Uv6685 XLS Eng

This spreadsheet was prepared by Associate Professor Pedro Matos.
Copyright 2013 by the University of Virginia Darden School Found

rights reserved. For customer service inquiries, send an e-mail tosales@dardenbusinesspublishing.com. No part of this publication m
retrieval system, posted to the Internet, or transmitted in any form or by any meanselectronic, mechanical, photocopying, recordin
permission of the Darden School Foundation.
Rev. Mar. 1, 2016
This spreadsheet supports STUDENT analysis of the case 2012 Fuel Hedging at JetBlue Airways
(UVA-F-1697).
as prepared by Associate Professor Pedro Matos. Copyright 2013 by the University of Virginia Darden School Foundation, Charlottesville, VA. All
or customer service inquiries, send an e-mail tosales@dardenbusinesspublishing.com. No part of this publication may be reproduced, stored in a
osted to the Internet, or transmitted in any form or by any meanselectronic, mechanical, photocopying, recording, or otherwisewithout the
arden School Foundation.
Dollars per Gallon (JET FUEL)
JET FUEL
(U.S. Gulf Coast Kerose ne-Type Je t Fuel Spot Price FOB, Dollars pe r Gallon)
Exhibit 1
2012 FUEL HEDGING AT JETBLUE AIRWAYS
USGC Kerosene-Type Jet Fuel Spot Prices, 19902011 (End-of-Month)
Data source: Petroleum & Other Liquids, Spot Prices, U.S. Energy Information Administration website, http://www.eia.
Year
199004
199004
199005
199006
199007
199008
199009
199010
199011
199012
199101
199102
199103
199104
199105
199106
199107
199108
199109
199110
199111
199112
199201
199202
199203
199204
199205
199206
199207
199208
199209
199210
199211
199212
199301
199302
Date
Apr 02, 1990
Apr 30, 1990
May 31, 1990
Jun 29, 1990
Jul 31, 1990
Aug 31, 1990
Sep 28, 1990
Oct 31, 1990
Nov 30, 1990
Dec 31, 1990
Jan 31, 1991
Feb 28, 1991
Mar 28, 1991
Apr 30, 1991
May 31, 1991
Jun 28, 1991
Jul 31, 1991
Aug 30, 1991
Sep 30, 1991
Oct 31, 1991
Nov 29, 1991
Dec 31, 1991
Jan 31, 1992
Feb 28, 1992
Mar 31, 1992
Apr 30, 1992
May 29, 1992
Jun 30, 1992
Jul 31, 1992
Aug 31, 1992
Sep 30, 1992
Oct 30, 1992
Nov 30, 1992
Dec 31, 1992
Jan 29, 1993
Feb 26, 1993
JET FUEL
WTI
(U.S. Gulf Coast
(Cushing, OK WTI Spot
Kerosene-Type Jet Fuel
Price FOB, Dollars per
Spot Price FOB, Dollars
Barrel)
per Gallon)
0.55
0.525
0.504
0.497
0.571
0.814
1.3
1.037
0.914
0.829
0.661
0.547
0.552
0.534
0.578
0.562
0.609
0.66
0.641
0.689
0.618
0.48
0.536
0.519
0.512
0.565
0.608
0.608
0.613
0.615
0.63
0.581
0.55
0.565
0.562
0.567
20.51
18.5
17.47
17.05
20.57
27.45
39.53
35.31
29.08
28.48
21.9
19.28
19.63
20.99
21.16
20.56
21.7
22.28
22.25
23.29
21.48
19.15
18.93
18.69
19.49
20.88
22.13
21.84
21.83
21.46
21.83
20.68
19.91
19.49
20.27
20.53
199303
199304
199305
199306
199307
199308
199309
199310
199311
199312
199401
199402
199403
199404
199405
199406
199407
199408
199409
199410
199411
199412
199501
199502
199503
199504
199505
199506
199507
199508
199509
199510
199511
199512
199601
199602
199603
199604
199605
199606
199607
199608
199609
199610
199611
199612
199701
199702
199703
199704
Mar 31, 1993

Apr 30, 1993
May 28, 1993
Jun 30, 1993
Jul 30, 1993
Aug 31, 1993
Sep 30, 1993
Oct 29, 1993
Nov 30, 1993
Dec 30, 1993
Jan 31, 1994
Feb 28, 1994
Mar 31, 1994
Apr 29, 1994
May 31, 1994
Jun 30, 1994
Jul 29, 1994
Aug 31, 1994
Sep 30, 1994
Oct 31, 1994
Nov 30, 1994
Dec 30, 1994
Jan 31, 1995
Feb 28, 1995
Mar 31, 1995
Apr 28, 1995
May 31, 1995
Jun 30, 1995
Jul 31, 1995
Aug 31, 1995
Sep 29, 1995
Oct 31, 1995
Nov 30, 1995
Dec 29, 1995
Jan 31, 1996
Feb 29, 1996
Mar 29, 1996
Apr 30, 1996
May 31, 1996
Jun 28, 1996
Jul 31, 1996
Aug 30, 1996
Sep 30, 1996
Oct 31, 1996
Nov 29, 1996
Dec 31, 1996
Jan 31, 1997
Feb 28, 1997
Mar 31, 1997
Apr 30, 1997
0.542
0.551
0.552
0.521
0.487
0.515
0.586
0.55
0.493
0.456
0.551
0.452
0.431
0.467
0.489
0.507
0.54
0.499
0.512
0.517
0.501
0.506
0.47
0.459
0.472
0.512
0.5
0.465
0.48
0.508
0.501
0.52
0.516
0.565
0.515
0.618
0.591
0.575
0.516
0.536
0.57
0.644
0.691
0.652
0.713
0.687
0.7
0.565
0.551
0.538
20.44
20.54
20.04
18.82
17.94
18.24
18.72
16.97
15.36
14.19
15.24
14.5
14.78
16.92
18.3
19.37
20.3
17.6
18.36
18.16
18.06
17.77
18.48
18.52
19.18
20.36
18.88
17.38
17.62
17.89
17.54
17.67
18.27
19.54
17.76
19.59
21.43
20.95
19.77
20.92
20.46
22.25
24.2
23.25
23.7
25.9
24.15
20.3
20.35
20.2
199705
199706
199707
199708
199709
199710
199711
199712
199801
199802
199803
199804
199805
199806
199807
199808
199809
199810
199811
199812
199901
199902
199903
199904
199905
199906
199907
199908
199909
199910
199911
199912
200001
200002
200003
200004
200005
200006
200007
200008
200009
200010
200011
200012
200101
200102
200103
200104
200105
200106
May 30, 1997

