Delta Reaches Deal To Buy ConocoPhillips Refinery In Pennsylvania -CNBC's Kelly

Date : 04/30/2012 @ 4:29PM
Source : Dow Jones News
Stock : Conocophillips (COP)
Quote : 47.55  0.0 (0.00%) @ 6:45AM

Delta Reaches Deal To Buy ConocoPhillips Refinery In Pennsylvania -CNBC's Kelly

Delta Air Lines (NYSE:DAL)
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Delta Air Lines Inc. (DAL) has reached a deal to buy ConocoPhillips' (COP) refinery in Trainer, Pa., CNBC's Kate Kelly reported Monday.

The deal will cost $180 million, although Delta will receive $30 million in subsidies from the Commonwealth of Pennsylvania, Kelly said.

Delta looks to produce 52,000 barrels of jet fuel a day with the refinery, which is its maximum capacity, according to Kelly. The airline has also reached swap agreements with BP PLC (BP) and ConocoPhillips, in which Delta would also receive jet fuel from those companies in exchange for other products generated by the refinery, she reported.

Website: www.cnbc.com

-Dow Jones Newswires; 212-416-2900

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