Delaware
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001-05424
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58-0218548
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1
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Press Release dated July 27, 2011 titled “Delta Air Lines Announces June Quarter Profit”
|
DELTA AIR LINES, INC.
|
|
By: /s/ Hank Halter
|
|
Date: July 27, 2011
|
Hank Halter
Senior Vice President and Chief Financial Officer
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Exhibit Number
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Description
|
Exhibit 99.1
|
Press Release dated July 27, 2011 titled “Delta Air Lines Announces June Quarter Profit”
|
CONTACT:
|
Investor Relations
404-715-2170
Corporate Communications
404-715-2554, media@delta.com
news archive at news.delta.com
|
●
|
Delta’s net income for the June 2011 quarter was $366 million, or $0.43 per diluted share, excluding special items1.
|
●
|
Delta’s net income was $198 million, or $0.23 per diluted share, for the June 2011 quarter.
|
●
|
Strong top line revenue growth of 12% year over year helped offset more than $1 billion higher fuel expense.
|
●
|
Delta generated a revenue premium, with unit revenues up 10% for the quarter.
|
●
|
Delta generated $1 billion of operating cash flow and $700 million in free cash flow in the quarter. The company ended the June 2011 quarter with $5.6 billion in unrestricted liquidity.
|
●
|
Using fare increases, fuel surcharges and revenue initiatives to recover fuel cost increases through ticket prices;
|
●
|
Reducing its December quarter capacity by 4 – 5% year over year, an incremental 1 point reduction from previous guidance, focused in markets where revenues do not cover higher fuel costs. Domestic capacity will be down 1 – 3% and international capacity will be down 4 – 6%. In the transatlantic, Delta and its partners, Air France – KLM and Alitalia, established capacity levels as a single entity, leading to a combined reduction in transatlantic capacity of 7 – 9% for the December quarter;
|
●
|
Retiring 140 of Delta’s least efficient aircraft by the end of 2012, including the entire DC9 and Saab turbo-prop fleets, and 60 50-seat regional jets. Half of these aircraft will exit the fleet in 2011, which will contribute to the expected $250 million in maintenance savings for the second half of 2011 compared to the first half of the year; and
|
●
|
Implementing initiatives to reduce the company’s non-fuel unit costs to 2010 levels by the end of 2011, including voluntary exit programs accepted by more than 2,000 employees; consolidating more than 1.2 million square feet of facilities in Atlanta and Minneapolis; and lowering selling and distribution costs by shifting to more efficient distribution channels.
|
●
|
Passenger revenue increased 13%, or $882 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 10%, driven by a 12% improvement in yield partially offset by a 1.3 point decline in load factor. Passenger revenues were negatively impacted by $125 million as a result of the March events in Japan.
|
●
|
Cargo revenue increased 25%, or $53 million, on higher cargo volume and yield.
|
●
|
Other revenue increased 5%, or $50 million, from higher third-party maintenance revenue.
|
Increase (Decrease)
|
||||||||||||||||
2Q11 versus 2Q10
|
||||||||||||||||
Change
|
Unit
|
|||||||||||||||
Passenger Revenue
|
2Q11 ($M)
|
YOY
|
Revenue
|
