Delta Air Lines through a subsidiary company agreed to acquire from Phillips 66 a Philadelphia-area oil refinery.
Delta subsidiary Monroe Energy, which plans to close the transaction by the end of June, will invest $250 million in the acquisition, refinery improvements and related sourcing and marketing agreements with Phillips 66 and BP.
Delta plans to double the refinery's jet fuel production, eventually supplying 80% of its domestic fuel needs. The carrier estimates its refinery ownership will save $300 million in annual fuel expenses and reduce its "exposure to fuel volatility."
Source: Business Travel News