$4.

$4.0

$3.5

$3.0
Dollars per Gallon (JET FUEL)

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0
Apr 02, 1990 Apr 02, 1993 Apr 02, 1996 Apr 02, 1999 Apr 02, 2002 Apr 02, 2005 Apr 02, 2008 Apr 02, 2011

JET FUEL
(U.S. Gulf Coast Kerosene-Type Jet Fuel Spot Price FOB, Dollars per Gallon)
 Exhibit 1
2012 FUEL HEDGING AT JETBLUE AIRWAYS
USGC Kerosene-Type Jet Fuel Spot Prices, 1990–2011 (End-of-Month)

Data source: “Petroleum & Other Liquids, Spot Prices,” U.S. Energy Information Administration website, http://www.eia.g

JET FUEL
WTI
(U.S. Gulf Coast
(Cushing, OK WTI Spot
Kerosene-Type Jet Fuel
Price FOB, Dollars per
Spot Price FOB, Dollars
Barrel)
Year Date per Gallon)
199004 Apr 02, 1990 0.55 20.51
199004 Apr 30, 1990 0.525 18.5
199005 May 31, 1990 0.504 17.47
199006 Jun 29, 1990 0.497 17.05
199007 Jul 31, 1990 0.571 20.57
199008 Aug 31, 1990 0.814 27.45
199009 Sep 28, 1990 1.3 39.53
199010 Oct 31, 1990 1.037 35.31
199011 Nov 30, 1990 0.914 29.08
199012 Dec 31, 1990 0.829 28.48
199101 Jan 31, 1991 0.661 21.9
199102 Feb 28, 1991 0.547 19.28
199103 Mar 28, 1991 0.552 19.63
199104 Apr 30, 1991 0.534 20.99
199105 May 31, 1991 0.578 21.16
199106 Jun 28, 1991 0.562 20.56
199107 Jul 31, 1991 0.609 21.7
199108 Aug 30, 1991 0.66 22.28
199109 Sep 30, 1991 0.641 22.25
199110 Oct 31, 1991 0.689 23.29
199111 Nov 29, 1991 0.618 21.48
199112 Dec 31, 1991 0.48 19.15
199201 Jan 31, 1992 0.536 18.93
199202 Feb 28, 1992 0.519 18.69
199203 Mar 31, 1992 0.512 19.49
199204 Apr 30, 1992 0.565 20.88
199205 May 29, 1992 0.608 22.13
199206 Jun 30, 1992 0.608 21.84
199207 Jul 31, 1992 0.613 21.83
199208 Aug 31, 1992 0.615 21.46
199209 Sep 30, 1992 0.63 21.83
199210 Oct 30, 1992 0.581 20.68
199211 Nov 30, 1992 0.55 19.91
199212 Dec 31, 1992 0.565 19.49
199301 Jan 29, 1993 0.562 20.27
199302 Feb 26, 1993 0.567 20.53
199303 Mar 31, 1993 0.542 20.44
199304 Apr 30, 1993 0.551 20.54
199305 May 28, 1993 0.552 20.04
199306 Jun 30, 1993 0.521 18.82
199307 Jul 30, 1993 0.487 17.94
199308 Aug 31, 1993 0.515 18.24
199309 Sep 30, 1993 0.586 18.72
199310 Oct 29, 1993 0.55 16.97
199311 Nov 30, 1993 0.493 15.36
199312 Dec 30, 1993 0.456 14.19
199401 Jan 31, 1994 0.551 15.24
199402 Feb 28, 1994 0.452 14.5
199403 Mar 31, 1994 0.431 14.78
199404 Apr 29, 1994 0.467 16.92
199405 May 31, 1994 0.489 18.3
199406 Jun 30, 1994 0.507 19.37
199407 Jul 29, 1994 0.54 20.3
199408 Aug 31, 1994 0.499 17.6
199409 Sep 30, 1994 0.512 18.36
199410 Oct 31, 1994 0.517 18.16
199411 Nov 30, 1994 0.501 18.06
199412 Dec 30, 1994 0.506 17.77
199501 Jan 31, 1995 0.47 18.48
199502 Feb 28, 1995 0.459 18.52
199503 Mar 31, 1995 0.472 19.18
199504 Apr 28, 1995 0.512 20.36
199505 May 31, 1995 0.5 18.88
199506 Jun 30, 1995 0.465 17.38
199507 Jul 31, 1995 0.48 17.62
199508 Aug 31, 1995 0.508 17.89
199509 Sep 29, 1995 0.501 17.54
199510 Oct 31, 1995 0.52 17.67
199511 Nov 30, 1995 0.516 18.27
199512 Dec 29, 1995 0.565 19.54
199601 Jan 31, 1996 0.515 17.76
199602 Feb 29, 1996 0.618 19.59
199603 Mar 29, 1996 0.591 21.43
199604 Apr 30, 1996 0.575 20.95
199605 May 31, 1996 0.516 19.77
