Delta Airlines to buy oil refinery
http://www.nytimes.com/2012/05/01/business/delta-air-lines-to-buy-refinery.html
Delta Air Lines said on Monday that it had agreed to buy a refinery near Philadelphia from ConocoPhillips to offset the risk of higher jet fuel prices.
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Delta said that it would spend $150 million to acquire the Trainer refinery, which has been shuttered for six months, after receiving $30 million from the state of Pennsylvania as part of a deal to support job creation. The airline said it would spend $100 million more to refurbish the plant to increase its output of jet fuel.
Richard H. Anderson, Deltas chief executive, said the investment was a modest one, equivalent to the list price of a new wide-body plane like a Boeing 777. The company estimated that it would reduce its annual fuel expense by $300 million, once the refinery was refurbished and operating again.
elifino
If this pans out, it could start a trend.