Analysts still sceptical of Delta Air Lines refinery acquisition
"It's slightly more intriguing and understandable than it was a week ago, but they're swapping one risk for another," says Mike Corley, president of Mercatus Energy Advisors, a Houston-based consultancy that advises companies on fuel hedging.
Delta Air Lines said on Monday that it would buy the Trainer refinery for $150 million from Phillips 66, the newly formed refining spin-off of ConocoPhillips, and that it would spend an additional $100 million to upgrade the 185,000 barrel-per-day facility
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