199606 Jun 28, 1996 0.536 20.92
199607 Jul 31, 1996 0.57 20.46
199608 Aug 30, 1996 0.644 22.25
199609 Sep 30, 1996 0.691 24.2
199610 Oct 31, 1996 0.652 23.25
199611 Nov 29, 1996 0.713 23.7
199612 Dec 31, 1996 0.687 25.9
199701 Jan 31, 1997 0.7 24.15
199702 Feb 28, 1997 0.565 20.3
199703 Mar 31, 1997 0.551 20.35
199704 Apr 30, 1997 0.538 20.2
199705 May 30, 1997 0.552 21
199706 Jun 30, 1997 0.539 19.82
199707 Jul 31, 1997 0.561 20.19
199708 Aug 29, 1997 0.548 19.66
199709 Sep 30, 1997 0.569 21.13
199710 Oct 31, 1997 0.573 21.1
199711 Nov 26, 1997 0.497 19.13
199712 Dec 31, 1997 0.513 17.65
199801 Jan 30, 1998 0.492 17.21
199802 Feb 27, 1998 0.431 15.44
199803 Mar 31, 1998 0.414 15.75
199804 Apr 30, 1998 0.439 15.56
199805 May 29, 1998 0.404 15.21
199806 Jun 30, 1998 0.387 14.3
199807 Jul 31, 1998 0.373 14.27
199808 Aug 31, 1998 0.372 13.29
199809 Sep 30, 1998 0.448 16.19
199810 Oct 30, 1998 0.42 14.48
199811 Nov 30, 1998 0.314 11.37
199812 Dec 31, 1998 0.324 12.14
199901 Jan 29, 1999 0.329 12.81
199902 Feb 26, 1999 0.319 12.31
199903 Mar 31, 1999 0.437 16.66
199904 Apr 30, 1999 0.443 18.69
199905 May 28, 1999 0.393 16.85
199906 Jun 30, 1999 0.493 19.33
199907 Jul 30, 1999 0.528 20.52
199908 Aug 31, 1999 0.592 22.15
199909 Sep 30, 1999 0.626 24.54
199910 Oct 29, 1999 0.584 21.79
199911 Nov 30, 1999 0.673 24.87
199912 Dec 30, 1999 0.719 25.76
200001 Jan 31, 2000 0.769 27.65
200002 Feb 29, 2000 0.806 30.57
200003 Mar 31, 2000 0.774 26.86
200004 Apr 28, 2000 0.727 25.71
200005 May 31, 2000 0.752 29.03
200006 Jun 30, 2000 0.835 32.44
200007 Jul 31, 2000 0.776 27.5
200008 Aug 31, 2000 0.958 33.09
200009 Sep 29, 2000 0.941 30.87
200010 Oct 31, 2000 0.952 32.7
200011 Nov 30, 2000 1.017 33.61
200012 Dec 29, 2000 0.79 26.72
200101 Jan 31, 2001 0.868 28.62
200102 Feb 28, 2001 0.78 27.35
200103 Mar 30, 2001 0.724 26.37
200104 Apr 30, 2001 0.787 28.48
200105 May 31, 2001 0.791 28.39
200106 Jun 29, 2001 0.726 26.37
200107 Jul 31, 2001 0.728 26.7
200108 Aug 31, 2001 0.794 26.65
200109 Sep 28, 2001 0.65 23.44
200110 Oct 31, 2001 0.594 21.2
200111 Nov 30, 2001 0.522 19.46
200112 Dec 31, 2001 0.535 19.96
200201 Jan 31, 2002 0.538 19.71
200202 Feb 28, 2002 0.577 21.78
200203 Mar 28, 2002 0.67 26.21
200204 Apr 30, 2002 0.691 27.32
200205 May 31, 2002 0.628 25.37
200206 Jun 28, 2002 0.684 26.79
200207 Jul 31, 2002 0.692 27.02
200208 Aug 30, 2002 0.775 28.97
200209 Sep 30, 2002 0.826 30.59
200210 Oct 31, 2002 0.737 27.18
200211 Nov 27, 2002 0.74 26.87
200212 Dec 31, 2002 0.879 31.21
200301 Jan 31, 2003 0.939 33.51
200302 Feb 28, 2003 1.105 36.76
200303 Mar 31, 2003 0.771 31.14
200304 Apr 30, 2003 0.69 26.09
200305 May 30, 2003 0.724 29.56
200306 Jun 30, 2003 0.771 30.15
200307 Jul 31, 2003 0.793 30.56
200308 Aug 29, 2003 0.818 31.76
200309 Sep 30, 2003 0.776 29.19
200310 Oct 31, 2003 0.796 29.24
200311 Nov 26, 2003 0.83 30.33
200312 Dec 31, 2003 0.889 32.51
200401 Jan 30, 2004 0.935 33.16
200402 Feb 27, 2004 0.983 36.08
200403 Mar 31, 2004 0.936 35.75
200404 Apr 30, 2004 1.024 37.31
200405 May 28, 2004 1.013 39.9