Jun 30, 1997
Jul 31, 1997
Aug 29, 1997
Sep 30, 1997
Oct 31, 1997
Nov 26, 1997
Dec 31, 1997
Jan 30, 1998
Feb 27, 1998
Mar 31, 1998
Apr 30, 1998
May 29, 1998
Jun 30, 1998
Jul 31, 1998
Aug 31, 1998
Sep 30, 1998
Oct 30, 1998
Nov 30, 1998
Dec 31, 1998
Jan 29, 1999
Feb 26, 1999
Mar 31, 1999
Apr 30, 1999
May 28, 1999
Jun 30, 1999
Jul 30, 1999
Aug 31, 1999
Sep 30, 1999
Oct 29, 1999
Nov 30, 1999
Dec 30, 1999
Jan 31, 2000
Feb 29, 2000
Mar 31, 2000
Apr 28, 2000
May 31, 2000
Jun 30, 2000
Jul 31, 2000
Aug 31, 2000
Sep 29, 2000
Oct 31, 2000
Nov 30, 2000
Dec 29, 2000
Jan 31, 2001
Feb 28, 2001
Mar 30, 2001
Apr 30, 2001
May 31, 2001
Jun 29, 2001
0.552
0.539
0.561
0.548
0.569
0.573
0.497
0.513
0.492
0.431
0.414
0.439
0.404
0.387
0.373
0.372
0.448
0.42
0.314
0.324
0.329
0.319
0.437
0.443
0.393
0.493
0.528
0.592
0.626
0.584
0.673
0.719
0.769
0.806
0.774
0.727
0.752
0.835
0.776
0.958
0.941
0.952
1.017
0.79
0.868
0.78
0.724
0.787
0.791
0.726
21
19.82
20.19
19.66
21.13
21.1
19.13
17.65
17.21
15.44
15.75
15.56
15.21
14.3
14.27
13.29
16.19
14.48
11.37
12.14
12.81
12.31
16.66
18.69
16.85
19.33
20.52
22.15
24.54
21.79
24.87
25.76
27.65
30.57
26.86
25.71
29.03
32.44
27.5
33.09
30.87
32.7
33.61
26.72
28.62
27.35
26.37
28.48
28.39
26.37
200107
200108
200109
200110
200111
200112
200201
200202
200203
200204
200205
200206
200207
200208
200209
200210
200211
200212
200301
200302
200303
200304
200305
200306
200307
200308
200309
200310
200311
200312
200401
200402
200403
200404
200405
200406
200407
200408
200409
200410
200411
200412
200501
200502
200503
200504
200505
200506
200507
200508
Jul 31, 2001

Aug 31, 2001
Sep 28, 2001
Oct 31, 2001
Nov 30, 2001
Dec 31, 2001
Jan 31, 2002
Feb 28, 2002
Mar 28, 2002
Apr 30, 2002
May 31, 2002
Jun 28, 2002
Jul 31, 2002
Aug 30, 2002
Sep 30, 2002
Oct 31, 2002
Nov 27, 2002
Dec 31, 2002
Jan 31, 2003
Feb 28, 2003
Mar 31, 2003
Apr 30, 2003
May 30, 2003
Jun 30, 2003
Jul 31, 2003
Aug 29, 2003
Sep 30, 2003
Oct 31, 2003
Nov 26, 2003
Dec 31, 2003
Jan 30, 2004
Feb 27, 2004
Mar 31, 2004
Apr 30, 2004
May 28, 2004
Jun 30, 2004
Jul 30, 2004
Aug 31, 2004
Sep 30, 2004
Oct 29, 2004
Nov 30, 2004
Dec 30, 2004
Jan 31, 2005
Feb 28, 2005
Mar 31, 2005
Apr 29, 2005
May 31, 2005
Jun 30, 2005
Jul 29, 2005
Aug 31, 2005
0.728
0.794
0.65
0.594
0.522
0.535
0.538
0.577
0.67
0.691
0.628
0.684
0.692
0.775
0.826
0.737
0.74
0.879
0.939
1.105
0.771
0.69
0.724
0.771
0.793
0.818
0.776
0.796
0.83
0.889
0.935
0.983
0.936
1.024
1.013
1.063
1.218
1.195
1.491
1.42
1.32
1.21
1.345
1.477
1.669
1.469
1.517
1.619
1.665
2.288
26.7
26.65
23.44
21.2
19.46
19.96
19.71
21.78
26.21
27.32
25.37
26.79
27.02
28.97
30.59
27.18
26.87
31.21
33.51
36.76
31.14
26.09
29.56
30.15
30.56
31.76
29.19
29.24
30.33
32.51
33.16
36.08
35.75
37.31
39.9
36.92
43.72
42.23
49.56
51.78
49.16
43.36
48.25
51.75
55.31
49.2
52.08
56.63
60.71
68.63
200509
200510
200511
200512
200601
200602
200603
200604
200605
200606
200607
200608
200609
200610
200611
200612
200701
200702
200703
200704
200705
200706
200707
200708
200709
200710
200711
200712
200801
200802
200803
200804
200805
200806
200807
200808
200809
200810
200811
200812
200901
200902
200903
200904
200905
200906
200907
200908
200909
200910
Sep 30, 2005

