LCC is hedged 58% in the 3rd quarter '08, capped at $97. LCC is hedged at 47% in the 4th quarter '08, capped at $108. The total value of the hedges was estimated at $190 million, that of course, can swing both ways, a plus or a minus. That is why it is called speculation.
It looks like the 3rd quarter may work out, however, it is yet to be seen how the hedge prices will perform in the 4th quarter.
See page three of the following transcript:
http://seekingalpha.com/article/86318-us-a...anscript?page=3