200406 Jun 30, 2004 1.063 36.92
200407 Jul 30, 2004 1.218 43.72
200408 Aug 31, 2004 1.195 42.23
200409 Sep 30, 2004 1.491 49.56
200410 Oct 29, 2004 1.42 51.78
200411 Nov 30, 2004 1.32 49.16
200412 Dec 30, 2004 1.21 43.36
200501 Jan 31, 2005 1.345 48.25
200502 Feb 28, 2005 1.477 51.75
200503 Mar 31, 2005 1.669 55.31
200504 Apr 29, 2005 1.469 49.2
200505 May 31, 2005 1.517 52.08
200506 Jun 30, 2005 1.619 56.63
200507 Jul 29, 2005 1.665 60.71
200508 Aug 31, 2005 2.288 68.63
200509 Sep 30, 2005 2.645 66.21
200510 Oct 31, 2005 1.894 59.8
200511 Nov 30, 2005 1.607 57.33
200512 Dec 30, 2005 1.787 61.06
200601 Jan 31, 2006 1.847 67.86
200602 Feb 28, 2006 1.814 61.37
200603 Mar 31, 2006 1.95 66.25
200604 Apr 28, 2006 2.088 71.8
200605 May 31, 2006 2.062 71.42
200606 Jun 30, 2006 2.065 73.94
200607 Jul 31, 2006 2.167 74.56
200608 Aug 31, 2006 2.046 70.38
200609 Sep 29, 2006 1.852 62.9
200610 Oct 31, 2006 1.659 58.72
200611 Nov 30, 2006 1.913 62.97
200612 Dec 29, 2006 1.736 60.85
200701 Jan 31, 2007 1.759 58.17
200702 Feb 28, 2007 1.853 61.78
200703 Mar 30, 2007 2.017 65.94
200704 Apr 30, 2007 2.049 65.78
200705 May 31, 2007 2.044 64.02
200706 Jun 29, 2007 2.09 70.47
200707 Jul 31, 2007 2.198 78.2
200708 Aug 31, 2007 2.135 73.98
200709 Sep 28, 2007 2.288 81.64
200710 Oct 31, 2007 2.592 94.16
200711 Nov 30, 2007 2.568 88.6
200712 Dec 31, 2007 2.673 95.95
200801 Jan 31, 2008 2.572 91.67
200802 Feb 29, 2008 2.915 101.78
200803 Mar 31, 2008 3.061 101.54
200804 Apr 30, 2008 3.329 113.7
200805 May 30, 2008 3.736 127.35
200806 Jun 30, 2008 4.02 139.96
200807 Jul 31, 2008 3.554 124.17
200808 Aug 29, 2008 3.296 115.55
200809 Sep 30, 2008 3.022 100.7
200810 Oct 31, 2008 2.094 68.1
200811 Nov 28, 2008 1.76 55.21
200812 Dec 31, 2008 1.32 44.6
200901 Jan 30, 2009 1.416 41.73
200902 Feb 27, 2009 1.265 44.15
200903 Mar 31, 2009 1.341 49.64
200904 Apr 30, 2009 1.294 50.35
200905 May 29, 2009 1.672 66.31
200906 Jun 30, 2009 1.788 69.82
200907 Jul 31, 2009 1.831 69.26
200908 Aug 31, 2009 1.781 69.97
200909 Sep 30, 2009 1.794 70.46
200910 Oct 30, 2009 1.976 77.04
200911 Nov 30, 2009 2.004 77.19
200912 Dec 31, 2009 2.088 79.39
201001 Jan 29, 2010 1.91 72.85
201002 Feb 26, 2010 2.055 79.72
201003 Mar 31, 2010 2.188 83.45
201004 Apr 30, 2010 2.324 86.07
201005 May 28, 2010 2.039 74
201006 Jun 30, 2010 1.993 75.59
201007 Jul 30, 2010 2.093 78.85
201008 Aug 31, 2010 2.01 71.93
201009 Sep 30, 2010 2.239 79.95
201010 Oct 29, 2010 2.253 81.45
201011 Nov 30, 2010 2.291 84.12
201012 Dec 31, 2010 2.528 91.38
201101 Jan 31, 2011 2.742 90.99
201102 Feb 28, 2011 2.998 97.1
201103 Mar 31, 2011 3.161 106.19
201104 Apr 29, 2011 3.368 113.39
201105 May 31, 2011 3.134 102.7
201106 Jun 30, 2011 2.996 95.3
201107 Jul 29, 2011 3.161 95.68
201108 Aug 31, 2011 3.113 88.81
201109 Sep 30, 2011 2.844 78.93
201110 Oct 31, 2011 3.028 93.19
201111 Nov 30, 2011 3.001 100.36
201112 Dec 30, 2011 2.917 98.83
bit 1
T JETBLUE AIRWAYS
Prices, 1990–2011 (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 0.59
16.35 0.593
15.3 0.499
15.73 0.483
19.23 0.561
27.8 0.747
