Southwest Airlines Reports November

Southwest Airlines Co. announced today that the Company flew 3.8 billion
revenue passenger miles (RPMs) in November 2003, compared to 3.4 billion
RPMs flown in November 2002. Available seat miles (ASMs) increased 3.9
percent to 5.9 billion from the November 2002 level of 5.7 billion. The
load factor for the month was 63.7 percent, compared to 60.5 percent for
November 2002.

James F. Parker, Vice Chairman and Chief Executive Officer, stated:
“Traffic grew a healthy 9.4 percent in November 2003, reflecting, in part,
the benefit of the full Thanksgiving weekend falling into November, as
compared to last year, when the month ended the Saturday after
Thanksgiving. Conversely, while bookings for December 2003 are fine at
this point, year-over-year comparisons for December will be more
difficult, and December`s load factors could fall below last year`s level
of 66.0 percent.
“We also continue to be negatively affected by high energy costs. Even
though we are well-hedged for fourth quarter 2003, we expect our average
jet fuel costs to approximate 75 cents per gallon. At this point, we
expect overall unit costs for fourth quarter 2003 to increase in the four
percent range as compared to last year`s fourth quarter, which is in line
with previous expectations.”
For the eleven months ended November 30, 2003, Southwest flew 44.0 billion
RPMs, compared to 41.5 billion RPMs for the same period in 2002. Available
seat miles increased 4.2 percent to 65.6 billion from the 2002 level of
63.0 billion. The year-to-date load factor was 67.0 percent, compared to
65.9 percent for the same period last year.

This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. All forward-looking
statements involve risks and uncertainties that could cause actual results
to differ materially from the plans, intentions, and expectations
reflected in or suggested by the forward-looking statements. Additional
information concerning the factors, which could cause actual results to
differ materially from the forward-looking statements, are contained in
the Company`s periodic filings with the Securities and Exchange
Commission, including without limitation, the Company`s Annual Report on
Form 10-K for the year ended 2002. The Company undertakes no obligation to
publicly update or revise any forward- looking statements to reflect
events or circumstances that may arise after the date of this press