In short: Named with Marathon as a refiner that "also process[es] heavy crude" and "would also benefit if there's more of the heavy stuff on the market." Not on TPH's Venezuelan-crude top three — the claim is about heavy-crude capability generally, i.e. exposure to the discount rather than to the specific barrel.
PBF is a pure refiner with heavy-crude-capable plants — no oil production, no pipelines, no retail cushion. That makes it the highest-torque way to own the mechanism in this article: it earns almost entirely on the spread between cheap heavy crude and the fuel it makes, so a wider heavy-barrel discount flows almost undiluted to profit.
The distinction from Valero is worth keeping straight. Valero is named because it refines the most Venezuelan crude; PBF is named because it refines heavy crude, and more heavy supply of any origin helps it. That is a broader and slightly weaker claim — it depends on the global heavy-light spread widening, not on where the barrels come from. Torque cuts both ways: the same absence of diversification that magnifies the gain is what leaves nothing to offset a compressed spread.
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