Tag Archives: Delta Air Lines

Delta Air Lines reports a first quarter pre-tax loss of $2.9 billion

Delta Air Lines Airbus A350-941 N506DN (msn 175) AMS (Ton Jochems). Image: 950895.

Delta Air Lines issued this financial report for the first quarter of 2021:

Delta Air Lines reported its financial results for the first quarter 2021 and provided its outlook for the second quarter 2021.  Highlights of the first quarter 2021 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

“A year after the onset of the pandemic, travelers are gaining confidence and beginning to reclaim their lives. Delta is accelerating into the recovery with our brand stronger and more trusted than ever before,” said Ed Bastian, Delta’s chief executive officer.  “Thanks to the incredible efforts of our people, we achieved positive daily cash generation in the month of March, a remarkable accomplishment considering our middle seat block and the low level of demand for business and international travel.  If recovery trends hold, we expect positive cash generation for the June quarter and see a path to return to profitability in the September quarter as the demand recovery progresses.”

First Quarter Financial Results 

  • Adjusted pre-tax loss of $2.9 billion excludes $1.2 billion of benefit related to the first payroll support program extension (PSP2), which is partially offset among other items by the debt extinguishment charges incurred when prepaying our $1.5 billion slots, gates and routes term loan
  • Adjusted operating revenue of $3.6 billion declined 65 percent on 55 percent lower sellable capacity (see Note A) versus March quarter 2019
  • Total operating expense, which includes the $1.2 billion benefit related to PSP2, decreased $3.9 billion over the March quarter 2019.  Adjusted for the benefit related to PSP2 and third-party refinery sales, total operating expense decreased $3.1 billion or 33 percent in the March quarter compared to March quarter 2019, driven by capacity- and revenue-related expense reductions, lower salaries and related costs and strong cost management across the business
  • During the March quarter, cash burn (see Note B) averaged $11 million per day and turned positive in the month of March with cash generation of $4 million per day
  • At the end of the March quarter, the company had $16.6 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities.  The company had total debt and finance lease obligations of $29.0 billion with adjusted net debt of $19.1 billion, which was higher than prior guidance as a result of aircraft financing decisions

Read the full report.

Top Copyright Photo: Delta Air Lines Airbus A350-941 N506DN (msn 175) AMS (Ton Jochems). Image: 950895.

Delta Air Lines aircraft slide show (Airbus):

Delta to resume flights to Iceland in May, first European destination open to vaccinated Americans

Delta Air Lines has made this announcement:

Beginning in May, Delta customers seeking a global escape will once again enjoy a nonstop connection from three U.S. hubs to Iceland’s stunning landscapes, world-renowned hot springs like the Blue Lagoon and the iconic capital city of Reykjavík.

Delta will launch new daily service from Boston Logan International Airport (BOS) to Keflavík International Airport (KEF) beginning May 20 – as well as resume daily service from John F. Kennedy International Airport (JFK) on May 1 and daily service from Minneapolis-Saint Paul International Airport (MSP) on May 27.

This latest milestone in the airline’s growing network follows Iceland’s recent exemption of fully vaccinated Americans from the ban on non-essential travel and other restrictions like testing and quarantine requirements – making it the first leisure destination in Europe easily accessible to U.S. travelers since the pandemic began.

Customers traveling to Iceland will be required to provide proof of full vaccination or recovery of COVID-19. Travelers returning to the U.S. will still require a negative COVID-19 test and can find a nearby location with Delta’s dedicated testing resource for international travel.

New Boston Service

Delta’s daily BOS-KEF service will be operated on the 193-seat Boeing 757-200 featuring Delta Premium Select, Delta Comfort+ and Main Cabin service.

The schedule will operate as follows:

Route Flight Departure Arrival Operating Days
BOS-KEF 266 10:25pm 7:45am Daily
KEF-BOS 267 10:15am 12:00pm Daily

Resuming JFK and MSP Service

Customers traveling between JFK and KEF can enjoy Delta One service with lie-flat seats on the 168-seat Boeing 757-200 aircraft, which also includes Delta Comfort+ and Main Cabin.

MSP-KEF service will be operated by the 193-seat Boeing 757-200 aircraft, with Delta Premium Select, Delta Comfort+ and Main Cabin service.

