Fuel Price Surge Prompts Airlines to Cut Flights-and Keep Fares High

Dow Jones06:11

Airlines are cutting money-losing flights to protect pricing power as fuel prices march higher, executives said Wednesday.

United Airlines Chief Financial Officer Mike Leskinen said United would drop some flights in December and could cut flights into next year if fuel prices stay high. "We are not flying to maximize market share. We're flying to maximize profitability and free-cash generation. So we'll make those adjustments," he said at an investor conference Wednesday.

The rise in fuel prices since the start of the Iran war has undermined airline profits. But resilient demand is helping carriers absorb the higher costs, executives said. Carriers have cranked fares higher to help cope with the fuel prices as well. "As we look at the demand environment it's very, very strong," said Tom Doxey, Southwest's chief financial officer.

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