Delta to Buy Oil Refinery

If you can’t beat ‘em, buy ‘em! That’s the slogan that Delta seemed to be operating by on Monday, when it announced that it was buying an oil refinery outside of Philadelphia in a cost-cutting move that is said to be the first of its kind among U.S. airlines. Delta is paying a reported $150 million to Phillips 66 for the Trainer refinery in a deal expected to be done by late June. Delta called the approach an “innovative” response to its “largest expense,” adding that it will spend an additional $100 million to convert the refinery’s infrastructure to maximize jet-fuel production.