The schedule will operate as follows:

Route Flight Departure Arrival Operating Days
JFK-KEF 246 10:15pm 8:05am Daily
KEF-JFK 247 11:15am 1:15pm Daily
Route Flight Departure Arrival Operating Days
MSP-KEF 260 8:45pm 7:55am Daily
KEF-MSP 261 9:30am 11:00am Daily

All of Delta’s Iceland services are operated in conjunction with our partners Air France-KLM and Virgin Atlantic.

Delta will introduce nine new routes and add flights to more than 20 top leisure destinations this summer

Swift Current Lake – Glacier National Park, Montana. Photo by Chris Bonesteel. 

Delta Air Lines has made this announcement:

Delta Air Lines will introduce nine brand-new routes and add flights to more than 20 top leisure destinations this summer – a move that follows renewed optimism and growing customer confidence in upcoming travel. The increased summer service complements our recently announced Alaska service expansion.

NEW & EXPANDED SERVICE TO MOUNTAIN TOWNS, OUTDOOR DESTINATIONS

Delta is adding new routes and expanding existing service to seven destinations popular with adventurous travelers looking to explore and reconnect with the great outdoors. This includes Montana, where Delta will offer more service this summer than any other carrier.

Bozeman, Mont. (BZN)

  • Introducing New York-JFK service launching three times a week May 7, increasing to daily starting May 28
  • Daily service from Los Angeles (LAX) starting May 5 and from Seattle (SEA) starting May 28
  • Saturday service from Detroit (DTW) beginning May 29

These additions complement our existing nonstop service from Atlanta (ATL), Minneapolis/St. Paul (MSP) and Salt Lake City (SLC) – together offering easy access to BZN and nearby Yellowstone National Park from anywhere across the country.

Glacier Park, Mont. (FCA)

  • Daily service from LAX beginning May 28
  • Introducing weekend service from SEA launching May 29
  • Weekend service from ATL beginning May 29

These three routes join our twice-daily service from MSP and four-times daily service from SLC to provide convenient access to Glacier National Park and the surrounding area.

Missoula, Mont. (MSO)

  • Weekend service from LAX beginning May 8 and from ATL beginning May 29

With Delta’s existing service from SLC and MSP, these flights are another gateway to enjoy Montana’s Glacier Country through MSO.

Jackson Hole, Wyo. (JAC)

  • Daily service from ATL, with an extra trip on Saturdays beginning May 29
  • Daily service from LAX and MSP beginning May 28
  • Introducing Saturday service from DTW launching May 29
  • Weekend service from SEA beginning May 29

These routes add to Delta’s year-round service from our SLC hub.

Fresno, Calif. (FAT)

  • Introducing Saturday service to FAT from SEA launching May 29

Customers wanting convenient access to Yosemite National Park and other attractions in the Sierra Nevada can take advantage of this new SEA service, in addition to our enhanced four times daily nonstop service from SLC and daily LAX flight.

Rapid City, S.D. (RAP)

  • Weekend service from ATL beginning May 8 and increasing to daily service on May 29
  • Weekend service from DTW beginning May 29

New ATL and DTW offerings to RAP complement Delta’s up to four-times daily flights from MSP and daily SLC flight.

Reno-Tahoe, Nev. (RNO)

  • Introducing weekend service to RNO from SEA launching May 8

This new SEA service builds upon our recent growth in RNO, which includes three-times daily service to LAX, a nonstop flight to ATL, and up to five daily flights from SLC.

MORE FLIGHTS TO BEACH & LEISURE DESTINATIONS

Rest, relaxation and a little fun in the sun is right around the corner this summer, with more nonstop flights from Delta’s hubs to seven leisure destinations:

  • Introducing Saturday service from Boston (BOS) to Hilton Head, S.C. (HHH) launching on May 8, complementing existing daily service from ATL and LGA
  • Introducing new Saturday service from Traverse City, Mich. (TVC) to BOS launching May 29
    • ATL will offer daily service beginning May 29
    • LGA will offer seasonal daily beginning May 5
    • Daily MSP service begins May 5 and increases to three daily trips effective Memorial Day weekend, all of which adds to our existing DTW service that offers five daily trips also beginning May 5
  • Weekend service from BOS to Myrtle Beach, S.C. (MYR) begins May 8, which complements existing service to ATL, DTW, LGA and MSP
  • Daily service from LGA to Wilmington, N.C. (ILM) begins May 5 and complements existing daily service from ATL
  • Saturday service from BOS to Norfolk, Va. (ORF) begins May 8 and increases to daily on May 28, complemented by Delta’s existing service to ATL, DTW and LGA – all of which deliver a gateway to the Outer Banks, N.C.
  • Saturday service from BOS to Savannah, Ga. (SAV) begins May 8, rounding out Delta’s existing service from ATL, DTW, MSP and JFK
  • Daily service to Asheville, N.C. (AVL) from LGA begins May 5 and complements existing daily service from ATL

