達(dá)美航空收購一家精煉廠

????消費(fèi)者對(duì)航空公司有大把的抱怨，但是他們不會(huì)埋怨航空公司不去自己煉油。盡管如此，今年4月，達(dá)美航空（Delta）還是決定斥資2.2億美元收購并重啟費(fèi)城郊區(qū)一家關(guān)閉了的精煉廠。這還不是達(dá)美航空今年最大的交易。今年12月，達(dá)美航空同意以3.6億美元的價(jià)格收購維珍大西洋航空（Virgin Atlantic Airlines）49%的股份（這筆交易也受到了廣泛地批評(píng)），但最引起爭(zhēng)議的還是收購精煉廠的交易。

????達(dá)美航空的CEO理查德·安德森表示，收購精煉廠將大大降低燃油價(jià)格漲跌給達(dá)美航空帶來的風(fēng)險(xiǎn)。這話沒錯(cuò)，但同時(shí)它也會(huì)大大增加原油價(jià)格變動(dòng)給公司帶來的風(fēng)險(xiǎn)，因?yàn)榫珶拸S所用的原料正是原油。而且就在安德森關(guān)心燃油問題的時(shí)候，旅客們卻在想，為什么飛往亞特蘭大的中轉(zhuǎn)航班過了這么久還不來。

????編者按：本文之前的一個(gè)版本寫道，達(dá)美航空于12月同意收購維珍美國航空公司49%的股份，特此更正，達(dá)美航空同意收購的是維珍大西洋航空的股份。

Delta buys a refinery

????Consumers have a ton of complaints about airlines. That they don't refine their own jet fuel is not one of them. Nonetheless, in April,?Delta?(DAL,?Fortune 500)?decided to spend $220 million to buy and restart a shuttered oil refinery on the outskirts of Philadelphia. It wasn't Delta's largest deal of the year. The company agreed in December to buy 49% of Virgin Atlantic airlines for $360 million (a deal that received?plenty of criticism, too). But the refinery acquisition was Delta's most controversial.

????Delta's CEO Richard Anderson said the refinery would greatly reduce the airline's exposure to rising and falling jet fuel prices. Yes, but it will also greatly increase the company's exposure to changes in the price of oil, which is the primary input for a refinery. And while Anderson is worried about that, passengers will be left wondering why their connecting flight in Atlanta never showed up.

????Editor's note: A previous version of this slide incorrectly stated that Delta agreed to purchase 49% of Virgin America in December. Delta agreed to purchase a stake in Virgin Atlantic.