Key Developments: Delta Air Lines Inc (DAL)
11.51USD
1 Jun 2012
$-0.59 (-4.88%)
$12.10
$12.02
$12.04
$11.43
17,554,900
16,023,555
$12.25
$6.41
Latest Key Developments
Delta Air Lines's Subsidiary To Acquire Trainer Refinery Complex
Delta Air Lines's Subsidiary announced that it has reached agreement with Phillips 66 to acquire the Trainer refinery complex south of Philadelphia. Monroe will enter into strategic sourcing and marketing agreements with BP and Phillips 66. The acquisition includes pipelines and transportation assets that will provide access to the delivery network for jet fuel reaching Delta's operations throughout the Northeast, including its hubs at LaGuardia and JFK. After receipt of $30 million in state government assistance for job creation and infrastructure improvement from the Commonwealth of Pennsylvania, Monroe's investment to acquire the refinery will be $150 million, and Monroe will spend $100 million to convert the existing infrastructure to maximize jet fuel production. Monroe is partnering with energy companies to supply crude oil and receive jet fuel in exchange for Trainer's non-jet fuel outputs. Under a three-year agreement, BP will supply the crude oil to be refined at the facility. Monroe Energy will exchange gasoline and other refined products from Trainer for jet fuel from Phillips 66 and BP elsewhere in the country through multi-year agreements.Monroe expects to close on the acquisition in the half of 2012. Jet fuel production is expected to begin during the third quarter, and changes to the plant infrastructure to increase jet fuel production would be complete by the end of the third quarter, resulting in expected 2012 fuel savings of more than $100 million. Full Article
Delta Air Lines Comments On FY, Q2 2012 Profit Guidance
Delta Air Lines announced that it expect the second quarter and fiscal 2012 will be not only solidly profitable but also a significant improvement over last year, despite higher fuel prices. Full Article
Delta Air Lines Mulls Bold Bid For ConocoPhillips's Pennsylvania Oil Refinery-Reuters
Reuters reported that Delta Air Lines is considering a bid for ConocoPhillips's idled 185,000 barrel per day refinery in Trainer, Pennsylvania. CNBC reported that Delta could bid as much as $100 million for the plant, which was idled last September due to depressed margins and weak demand. Full Article
Delta Air Lines Names Paul A. Jacobson Chief Financial Officer
Delta Air Lines announced that Paul A. Jacobson has been appointed to the position of senior Vice President and Chief Financial Officer (CFO), effective March 1, 2012. Jacobson, 40, and currently Delta's senior vice president and treasurer, will report to Delta President Edward H. Bastian. Jacobson will join Delta's Corporate Leadership Team and assume responsibilities from Hank Halter, Delta's current chief financial officer, following his decision to retire from Delta. Full Article
Delta Air Lines Expands Partnership With China Eastern, China Southern
Delta Air Lines announced expanded codeshare agreements with China Eastern and China Southern airlines, two of the carriers in the People's Republic of China, which will provide more options for customers traveling between the United States and China. The agreements, recently approved by the Civil Aviation Administration of China, will allow both Chinese carriers to place their codes and flight numbers on Delta-operated flights between Seattle and Beijing. In addition, China Eastern will place its code and flight numbers on Delta-operated flights between Detroit and Beijing. Full Article
Delta Air Lines And GOL Linhas Aereas Inteligentes S.A. Create Enhanced Commercial Alliance
Delta Air Lines and GOL Linhas Aereas Inteligentes announced an agreement for a long-term exclusive commercial alliance. Under the agreement, Delta and GOL, which has a 40% market share in Brazil , will expand cooperation to leverage each other's strengths and further link Delta's expansive network with one of Brazil's airlines. As part of the agreement, Delta will invest $100 million in GOL and will have a seat on the GOL board of directors. Full Article
Delta Air Lines Comments On Q4 2011 Earnings Guidance-Conference Call
Delta Air Lines announced that demand is good as the Company is seeing solid bookings in yields in fourth quarter of 2011, which will result in strong profitability in fourth quarter of 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report net profit of $125 million for the fourth quarter of 2011. Full Article
The Boeing Company And Delta Air Lines Inc. Announce Order for 100 Next 737-900ERs
The Boeing Company and Delta Air Lines Inc. announced an order for 100 Next-Generation 737-900ER (extended range) airplanes. The order, with a list-price value of more than $8.5 billion, is part of Delta's fleet renewal effort to replace its less efficient domestic airplanes. Full Article
Delta Air Lines Expected To Order 100 The Boeing Company Planes-Reuters
Reuters reported that Delta Air Lines is expected to order 100 The Boeing Company extended-range 737 planes as it looks to replace older aircraft with more fuel-efficient models. The order could be valued at up to $8.6 billion based on average prices. Delta sent a request to plane makers late last year for proposals to deliver up to 200 planes to replace aging models. Full Article
Grupo Aeromexico SAB de CV And Delta Air Lines Inc To Create Commercial Alliance
Grupo Aeromexico SAB de CV announced that it has signed a memorandum of understanding with Delta Air Lines Inc (Delta) to create a long-term commercial alliance. As part of the agreement Delta will make an investment of USD 65 million. Other details were not disclosed. Full Article
TEXT-S&P revises Delta Air Lines outlook to positive
Overview -- U.S.-based Delta Air Lines is generating free cash flow, and we believe its credit measures will gradually improve as the company repays debt. -- We are affirming our 'B' corporate credit rating and our other ratings on Delta while revising the outlook to positive from stable. -- We could raise ratings if the improvement in financial measures occurs more rapidly than we currently expect, resulting in funds flow to debt rising into the mid-teens percent area
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