Yield
|
Capacity
|
|||||||||||
Domestic
|
$ | 3,475 | 12% | 12% | 12% | (0.2%) | ||||||||||
Atlantic
|
1,570 | 16% | 7% | 10% | 7.6% | |||||||||||
Pacific
|
722 | 14% | 6% | 11% | 7.8% | |||||||||||
Latin America
|
440 | 18% | 14% | 16% | 3.7% | |||||||||||
Total mainline
|
6,207 | 13% | 10% | 12% | 3.1% | |||||||||||
Regional
|
1,684 | 10% | 12% | 12% | (1.7%) | |||||||||||
Consolidated
|
$ | 7,891 | 13% | 10% | 12% | 2.5% |
3Q11 | 4Q11 | |||||||
WTI – Crude
|
0% | 1% | ||||||
Heating Oil
|
33% | 34% | ||||||
Brent – Crude
|
11% | 14% | ||||||
Jet Fuel
|
1% | 6% | ||||||
Total
|
45% | 55% | ||||||
Projected fuel price
|
$ | 3.20 | $ | 3.31 |
●
|
Delivering significant improvements in operational performance, including an on-time arrival rate of 80.7% that was among the best in the industry. Delta employees received $9 million in Shared Rewards payments to recognize their work in achieving these operational improvements;
|
●
|
Receiving the Million Work Hours Award from the U.S. National Safety Council, recognizing employees in Reservation Sales and Information Technology for their safety excellence in achieving more than 1 million injury-free work hours in 2010;
|
●
|
Improving products and facilities for Delta’s customers, including launching the company’s new premium international economy seating, Economy Comfort; beginning construction on the company’s new international facility at New York-JFK’s Terminal 4, which is set to open in the spring of 2013; and updating apps for iPhone, Blackberry and Android that allow travelers to download mobile boarding passes, check flight status, and search flight schedules;
|
●
|
Positioning the company as the airline of choice in New York with preliminary DOT approval to exchange slots and airport facilities at New York's LaGuardia and Washington's Reagan National airports with US Airways. Under the agreement, Delta will acquire 132 slot pairs at LaGuardia, which will allow Delta to double its available destinations, offering customers more frequent and convenient service at New York’s preferred airport for business travel;
|
●
|
Expanding Delta’s global reach to give passengers more options through new service to key international business destinations such as London-Heathrow, Beijing, Shanghai, and Tokyo-Haneda; improving SkyTeam’s leading alliance position in China with the inclusion of the alliance’s newest partner, China Eastern; and obtaining anti-trust approval of the industry’s first US-Australia joint venture between Delta and Virgin Australia;
|
●
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Being chosen by the readers of Executive Travel magazine as the leading U.S. carrier in six categories for the publication’s 2011 Leading Edge awards, including Best First-Class Service; Best Business-Class Service; Best Airport Lounge; Best Flight Experience to Mexico; Best Flight Experience to Central/South America; and Best Private Jet Service (for Delta Private Jets);
|
●
|
Awarding more than $350,000 in scholarships to 330 Delta employees and their families through the Delta Scholarship Fund; and
|
●
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Teaming with Habitat for Humanity and SkyTeam partners China Southern and China Eastern to help build five houses in Pinghu, China. This year’s effort was Delta’s seventh international build with Habitat for Humanity.
|
●
