When Delta Air Lines announced the refinery purchase in April 2012, it claimed that the deal would reduce its fuel expense by about $300 million annually. These benefits were supposed to start accruing as soon as the fall of that year.
Delta's strong refinery profitability has continued into 2015, helping to offset some bad fuel hedging bets in the first half of the year. In Q1, the refinery earned $86 million. In Q2, it earned $90 million.
The improved macro environment for refiners should allow Delta to meet, if not exceed, its $300 million annual refinery earnings projection in 2015. This also means that it will have reversed all of its cumulative losses from 2012 and 2013 and earned back nearly its entire initial investment by the end of the year.
(Adam Levine-Weinberg - The Motley Fool)