Originally Posted by Karnak

My understanding is that the "impact on the profitability" (not the same as "profit and loss") of the refinery is not easy to read in the 10K reports.

The operation at the refinery the airline owns lost $50m, but the airline's savings in fuel is only expressed as an average cost per gallon. Delta was something like 8-cents better than peers for the year. Part of that was a better-than-peers tax payout for JetA because you don't pay tax on fuel you give to yourself. That benefit was not expressed as a separate item in the reports.

Even when the price of oil plunges, the amount of tax on a gallon of JetA does not. The tax benefit of giving it to ourselves is real, and not required to be reported.