Southwest Airlines flies alone among the four biggest US carriers in hedging the cost of jet fuel. Its stubborn commitment to the policy is paying off as oil prices hover above $100 a barrel.
Hedging will save the company $1.2bn this year. With the pandemic-battered airline industry returning to profitability, Southwest’s operating margins will surpass its three major peers, according to Raymond James.
The bumper savings are the work of four people based inside Southwest’s Dallas headquarters. Led by Chris Monroe, company treasurer, they transact oil derivatives with nine of Wall Street’s savviest commodity trading desks: Goldman Sachs, Morgan Stanley, JPMorgan Chase and others.
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