41 1.035
34.3 0.883
31.2 0.86
28.35 0.809
20.7 0.718
19.5 0.679
18 0.574
19.7 0.538
19 0.568
18.48 0.549
19.65 0.601
20.53 0.64
21.43 0.632
22 0.674
20.08 0.606
17.75 0.469
18.15 0.525
17.45 0.509
19.09 0.539
19.65 0.578
20.7 0.604
20.6 0.601
20.38 0.604
19.65 0.602
20.18 0.628
19.13 0.582
19.25 0.554
17.85 0.56
18.48 0.557
18.83 0.576
 18.7 0.558
18.85 0.553
18.43 0.546
17.43 0.522
16.85 0.494
16.73 0.525
17.23 0.56
15.43 0.509
14.23 0.461
13.2 0.443
14.83 0.542
13.59 0.516
13.25 0.484
15.35 0.471
16.18 0.496
17.45 0.506
18.48 0.532
16.03 0.493
16.73 0.496
17.18 0.487
16.95 0.486
16.23 0.514
16.8 0.466
17.23 0.466
17.98 0.468
18.98 0.509
17.58 0.479
16.58 0.464
15.78 0.48
16.2 0.497
16.58 0.486
16.58 0.502
17.13 0.517
18.65 0.584
16.63 0.536
18.8 0.641
20.33 0.644
19.5 0.641
18.1 0.506
19.28 0.536
19 0.568
20.98 0.626
24.15 0.714
22.8 0.662
23.17 0.718
23.9 0.727
23.28 0.687
19.44 0.549
18.53 0.563
18.25 0.582
18.99 0.562
18.22 0.533
18.94 0.553
17.98 0.518
19.96 0.579
19.42 0.57
18.5 0.527
15.86 0.49
15.59 0.479
13.53 0.433
13.87 0.433
13.79 0.424
14.03 0.388
11.84 0.382
12.63 0.342
12.06 0.351
14.71 0.433
12 0.395
9.91 0.323
10.54 0.325
11.34 0.329
10.58 0.323
15.02 0.442
16.45 0.455
14.75 0.396
16.97 0.478
19.97 0.514
21.08 0.576
22.98 0.62
21.11 0.572
25.2 0.64
24.93 0.698
27.08 0.82
29.01 0.82
23.98 0.785
23.79 0.738
29.64 0.739
31.58 0.83
25.3 0.778
35.08 0.983
28.42 0.928
30.15 0.942
32.53 1.049
22.58 0.931
26.59 0.785
25.16 0.732
23.5 0.75
27.21 0.745
28.55 0.777
26.21 0.713
24.35 0.687
26.8 0.763
21.87 0.661
19.63 0.6
18.92 0.531
19.35 0.548
19.07 0.52
20.73 0.568
25.34 0.671
26.98 0.687
23.87 0.63
25.33 0.675
26.28 0.67
27.56 0.749
29.11 0.792
25.51 0.745
25.11 0.755
30.12 0.872
31.57 0.958
34 1.223
28.05 0.796
23.6 0.816
26.58 0.75
28.88 0.781
28.68 0.791
30.38 0.813
28.09 0.779
27.88 0.797
28.23 0.827
30.3 0.888
29.53 0.937
32.94 0.963
32.29 0.893
35.23 0.953
37 0.999
33.22 1.004
41.47 1.157
39.8 1.124
47.76 1.393
48.16 1.446
44.23 1.382
39.8 1.229
44.51 1.331
50.13 1.495
53.22 1.658
50.61 1.414
49.3 1.453
55.36 1.611
59.77 1.63
66.8 2.049
 61.7 2.051
58.47 1.755
53.25 1.61
58.34 1.72
63.19 1.762
59.78 1.712
66.06 1.855
72.15 1.995
67.57 1.962
73.2 2.057
74.75 2.103
67.66 1.9
59.09 1.69
56.13 1.639
64.36 1.785
58.96 1.601
56.52 1.681
59.39 1.781
68.47 1.871
67.23 1.897
68.18 1.892
72.22 2.023
77.01 2.095
72.29 2.037
80.97 2.199
89.87 2.506
88.71 2.499
93.68 2.648
91.58 2.523
100.9 2.806
102.33 3.078
111.12 3.195
127.85 3.647
138.4 3.89
124.1 3.435
113.49 3.15
93.52 2.851
60 2.085
47.72 1.696
35.82 1.314
44.17 1.437
44.41 1.271
46.13 1.336
50.3 1.299
64.98 1.636
68.11 1.715
70.08 1.793
69.02 1.773
65.82 1.805
74.91 1.965
 77.77 1.984
77.91 2.109
71.2 1.894
76.36 2.02
80.37 2.162
86.19 2.265
73 2.006
74.94 1.975
77.5 2.038
75.51 1.966
80.77 2.239
82.47 2.211
86.02 2.288
93.23 2.546
98.97 2.723
112.27 2.928
116.94 3.098
126.59 3.263
117.18 3.049
111.71 2.936
115.93 3.086
116.48 3.068
105.42 2.781
108.43 3.04
111.22 3.012
108.09 2.917
J et F u el C o st a s % o f O p era tin g E x p en se

