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59
The (1) estimated total ultimate cash benefit (use) of our fuel-related derivatives scheduled to settle in 2010 and
(2) the expected difference in aggregate fuel cost compared to jet fuel cost based on crude oil at $70 per barrel
are estimated as follows at the specified crude per barrel prices (in millions, except per barrel amounts which
are in dollars):
Estimated Total
Ultimate Cash Benefit
(Use) of Our Fuel-
Related Derivative
Financial Instruments
Held as of
December 31
,
2009
Estimated Lower
(Higher) Aggregate
Jet Fuel Cost
(Prior to Impact of
Derivative Financial
Instruments)
Compared to Jet Fuel
Cost Based on
Crude Oil
of $70
p
er Barrel
Year Ended December 31, 2010
Assumed average market crude price:
$ 50 per barrel $(45.3) $ 219.1
$ 70 per barrel (20.1)
—
$ 90 per barrel 25.6 (219.1)
Notes:
1. The total ultimate derivative financial instrument related cash amounts include all estimated payments
and receipts during the period that the derivatives are outstanding. The ultimate cash benefit (use)
includes: any premiums paid to counterparties at the inception of the arrangements, any obligation for
us to provide counterparties with collateral prior to final settlement, and the cash benefit or use at the
time of final settlement. Any collateral held by counterparties at the time a derivative financial
instrument settles reduces any cash required from us at time of settlement.
2. As of December 31, 2009 and February 1, 2010, we had provided no collateral for fuel-related
derivatives to counterparties.
3. Changes in the refining margin may also impact the cost of jet fuel. The refining margin assumption
included in the table above is 15% of the assumed average market crude price.