Last week WEX, a corporate payments solutions provider, announced that it extended its existing fuel price risk management program through the fourth quarter of 2015.
According to a company press release, WEX purchased instruments to cover a portion of its anticipated domestic fuel price-related earnings exposure for 2015.
"At this time, WEX has hedged approximately 60 percent of its first quarter, 60 percent of its second quarter, 40 percent of its third quarter and 20 percent of its fourth quarter 2015 exposure,” the statement read. “Going forward, the Company intends to hedge approximately 60 percent of its domestic fuel price-related earnings exposure in every quarter on a rolling basis."
Just last month WEX announced that it signed a multi-year extension to provide private label and universal fleet card services for Phillips 66. In that situation, the two companies will expand upon a comprehensive sales and marketing program for direct sales while also supporting the efforts of independent marketers and dealers.