100%

90%

80%

70%

60%

50%
45% 46%
41% 41%
38% 40% 39%
40% 36% 38% 37% 36%
32% 31% 32% 32% 30% 30% 33% 33% 33%
30%

20%

10%

0%
J et F u el C o n su m p tio n (m illio n s o f g a llo n s)

200.0

180.0

160.0

140.0 133
129
121 120 120
117 117 116 118 116
120.0 112 113 115 115
111
109
105
101
100.0

80.0

60.0

40.0

20.0

0.0
 Exhibit 2
2012 FUEL HEDGING AT JETBLUE AIRWAYS
JetBlue Airways—Jet Fuel Cost and Consumption (2007–2011, Quarterly)

Data for Panel A: JetBlue Airways—Jet fuel cost as percentage of operating expense (q

FUEL AS % OF OPERATING EXPENSE

200701 32%
200702 36%
200703 38%
200704 38%
200801 40%
200802 45%
200803 46%
200804 37%
200901 31%
200902 32%
200903 32%
200904 30%
201001 30%
201002 33%
201003 33%
201004 33%
201101 36%
201102 41%
201103 41%
201104 39%

Data source: Research and Innovative Technology Administration, U.S. Department of Transportation, “Air Carrier Financial: S
http://www.transtats.bts.gov/DL_SelectFields.asp?Table_ID=291&DB_Short_Name=Air Carrier Financial.

Data for Panel B: JetBlue Airways—Jet fuel consumption in millions of gallons (qua

JET BLUE AIRWAYS

(Consumption - million
gallons)
2007Q1 101.2
2007Q2 112.3
2007Q3 116.9
2007Q4 112.8
2008Q1 116.6
2008Q2 116.3
 2008Q3 115.3
2008Q4 104.8
2009Q1 109.4
2009Q2 115.0
2009Q3 118.1
2009Q4 111.5
2010Q1 116.3
2010Q2 121.1
2010Q3 129.0
2010Q4 119.9
2011Q1 119.9
2011Q2 132.8

Data source: U.S. Department of Transportation, “Airline Fuel Cost and Consumption (U.S. Carriers—Scheduled) January 2000
http://www.transtats.bts.gov/fuel.asp?pn=1.
xhibit 2
G AT JETBLUE AIRWAYS
nd Consumption (2007–2011, Quarterly)

cost as percentage of operating expense (quarterly)

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

Name=Air Carrier Financial.

el consumption in millions of gallons (quarterly)

mption (U.S. Carriers—Scheduled) January 2000–February 2013,”
 100% 4.50
% Hedged—Jet Fuel

90% % Hedged—Heating Oil

4.00
% Hedged—Crude Oil (WTI)
80% Jet Fuel
($ per gal.) 3.50

70%
3.00

60%
11%
2.50

Jet Fuel [$ per gal.]

50%
% Hedged

7% 2.00
44% 2%
40%
5% 14%
3% 9%
67% 19% 19% 1.50
42% 40% 24% 5%
30%
10%
47% 46%46% 1.00
20% 40% 5% 5%
35% 5% 36% 9% 9%
32%
29% 8%
10% 21% 7% 7% 0.50
18% 18% 19%
15% 6%
11% 11% 9% 9% 9% 9% 7% 6%
4%
0% 0.00
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1* 2* 3* 4*
07Q 07Q 07Q 07Q 08Q 08Q 08Q 08Q 09Q 09Q 09Q 09Q 10Q 10Q 10Q 10Q 11Q 11Q 11Q 11Q 2Q 2Q 2Q 2Q
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 201 201 201 201
 Exhibit 3
2012 FUEL HEDGING AT JETBLUE AIRWAY
JetBlue—Fuel Percentage Hedged (2007–2012, Quart

% Est. Consumption Hedged - current quarter

% Hedged—Crude Oil (WTI) % Hedged—Heating Oil

2007Q1 67%
2007Q2 11% 42%
2007Q3 11% 40%
2007Q4 47%
2008Q1 35%
2008Q2 46%
2008Q3 46%
2008Q4 40%
2009Q1 9%
2009Q2 9%
2009Q3 9%
2009Q4 9%
2010Q1 15% 5%
2010Q2 18% 5%
2010Q3 18% 5%
2010Q4 19%
2011Q1 29% 5%
2011Q2 36% 5%
2011Q3 32% 9%
2011Q4 21% 10%
2012Q1* 7% 7%
2012Q2* 6% 7%
2012Q3* 4% 6%
2012Q4*

Source: “JBLU Investor Relations—Investor 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 (2007–2012, Quarterly)

Millions of Gallons Hedged Jet Fuel

% Hedged—Jet Fuel % Not Hedged
(in current quarter) ($ per gal.)
72 33% 2.02
11% 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
44% 76 36% 2.19
19% 52 58% 1.99
19% missing data 58% 2.24
24% 54 57% 2.53
3% 44 63% 3.16
2% 57 57% 3.00
7% 67 52% 2.84
14% 60 55% 2.92
9% 31 (est.) 77%
9% 31 (est.) 78%
8% 31 (est.) 82%

ite, http://investor.jetblue.com/phoenix.zhtml?c=131045&p=irol-investorUpdate.
es,” U.S. Energy Information Administration website, http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm.
 Exhibit 4
2012 FUEL HEDGING AT JETBLUE AIRWAYS
Jet Fuel Hedging Positions for Major U.S. Airlines

Region Company Disclosure Date % Hedged

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%
Europe 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%
SAS Group May 2012 50%
Asia 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%

