Delta’s Oil Refinery Looked Like A Bad Bet—Then It Made $1.36 Billion, But It Isn’t “Cheap Fuel”

Delta’s oil refinery looked like an expensive mistake for years. Then it made $1.36 billion in operating profit from 2022 through 2025, and the Iran war made the bet look smarter still. But the payoff isn’t cheap fuel that lets Delta profitably fly routes its rivals can’t—it’s a refining business that can make more money when jet fuel gets expensive.