Delta Air Lines released fourth-quarter and full-year 2024 financial results Friday morning, showing lower jet fuel costs and slightly higher use.
For the final quarter of 2024, Delta spent $2.409 billion on fuel and related costs, an 18% decline from the $2.941 billion spent in the same quarter a year prior.
Despite spending less year-on-year, the airline used less fuel. In the fourth quarter of 2024, Delta reported using 1.021 billion gallons of jet fuel, which is 4% lower than the 978 million gallons used in the last quarter of 2023.
Likewise, the price of fuel per gallon was significantly lower year-on-year. In the last three months of 2024, Delta paid on average $2.36/gal for fuel, a 21% decline from the $3.01/gal seen in the fourth quarter of 2023. In 2024, Delta, which operates the Trainer, Pa., refinery to help offset fuel costs and provide jet fuel to the airline, reported a 4cts/gal additional cost from the refinery impact.
Looking at fuel cost per available seat mile $(ASM)$, of the cost of fuel extrapolated to each individual seat, figures were much lower in 2024 than 2023. The fuel cost per ASM in the fourth quarter of 2024 was 3.34cts/gal, almost a full penny lower and some 22.35% less than the 4.30cts/ASM fuel cost seen in the fourth quarter of 2023.
Delta also released its full year 2024 financial results as well.
In 2024, Delta spent $20.566 billion on fuel, which is 5% lower than 2023 when the air carrier reported a fuel cost of $11.069 billion.
Like with the fourth quarter, full-year 2024 fuel use was some 5% higher year-on-year. In 2024, Delta reported using 4.114 billion gallons, as opposed to the 3.926 billion gallons in 2023.
Likewise, the cost per fuel was down--albeit not as much as for the fourth quarter. In 2024, the airline paid $2.57/gal for fuel on average, 9% lower than the $2.82/gal for fuel paid on average through 2023.
In terms of cost per available seat mile for fuel, 2024 saw figures drop 10%, from 4.07cts/ASM in 2023 to 3.66cts/ASM in 2024.
Delta Air Lines also highlighted plans with Minnesota SAF (Sustainable Aviation Fuel) Hub to open a new blending facility in 2025, and in 2024 successfully transported SAF via pipeline to Minneapolis-Saint Paul International Airport and Detroit Metropolitan Wayne County Airport.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Cory Wilchek, cwilchek@opisnet.com; Editing by Jason Titze, jtitze@opisnet.com
(END) Dow Jones Newswires
January 10, 2025 11:48 ET (16:48 GMT)
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