Oct 31, 2005
Nov 30, 2005
Dec 30, 2005
Jan 31, 2006
Feb 28, 2006
Mar 31, 2006
Apr 28, 2006
May 31, 2006
Jun 30, 2006
Jul 31, 2006
Aug 31, 2006
Sep 29, 2006
Oct 31, 2006
Nov 30, 2006
Dec 29, 2006
Jan 31, 2007
Feb 28, 2007
Mar 30, 2007
Apr 30, 2007
May 31, 2007
Jun 29, 2007
Jul 31, 2007
Aug 31, 2007
Sep 28, 2007
Oct 31, 2007
Nov 30, 2007
Dec 31, 2007
Jan 31, 2008
Feb 29, 2008
Mar 31, 2008
Apr 30, 2008
May 30, 2008
Jun 30, 2008
Jul 31, 2008
Aug 29, 2008
Sep 30, 2008
Oct 31, 2008
Nov 28, 2008
Dec 31, 2008
Jan 30, 2009
Feb 27, 2009
Mar 31, 2009
Apr 30, 2009
May 29, 2009
Jun 30, 2009
Jul 31, 2009
Aug 31, 2009
Sep 30, 2009
Oct 30, 2009
2.645
1.894
1.607
1.787
1.847
1.814
1.95
2.088
2.062
2.065
2.167
2.046
1.852
1.659
1.913
1.736
1.759
1.853
2.017
2.049
2.044
2.09
2.198
2.135
2.288
2.592
2.568
2.673
2.572
2.915
3.061
3.329
3.736
4.02
3.554
3.296
3.022
2.094
1.76
1.32
1.416
1.265
1.341
1.294
1.672
1.788
1.831
1.781
1.794
1.976
66.21
59.8
57.33
61.06
67.86
61.37
66.25
71.8
71.42
73.94
74.56
70.38
62.9
58.72
62.97
60.85
58.17
61.78
65.94
65.78
64.02
70.47
78.2
73.98
81.64
94.16
88.6
95.95
91.67
101.78
101.54
113.7
127.35
139.96
124.17
115.55
100.7
68.1
55.21
44.6
41.73
44.15
49.64
50.35
66.31
69.82
69.26
69.97
70.46
77.04
200911
200912
201001
201002
201003
201004
201005
201006
201007
201008
201009
201010
201011
201012
201101
201102
201103
201104
201105
201106
201107
201108
201109
201110
201111
201112
Nov 30, 2009

Dec 31, 2009
Jan 29, 2010
Feb 26, 2010
Mar 31, 2010
Apr 30, 2010
May 28, 2010
Jun 30, 2010
Jul 30, 2010
Aug 31, 2010
Sep 30, 2010
Oct 29, 2010
Nov 30, 2010
Dec 31, 2010
Jan 31, 2011
Feb 28, 2011
Mar 31, 2011
Apr 29, 2011
May 31, 2011
Jun 30, 2011
Jul 29, 2011
Aug 31, 2011
Sep 30, 2011
Oct 31, 2011
Nov 30, 2011
Dec 30, 2011
2.004
2.088
1.91
2.055
2.188
2.324
2.039
1.993
2.093
2.01
2.239
2.253
2.291
2.528
2.742
2.998
3.161
3.368
3.134
2.996
3.161
3.113
2.844
3.028
3.001
2.917
77.19
79.39
72.85
79.72
83.45
86.07
74
75.59
78.85
71.93
79.95
81.45
84.12
91.38
90.99
97.1
106.19
113.39
102.7
95.3
95.68
88.81
78.93
93.19
100.36
98.83
bit 1
T JETBLUE AIRWAYS
Prices, 19902011 (End-of-Month)
n Administration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.
HEATING OIL
BRENT
(New York Harbor No. 2
(Europe Brent Spot Price
Heating Oil Spot Price
FOB, Dollars per Barrel)
FOB, Dollars per Gallon)
18.18
16.35
15.3
15.73
19.23
27.8
41
34.3
31.2
28.35
20.7
19.5
18
19.7
19
18.48
19.65
20.53
21.43
22
20.08
17.75
18.15
17.45
19.09
19.65
20.7
20.6
20.38
19.65
20.18
19.13
19.25
17.85
18.48
18.83
0.59
0.593
0.499
0.483
0.561
0.747
1.035
0.883
0.86
0.809
0.718
0.679
0.574
0.538
0.568
0.549
0.601
0.64
0.632
0.674
0.606
0.469
0.525
0.509
0.539
0.578
0.604
0.601
0.604
0.602
0.628
0.582
0.554
0.56
0.557
0.576
18.7
18.85
18.43
17.43
16.85
16.73
17.23
15.43
14.23
13.2
14.83
13.59
13.25
15.35
16.18
17.45
18.48
16.03
16.73
17.18
16.95
16.23
16.8
17.23
17.98
18.98
17.58
16.58
15.78
16.2
16.58
16.58
17.13
18.65
16.63
18.8
20.33
19.5
18.1
19.28
19
20.98
24.15
22.8
23.17
23.9
23.28
19.44
18.53
18.25
0.558
0.553
0.546
0.522
0.494
0.525
0.56
0.509
0.461
0.443
0.542
0.516
0.484
0.471
0.496
0.506
0.532
0.493
0.496
0.487
0.486
0.514
0.466
0.466
0.468
0.509
0.479
0.464
0.48
0.497
0.486
0.502
0.517
0.584
0.536
0.641
0.644
0.641
0.506
0.536
0.568
0.626
0.714
0.662
0.718
0.727
0.687
0.549
0.563
0.582
18.99
18.22
18.94
17.98
19.96
19.42
18.5
15.86
15.59
13.53
13.87
13.79
14.03
11.84
12.63
12.06
14.71
12
9.91
10.54
11.34
10.58
15.02
16.45
14.75
16.97
19.97
21.08
22.98
21.11
25.2
24.93
27.08
29.01
23.98
23.79
29.64
31.58
25.3
35.08
28.42
30.15
32.53
22.58
26.59
25.16
23.5
27.21
28.55
26.21
0.562
0.533
0.553
0.518
0.579
0.57
0.527
0.49
0.479
0.433
0.433
0.424
0.388
0.382
0.342
0.351
0.433
0.395
0.323
0.325
0.329
0.323
0.442
0.455
0.396
0.478
0.514
0.576
0.62
0.572
0.64
0.698
0.82
0.82
0.785
0.738
0.739
0.83
0.778
0.983
0.928
0.942
1.049
0.931
0.785
0.732
0.75
0.745
0.777
0.713
24.35
26.8
21.87
19.63
18.92
19.35
19.07
20.73
25.34
26.98
23.87
25.33
26.28
27.56
29.11
25.51
25.11
30.12
31.57
34
28.05
23.6
26.58
28.88
28.68
30.38
28.09
27.88
28.23
30.3
29.53
32.94
32.29
35.23
37
33.22
41.47
39.8
47.76
48.16
44.23
39.8
44.51
50.13
53.22
50.61
49.3
55.36
59.77
66.8
0.687
0.763
0.661
0.6
0.531
0.548
0.52
0.568
0.671
0.687
0.63
0.675
0.67
0.749
0.792
0.745
0.755
0.872
0.958
1.223
0.796
0.816
0.75
0.781
0.791
0.813
0.779
0.797
0.827
0.888
0.937
0.963
0.893
0.953
0.999
1.004
1.157
1.124
1.393
1.446
1.382
1.229
1.331
1.495
1.658
1.414
1.453
1.611
1.63
2.049
61.7
58.47
53.25
58.34
63.19
59.78
66.06
72.15
67.57
73.2
74.75
67.66
59.09
56.13
64.36
58.96
56.52
59.39
68.47
67.23
68.18
72.22
77.01
72.29
80.97
89.87
88.71
93.68
91.58
100.9
102.33
111.12
127.85
138.4
124.1
113.49
93.52
60
47.72
35.82
44.17
44.41
46.13
50.3
64.98
68.11
70.08
69.02
65.82
74.91
2.051
1.755
1.61
1.72
1.762
1.712
1.855
1.995
1.962
2.057
2.103
1.9
1.69
1.639
1.785
1.601
1.681
1.781
1.871
1.897
1.892
2.023
2.095
2.037
2.199
2.506
2.499
2.648
2.523
2.806
3.078
3.195
3.647
3.89
3.435
3.15
2.851
2.085
1.696
1.314
1.437
1.271
1.336
1.299
1.636
1.715
1.793
1.773
1.805
1.965
77.77
77.91
71.2
76.36
80.37
86.19
73
74.94
77.5
75.51
80.77
82.47
86.02
93.23
98.97
112.27
116.94
126.59
117.18
111.71
115.93
116.48
105.42
108.43
111.22
108.09
1.984
2.109
1.894
2.02
2.162
2.265
2.006
1.975
2.038
1.966
2.239
2.211
2.288
2.546
2.723
2.928
3.098
3.263
3.049
2.936
3.086
3.068
2.781
3.04
3.012
2.917
100%
90%
80%
Jet Fuel Cost as % of Operating Expense
70%
60%
50%
45% 46%
40%
32%
30%
20%
10%
0%
36% 38%
38% 40%
41% 41%
37%
31% 32% 32% 30% 30% 33% 33% 33%
36%
39%
200.0
180.0
160.0
Jet Fuel Consumption (millions of gallons)
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
112
101
117
113
117
116
133
129
115
105
109
115
118
111
116
121
120
120
Exhibit 2
JetBlue AirwaysJet Fuel Cost and Consumption (20072011, Quarterly)
Data for Panel A: JetBlue AirwaysJet fuel cost as percentage of operating expense (
200701
200702
200703
200704
200801
200802
200803
200804
200901
200902
200903
200904
201001
201002
201003
201004
201101
201102
201103
201104
FUEL AS % OF OPERATING EXPENSE

