Delta Air Lines is paying $150 million for a ConocoPhillips refinery in Pennsylvania as it seeks to reduce jet-fuel costs. The airline will operate the refinery through subsidiary Monroe Energy and will increase jet-fuel output at the plant from 14% to 32% of production. "I actually think this is a lot less risky than buying 50 new airplanes and spending $2.5 billion in new capital," said Delta CEO Richard Anderson.

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