Jet Fuel Hedging Positions for U.S., Canadian Airlines

By Justin Doom and Moming Zhou
November 10, 2011 12:15 PM EST

The following table shows the amount of jet fuel consumption hedged by U.S. and Canadian airlines to guard against price fluctuations.

Data is compiled from companies, earnings statements and presentations. Prices are for crude per barrel unless noted.

Company/             Percent   Hedging Period              Price
Disclosure Date      Hedged
---------------      ------    --------------              -----

Air Canada*
11/4/11               34%      Fourth Quarter               $110
11/4/11                9%      2012                         $112

Alaska Air Group Inc.
10/20/11              50%      Fourth Quarter                $86

American Airlines
10/19/11              52%      Fourth Quarter       $3.01/gallon
                                           (jet fuel equivalent)
Delta Air Lines Inc.**
10/25/11            Not Given  Fourth Quarter       $2.98/gallon
                                           (jet fuel equivalent)
10/25/11              40%      First Half 2012         Not Given

Hawaiian Airlines
10/18/11              56%      Fourth Quarter          Not Given
10/18/11              20%      2012                    Not Given

JetBlue Airways Corp.
10/26/11              45%      Fourth Quarter       $3.23/gallon
                                           (jet fuel equivalent)
10/26/11              21%      2012                    Not Given

Republic Airways Holdings Inc.
11/8/11               25%      Fourth Quarter          Not Given
11/8/11                0%      2012                   Not Hedged

Southwest Airlines Co.***
10/20/11            Not Given  Fourth Quarter       $3.30/gallon
                                           (jet fuel equivalent)

United Continental Holdings Inc.
10/27/11              56%      Fourth Quarter       $3.23/gallon
                                           (jet fuel equivalent)
10/27/11              34%      First Half 2012         Not Given

US Airways Group Inc.
10/27/11               0%      Not Hedged

WestJet Airlines Ltd.****
11/9/11               24%      Fourth Quarter          Not Given
11/9/11               25%      First Quarter 2012      Not Given
11/9/11               25%      Second Quarter 2012     Not Given

*Air Canada hedged about 10 percent of its fourth-quarter
consumption at a floor price of $86 per barrel.
**Delta is hedged at 40 percent for the first half of 2012 and
at about 20 percent for the second half of the year at prices at
or below today’s market level.
***Southwest has derivatives that apply to different fuel prices
for WTI, as described further in its press release.
****Percentages obtained by contacting company directly.

To contact the reporters on this story: Justin Doom in New York at; Moming Zhou in New York at

To contact the editor responsible for this story: Dan Stets at

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