32%
36%
38%
38%
40%
45%
46%
37%
31%
32%
32%
30%
30%
33%
33%
33%
36%
41%
41%
39%
Data source: Research and Innovative Technology Administration, U.S. Department of Transportation, Air Carrier Financial: Sc
http://www.transtats.bts.gov/DL_SelectFields.asp?Table_ID=291&DB_Short_Name=Air Carrier Financial.
Data for Panel B: JetBlue AirwaysJet fuel consumption in millions of gallons (qu
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
JET BLUE AIRWAYS

(Consumption - million
gallons)
101.2
112.3
116.9
112.8
116.6
116.3
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
115.3
104.8
109.4
115.0
118.1
111.5
116.3
121.1
129.0
119.9
119.9
132.8
Data source: U.S. Department of Transportation, Airline Fuel Cost and Consumption (U.S. CarriersScheduled) January 2000
http://www.transtats.bts.gov/fuel.asp?pn=1.
xhibit 2
G AT JETBLUE AIRWAYS
nd Consumption (20072011, Quarterly)
ost as percentage of operating expense (quarterly)
ment of Transportation, Air Carrier Financial: Schedule P-6

ame=Air Carrier Financial.
l consumption in millions of gallons (quarterly)
mption (U.S. CarriersScheduled) January 2000February 2013,
100%
4.50
% HedgedJet Fuel
% HedgedHeating Oil
90%
4.00
% HedgedCrude Oil (WTI)

Jet Fuel
($ per gal.)
80%
3.50
70%
3.00
60%
11%
2.50
50%
% Hedged
44%
40%
67%
30%
3%
19%19%
24% 5%
42% 40%
47%
20%
46% 46%
35%
0%
Jet Fuel2.00
[$ per gal.]
7%
9%
14%
1.50
10%
40%
5%
10%
11% 11%
2%
5%
9% 9% 9% 9%
15%
1.00
5% 5%
36%
29%
18%18% 19%
32%
9% 9%
8%
21% 7% 7%
0.50
6%
7% 6%
4%
0.00
Exhibit 3
2012 FUEL HEDGING AT JETBLUE AIRWA
JetBlueFuel Percentage Hedged (20072012, Qua
% Est. Consumption Hedged - current quarter

% HedgedCrude Oil (WTI)
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1*
2012Q2*
2012Q3*
2012Q4*
11%
11%
15%
18%
18%
29%
36%
32%
21%
7%
6%
4%
% HedgedHeating Oil
67%
42%
40%
47%
35%
46%
46%
40%
9%
9%
9%
9%
5%
5%
5%
19%
5%
5%
9%
10%
7%
7%
6%
Source: JBLU Investor RelationsInvestor Update, JetBlue website, http://investor.jetblue.com/phoenix.zhtml?c

Jet fuel spot prices are from: Petroleum & Other Liquids, Spot Prices, U.S. Energy Information Administration w
Exhibit 3
L HEDGING AT JETBLUE AIRWAYS
Percentage Hedged (20072012, Quarterly)
% HedgedJet Fuel
11%
44%
19%
19%
24%
3%
2%
7%
14%
9%
9%
8%
Millions of Gallons Hedged

