Delta Air Lines and its Monroe Energy subsidiary are working with Barclays and Jeffries to explore opportunities to form a joint venture with the Trainer refinery to further enhance the benefits that the refinery provides to our fuel operation.

Under any potential joint venture Delta expects to retain an ownership stake in the Trainer Refinery and ensure that it maintains current levels of jet fuel production, while a strategic partner would focus on gasoline, diesel fuel and other products made in the refining process.

“The Trainer Refinery brings nearly $300 million in annual value to Delta and we will continue to ensure this competitive advantage remains for our customers, employees and shareholders,” said Paul Jacobson, Delta’s Chief Financial Officer. “After several years of ownership it is natural for Delta to seek other opportunities that might exist to optimize the benefits to Delta and maximize the value of other aspects of the refinery for a potential joint venture partner.”

It will be business as usual for the refinery and Delta’s fueling operations in the northeast while the airline evaluates potential opportunities. Delta expects to finish this process by the end of 2018 and the process may end without any change to the ownership or operating structure of the refinery.

“Delta greatly values the contributions of employees of Monroe Energy and is committed to the ongoing operation of the refinery in pursuit of our goal of providing the lowest cost jet fuel in the industry,” Jacobson said.

In 2012, Delta paid $150 million to acquire the Trainer Refinery via its Monroe Energy subsidiary, and is currently planning to invest $120 million in the fourth quarter to provide required maintenance and improvements to keep the plant operating for the next four to six years.