January 23, 2014 |
Delta Air Lines said Tuesday that its Trainer oil refinery in Delaware County would have a "small loss" in the current first quarter, after posting a loss of $46 million in the three months ended Dec. 31 and a $116 million loss for 2013. Delta executives said on a conference call that the 180,000-barrel-a-day refinery, operated by subsidiary Monroe Energy L.L.C., would "see a modest profit" for 2014, said chief financial officer Paul Jacobson. "We expect to see only a modest loss for the Trainer refinery in the March quarter, despite the pull-down of one of the main units for modifications," Jacobson told investors.
December 13, 2013 |
Delta Air Lines, which bought the former ConocoPhillips refinery in Trainer, Delaware County, to secure a steady source of discounted jet fuel, said Wednesday the refinery lost $100,000 in 2013, but is expected to be profitable next year. Although some analysts had expressed skepticism about an airline diversifying into oil refining, a capital-intensive business with low margins, Delta president Edward Bastian told investors Wednesday: "Let me be very clear. Trainer has been a great success for Delta.
October 24, 2013 |
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 supply itself 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.
July 26, 2013 |
Shares of Delta Air Lines and US Airways Group rose Wednesday after the airlines reported second-quarter earnings that exceeded analysts' estimates, on lower jet fuel costs and improved passenger demand. Delta shares closed up 1.71 percent to $20.80, while US Airways added 2.49 percent to $18.50. Saying this would be its last earnings call as a stand-alone company before the merger with American Airlines, US Airways president Scott Kirby noted, "We had a great run here at US Airways.
April 22, 2013 |
I'll bet that flying means to you roughly what it does to me: battling seat pockets that eat knee space. Emptying your inner life into plastic trays. Far above the clouds, another, better world exists: It's a paradise of infinite legroom and no one around to pat you down preflight. In fact, as a passenger in a private jet, you call the shots, even when it comes to buckling seatbelts. Celebrities and Romney-class politicians know this well. And so do I - since a business-owning pal let me fly aboard a JetSuite Embraer Phenom 100 from Providence, R.I., to New York.
December 26, 2012 |
We heard a lot four years ago about how quick and massive intervention by the U.S. and European governments kept the financial system from collapsing. But lenders who lost billions financing dumb property speculation, and were bailed out by public investments, are still having to cope with the government conditions that kept them in business. It's one reason the economy remains slow. For example, the Royal Bank of Scotland (RBS) has been resisting pressure to sell its U.S. arm, including Citizens Bank , to raise badly needed cash.
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.
September 10, 2012 |
The question can be heard up and down the Camden block where Osvaldo Rivera allegedly stabbed a 6-year-old boy to death and slashed the boy's 12-year-old sister last Sunday: Was the man known as "Popeye," who played ball with neighborhood children and gave them haircuts on his porch not who he seemed or was the dreadful attack fueled by the drug concoction called "wet" that he allegedly told authorities he had smoked that night? In the Roosevelt Manor public housing complex where Rivera allegedly committed the crimes, where residents say drug abuse is commonplace, mothers last week clutched their children even tighter and kept an eye on the doors where they said known users live.
July 27, 2012 |
Higher fares and lower fuel costs helped give US Airways its most profitable quarter ever, as net profit reached $306 million in the three months that ended June 30. That compared with a net profit of $92 million during the comparable quarter in 2011. "We are extremely pleased," said chief executive officer Doug Parker, praising the airline's 32,000 employees. He said the airline's showing, a pretax margin of 8.6 percent, was better than that of any other airline except Southwest Airlines, which posted a 9.6 percent margin for the quarter.
July 16, 2012 |
When Delta Air Lines decided to buy the idled Trainer refinery outside Philadelphia to keep itself supplied with jet fuel, the announcement was met with a mix of skepticism, outright disbelief, and nods of approval from experts who follow the airline industry and oil and energy markets. Delta's move was smart, risky, insane, stupid, even brilliant — or all of those. "Is there a better investment than a refinery? Maybe not," wrote airline analyst Helane Becker in a client note.