Analyst: Watch The Cash Transfer From Big Oil To Big Airlines

In a report published Friday, Wolfe Research analyst Hunter Keay suggested that after nearly a decade of airlines funding the oil industry, it appears the reverse could happen in 2015.

Keya noted that U.S. airlines under his coverage are expected to return $9.9 billion to shareholders through dividends and share buybacks, marking an increase from 2014's $4.6 billion.

On the other hand, based on comments from Exxon Mobil Corporation XOM and Chevron Corporation CVX, the two companies will return approximately $24 billion to shareholders, a decrease from the $36 billion they returned a year ago.

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"We thought cash deployment as it relates to an oil windfall would be an interesting topic to address right now in the wake of, once again, falling oil prices," Keya wrote.

Here are the analyst's buyback assumptions:

• American Airlines Group Inc AAL is expected to return $3 billion, representing eight percent of its market cap.
• Allegiant Travel Company ALGT is expected to return $115 million, representing three percent of its market cap.
• Alaska Air Group, Inc. ALK is expected to return $440 million, representing five percent of its market cap.
• Allegiant Travel Company ALGT is expected to return $115 million, representing three percent of its market cap.
• Copa Holdings, S.A. CPA is expected to return $100 million, representing two percent of its market cap.
• Delta Air Lines, Inc. DAL is expected to return $2.5 billion, representing six percent of its market cap.
• Southwest Airlines Co LUV is expected to return $1.5 billion, representing five percent of its market cap.
• Spirit Airlines Incorporated SAVE is expected to return $100 million, representing two percent of its market cap.
• United Continental Holdings Inc UAL is expected to return $1.3 billion, representing five percent of its market cap.
• Allegiant Travel Company ALGT is expected to return $115 million, representing three percent of its market cap.