January 2, 2013 |
On Sunday, Philly Deals columnist Joseph N. DiStefano reviewed the top 10 business stories of 2012. Today, I take a stab at five local story lines to watch in 2013. First, can an airline really run a refinery better than an oil company? Delta Air Lines has high hopes for its Trainer complex, which restarted just about the time Hurricane Sandy hit in late October. Sure, it's not as if pilots and flight attendants are in charge of fuel production in Delaware County.
October 26, 2012 |
US Airways Group Inc. and Delta Air Lines posted higher quarterly profits Wednesday and said the revenue environment ahead looks fairly good. US Airways, which is in talks with bankrupt American Airlines about a potential merger, said third-quarter profit more than doubled to $192 million, or 98 cents a share, from $95 million, or 51 cents a share, a year earlier. That beat analysts' average estimates of 92 cents. "That's our second-best third-quarter profit in company history," US Airways chief executive Doug Parker said during a call with investors.
July 4, 2012 |
Charles Wilson can hardly wait for Thursday. That's when he'll next report to his job at Sunoco's South Philadelphia refinery. To repeat for emphasis: He is going to report to his job at the refinery. "It's a breath of fresh air," said Wilson, 51, of Woodlyn, Delaware County. Or maybe it's a sigh of relief, one giant exhale, not only for Wilson, but for his 850 coworkers at the plant. Gone is the heavy fear of being one of Sunoco's doomed castoffs, rendered useless along with its sprawling South Philadelphia refinery that had been slated to close.
May 2, 2012 |
Delta Air Lines, hoping to secure a steady source of discounted jet fuel, announced Monday that it will buy the ConocoPhillips oil refinery in Trainer for the bargain price of $150 million. The nation's second-largest commercial airline says it hopes to reduce its fuel expenses by $300 million a year with the acquisition. Delta spent $11.8 billion on jet fuel in 2011, about 36 percent of its operating expenses. "Acquiring the Trainer refinery is an innovative approach to managing our largest expense," said Richard Anderson, Delta's chief executive officer.
April 26, 2012 |
Oil-industry experts told a congressional panel on Thursday that regulations requiring more ethanol in motor fuel and setting stricter federal emission standards have driven some refineries out of business. A Joint Economic Committee hearing in Washington on the effect of the closure of Philadelphia area refineries turned into a broad-spectrum denunciation of federal environmental mandates. U.S. Sen. Robert Casey (D., Pa.), the committee's chairman, called the hearing in response to moves by ConocoPhillips and Sunoco Inc. to sell or shut down their Philadelphia area refineries.
April 24, 2012 |
Sunoco Inc. may have found the rescuer for its sprawling South Philadelphia refinery. The Philadelphia company announced Monday that it has entered into exclusive talks with the Carlyle Group, a large private-equity manager with legendary political connections, to run the plant as a joint venture. The refinery, the largest on the East Coast, is Sunoco's last operating fuel-manufacturing plant. Sunoco, which has promised to shut down the 335,000-barrel-per-day refinery this summer if it is unable to find a buyer, would contribute the refinery assets in exchange for a nonoperating minority interest in the joint venture.
April 19, 2012 |
IN THE REGION Pols: Keep it as a refinery U.S. Sen. Bob Casey Jr. (D., Pa.) and the Delaware County Council urged ConocoPhillips to sell its refinery in Trainer to a buyer that would keep the refinery operating as a manufacturing facility rather than turn it into a fuel storage terminal. Prompted by rumors that potential buyers of the ConocoPhillips refinery in Trainer plan to shut down the plant, the elected leaders wrote to ConocoPhillips chief executive James Mulva to urge him to sell the plant to buyer that would operate it as a refinery, which would employ more people and require more investment than a fuel-storage facility.
April 18, 2012
Sen. Bob Casey Jr. (D., Pa.) and the Delaware County Council on Wednesday urged ConocoPhillips to sell its refinery in Trainer to a buyer that would keep the refinery operating as a manufacturing facility rather than as a fuel storage terminal. Prompted by rumors that potential buyers of the ConocoPhillips refinery in Trainer plan to shut down the plant, the elected leaders wrote Wednesday to ConoccoPhillips chief executive James Mulva to urge him to sell the plant to buyer that would operate it as a refinery, which would employ more people and require more investment than a fuel-storage facility.
April 18, 2012 |
A Delta Air Lines bid to buy the idled ConocoPhillips refinery in Trainer to satisfy its enormous thirst for jet fuel appears to be gaining momentum, industry observers say. According to reports, the Delta board of directors has endorsed a plan to bid on the refinery, one of three Philadelphia fuel-processing facilities that face closure because of poor profits. Two others are owned by Sunoco Inc. of Philadelphia, which is exiting the refining business this year altogether. Prospective buyers face a May 2 deadline for a second round of bidding on the 185,000-barrel-a-day ConocoPhillips refinery, Tom Kloza, publisher of Oil Price Information Service, reported Monday.