Jet Fuel
% Not Hedged
(in current quarter)
($ per gal.)
72
33%
2.02
73
36%
2.09
60
49%
2.29
53
53%
2.67
41
65%
3.06
54
54%
4.02
53
54%
3.02
43
60%
1.32
10
91%
1.34
10
91%
1.79
10
91%
1.79
missing data
91%
2.09
76
36%
2.19
52
58%
1.99
missing data
58%
2.24
54
57%
2.53
44
63%
3.16
57
57%
3.00
67
52%
2.84
60
55%
2.92
31 (est.)
77%
31 (est.)
78%
31 (est.)
82%
e, http://investor.jetblue.com/phoenix.zhtml?c=131045&p=irol-investorUpdate.
s, U.S. Energy Information Administration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.
Exhibit 4
Jet Fuel Hedging Positions for Major U.S. Airlines
Region
Company
U.S.
Alaska Air Group Inc.
10/20/2011
50%
American Airlines
10/19/2011
52%
Delta Air Lines Inc.
10/25/2011
40%
Hawaiian Airlines
10/18/2011
56%
JetBlue Airways Corporation
10/26/2011
45%
Southwest Airlines Co.
10/20/2011
hedged*
United Continental Holdings Inc.
10/27/2011
56%
US Airways Group Inc.
10/27/2011
0%
WestJet Airlines
11/9/2011
24%
Air France-KLM Group
November 2011
57%
Aer Lingus Group Plc.
February 2012
86%
Deutsche Lufthansa AG
March 2012
74%
EasyJet Plc.
March 2012
75%
Ryanair Holdings Plc.
January 2012
90%
May 2012
50%
Air China
March 2012
20%
Cathay Pacific
March 2011
27%
China Airlines
March 2011
0%
China Eastern Airlines
March 2011
0%
China Southern Airlines
March 2011
0%
EVA Airways Corp.
March 2011
10%
Jet Airways
March 2011
0%
Korean Air
March 2011
8%
Qantas Airways
March 2011
27%
Singapore Airlines
March 2011
10%
Europe
SAS Group
Asia
Disclosure Date % Hedged
Data source: Bloomberg, Jet Fuel Hedging Positions for U.S., Canadian Airlines, November 10, 2011; Jet Fuel Hedging Posi
Airlines, May 3, 2012; HSBC Global Research, Asian AirlinesFuelling a Shift to Premium Carriers, March 3, 2011.
UE AIRWAYS
r U.S. Airlines
Hedging Period
Fourth quarter
Fourth quarter
First half 2012
Fourth quarter
Fourth quarter
Fourth quarter
Fourth quarter
Fourth quarter
Fourth quarter
October to December 2011
January to March 2012
2012
Year to September 2012
Year to March 2012
April to June 2012
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
FY11/12
November 10, 2011; Jet Fuel Hedging Positions for Europe-Based

to Premium Carriers, March 3, 2011.
SOURCE: Bureau of Transportation Statistics F41 Schedule P12A.
http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1
Airline Fuel Cost (per gallon - dollars)
JetBlue
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
American Delta
0.64
0.96
0.66
0.69
0.76
0.69
0.76
0.65
0.80
0.64
0.84
0.68
0.89
0.70
1.07
0.78
1.03
0.83
1.06
0.81
1.01
0.90
0.89
0.85
0.88
0.83
0.82
0.79
0.80
0.75
0.85
0.77
0.84
0.80
0.77
0.78
0.78
0.75
0.83
0.79
0.67
0.72
0.62
0.69
0.55
0.56
0.59
0.61
0.60
0.62
0.66
0.61
0.70
0.72
0.70
0.73
0.67
0.69
0.72
0.72
0.73
0.71
0.80
0.75
0.83
0.80
0.78
0.77
0.77
0.76
0.91
0.82
0.98
0.85
1.03
0.96
0.86
0.84
0.77
0.76
0.74
0.74
0.80
0.76
0.83
0.81
0.80
0.80
0.83
0.78
0.83
0.82
0.87
0.87
Southwest United
0.56
0.78
0.65
0.58
0.85
0.67
0.64
0.84
0.67
0.64
0.82
0.74
0.60
0.82
0.67
0.58
0.72
0.65
0.69
0.75
0.72
0.66
0.76
0.74
0.69
0.73
0.83
0.77
0.80
0.85
0.68
0.83
0.86
0.73
0.81
0.89
0.75
0.85
0.84
0.74
0.84
0.88
0.71
0.68
0.84
0.67
0.76
0.81
0.69
0.77
0.84
0.69
0.73
0.85
0.73
0.72
0.82
0.71
0.71
0.79
0.71
0.66
0.84
0.64
0.68
0.80
0.62
0.64
0.75
0.57
0.44
0.65
0.56
0.64
0.64
0.56
0.64
0.64
0.54
0.62
0.67
0.60
0.71
0.71
0.61
0.71
0.70
0.63
0.59
0.68
0.65
0.70
0.72
0.72
0.67
0.74
0.71
0.71
0.80
0.79
0.74
0.82
0.74
0.72
0.78
0.69
0.67
0.82
0.80
0.69
0.88
0.75
0.62
1.00
0.94
0.93
0.98
0.80
0.71
0.87
0.72
0.68
0.79
0.71
0.64
0.78
0.74
0.70
0.83
0.78
0.74
0.87
0.78
0.75
0.78
0.82
0.74
0.86
0.80
0.75
0.89
0.86
0.74
0.94
4.50
4.00
3.50
3.00
2.50
Airline Fuel
2.00Cost (per gallon - dollars)
1.50
1.00
0.50
0.00
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
0.92
0.91
0.92
0.92
1.01
0.97
1.03
1.08
1.14
1.32
1.25
1.16
1.16
1.31
1.44
1.53
1.45
1.51
1.57
1.67
1.90
2.29
1.72
1.63
1.84
1.89
1.86
1.97
2.10
2.11
2.14
2.17
2.02
1.92
1.85
1.98
1.89
1.85
1.90
1.98
2.01
2.03
2.12
2.11
2.16
2.20
2.40
2.41
2.62
2.51
2.78
3.17
3.29
0.93
0.96
0.97
0.99
1.08
1.08
1.11
1.22
1.26
1.45
1.45
1.34
1.29
1.36
1.49
1.60
1.56
1.59
1.69
1.78
1.99
2.23
1.94
1.71
1.78
1.86
1.84
1.94
2.06
2.06
2.10
2.13
2.02
1.83
1.76
1.84
1.76
1.71
1.84
1.97
2.04
2.01
2.08
2.12
2.08
2.23
2.34
2.40
2.67
2.51
2.76
2.82
3.08
0.92
0.92
0.94
0.96
1.04
1.07
1.09
1.20
1.26
1.45
1.39
1.34
1.33
1.36
1.44
1.63
1.55
1.62
1.69
1.78
2.00
2.26
2.06
1.81
1.85
1.86
1.88
1.97
2.09
2.31
2.15
2.27
2.32
2.22
2.22
2.05
1.96
1.89
1.96
2.02
2.23
2.22
2.25
2.30
2.24
2.43
2.76
2.86
2.86
2.82
3.05
3.12
3.18
0.76
0.80
0.83
0.80
0.84
0.83
0.81
0.81
0.80
0.85
0.90
0.93
0.91
0.88
0.93
0.99
1.07
1.00
0.92
1.07
1.05
1.31
1.23
1.06
1.51
1.56
1.49
1.30
1.51
1.69
1.64
1.60
1.45
1.50
1.54
1.62
1.66
1.58
1.55
1.60
1.64
1.61
1.70
1.75
1.65
1.75
1.80
2.06
1.84
1.98
2.21
2.12
2.22
1.00
1.00
1.02
1.06
1.12
1.15
1.15
1.25
1.29
1.36
1.45
1.32
1.34
1.40
1.45
1.65
1.64
1.61
1.71
1.81
1.96
2.11
2.03
1.85
1.89
1.88
1.84
1.96
2.13
2.16
2.18
2.20
2.15
1.97
1.87
1.87
1.86
1.82
1.85
1.85
2.07
2.12
2.16
2.19
2.19
2.31
2.55
2.64
2.72
2.71
3.02
3.28
3.50
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
3.06
3.65
3.30
3.29
3.26
2.67
2.15
2.05
2.00
1.84
1.88
1.88
2.15
2.02
2.11
2.11
1.93
2.07
2.10
2.21
2.15
2.19
2.32
2.37
2.22
2.25
2.29
2.25
2.35
2.40
2.50
2.71
2.90
3.17
3.30
3.35
3.27
3.24
3.25
3.25
3.10
3.23
3.13
3.33
3.68
3.49
3.25
3.08
2.50
2.13
1.94
1.90
1.73
1.79
1.74
1.95
1.95
2.03
1.92
1.99
2.15
2.18
2.23
2.13
2.16
2.31
2.32
2.20
2.16
2.16
2.13
2.29
2.34
2.41
2.55
2.62
2.81
3.01
3.11
2.95
3.00
3.03
3.18
2.77
3.01
3.02
3.23
3.57
3.51
3.40
3.81
3.22
2.68
2.84
3.09
2.78
2.61
2.51
2.01
1.98
2.31
2.42
2.15
2.29
2.32
2.19
2.26
2.22
2.31
2.34
2.29
2.30
2.29
2.28
2.38
2.47
2.52
2.66
2.86
2.92
3.22
3.26
3.08
3.07
3.04
3.03
2.99
2.84
2.92
2.53
2.60
2.57
2.64
2.78
2.33
2.03
2.02
2.00
1.70
1.77
1.79
2.01
2.15
2.18
2.16
2.15
2.24
2.19
2.38
2.37
2.37
2.40
2.48
2.32
2.32
2.38
2.37
2.41
2.45
2.60
2.62
2.68
2.98
3.17
3.22
3.20
3.05
3.16
3.35
3.10
3.19
3.28
3.87
4.00
3.77
3.38
2.98
2.48
1.87
1.66
1.54
1.39
1.47
1.49
1.73
1.83
1.94
1.92
1.92
2.08
1.97
2.11
2.09
2.14
2.24
2.27
2.18
2.16
2.16
2.19
2.26
2.37
2.48
2.59
2.73
3.10
3.26
3.30
3.03
3.14
3.14
3.13
3.05
3.08
3.12
gallon - dollars)
JetBlue
American
Delta
United
Southwest
4.5
160
3.5
BRENT
140
JET FUEL
120
HEATING OIL
3
100
JET FUEL
(U.S. Gulf Coast
Kerosene-Type Jet Fuel
Spot Price FOB, Dollars
per Gallon)
2.5
80
Dollars per2 Gallon (JET FUEL)
WTI
60
1.5
0.5
40
20
HEATING OIL
(New York Harbor No. 2
Heating
Oil Spot Price
Dollars per Barrel (WTI,
BRENT)
FOB, Dollars per Gallon)
BRENT
(Europe Brent Spot Price
FOB, Dollars per Barrel)
WTI
(Cushing, OK WTI Spot
Price FOB, Dollars per
Barrel)
$1.20
$1.00
$0.80
$0.60
Basis vs. WTI Oil

