Delta Has Substantial Fuel Hedges for 2009

(MoneyWatch)  While many carriers have been trying to unwind their hedges (like Southwest), Delta has apparently gone with a different approach. They're still heavily hedged for the rest of the year.

In the first quarter, Delta has 80 percent of its fuel needs hedged. That actually increases after that. Here's the table reprinted from Delta's fourth quarter earnings report with full details of their 2009 hedges.

	Avg Jet Fuel Equivalent*
	Percent hedged	Cap	Floor	Fuel Price/Gal* (at today's fwd curve)
Q1 2009	80%	$2.81	$2.43	$2.34
Q2 2009	85%	$2.45	$2.09	$2.17
Q3 2009	55%	$2.19	$1.22	$2.10
Q4 2009	32%	$2.24	$1.05	$2.00

*Includes tax and transportation costs of approximately $0.17/gallon.

It's interesting to see them bucking the trend here.