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

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 company statements and presentations and is updated as it becomes available. Prices are for crude per barrel unless otherwise stated.

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

Air Canada*
5/5/11               30%       April 30 to Year End         $102

Republic Airways Holdings Inc.
5/3/11               15%       April to June 2011      Not Given
5/3/11               10%       July to Sept. 2011      Not Given
5/3/11               10%       Oct. to Dec. 2011       Not Given

WestJet Airlines Ltd.**
5/3/11                20%      Next 12 Months          Not Given

Hawaiian Airlines
4/26/11               42%      2011                    Not Given

US Airways Group Inc.
4/26/11               0%       Not Hedged

Delta Air Lines Inc.***
4/26/11               49%      April to June 2011   $3.26/gallon
4/26/11               40%      July to Sept. 2011   $3.24/gallon
4/26/11               20%      Oct. to Dec. 2011    $3.30/gallon

Southwest Airlines Co.****
4/21/11               30%      April to June 2011           $110
4/21/11               40%      2011                         $110
4/21/11               60%      2012                         $130
4/21/11               30%      2012                 $130 to $145

Alaska Air Group Inc.*****
4/21/11               50%      April to June 2011            $86
4/21/11               50%      July to Sept. 2011            $86
4/21/11               50%      Oct. to Dec. 2011             $86
4/21/11               40%      2012                          $90
4/21/11               19%      2013                          $92

United Continental Holdings Inc.
4/21/11               58%      April to June 2011           $114
4/21/11               36%      July to Dec. 2011            $125

JetBlue Airways Corp.
4/21/11               43%      April to June 2011
                              (21% in crude call options at $93)
4/21/11               36%      July to Sept. 2011
                              (18% in crude call options at $94)
4/21/11               26%      Oct. to Dec. 2011
                               (7% in crude call options at $92)
4/21/11               8%       Jan. to March 2011
                               (3% in crude call options at $99)

American Airlines
3/22/11               39%      2011                    Not Given


NOTES:
*Air Canada says 30 percent of fuel capped at $102 a barrel.
**WestJet figure as of March 31, 2011, based on West Texas
Intermediate crude call options.
***Delta hedge is for composite of WTI, Brent and heating oil.
****Southwest has protection for 2011 at more than $110 a barrel
and for 2012 at up to $145.
*****Alaska Air uses swaps in addition to the crude hedges. Oil
price is weighted-average.

To contact the reporter on this story: Rachel Graham in London rgraham13@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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