(per gallon, 1 barrel =
42 gallons)
$0.40
Basis vs. Brent Oil
42 gallons)
$0.20
Basis vs. Heating Oil
(per gallon)
$0.00
Jan-2007
-$0.20
Nov-2007
Sep-2008
Jul-2009
May-2010
Mar-2011
201
Jet Fuel, Heating O
Year
Jan-2007
Feb-2007
Mar-2007
Apr-2007
May-2007
Jun-2007
Jul-2007
Aug-2007
Sep-2007
Oct-2007
Nov-2007
Dec-2007
Jan-2008
Feb-2008
Mar-2008
Apr-2008
May-2008
Jun-2008
Jul-2008
Aug-2008
Sep-2008
Oct-2008
Nov-2008
Dec-2008
Jan-2009
Feb-2009
Mar-2009
Apr-2009
May-2009
Jun-2009
Jul-2009
Aug-2009
Sep-2009
Oct-2009
Nov-2009
Dec-2009
Jan-2010
Feb-2010
Mar-2010
Apr-2010
May-2010
Jun-2010
JET FUEL
(U.S. Gulf Coast Kerosene-Type Jet
Fuel Spot Price FOB, Dollars per
Gallon)
WTI
(Cushing, OK WTI Spot Price FOB,
Dollars per Barrel)
1.759
1.853
2.017
2.049
2.044
2.09
2.198
2.135
2.288
2.592
2.568
2.673
2.572
2.915
3.061
3.329
3.736
4.02
3.554
3.296
3.022
2.094
1.76
1.32
1.416
1.265
1.341
1.294
1.672
1.788
1.831
1.781
1.794
1.976
2.004
2.088
1.91
2.055
2.188
2.324
2.039
1.993
58.17
61.78
65.94
65.78
64.02
70.47
78.2
73.98
81.64
94.16
88.6
95.95
91.67
101.78
101.54
113.7
127.35
139.96
124.17
115.55
100.7
68.1
55.21
44.6
41.73
44.15
49.64
50.35
66.31
69.82
69.26
69.97
70.46
77.04
77.19
79.39
72.85
79.72
83.45
86.07
74
75.59
Jul-2010
Aug-2010
Sep-2010
Oct-2010
Nov-2010
Dec-2010
Jan-2011
Feb-2011
Mar-2011
Apr-2011
May-2011
Jun-2011
Jul-2011
Aug-2011
Sep-2011
Oct-2011
Nov-2011
Dec-2011
2.093
2.01
2.239
2.253
2.291
2.528
2.742
2.998
3.161
3.368
3.134
2.996
3.161
3.113
2.844
3.028
3.001
2.917
78.85
71.93
79.95
81.45
84.12
91.38
90.99
97.1
106.19
113.39
102.7
95.3
95.68
88.81
78.93
93.19
100.36
98.83
Data source: Petroleum & Other Liquids, Spot Prices, U.S. Energy Information Administration website, http://www
0.6441035499
0.9741633119
H
Exhibit 6
Jet Fuel, Heating Oil, WTI, and Brent Crude Oil Spot Prices, 20072011 (Monthly)
HEATING OIL
(New York Harbor No. 2 Heating
Oil Spot Price FOB, Dollars per
Gallon)
BRENT
(Europe Brent Spot Price FOB,
Dollars per Barrel)
56.52
59.39
68.47
67.23
68.18
72.22
77.01
72.29
80.97
89.87
88.71
93.68
91.58
100.9
102.33
111.12
127.85
138.4
124.1
113.49
93.52
60
47.72
35.82
44.17
44.41
46.13
50.3
64.98
68.11
70.08
69.02
65.82
74.91
77.77
77.91
71.2
76.36
80.37
86.19
73
74.94
1.3457142857
1.414047619
1.6302380952
1.6007142857
1.6233333333
1.7195238095
1.8335714286
1.7211904762
1.9278571429
2.1397619048
2.1121428571
2.2304761905
2.1804761905
2.4023809524
2.4364285714
2.6457142857
3.044047619
3.2952380952
2.9547619048
2.7021428571
2.2266666667
1.4285714286
1.1361904762
0.8528571429
1.0516666667
1.0573809524
1.0983333333
1.1976190476
1.5471428571
1.6216666667
1.6685714286
1.6433333333
1.5671428571
1.7835714286
1.8516666667
1.855
1.6952380952
1.8180952381
1.9135714286
2.0521428571
1.7380952381
1.7842857143
1.681
1.781
1.871
1.897
1.892
2.023
2.095
2.037
2.199
2.506
2.499
2.648
2.523
2.806
3.078
3.195
3.647
3.89
3.435
3.15
2.851
2.085
1.696
1.314
1.437
1.271
1.336
1.299
1.636
1.715
1.793
1.773
1.805
1.965
1.984
2.109
1.894
2.02
2.162
2.265
2.006
1.975
77.5
75.51
80.77
82.47
86.02
93.23
98.97
112.27
116.94
126.59
117.18
111.71
115.93
116.48
105.42
108.43
111.22
108.09
1.8452380952
1.7978571429
1.9230952381
1.9635714286
2.0480952381
2.2197619048
2.3564285714
2.6730952381
2.7842857143
3.014047619
2.79
2.6597619048
2.7602380952
2.7733333333
2.51
2.5816666667
2.6480952381
2.5735714286
inistration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.
0.564942188
1.110665942
2.038
1.966
2.239
2.211
2.288
2.546
2.723
2.928
3.098
3.263
3.049
2.936
3.086
3.068
2.781
3.04
3.012
2.917
S-F1
S-F2
S-F3
Basis vs. WTI Oil