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$80 million in severance and related costs associated with the voluntary exit programs the company offered as part of its initiatives to adapt the airline to higher fuel prices;
|
●
|
A $64 million charge for facilities consolidation and fleet initiatives;
|
●
|
A $13 million charge for debt extinguishment associated with the company’s debt reduction initiatives; and
|
●
|
$11 million in mark-to-market adjustments for fuel hedges.
|
3Q 2011 Forecast
|
|||
Fuel price, including taxes and hedges
|
$3.20 | ||
Operating margin
|
7 - 9% | ||
Capital expenditures
|
$250 million
|
||
Total liquidity at end of period
|
$ 5.1 billion
|
3Q 2011 Forecast
(compared to 3Q 2010)
|
|||
Consolidated unit costs – excluding fuel expense and profit sharing
|
Up 2 – 4%
|
||
System capacity
|
Flat
|
||
Domestic
|
Down 1 - 3%
|
||
International
|
Up 2 - 4%
|
||
Mainline capacity
|
Flat
|
||
Domestic
|
Down 1 - 3%
|
||
International
|
Up 2 - 4%
|
Three Months Ended June 30,
|
|||||||||||||||
(in millions, except per share data)
|
2011
|
2010
|
$ Change
|
% Change
|
|||||||||||
Operating Revenue:
|
|||||||||||||||
Passenger:
|
|||||||||||||||
Mainline
|
$ | 6,207 | $ | 5,480 | $ | 727 | 13% | ||||||||
Regional carriers
|
1,684 | 1,529 | 155 | 10% | |||||||||||
Total passenger revenue
|
7,891 | 7,009 | 882 | 13% | |||||||||||
Cargo
|
264 | 211 | 53 | 25% | |||||||||||
Other
|
998 | 948 | 50 | 5% | |||||||||||
Total operating revenue
|
9,153 | 8,168 | 985 | 12% | |||||||||||
Operating Expense:
|
|||||||||||||||
Aircraft fuel and related taxes
|
2,663 | 1,960 | 703 | 36% | |||||||||||
Salaries and related costs
|
1,739 | 1,702 | 37 | 2% | |||||||||||
Contract carrier arrangements(1)
|
1,410 | 972 | 438 | 45% | |||||||||||
Aircraft maintenance materials and outside repairs
|
485 | 395 | 90 | 23% | |||||||||||
Contracted services
|
415 | 366 | 49 | 13% | |||||||||||
Passenger commissions and other selling expenses
|
440 | 377 | 63 | 17% | |||||||||||
Depreciation and amortization
|
381 | 379 | 2 | 1% | |||||||||||
Landing fees and other rents
|
320 | 324 | (4 | ) | -1% | ||||||||||
Passenger service
|
181 | 165 | 16 | 10% | |||||||||||
Aircraft rent
|
74 | 101 | (27 | ) | -27% | ||||||||||
Profit sharing
|
8 | 90 | (82 | ) | -91% | ||||||||||
Restructuring and other items
|
144 | 82 | 62 | 76% | |||||||||||
Other
|
412 | 403 | 9 | 2% | |||||||||||
Total operating expense
|
8,672 | 7,316 | 1,356 | 19% | |||||||||||
Operating Income
|
481 | 852 | (371 | ) | -44% | ||||||||||
Other (Expense) Income:
|
|||||||||||||||
Interest expense, net
|
(233 | ) | (255 | ) | 22 | -9% | |||||||||
Amortization of debt discount, net
|
(46 | ) | (57 | ) | 11 | -19% | |||||||||
Loss on extinguishment of debt
|
(13 | ) | - | (13 | ) |
NM
|
|||||||||
Miscellaneous, net
|
6 | (72 | ) | 78 |
NM
|
||||||||||
Total other expense, net
|
(286 | ) | (384 | ) | 98 | -26% | |||||||||
Income Before Income Taxes
|
195 | 468 | (273 | ) | -58% | ||||||||||
Income Tax Benefit (Provision)
|
3 | (1 | ) | 4 |
NM
|
||||||||||
Net Income
|
$ | 198 | $ | 467 | $ | (269 | ) | -58% | |||||||
Basic Earnings per Share
|
$ | 0.24 | $ | 0.56 | |||||||||||
Diluted Earnings per Share
|
$ | 0.23 | $ | 0.55 | |||||||||||
Basic Weighted Average Shares Outstanding
|
838 | 834 | |||||||||||||
Diluted Weighted Average Shares Outstanding
|
844 | 842 |
Six Months Ended June 30,
|
|||||||||||||||
(in millions, except per share data)
|
2011
|
2010
|
$ Change
|