GREATER CONNECTIVITY ACROSS U.S. NORTHEAST

New England’s scenic views and outdoor adventures to places like Acadia National Park offer a diversity of experiences for leisure travelers, which is why Delta is adding more flights to four destinations in the region:

  • Introducing daily service from BOS and Saturday service from ATL to Bangor, Maine (BGR) launching on May 5 and May 8, respectively
    • Saturday service from DTW also begins May 8
  • Increasing service to Nantucket, Mass. (ACK) with twice-daily flights from JFK beginning May 28, and Saturday & Sunday service from LGA beginning May 29
  • Daily service to Burlington, Vt. (BTV) from ATL on May 5, in addition to daily flights to DTW and JFK.
  • Doubling service from JFK to Martha’s Vineyard, Mass. (MVY) to two daily flights starting May 28

MORE CARIBBEAN SERVICE

Demand remains high for Latin and Caribbean leisure travel, and Delta is planning to restart service to four more beach destinations that offer warm getaways. Beginning June 5:

  • Daily service from ATL and Saturday service from JFK to Grand Cayman Islands (GCM)
  • Saturday service from ATL and JFK to St. Kitts (SKB)
  • Twice-weekly service from ATL to Roatan Island (RTB)
  • Twice-weekly service from ATL to Bonaire (BON)

Some routes may be operated by Delta Connection carriers Endeavor Air, Republic Airways, and SkyWest Airlines.

Delta adds new routes, more flights to five destinations this summer, expands touchless options

Delta Air Lines has made this announcement:

  • Expanded Anchorage service includes more flights and new destinations
  • New and increased service to Fairbanks
  • Returning popular seasonal service to Juneau, Ketchikan and Sitka
  • Most flights operated by larger mainline aircraft with enhanced customer comfort, seat-back entertainment and Wi-Fi on all flight

Delta is offering more choice and connectivity with a significant expansion of service to Alaska this summer, including the launch of new service and more flights to Anchorage and Fairbanks – as well as the return of popular seasonal destinations like Juneau, Ketchikan and Sitka.

Vacationers traveling to and from Alaska will enjoy enhanced customer comfort as all flights to Anchorage, Fairbanks, and Juneau will be operated by larger mainline aircraft like the Boeing 737-900 featuring First Class, Delta Comfort+ and Main Cabin service, more seat-back in-flight entertainment and Wi-Fi available on all flights.

New summer destinations and more flights for Anchorage

Delta’s expanded Anchorage (ANC) service includes:

  • New weekend service launching from Detroit (DTW), Los Angeles (LAX) and New York (JFK) on May 28
  • Increasing year-round Seattle/Tacoma (SEA) service to up to seven daily trips starting June 19. The most popular destination for travelers from Alaska, Delta’s SEA hub offers daily connections to 40 destinations, including Hawaii, the lower 48 states and major capitals around the world
  • Adding a third daily flight this summer to Minneapolis/St. Paul (MSP) starting May 5
  • Adding a year-round nonstop flight to Salt Lake City (SLC) starting May 5, complemented by a second summer seasonal flight beginning June 19
  • Resuming daily service from Atlanta (ATL) starting May 5, the longest nonstop flight offered from ANC, and providing significant connections across the southeast U.S., including 16 cities in Florida. The flight will be operated by the Boeing 767-300ER, featuring Delta One lie-flat seats. Nonstop ATL service will continue into the fall with three trips per week.

New and increased service to Fairbanks

Delta will increase service to Fairbanks (FAI) to six nonstop flights from its major gateway hubs by:

  • Launching a new daily nonstop flight from SLC beginning May 5
  • Adding a third nonstop flight from SEA beginning June 19
  • Doubling service with a second nonstop flight from MSP beginning June 19

In addition to flying to FAI from SEA in the winter months, Delta is extending MSP & SLC service to year-round to provide customers with access to its extensive global network.

