HOUSTON, April 15 /PRNewswire-FirstCall/ -- The Board of Directors of
Frontier Oil Corporation (NYSE: FTO) approved a 2-for-1 stock split by means
of a stock dividend on the Company's common stock. Effective with the stock
split, the Board also approved an increase in the regular quarterly dividend
to $0.16 per share annually from the current split-adjusted level of $0.12 per
share annually, an increase of 33%. The increased quarterly dividend would be
paid at the rate of $0.04 per share on a post-split basis ($0.08 per share on
a pre-split basis). The split, and subsequent dividend increase, is subject
to shareholder approval of an amendment to Frontier's articles of
incorporation to increase the number of authorized shares of common stock from
50 million to 90 million at a special shareholders' meeting scheduled for
May 23, 2005.
The record date for the May 23, 2005 special shareholders' meeting will be
April 25, 2005 and if the increase in authorized shares is approved at the
special meeting, the record date for the first dividend at the increased rate
will be June 24, 2005.
The Board of Directors also agreed to review its dividend policy,
including the opportunity to make special dividends, at least semi-annually.
Frontier's Chairman, President, and CEO, James Gibbs commented, "Frontier
remains committed to returning value to our shareholders as efficiently as
possible. Although we have considerable capital expenditure requirements in
2005, our year-end cash balance was over $124 million and we continue to
generate excess free cash flow. We are very enthusiastic about the outlook
for the Company."
Frontier operates a 110,000 barrel-per-day refinery located in El Dorado,
Kansas, and a 46,000 barrel-per-day refinery located in Cheyenne, Wyoming, and
markets its refined products principally along the eastern slope of the Rocky
Mountains and in other neighboring plains states. Information about the
Company may be found on its web site http://www.frontieroil.com .
This news release includes forward-looking statements concerning the
Company. These may include statements of plans or objectives for future
operations, statements about future economic performance or assumptions or
estimates. The accuracy of these forward-looking statements is subject to a
wide range of business risks and changes in circumstances that are described
in our reports that are filed from time to time with the Securities and
Exchange Commission. Actual results and outcomes often differ from
expectations.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.com
CONTACT:
Julie Edwards of Frontier Oil Corporation,
+1-713-688-9600, ext. 120
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