Northern, WI 5/1/12 (StreetBeat) -- Delta Air Lines Inc. (NYSE: DAL) announced Monday that it will buy an oil refinery from Phillips 66 (NYSE: PSX), the downstream business spinoff of ConocoPhillips, the Atlanta Business Chronicle, an affiliated publication, reports.The purchase will be made by Delta's subsidiary, Monroe Energy LLC, for $150 million in an attempt to save money on rising fuel costs. Following the purchase, Delta will spend an additional $100 million to convert the existing refinery infrastructure for optimized jet fuel production.
The Trainer refinery complex, located in Pennsylvania, produces more than 185,000 barrels a day. The acquisition also includes pipelines and transportation assets that reach Delta's operations throughout the Northeast.
Monroe will come to strategic sourcing and marketing agreements with BP (NYSE: BP) and Phillips 66, Delta said, according to the Business Chronicle, which has more information.
Delta is the third-busiest commercial carrier at the Albuquerque International Sunport. ConocoPhillips has oil and gas production operations in New Mexico.
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