42 gallons)
Basis vs. Brent Oil

42 gallons)
Basis vs. Heating Oil

(per gallon)
0.374
0.382
0.447
0.483
0.520
0.412
0.336
0.374
0.344
0.350
0.458
0.388
0.389
0.492
0.643
0.622
0.704
0.688
0.598
0.545
0.624
0.473
0.445
0.258
0.422
0.214
0.159
0.095
0.093
0.126
0.182
0.115
0.116
0.142
0.166
0.198
0.175
0.157
0.201
0.275
0.277
0.193
0.413
0.439
0.387
0.448
0.421
0.370
0.364
0.414
0.360
0.452
0.456
0.443
0.392
0.513
0.625
0.683
0.692
0.725
0.599
0.594
0.795
0.665
0.624
0.467
0.364
0.208
0.243
0.096
0.125
0.166
0.162
0.138
0.227
0.192
0.152
0.233
0.215
0.237
0.274
0.272
0.301
0.209
0.078
0.072
0.146
0.152
0.152
0.067
0.103
0.098
0.089
0.086
0.069
0.025
0.049
0.109
(0.017)
0.134
0.089
0.130
0.119
0.146
0.171
0.009
0.064
0.006
(0.021)
(0.006)
0.005
(0.005)
0.036
0.073
0.038
0.008
(0.011)
0.011
0.020
(0.021)
0.016
0.035
0.026
0.059
0.033
0.018
0.216
0.297
0.335
0.314
0.288
0.352
0.576
0.686
0.633
0.668
0.689
0.727
0.883
0.998
0.965
0.809
0.611
0.564
0.248
0.212
0.316
0.289
0.243
0.308
0.386
0.325
0.377
0.354
0.344
0.336
0.401
0.340
0.334
0.446
0.353
0.343
0.055
0.044
0.000
0.042
0.003
(0.018)
0.019
0.070
0.063
0.105
0.085
0.060
0.075
0.045
0.063
(0.012)
(0.011)
0.000
Exhibit 7
Most Heavily Traded Energy Futures Contracts (October 2011)
Light sweet crude oil (WTI)

Natural gas futures (Henry Hub)
Heating oil
RBOB gasoline
PJM financially settled electricity
CME Group Futures

Monthly Volume of
Contracts
14,785,297
7,199,901
2,964,162
2,791,760
211,304
Data Source: CME Group, CMEG Exchange Volume ReportMonthly October 2011,
http://www.cmegroup.com/wrappedpages/web_monthly_report/Web_Volume_Report_CMEG.pdf.
ICE Europe Futures

Monthly Volume of
Contracts
Brent
Gas oil
WTI
Heating oil
RBOB gasoline
Coal
EU natural gas
Elec
Emissions
12,454,684
6,655,441
4,132,829
77,063
79,862
117,818
577,605
915
561,522
Data source: IntercontinentalExchange, ICE Futures EuropeFutures Monthly Volume,

https://www.theice.com/marketdata/reports/ReportCenter.shtml#report/7.
1)
ctober 2011,
me_Report_CMEG.pdf.
thly Volume,
Exhibit 9
2012 FUEL HEDGING AT JETB
JetBlueFuel Hedges (2011Q1
Source: JBLU Investor RelationsInvestor Update, JetBlue website, http://investor.jetblue.com/phoenix.zhtml?c
Investor Update: 1/27/2011