Data source: Bloomberg, “Jet Fuel Hedging Positions for U.S., Canadian Airlines,” November 10, 2011; “Jet Fuel Hedging Posi
Based Airlines,” May 3, 2012; HSBC Global Research, “Asian Airlines—Fuelling 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-

g a Shift to Premium Carriers,” March 3, 2011.
 4.5 160

4
BRENT 140

JET FUEL
3.5
120
HEATING OIL JET FUEL
(U.S. Gulf Coast
3
Kerosene-Type Jet Fuel
100 Spot Price FOB, Dollars

Dollars per Barrel (WTI, BRENT)

Dollars per Gallon (JET FUEL)

per Gallon)
2.5
HEATING OIL
80 (New York Harbor No. 2
Heating Oil Spot Price
2 FOB, Dollars per
WTI Gallon)
60
BRENT
1.5 (Europe Brent Spot Price
FOB, Dollars per Barrel)
40
1 WTI
(Cushing, OK WTI Spot
Price FOB, Dollars per
Barrel)
20
0.5

0 0
07 07 08 08 09 09 10 01
1
01
1
-2
0
-2
0 20 -2
0
-2
0
-2
0
-2
0
-2 -2
n g ar- t ay c l b p
Ja Au M Oc M De Ju Fe Se
$1.20

$1.00

$0.80

$0.60 Basis vs. WTI Oil

(per gallon, 1 barrel =
42 gallons)

$0.40
Basis vs. Brent Oil
(per gallon, 1 barrel =
42 gallons)
$0.20

Basis vs. Heating Oil

(per gallon)
$0.00
Jan-2007 Nov-2007 Sep-2008 Jul-2009 May-2010 Mar-2011

-$0.20
 2012 FUEL HEDG
Jet Fuel, Heating Oil, WTI, and Bre

JET FUEL
WTI
(U.S. Gulf Coast Kerosene-Type Jet
Year (Cushing, OK WTI Spot Price FOB,
Fuel Spot Price FOB, Dollars per
Dollars per Barrel)
Gallon)
Jan-2007 1.759 58.17
Feb-2007 1.853 61.78
Mar-2007 2.017 65.94
Apr-2007 2.049 65.78
May-2007 2.044 64.02
Jun-2007 2.09 70.47
Jul-2007 2.198 78.2
Aug-2007 2.135 73.98
Sep-2007 2.288 81.64
Oct-2007 2.592 94.16
Nov-2007 2.568 88.6
Dec-2007 2.673 95.95
Jan-2008 2.572 91.67
Feb-2008 2.915 101.78
Mar-2008 3.061 101.54
Apr-2008 3.329 113.7
May-2008 3.736 127.35
Jun-2008 4.02 139.96
Jul-2008 3.554 124.17
Aug-2008 3.296 115.55
Sep-2008 3.022 100.7
Oct-2008 2.094 68.1
Nov-2008 1.76 55.21
Dec-2008 1.32 44.6
Jan-2009 1.416 41.73
Feb-2009 1.265 44.15
Mar-2009 1.341 49.64
Apr-2009 1.294 50.35
May-2009 1.672 66.31
Jun-2009 1.788 69.82
Jul-2009 1.831 69.26
Aug-2009 1.781 69.97
Sep-2009 1.794 70.46
Oct-2009 1.976 77.04
Nov-2009 2.004 77.19
Dec-2009 2.088 79.39
Jan-2010 1.91 72.85
Feb-2010 2.055 79.72
Mar-2010 2.188 83.45
Apr-2010 2.324 86.07
May-2010 2.039 74
Jun-2010 1.993 75.59
 Jul-2010 2.093 78.85
Aug-2010 2.01 71.93
Sep-2010 2.239 79.95
Oct-2010 2.253 81.45
Nov-2010 2.291 84.12
Dec-2010 2.528 91.38
Jan-2011 2.742 90.99
Feb-2011 2.998 97.1
Mar-2011 3.161 106.19
Apr-2011 3.368 113.39
May-2011 3.134 102.7
Jun-2011 2.996 95.3
Jul-2011 3.161 95.68
Aug-2011 3.113 88.81
Sep-2011 2.844 78.93
Oct-2011 3.028 93.19
Nov-2011 3.001 100.36
Dec-2011 2.917 98.83

Data source: “Petroleum & Other Liquids, Spot Prices,” U.S. Energy Information Administration website, http://www
 Exhibit 6
2012 FUEL HEDGING AT JETBLUE AIRWAYS
Heating Oil, WTI, and Brent Crude Oil Spot Prices, 2007–2011 (Monthly)