% Change
|
|||||||||||
Operating Revenue:
|
|||||||||||||||
Passenger:
|
|||||||||||||||
Mainline
|
$ | 11,341 | $ | 9,966 | $ | 1,375 | 14% | ||||||||
Regional carriers
|
3,125 | 2,849 | 276 | 10% | |||||||||||
Total passenger revenue
|
14,466 | 12,815 | 1,651 | 13% | |||||||||||
Cargo
|
514 | 387 | 127 | 33% | |||||||||||
Other
|
1,920 | 1,814 | 106 | 6% | |||||||||||
Total operating revenue
|
16,900 | 15,016 | 1,884 | 13% | |||||||||||
Operating Expense:
|
|||||||||||||||
Aircraft fuel and related taxes
|
4,829 | 3,643 | 1,186 | 33% | |||||||||||
Salaries and related costs
|
3,466 | 3,374 | 92 | 3% | |||||||||||
Contract carrier arrangements(1)
|
2,710 | 1,889 | 821 | 43% | |||||||||||
Aircraft maintenance materials and outside repairs
|
970 | 769 | 201 | 26% | |||||||||||
Contracted services
|
840 | 758 | 82 | 11% | |||||||||||
Passenger commissions and other selling expenses
|
809 | 741 | 68 | 9% | |||||||||||
Depreciation and amortization
|
757 | 764 | (7 | ) | -1% | ||||||||||
Landing fees and other rents
|
633 | 637 | (4 | ) | -1% | ||||||||||
Passenger service
|
345 | 303 | 42 | 14% | |||||||||||
Aircraft rent
|
152 | 213 | (61 | ) | -29% | ||||||||||
Profit sharing
|
8 | 90 | (82 | ) | -91% | ||||||||||
Restructuring and merger-related items
|
151 | 136 | 15 | 11% | |||||||||||
Other
|
841 | 779 | 62 | 8% | |||||||||||
Total operating expense
|
16,511 | 14,096 | 2,415 | 17% | |||||||||||
Operating Income
|
389 | 920 | (531 | ) | -58% | ||||||||||
Other (Expense) Income:
|
|||||||||||||||
Interest expense, net
|
(454 | ) | (501 | ) | 47 | -9% | |||||||||
Amortization of debt discount, net
|
(93 | ) | (117 | ) | 24 | -21% | |||||||||
Loss on extinguishment of debt
|
(33 | ) | - | (33 | ) |
NM
|
|||||||||
Miscellaneous, net
|
(4 | ) | (80 | ) | 76 | -95% | |||||||||
Total other expense, net
|
(584 | ) | (698 | ) | 114 | -16% | |||||||||
(Loss) Income Before Income Taxes
|
(195 | ) | 222 | (417 | ) |
NM
|
|||||||||
Income Tax Benefit (Provision)
|
75 | (11 | ) | 86 |
NM
|
||||||||||
Net (Loss) Income
|
$ | (120 | ) | $ | 211 | $ | (331 | ) |
NM
|
||||||
Basic (Loss) Earnings per Share
|
$ | (0.14 | ) | $ | 0.25 | ||||||||||
Diluted (Loss) Earnings per Share
|
$ | (0.14 | ) | $ | 0.25 | ||||||||||
Basic Weighted Average Shares Outstanding
|
838 | 833 | |||||||||||||
Diluted Weighted Average Shares Outstanding
|
838 | 842 |
June 30,
|
December 31,
|
|||||||
(in millions)
|
2011
|
2010
|
||||||
(Unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 2,855 | $ | 2,892 | ||||
Short-term investments
|
967 | 718 | ||||||
Restricted cash and cash equivalents and short-term investments
|
476 | 447 | ||||||
Total assets
|
43,878 | 43,188 | ||||||
Total debt and capital leases, including current maturities
|
14,661 | 15,252 | ||||||
Total stockholders' equity
|
785 | 897 | ||||||
Three Months Ended
June 30,
|
|||||||||||||
2011
|
2010
|
Change
|
|||||||||||
Consolidated(1):
|
|||||||||||||
Revenue Passenger Miles (millions)
|
50,366 | 49,894 | 0.9 | % | |||||||||
Available Seat Miles (millions)
|
60,141 | 58,698 | 2.5 | % | |||||||||
Passenger Mile Yield
|
15.67 | ¢ | 14.05 | ¢ | 11.5 | % | |||||||
Passenger Revenue per Available Seat Mile (PRASM)
|
13.12 | ¢ | 11.94 | ¢ | 9.9 | % | |||||||
Operating Cost Per Available Seat Mile (CASM)
|
14.42 | ¢ | 12.46 | ¢ | 15.7 | % | |||||||
CASM excluding Fuel and Special Items - See Note A
|
8.46 | ¢ | 8.08 | ¢ | 4.8 | % | |||||||