Gallons (in millions)
(est. % of consumption)
Hedge 1
Hedge 2
Hedge 3
Hedge 4
Estimated fuel gallons consumed (in
millions)
Estimated average fuel price per gallon,
net of hedges

Hedge 1
Hedge 2
Hedge 3
2011Q1
44
37%
18% in crude call options with the
average cap at $92/bbl.
11% in crude collars with the average cap
at $99/bbl. and the average put at
$82/bbl.
5% in heat collars with the average cap at
$2.61/gal. and the average put at
$2.21/gal.
3% in USGC jet fuel swaps at an average
of $2.29/gal.
119
$2.84
2011Q2
57
43%
$80/bbl.
5% in crude three-way collars with the
average purchased call at $100/bbl., the
average sold call at $110/bbl. and the
average put at $85/bbl.
Hedge 4

$2.84/gal.
Hedge 5

of $2.32/gal.

millions)
net of hedges
133
$3.37

Hedge 1
Hedge 2
Hedge 3
2011Q3
67
48%
$80/bbl.
Hedge 4

$2.86/gal.
Hedge 5

of $3.03/gal.

millions)
net of hedges

Hedge 1
Hedge 2
Hedge 3
Hedge 4
Hedge 5
Hedge 6
millions)
net of hedges
142
$3.33
2011Q4
60
45%
7% in crude call options with the average
cap at $92/bbl.
$81/bbl.
10% in heat collars with the average cap
at $3.30/gal. and the average put at
$2.90/gal.
12% in USGC jet fuel swaps at an
average of $3.00/gal.
2% in USGC jet fuel collars with the
average cap at $3.04/gal. and the average
put at $2.74/gal.
133
$3.23
Exhibit 9
JetBlueFuel Hedges (2011Q1 to 2011Q4)
http://investor.jetblue.com/phoenix.zhtml?c=131045&p=irol-investorUpdate.
2011Q2
50
38%
cap at $93/bbl.
10% in crude collars with the average cap at
$100/bbl. and the average put at $80/bbl.
2011Q3
45
31%
cap at $94/bbl.

average sold call at $110/bbl. and the average
put at $85/bbl.

2% in USGC jet fuel swaps at an average of

$2.32/gal.
2011Q3
51
36%
cap at $94/bbl.
2011Q4
35
26%
cap at $92/bbl.

put at $83/bbl.


$3.27/gal. and the average put at $2.87/gal.

2011Q4
2012Q1
51
22
38%
18%
7% in crude call options with the average cap 3% in crude call options with the average
at $92/bbl.
cap at $99/bbl.
9% in crude collars with the average cap at 5% in crude collars with the average cap at
$100/bbl. and the average put at $81/bb
put at $80/bbl.

$3.15/gal.

$3.03/gal.
2012Q1
31
23%
2% in crude call options with the average cap
at $99/bbl.
2012Q2
31
22%
cap at $99/bbl.




7% in USGC jet fuel swaps at an average of 7% in USGC jet fuel swaps at an average of
$3.03/gal.
$3.02/gal.
2% in USGC jet fuel collars with the average 2% in USGC jet fuel collars with the average
cap at $3.04/gal. and the average put at
cap at $3.01/gal. and the average put at
$2.74/gal.
$2.71/gal.
2011Q4
28
21%
cap at $92/bbl.
2012Q1
9
8%
cap at $99/bbl.
2012Q2
22
16%
cap at $99/bbl.

$3.14/gal.
2012Q3
31
18%
$3.05/gal.
2% in USGC jet fuel collars with the

average cap at $3.02/gal. and the average
put at $2.72/gal.

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This spreadsheet was prepared by Associate Professor Pedro Matos.

Copyright 2013 by the University of Virginia Darden School Found

Dollars per Gallon (JET FUEL)

Mar 31, 1993

May 30, 1997

Jul 31, 2001

Sep 30, 2005

Nov 30, 2009

n Administration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.

FUEL AS % OF OPERATING EXPENSE

JET BLUE AIRWAYS

ost as percentage of operating expense (quarterly)

ment of Transportation, Air Carrier Financial: Schedule P-6

l consumption in millions of gallons (quarterly)

mption (U.S. CarriersScheduled) January 2000February 2013,

% HedgedCrude Oil (WTI)

% Est. Consumption Hedged - current quarter

Source: JBLU Investor RelationsInvestor Update, JetBlue website, http://investor.jetblue.com/phoenix.zhtml?c

Millions of Gallons Hedged

Alaska Air Group Inc.

Delta Air Lines Inc.

JetBlue Airways Corporation

Southwest Airlines Co.

United Continental Holdings Inc.

US Airways Group Inc.

Air France-KLM Group

Aer Lingus Group Plc.

Ryanair Holdings Plc.

China Eastern Airlines

China Southern Airlines

EVA Airways Corp.

Disclosure Date % Hedged

November 10, 2011; Jet Fuel Hedging Positions for Europe-Based

SOURCE: Bureau of Transportation Statistics F41 Schedule P12A.

Basis vs. WTI Oil

inistration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.

Basis vs. WTI Oil

Basis vs. Brent Oil

Basis vs. Heating Oil

Light sweet crude oil (WTI)

CME Group Futures

ICE Europe Futures

Data source: IntercontinentalExchange, ICE Futures EuropeFutures Monthly Volume,

Source: JBLU Investor RelationsInvestor Update, JetBlue website, http://investor.jetblue.com/phoenix.zhtml?c

Investor Update: 1/27/2011

Investor Update: 4/21/2011

5% in heat collars with the average cap at

2% in USGC jet fuel swaps at an average

Estimated fuel gallons consumed (in

Investor Update: 7/26/2011

9% in heat collars with the average cap at

7% in USGC jet fuel swaps at an average

Estimated fuel gallons consumed (in

Investor Update: 10/26/2011

5% in crude three-way collars with the

4% in crude three-way collars with the

2% in USGC jet fuel swaps at an average of

5% in crude three-way collars with the

5% in crude three-way collars with the

4% in heat collars with the average cap at

4% in heat collars with the average cap at

2% in USGC jet fuel swaps at an average of