December 13, 2014 |
Airline stocks soared Thursday after Delta Air Lines said the sharp drop in oil prices would translate into a $1.7 billion savings in fuel costs next year. Delta said at an investor conference in New York that its Trainer refinery in Delaware County would produce a $75 million profit in the current quarter, helping to offset losses on the airline's fuel-hedge contracts. Delta buys some of its fuel in advance, to hedge against higher costs. But when fuel prices dramatically decline, the airline is locked in and takes a hedge loss.
November 2, 2014 |
The Philadelphia refinery executive who is leading an effort to promote the region as an energy hub called on city officials Friday to "reclaim" a collapsed $1.86 billion sale of the municipal gas utility. Philip Rinaldi, chief executive of Philadelphia Energy Solutions, urged Mayor Nutter and Council President Darrell L. Clarke to restart the sale process after Clarke's surprise announcement Monday that Council would not endorse Nutter's proposed sale of the Philadelphia Gas Works to UIL Holdings Corp.
October 18, 2014 |
Delta Air Lines said Thursday that its Trainer oil refinery in Delaware County produced a $19 million profit in the third quarter, and is expected to have a $20 million profit in the current fourth quarter. Delta, the first U.S. airline to report earnings, had Thanksgiving revenues up by 8 percent, and Christmas and New Year's bookings "look solid," company president Edward Bastian reported on a conference call. Management said it has seen no change in booking trends due to the Ebola outbreak in West Africa.
September 2, 2014 |
Maybe, on Labor Day, at the head of the annual Labor Day parade of union members - the T-shirted battalions of union teachers, truck drivers, trash crews, postal workers, hospital dieticians, building engineers, stagehands, and riggers - Patrick J. Eiding will be able to forget, for a moment, the relentless union bashing he often encounters. To Eiding, 73, president of the Philadelphia Council of the AFL-CIO, a federation of about 100 Philadelphia-area union locals, it seems so frustratingly backwards.
July 25, 2014 |
Delta Air Lines said Wednesday that its Trainer oil refinery in Delaware County produced a $13 million profit in the second quarter. Delta, the first U.S. airline to report earnings, posted a second-quarter profit of $889 million, or $1.04 a share, that beat analysts' estimates, driven by strong passenger demand and higher revenue from corporate contracts. Revenue rose 9.4 percent to $10.6 billion. "We will post even better results in the third quarter, with a forecast operating margin of 15 percent to 17 percent," Delta chief executive officer Richard Anderson said on a conference call.
July 22, 2014 |
Delta Air Lines' subsidiary Monroe Energy L.L.C. has signed a five-year agreement with a Texas-based company, Bridger L.L.C., to receive 65,000 barrels of domestic crude a day at its oil refinery in Trainer, Delaware County. The contract will supply about one-third of the crude refined daily at the former ConocoPhillips refinery, which Delta bought in 2012. The Trainer refinery supplies Delta's Northeast operations with jet fuel, the largest and most volatile expense for airlines.
June 20, 2014 |
Gov. Corbett's labor secretary, Julie K. Hearthway, on Wednesday presented Philadelphia Energy Solutions with a special commendation for amassing 3 million consecutive hours without an injury. And PES employees were rewarded with a surprise bonus. The company, which acquired the South Philadelphia refinery in 2012 in a joint venture with Sunoco Inc., went almost a year without an injury, a significant accomplishment for a heavy industry that processes 13.9 million gallons of fuel a day. At a barbecue lunch for staff on Wednesday, the company announced that all 1,141 PES employees would receive a $500 bonus this week in recognition of the safety record.
May 15, 2014 |
At the Delaware River wharf where Appalachian coal trains once unloaded their cargo, 108 rail tankers lined up Tuesday to deliver a new distant energy source - crude oil from North Dakota. The Eddystone Rail Facility, built on leased land surrounding an aging Exelon Corp. power plant, is the latest oil-by-rail facility to open in the area, adding capacity to handle the cheap domestic crude oil that has become the salvation of the region's financially embattled refineries - but has also raised safety concerns about unprecedented rail movements of oil. "If we didn't do what we did, the refineries are gone," said Jack Galloway, who created Eddystone Rail Co. and enlisted Enbridge Inc., one of North America's largest energy distributors, as the operating partner in the project.
April 25, 2014 |
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 $41 million in the first quarter but is expected to be profitable in the current June quarter. Delta said one major crude unit at the refinery was shut down for scheduled modifications, which decreased production. To bring Trainer to profitability in 2014, Delta is making infrastructure changes to increase refined production, and boost jet and diesel production to roughly 50 percent of the refinery's total output, Delta chief financial officer Paul Jacobson said during a conference call.
April 21, 2014 |
It is out with the old and in with the new at the 500-acre waterfront facility formerly known as the Sunoco Marcus Hook Refinery, now the Marcus Hook Industrial Complex. Workers last week ripped down aging petroleum-processing equipment, part of a labyrinth of machinery that has produced gasoline, diesel, and kerosene for more than a century. Other crews built cryogenic storage tanks more than 130 feet tall with three-foot-thick walls that will hold the future: new fuels from the prolific Marcellus Shale region.