Boeing 737-900ER in-flight near Mount Rainier, Seattle, WA.

Returning popular summer seasonal service to Juneau, Ketchikan and Sitka

Delta’s Alaska summer seasonal service from SEA that begins Memorial Day weekend will be extended through the end of September and include:

  • One daily flight to Juneau (JNU), operated by Boeing 737-800 aircraft
  • One daily flight to Ketchikan (KTN)
  • One daily flight to Sitka (SIT)

Service to KTN and SIT will be operated by Delta Connection carrier SkyWest Airlines on Embraer 175 aircraft. All flights to JNU, KTN and SIT will feature First Class, Delta Comfort+ and Main Cabin service and Wi-Fi available on board.

In other news, Delta continues to invest in touchless and frictionless features in the air and on the ground. Starting March 16, tap-to-pay technology will enable contactless payment for onboard purchases. Customers will be able to purchase earbuds on board using their mobile devices or contactless-enabled credit cards. Contactless payment will expand to all onboard sales as more food and beverage options return. The new system also allows for emailed receipts.

The global airline is also testing digital seatback menus on select international flights with plans to expand the feature across its fleet. A new electronic Delta One menu, currently accessible via personal seatback screens on A330-operated flights between Boston and Amsterdam, will reduce waste, streamline service and allow flight attendants to connect with customers more safely.

Delta continues to expand touchless innovations throughout the travel journey. Customers can enjoy a touchless check-in experience using the Fly Delta App, with more features to take the guesswork out of travel coming soon. In onboard lavatories, touchless faucets, flush levers and waste lids reduce touchpoints on the highest-use surfaces while anti-microbial lighting for sinks and countertops provides added protection. These solutions are in place on many Delta aircraft, including the Airbus A350, Airbus A330-900, Boeing 767-400 and Boeing 757. Other aircraft types will be retrofitted with some of these features later this year.

The company is also expanding touchless features to help move customers through the airport faster and more easily. In partnership with Transportation Security Administration, Delta recently launched its first facial recognition option for domestic travelers in Detroit to help move customers through the Edward H. McNamara Terminal’s dedicated TSA PreCheck domestic checkpoint. This builds on Delta’s existing facial recognition option for any customer traveling to an international destination from DTW.

Delta continues to ensure a safe experience for our customers and employees thanks to the more than 100 layers of protection which include blocking middle seats and limiting onboard capacity for flights departing through April 2021, requiring masks through the travel journey; and replacing onboard industrial-grade HEPA filters twice as often as recommended.

Delta and LATAM receive final approval in Brazil for Joint Venture agreement

Delta Air Lines also made this announcement:

  • More and improved travel options, shorter connection times and new routes between North America and Brazil will be just some of the benefits for customers.
  • The Joint Venture agreement has also been authorized in Uruguay while the application process continues in the U.S., Chile and other jurisdictions.

Delta Air Lines and LATAM have received final approval, without conditions, of their commercial agreement (“trans-American Joint Venture agreement” or “JVA”) by the Brazilian competition authority – the Administrative Council for Economic Defense – after initial approval was granted in September 2020. The JVA seeks to enhance the route networks served by both airlines, delivering a seamless travel experience between North and South America. The Delta-LATAM agreement has also been approved in Uruguay while the application process continues in other countries, including Chile.

“This final approval in Brazil furthers our mission to provide customers in this important market with the world-class travel experience and options they deserve,” said Delta CEO Ed Bastian. “Moving forward, we will continue working with LATAM to unlock more benefits for our customers and create the premier airline alliance of the Americas.”

LATAM Airlines Group CEO Roberto Alvo added, “This ruling  reinforces the benefits of this type of agreement for travelers and enables us to advance in our commitment to delivering greater and better connectivity between South America and the world.”

The ratification by the Brazilian authority supports the work of both airlines to deliver a broader and more competitive network of benefits for their customers that will include, among others:

  • Code-share agreements between Delta and certain subsidiaries of the LATAM group, which allow the purchase of tickets to a larger network of destinations.
  • Members of the Delta SkyMiles and LATAM Pass programs can redeem points / miles on both airlines, accessing more than 435 destinations around the world.
  • Shared terminals and faster connections at Terminal 4 of New York’s John F. Kennedy International Airport (JFK) and at Terminal 3 of São Paulo’s Guarulhos Airport.
  • Reciprocal lounge access: Customers can access 35 Delta Sky Club lounges in the United States and five LATAM VIP lounges in South America.

