Delta Airlines buys oil refinery to save money on gas

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Delta will pay $150 million to purchase the refinery through its subsidiary Monroe Energy, the company said. The airline will spent another $100 million to make changes to the refinery to facilitate jet-fuel production, and it will receive $30 million in assistance from the state of Pennsylvania, Delta said. 

Delta Chief Financial Officer Paul Jacobson said in a statement that he expected the refinery to be "accretive to Delta's earnings, expand our margins, and to fully recover our investment in the first year of operations.

"We look forward to closing this transaction and moving quickly to begin capturing its benefits," Jacobson said.