JBLU - JetBlue Shell Aviation sign aviation fuel purchase deal

2023-03-14 09:17:37 ET

• JetBlue ( NASDAQ: JBLU ) has signed a new purchase agreement with Shell Aviation ( NYSE: SHEL ) to bring additional supply of sustainable aviation fuel (SAF) to Los Angeles International Airport.
• Over the next two years, the airline is expected to take delivery of 10M gallons of blended sustainable aviation fuel at the airport, with delivery starting in the first half of 2023.
• The agreement also provides JetBlue ( JBLU ) with an option to purchase up to 5M gallons more in the third year, either at Los Angeles airport or other airports in JetBlue's ( JBLU ) network.
• The deal will help bring sustainable aviation fuel to ~15% of JetBlue's ( JBLU ) total jet fuel uptake at Los Angeles airport.
• Earlier today, JetBlue ( JBLU ) raised its revenue growth forecast for Q1
• Shares were up around 4% prior to Tuesday's opening bell

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