Delta and Deloitte commit to reducing carbon emissions via sustainable fuel agreement

Delta Air Lines made this announcement:

  • Agreement represents carbon dioxide emissions reduction of approximately 1,000 metric tons and supports a future of more sustainable business travel
  • Deloitte professionals to fly more sustainably through purchase of sustainable fuel facilitated by Delta

Delta and Deloitte are one step closer to sustainable business travel, thanks to a sustainable aviation fuel (SAF) agreement covering a portion of Deloitte’s business travel.

Deloitte is one of Delta’s first corporate customers to purchase SAF facilitated by Delta. It is part of the airline’s longstanding commitment to work with customers to reach collective goals for the greater good of our planet.

“Delta’s continued focus on sustainability, especially during a pandemic that has severely impacted its business, speaks volumes,” said Joe Ucuzoglu, Deloitte’s U.S. CEO. “By collaborating with Delta to increase the use of sustainable aviation fuel, Deloitte is proud to positively impact our carbon footprint while investing in a more sustainable future.”

By using SAF, the agreement represents a lifecycle emissions reduction of approximately 1,000 metric tons of carbon dioxide, equivalent to carbon sequestered by 1,306 acres of U.S. forests or 756 football fields in one year.

“We must work together toward a more sustainable, healthy future. This collaboration with Deloitte is one example of how companies can work together to meet goals we are equally passionate about,” said Delta CEO Ed Bastian. “Sustainability is core to who we are, and it is important to our corporate customers for whom air travel is a significant part of their carbon footprint.”

In the year since Delta announced its $1 billion commitment to carbon neutrality from March 2020 onward, the company remains focused on carbon reduction and removal and stakeholder engagement in an effort to ensure its operations are more sustainable. The collaboration with Deloitte represents one of the first of what the airline hopes will be many significant achievements for both areas.

To power its SAF agreement with Deloitte, Delta entered into a separate SAF supply agreement with Neste, a leading producer of low emission, renewable fuel for aircraft.  Neste’s SAF is made from sustainably sourced, renewable waste and residue materials, and it is a drop-in fuel that offers an immediate way to directly reduce lifecycle greenhouse gas emissions from aviation. Once taking delivery of the SAF, Delta will be able to offer sustainable air travel solutions to Deloitte and other corporate customers.

SAF is an important lever to reduce the lifecycle carbon emissions from aviation fuel, up to 80 percent when used in pure form compared to fossil jet fuel, and has great potential to scale. Collaborations like this, between Delta and Deloitte, further support SAF development and represent the growing demand for innovations in clean fuel technologies.

“This is just the beginning. We are grateful for Deloitte and our corporate customers and partners joining us on this important journey,” said Bastian. “Together, we will make a difference for generations to come.”

Delta Boeing 717 N998AT slides off the taxiway at Pittsburgh

Delta Air Lines flight DL 2231 from Pittsburgh to the Atlanta hub with Boeing 717-200 N998AT slide off the taxiway at PIT prior to takeoff last night (February 10).

Pittsburgh International Airport issued this statement:

Image

Social media:

Delta to take guesswork out of travel with digital concierge; test-drives new pilot with CLEAR

Delta Air Lines is applying its vision to deliver a digital concierge for customers – first unveiled at CES 2020 – to anticipate and address the evolving travel needs brought about by the COVID-19 pandemic. Teams across the company are finalizing a digital experience that will guide customers seamlessly through booking, COVID-test scheduling and document verification – all available via Delta channels.

“We want to take the guesswork out of our customer’s hands and give them a simple, streamlined experience for navigating current travel requirements,” said Bill Lentsch, Delta’s Chief Customer Experience Officer. “Instead of checking one website to find testing locations and using another app to upload a test result, we’re building the capability to manage all of it through the familiar, customer-friendly booking paths on Delta.com and the Fly Delta app.”

Delta has remained focused on taking the stress out of travel, even as the pandemic brought about new stressors. The airline has led the industry in protecting the health of our employees and customers to ensure a feeling of safety and confidence when deciding to fly. In 2020, Delta launched the airline’s first Global Cleanliness organization and put in place more than 100 layers of protection to ensure a safe experience for our customers and employees. These safety measures include blocking middle seats and limiting onboard capacity for flights departing through March 2021, requiring masks throughout the travel journey, regularly sanitizing high-touch surfaces and replacing onboard industrial-grade HEPA filters twice as often as recommended, and many other safety steps.

