Delta Air Lines’s flagship, the Boeing 777-200LR. (Photo credit: Wikipedia)
Delta Air Lines said Tuesday its refinery in Trainer, Delaware County, posted a $3 million profit for the three months ended Sept. 30.
It was the first quarterly profit since Delta bought the former ConocoPhillips refinery last year to keep supplied with jet fuel.
“We have a tremendous opportunity with the Trainer refinery,” Delta CEO Richard Anderson told investors on a conference call discussing third-quarter financial results. “Importantly, the refinery’s production has proven to be effective in keeping jet cracks in check, particularly in the New York harbor,” he said.
The “crack spread” is the difference between the cost of crude oil and the selling price of jet fuel – it’s the price paid to refiners.
Upset but not surprised. That’s how union leaders characterized their reactions to the news of Sunoco, Inc.’s sweeping changes to its business structure, including the departure of Chief Executive Officer Lynn Elsenhans.
“It’s not surprising that she is moving on. I was expecting it, anyway. She doesn’t run refineries, she just dismantles them and moves on,” said Dave Miller, president of United Steelworkers Local 10-901 representing the Marcus Hook Sunoco workers.
“I’m curious to see where she is going next. I’d be the first one to call them and give them a heads up: Better get your affairs in order.”
After arriving at Sunoco in 2008 and subsequently dismantling the company’s Marcus Hook refinery operations, Elsenhans announced during Thursday’s fourth-quarter earnings conference call that she is stepping down as the company’s chief executive officer and board chairman at the end of the month.
American drivers this week broke a record that will bring them no joy.
They collectively spent more than $448 billion on gasoline since the beginning of the year, according to the Oil Price Information Service, putting the previous record for gas expenditures — set in 2008 — in the rearview mirror with weeks of driving still to go.
It’s also a huge jump over last year, when U.S. drivers spent more than $100 billion less on gas.
PITTSBURGH (AP) — Big industry may be coming back to the northeast United States.
Shell Oil Co. is nearing a decision on where in the Appalachians to build a huge new petrochemical refinery — a project that could bring thousands of construction and production jobs and change the face of the region for decades…