S-F1 S-F2
HEATING OIL
BRENT Basis vs. WTI Oil Basis vs. Brent Oil
(New York Harbor No. 2 Heating
(Europe Brent Spot Price FOB, (per gallon, 1 barrel = (per gallon, 1 barrel =
Oil Spot Price FOB, Dollars per
Dollars per Barrel) 42 gallons) 42 gallons)
Gallon)
56.52 1.681 0.374 0.413
59.39 1.781 0.382 0.439
68.47 1.871 0.447 0.387
67.23 1.897 0.483 0.448
68.18 1.892 0.520 0.421
72.22 2.023 0.412 0.370
77.01 2.095 0.336 0.364
72.29 2.037 0.374 0.414
80.97 2.199 0.344 0.360
89.87 2.506 0.350 0.452
88.71 2.499 0.458 0.456
93.68 2.648 0.388 0.443
91.58 2.523 0.389 0.392
100.9 2.806 0.492 0.513
102.33 3.078 0.643 0.625
111.12 3.195 0.622 0.683
127.85 3.647 0.704 0.692
138.4 3.89 0.688 0.725
124.1 3.435 0.598 0.599
113.49 3.15 0.545 0.594
93.52 2.851 0.624 0.795
60 2.085 0.473 0.665
47.72 1.696 0.445 0.624
35.82 1.314 0.258 0.467
44.17 1.437 0.422 0.364
44.41 1.271 0.214 0.208
46.13 1.336 0.159 0.243
50.3 1.299 0.095 0.096
64.98 1.636 0.093 0.125
68.11 1.715 0.126 0.166
70.08 1.793 0.182 0.162
69.02 1.773 0.115 0.138
65.82 1.805 0.116 0.227
74.91 1.965 0.142 0.192
77.77 1.984 0.166 0.152
77.91 2.109 0.198 0.233
71.2 1.894 0.175 0.215
76.36 2.02 0.157 0.237
80.37 2.162 0.201 0.274
86.19 2.265 0.275 0.272
73 2.006 0.277 0.301
74.94 1.975 0.193 0.209
 77.5 2.038 0.216 0.248
75.51 1.966 0.297 0.212
80.77 2.239 0.335 0.316
82.47 2.211 0.314 0.289
86.02 2.288 0.288 0.243
93.23 2.546 0.352 0.308
98.97 2.723 0.576 0.386
112.27 2.928 0.686 0.325
116.94 3.098 0.633 0.377
126.59 3.263 0.668 0.354
117.18 3.049 0.689 0.344
111.71 2.936 0.727 0.336
115.93 3.086 0.883 0.401
116.48 3.068 0.998 0.340
105.42 2.781 0.965 0.334
108.43 3.04 0.809 0.446
111.22 3.012 0.611 0.353
108.09 2.917 0.564 0.343

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

 S-F3

Basis vs. Heating Oil

(per gallon)

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
 0.055
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
2012 FUEL HEDGING AT JETBLUE AIRWAYS
Most Heavily Traded Energy Futures Contracts (October 2011)

CME Group Futures

—Monthly Volume
of Contracts
Light sweet crude oil (WTI) 14,785,297
Natural gas futures (Henry Hub) 7,199,901
Heating oil 2,964,162
RBOB gasoline 2,791,760
PJM financially settled electricity 211,304

Data Source: CME Group, “CMEG Exchange Volume Report—Monthly October 2011,”
http://www.cmegroup.com/wrappedpages/web_monthly_report/Web_Volume_Report_CMEG.pdf.

ICE Europe Futures

—Monthly Volume
of Contracts

Brent 12,454,684
Gas oil 6,655,441
WTI 4,132,829
Heating oil 77,063
RBOB gasoline 79,862
Coal 117,818
EU natural gas 577,605
Elec 915
Emissions 561,522

Data source: IntercontinentalExchange, “ICE Futures Europe—Futures Monthly Volume,”

https://www.theice.com/marketdata/reports/ReportCenter.shtml#report/7.
11)

October 2011,”
me_Report_CMEG.pdf.

onthly Volume,”
 Exhibit 9
2012 FUEL HEDGING AT JETBL
JetBlue—Fuel Hedges (2011Q1

Source: “JBLU Investor Relations—Investor Update,” JetBlue website, http://investor.jetblue.com/phoenix.zhtml?c

Investor Update: 1/27/2011 2011Q1

Gallons (in millions) 44
(est. % of consumption) 37%
18% in crude call options with the
Hedge 1
average cap at $92/bbl.
11% in crude collars with the average
Hedge 2 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
Hedge 3 $2.21/gal.

3% in USGC jet fuel swaps at an average

Hedge 4 of $2.29/gal.
Estimated fuel gallons consumed (in
119
millions)
Estimated average fuel price per gallon,
$2.84
net of hedges

Investor Update: 4/21/2011 2011Q2

Gallons (in millions) 57
(est. % of consumption) 43%
21% in crude call options with the
Hedge 1 average cap at $93/bbl.
10% in crude collars with the average
Hedge 2 cap at $100/bbl. and the average put at
$80/bbl.
5% in crude 3-way collars with the
average purchased call at $100/bbl., the
Hedge 3 average sold call at $110/bbl. and the
average put at $85/bbl.
5% in heat collars with the average cap
Hedge 4 at $3.24/gal. and the average put at
$2.84/gal.
2% in USGC jet fuel swaps at an average
Hedge 5 of $2.32/gal.
Estimated fuel gallons consumed (in
133
millions)
Estimated average fuel price per gallon,
$3.37
net of hedges
Investor Update: 7/26/2011 2011Q3
Gallons (in millions) 67
(est. % of consumption) 48%
18% in crude call options with the
Hedge 1 average cap at $94/bbl.
9% in crude collars with the average cap
Hedge 2 at $100/bbl. and the average put at
$80/bbl.
5% in crude 3-way collars with the
average purchased call at $100/bbl., the
average sold call at $110/bbl. and the
Hedge 3
average put at $83/bbl.

