Delta Air Lines Bought an Oil Refinery. It Didn’t Go as Planned. [The New York Times]
Delta Air Lines, Inc. (DAL)
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Source: The New York Times
Energy & Environment|Delta Air Lines Bought an Oil Refinery. It Didn’t Go as Planned.https://nyti.ms/33LF9c8mentContinue reading the main storySupported byDelta’s foray into oil refining illustrates some of the reasons the business was in trouble even before the pandemic.The Delta-owned Monroe Energy refinery, in Trainer, Pa., lost $114 million in the second quarter and its future appears bleak.Credit...Dustin Sonneborn for The New York TimesByClifford KraussNiraj ChokshiAug. 10, ,Jet fuel is known as the steady eddy of the refinery business, a predictable profit maker that balances the seasonal gyrations of gasoline and diesel sales. But for airlines, it is a headache — a big and unpredictable expense that confounds managers.So Delta Air Lines trieda bold experiment“A lot of energy guys hate it, and I can understand why, because we’re taking money out of their pockets,” Ed Bastian, the airline’s current chief executive and then president, said at an industry conference in 2012.But th
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