The new digital experience will follow a familiar travel flow. Delta will share current travel requirements with customers based on the destination booked, provide them with available COVID-19 test scheduling options and automatically validate their test results.

This integrated suite of digital tools will incorporate learnings from ongoing work with TrustAssure, with whom Delta has partnered since March 2020 to continue to simplify COVID-testing options for customers. Delta is also launching a pilot with CLEAR Health Pass beginning Feb. 18 for passengers traveling from Los Angeles to Honolulu onboard one flight per day – helping the airline better understand how this and other tools can be used to speed up customer re-entry into the U.S. Customer participation in the CLEAR Pass pilot is optional. Delta is also leading the industry by consulting with partners across the travel journey – including the cruise line, hotel and entertainment industries – to align on key standards and additional best practices that can be put in place to reopen travel in the months ahead.

“We have been working since the beginning of the pandemic to better understand not only the problems our customers face today, but the ones around the corner,” said Delta’s Matt Muta, V.P. – Innovation. “We’re excited to be working with innovative partners across this space who are sharing best-of solutions we can leverage and integrate into our platforms.”

 

Delta extends middle seat blocking through April 2021

Delta Air Lines is continuing its industry-leading commitment to provide more space on board as the only U.S. airline to block middle seats and limit capacity on all flights departing through April 30, 2021, ensuring customers can confidently plan and book their spring travel.

The airline has consistently listened to its customers and prioritized their preferences by offering more space through seat blocking and reducing the overall number of people on board each flight since April 2020.

“We want our customers to have complete confidence when traveling with Delta, and they continue to tell us that more space provides more peace of mind,” said Bill Lentsch, Chief Customer Experience Officer. “We’ll continue to reassess seat blocking in relation to case transmission and vaccination rates, while bringing back products and services in ways that instill trust in the health and safety of everyone on board – that will always be Delta’s priority.”

Details on Delta’s seat blocking policy can be found here.

Delta reports a GAAP pre-tax loss of $2.1 billion in the fourth quarter

Delta Air Lines today reported financial results for the December quarter and full year 2020 and provided its outlook for the March quarter 2021.  Highlights of the fourth quarter and full year 2020 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

“Our December quarter results capped the toughest year in Delta’s history.  I want to thank the Delta people who have risen to the occasion, focusing on delivering results for all of our stakeholders by putting our customers at the center of our recovery,” said Ed Bastian, Delta’s chief executive officer.  “While our challenges continue in 2021, I am optimistic this will be a year of recovery and a turning point that results in an even stronger Delta returning to revenue growth, profitability and free cash generation.”

Fourth Quarter Financial Results 

  • Adjusted pre-tax loss of $2.1 billion excludes nearly $1 billion of items directly related to the impact of, and our response to, COVID-19, including charges associated with employee pay and benefit changes, which were offset by the benefit of the CARES Act payroll support program (PSP) grant recognized in the quarter
  • Adjusted operating revenue of $3.5 billion declined 69 percent on 62 percent lower sellable capacity (see Note A) versus the prior year period
  • Total operating expense, which includes $930 million of items described above, decreased $5.2 billion over prior year period.  Adjusted for those items and third-party refinery sales, total operating expense decreased $4.6 billion or 47 percent in the December quarter compared to the prior year period, driven by lower capacity- and revenue-related expenses and strong cost management across the business
  • During the December quarter cash burn (see Note B) averaged $12 million per day, marking an approximate 90 percent reduction in cash burn since late March
  • At the end of 2020, the company had $16.7 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities

Full Year 2020 Financial Results 

  • Adjusted pre-tax loss of $9.0 billion excludes a net of $6.6 billion of items primarily related to the impact of, and our response to, COVID-19
  • Adjusted operating revenue of $15.9 billion declined 66 percent on 61 percent lower sellable capacity versus the prior year
  • Total operating expense, which includes $4.3 billion of COVID- related and other items, decreased $10.8 billion over prior year.  Adjusted for those items and third-party refinery sales, total operating expense decreased $16.0 billion or 40 percent in 2020 compared to the prior year