Getting your player ready...
Delta Air Lines said Monday that it will buy a refinery near Philadelphia in the hope of slicing $300 million a year from its jet-fuel bill.
Delta said a subsidiary will buy the Trainer, Pa., refinery from Phillips 66, a company being spun off from ConocoPhillips.
Delta is paying $150 million, including $30 million in job-creation assistance that it expects to get from the state of Pennsylvania.
Delta estimates the deal will cut its fuel bill by $300 million a year.
Delta’s Monroe Energy LLC subsidiary will spend $100 million to make changes to the refinery to maximize the production of jet fuel.
