Industry Alaska

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Boxed water

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• • • • Weighted-Average WTI Call Option Strike Price WTI Forward Curve

(1%) (3%) (2%) (5%) (7%) (7%) (8%) (8%) (11%) (8%) 0.2%

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LUV JBLU AAL ALK DAL UAL AAL UAL DAL JBLU ALK LUV

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