Minneapolis • For an airline, the whole idea of fuel hedging is to protect against big run-ups in oil prices. It didn't work out that way for Delta Air Lines Inc.
Its bets on oil prices went the wrong way, pushing it to a second-quarter loss of $168 million, or 20 cents per share. During the same period last year, Delta had net income of $198 million, or 23 cents per share.
The airline said Wednesday that it lost $561 million on wrong oil price bets that haven't settled yet. It also had $171 million in severance costs from voluntary staff reductions.