Which highlights, once again, the value of competent management. Southwest is not successful because they are lucky, they are successful because they have a lot of foresight and routinely make savvy business decisions. People scoffed or were indifferent when they were buying up futures contracts for jet fuel from here to eternity at $20/bbl equivalent prices. They could turn a fine profit just reselling those contracts on the open market.
I'm not sure they can go all that far out on hedge contracts. Do you know when they expire?
You are correct that those future contracts show outstanding management - too bad Delta and some others didn't do the same.
Actually, the Chapter 11 would be a great benefit to Delta. Their plan can include getting out of lots of unfavorable leases and contracts and, if the judge approves, those leases and contracts are up in smoke. Trust me, a federal bankruptcy judge is the most powerful force in the legal area.