's 2025 inauguration and has consul re: Mexico and LatAm advice for his second term. Trump TruthSocial post- “We met for a "lovely dinner" at Mar-a-Lago and Slim is "a great guy” PBF as of October 25 was doing 40K bpd of Venny crude but could ramp to as much as 180-200k bpd PBF's average revenue per barrel in Q3 2025 was ~$95 (revenue of $7.65B on 80.12 million barrels). Applying this to the incremental volume yields an estimated revenue increase of ~$5.55B annually, assuming similar product yields and pricing. This could be higher (up to $5.8B-$6.2B) if Venezuelan crude's lower cost allows for optimized mixes amid diesel demand. From the data, PBF's Q3 2025 gross refining margin (excluding special items) was $9.00 per barrel on throughput of approximately 871,000 bpd (80.12 million barrels for the quarter). Scaling up Venezuelan crude imports from 40k bpd to 200k bpd represents an incremental 160,000 bpd, or ~58.4 million barrels annually. Factoring Venezuelan potential crude's discount ($10-15/bbl cheaper than alternatives, leading to 20-30% margin uplift from efficiencies and lower input costs), adjusted EBITDA could rise by $700M-$1.05B (at $12-$18 per barrel effective margin, assuming 90-95% utilization vs. current 85%).

$BBIO is my largest holding

$BBIO Cowen Achon KOL Call: Infi Likely To Become Standard Of Care Reaching Up To 80% Share KOL expects ~50% switching from injectables to orals like infi, with a steady‑state of ~80% oral share, and 30%+ population penetration upside from activating untreated patients avoiding shots. $BMRN