Passenger Load Factor
|
83.7 | % | 85.0 | % | -1.3 |
pts
|
|||||||
Fuel Gallons Consumed (millions)
|
992 | 965 | 2.8 | % | |||||||||
Average Price Per Fuel Gallon – see Note A
|
$ | 3.22 | $ | 2.32 | 38.8 | % | |||||||
Number of Aircraft in Fleet, End of Period
|
803 | 958 | (155 | ) |
Aircraft
|
||||||||
Full-Time Equivalent Employees, End of Period
|
82,347 | 81,916 | 0.5 | % | |||||||||
Mainline:
|
|||||||||||||
Revenue Passenger Miles (millions)
|
43,988 | 43,398 | 1.4 | % | |||||||||
Available Seat Miles (millions)
|
52,221 | 50,642 | 3.1 | % | |||||||||
Operating Cost Per Available Seat Mile (CASM)
|
13.29 | ¢ | 11.47 | ¢ | 15.9 | % | |||||||
CASM excluding Fuel and Special Items - See Note A
|
7.70 | ¢ | 7.27 | ¢ | 5.9 | % | |||||||
Fuel Gallons Consumed (millions)
|
809 | 782 | 3.5 | % | |||||||||
Average Price Per Fuel Gallon – see Note A
|
$ | 3.18 | $ | 2.32 | 37.1 | % | |||||||
Number of Aircraft in Fleet, End of Period
|
727 | 733 | (6 | ) |
Aircraft
|
Six Months Ended
June 30,
|
|||||||||||||
2011
|
2010
|
Change
|
|||||||||||
Consolidated(1):
|
|||||||||||||
Revenue Passenger Miles (millions)
|
93,295 | 92,261 | 1.1 | % | |||||||||
Available Seat Miles (millions)
|
116,360 | 111,999 | 3.9 | % | |||||||||
Passenger Mile Yield
|
15.51 | ¢ | 13.89 | ¢ | 11.7 | % | |||||||
Passenger Revenue per Available Seat Mile (PRASM)
|
12.43 | ¢ | 11.44 | ¢ | 8.7 | % | |||||||
Operating Cost Per Available Seat Mile (CASM)
|
14.19 | ¢ | 12.59 | ¢ | 12.7 | % | |||||||
CASM excluding Fuel and Special Items - See Note A
|
8.70 | ¢ | 8.38 | ¢ | 3.8 | % | |||||||
Passenger Load Factor
|
80.2 | % | 82.4 | % | -2.2 |
pts
|
|||||||
Fuel Gallons Consumed (millions)
|
1,911 | 1,836 | 4.1 | % | |||||||||
Average Price Per Fuel Gallon – see Note A
|
$ | 3.06 | $ | 2.28 | 34.2 | % | |||||||
Number of Aircraft in Fleet, End of Period
|
803 | 958 | (155 | ) |
Aircraft
|
||||||||
Full-Time Equivalent Employees, End of Period
|
82,347 | 81,916 | 0.5 | % | |||||||||
Mainline:
|
|||||||||||||
Revenue Passenger Miles (millions)
|
81,366 | 79,929 | 1.8 | % | |||||||||
Available Seat Miles (millions)
|
100,860 | 96,252 | 4.8 | % | |||||||||
Operating Cost Per Available Seat Mile (CASM)
|
13.03 | ¢ | 11.54 | ¢ | 12.9 | % | |||||||
CASM excluding Fuel and Special Items - See Note A
|
7.92 | ¢ | 7.55 | ¢ | 4.9 | % | |||||||
Fuel Gallons Consumed (millions)
|
1,553 | 1,479 | 5.0 | % | |||||||||
Average Price Per Fuel Gallon – see Note A
|
$ | 3.02 | $ | 2.27 | 33.0 | % | |||||||
Number of Aircraft in Fleet, End of Period
|
727 | 733 | (6 | ) |
Aircraft
|
(in millions)
|
Three Months Ended
June 30, 2011
|
|||
Net income
|
$ | 198 | ||
Items excluded:
|
||||
Restructuring and other items
|
144 | |||
Loss on extinguishment of debt
|
13 | |||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
11 | |||
Net income excluding special items
|
$ | 366 |
Three Months Ended
|
||||
June 30, 2011
|
||||
Net income per diluted share
|
$ | 0.23 | ||
Items excluded:
|
||||
Restructuring and other items
|
0.17 | |||
Loss on extinguishment of debt
|
0.02 | |||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
0.01 | |||
Net income per diluted share excluding special items
|
$ | 0.43 |
(in billions)
|
Three Months Ended
June 30, 2011
|
|||||||
Net cash provided by operating activities (GAAP)
|
$ | 1.0 | ||||||
Net cash used by investing activities (GAAP)
|
$ | (0.3 | ) | |||||
Adjustments:
|
||||||||
Redemption of short term investments