9% in heat collars with the average cap

Hedge 4 at $3.26/gal. and the average put at
$2.86/gal.
7% in USGC jet fuel swaps at an average
Hedge 5 of $3.03/gal.
Estimated fuel gallons consumed (in
142
millions)
Estimated average fuel price per gallon, $3.33
net of hedges

Investor Update: 10/26/2011 2011Q4

Gallons (in millions) 60
(est. % of consumption) 45%
7% in crude call options with the
Hedge 1 average cap at $92/bbl.

9% in crude collars with the average cap

Hedge 2 at $100/bbl. and the average put at
$81/bbl.
5% in crude 3-way collars with the
average purchased call at $100/bbl., the
Hedge 3 average sold call at $110/bbl. and the
average put at $80/bbl.

10% in heat collars with the average cap

Hedge 4 at $3.30/gal. and the average put at
$2.90/gal.
12% in USGC jet fuel swaps at an
Hedge 5 average of $3.00/gal.

2% in USGC jet fuel collars with the

Hedge 6 average cap at $3.04/gal. and the average
put at $2.74/gal.
Estimated fuel gallons consumed (in
133
millions)
Estimated average fuel price per gallon, $3.23
net of hedges
 Exhibit 9
2012 FUEL HEDGING AT JETBLUE AIRWAYS
JetBlue—Fuel Hedges (2011Q1 to 2011Q4)

, http://investor.jetblue.com/phoenix.zhtml?c=131045&p=irol-investorUpdate.

2011Q2 2011Q3
50 45
38% 31%
21% in crude call options with the average 18% in crude call options with the average
cap at $93/bbl. cap at $94/bbl.
10% in crude collars with the average cap at 9% in crude collars with the average cap at
$100/bbl. and the average put at $80/bbl. $100/bbl. and the average put at $80/bbl.

5% in crude 3-way collars with the average 4% in crude 3-way collars with the average
purchased call at $100/bbl., the average sold purchased call at $100/bbl., the average sold
call at $110/bbl. and the average put at call at $110/bbl. and the average put at
$85/bbl. $83/bbl.
2% in USGC jet fuel swaps at an average of
$2.32/gal.

2011Q3 2011Q4
51 35
36% 26%
18% in crude call options with the average 7% in crude call options with the average
cap at $94/bbl. cap at $92/bbl.
9% in crude collars with the average cap at 10% in crude collars with the average cap at
$100/bbl. and the average put at $80/bbl. $100/bbl. and the average put at $81/bbl.

5% in crude 3-way collars with the average 5% in crude 3-way collars with the average
purchased call at $100/bbl., the average sold purchased call at $100/bbl., the average sold
call at $110/bbl. and the average put at call at $110/bbl. and the average put at
$83/bbl. $80/bbl.
4% in heat collars with the average cap at 4% in heat collars with the average cap at
$3.27/gal. and the average put at $2.87/gal. $3.31/gal. and the average put at $2.91/gal.
 2011Q4 2012Q1
51 22
38% 18%
7% in crude call options with the average 3% in crude call options with the average
cap 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 $98/bbl. and the average put at $78/bbl.

5% in crude 3-way collars with the average 8% in heat collars with the average cap at
purchased call at $100/bbl., the average sold $3.31/gal. and the average put at $2.91/gal.
call at $110/bbl. and the average put at
$80/bbl.

9% in heat collars with the average cap at 2% in USGC jet fuel swaps at an average of
$3.30/gal. and the average put at $2.90/gal. $3.15/gal.

8% in USGC jet fuel swaps at an average of

$3.03/gal.

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

5% in crude collars with the average cap at 4% in crude collars with the average cap at
$98/bbl. and the average put at $78/bbl. $97/bbl. and the average put at $78/bbl.

7% in heat collars with the average cap at 7% in heat collars with the average cap at
$3.27/gal. and the average put at $2.87/gal. $3.27/gal. and the average put at $2.87/gal.

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 2% in USGC jet fuel collars with the
average cap at $3.04/gal. and the average put average cap at $3.01/gal. and the average
at $2.74/gal. put at $2.71/gal.
 2011Q4
28
21%
7% in crude call options with the average
cap at $92/bbl.
9% in crude collars with the average cap at
$100/bbl. and the average put at $81/bbl.

5% in crude 3-way collars with the average

purchased call at $100/bbl., the average
sold call at $110/bbl. and the average put at
$80/bbl.

2012Q1
9
8%
3% in crude call options with the average
cap at $99/bbl.
5% in crude collars with the average cap at
$98/bbl. and the average put at $78/bbl.
 2012Q2
22
16%
2% in crude call options with the average
cap at $99/bbl.
5% in crude collars with the average cap at
$97/bbl. and the average put at $78/bbl.

7% in heat collars with the average cap at

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

2% in USGC jet fuel swaps at an average

of $3.14/gal.

2012Q3
31
18%
4% in crude collars with the average cap at
$97/bbl. and the average put at $78/bbl.

6% in heat collars with the average cap at

$3.28/gal. and the average put at $2.87/gal.

6% in USGC jet fuel swaps at an average

of $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.