|
(0.2 | ) | ||||||
Purchase of short-term investments
|
0.2 | |||||||
Cash used in investing
|
(0.3 | ) | ||||||
Total free cash flow
|
0.7 |
(in billions)
|
June 30, 2011
|
March 31, 2011
|
Dec. 31, 2009
|
|||||||||
Debt and capital lease obligations | $ | 14.7 | $ | 15.2 | $ | 17.2 | ||||||
Plus: unamortized discount, net from purchase accounting and fresh start reporting
|
0.6 | 0.6 | 1.1 | |||||||||
Adjusted debt and capital lease obligations
|
$ | 15.3 | $ | 15.8 | $ | 18.3 | ||||||
Plus: 7x last twelve months' aircraft rent
|
2.3 | 2.5 | 3.4 | |||||||||
Adjusted total debt
|
17.6 | 18.3 | 21.7 | |||||||||
Less: cash, cash equivalents and short-term investments
|
(3.8 | ) | (3.8 | ) | (4.7 | ) | ||||||
Adjusted net debt
|
$ | 13.8 | $ | 14.5 | $ | 17.0 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
CASM
|
14.42 | ¢ | 12.46 | ¢ | 14.19 | ¢ | 12.59 | ¢ | ||||||||
Items excluded:
|
||||||||||||||||
Aircraft fuel and related taxes
|
(5.31 | ) | (3.81 | ) | (5.02 | ) | (3.73 | ) | ||||||||
Ancillary businesses
|
(0.38 | ) | (0.28 | ) | (0.35 | ) | (0.28 | ) | ||||||||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
(0.02 | ) | - | 0.02 | - | |||||||||||
Profit sharing
|
(0.01 | ) | (0.15 | ) | (0.01 | ) | (0.08 | ) | ||||||||
Restructuring and other items
|
(0.24 | ) | (0.14 | ) | (0.13 | ) | (0.12 | ) | ||||||||
CASM excluding fuel expense and special items
|
8.46 | ¢ | 8.08 | ¢ | 8.70 | ¢ | 8.38 | ¢ |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Mainline CASM
|
13.29 | ¢ | 11.47 | ¢ | 13.03 | ¢ | 11.54 | ¢ | ||||||||
Items excluded:
|
||||||||||||||||
Aircraft fuel and related taxes
|
(4.93 | ) | (3.58 | ) | (4.66 | ) | (3.49 | ) | ||||||||
Ancillary businesses
|
(0.39 | ) | (0.28 | ) | (0.34 | ) | (0.28 | ) | ||||||||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
(0.02 | ) | - | 0.02 | - | |||||||||||
Profit sharing
|
(0.02 | ) | (0.18 | ) | (0.01 | ) | (0.09 | ) | ||||||||
Restructuring and other items
|
(0.23 | ) | (0.16 | ) | (0.12 | ) | (0.13 | ) | ||||||||
Mainline CASM excluding fuel expense and special items
|
7.70 | ¢ | 7.27 | ¢ | 7.92 | ¢ | 7.55 | ¢ |
Three Months Ended
June 30, 2011
|
Six Months Ended
June 30, 2011
|
|||||||
Average price per fuel gallon including fuel expense incurred under contract carrier arrangements
|
$ | 3.23 | $ | 3.05 | ||||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
(0.01 | ) | 0.01 | |||||
Average price per fuel gallon adjusted for MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
$ | 3.22 | $ | 3.06 |
Three Months Ended
June 30, 2011
|
Six Months Ended
June 30, 2011
|
|||||||
Mainline average price per fuel gallon
|
$ | 3.19 | $ | 3.01 | ||||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
(0.01 | ) | 0.01 | |||||
Mainline average price per fuel gallon adjusted for MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
$ | 3.18 | $ | 3.02 |
Three Months Ended
|
||||
(in millions)
|
June 30, 2011
|
|||
Fuel hedge gains
|
$ | 107 | ||
MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
11 | |||
Fuel hedge gains adjusted for MTM adjustments for fuel hedges recorded in periods other than the settlement period
|
$ | 118 |
Three Months Ended
|
||||
(in millions)
|
June 30, 2011
|
|||
Net cash used in financing activities (GAAP)
|
$ | 714 | ||
Availability under credit facilities
|
(206 | ) | ||
Net debt payments
|
$ | 508 |
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