Frontier Oil Announces Increased Share Repurchase Authorization and 67% Increase in Quarterly Cash Dividend

Search Blogs that Mention this News Release

Click this link to view linked Bookmarking Services

Click this link to view linked Blogging Services

Frontier Oil Announces Increased Share Repurchase Authorization and 67% Increase in Quarterly Cash Dividend

    HOUSTON, April 24 /PRNewswire-FirstCall/ -- The Board of Directors of
Frontier Oil Corporation (NYSE: FTO) today announced a $100 million
increase to the Company's existing share repurchase authorization and an
increase in the regular quarterly cash dividend to $0.05 per share ($0.20
annualized) from the current level of $0.03 per share, an increase of
approximately 67%. Frontier had repurchased $28.3 million of stock to date
under the previous $100 million authorization, leaving $171.7 million
authorized for future share repurchases. The increased quarterly cash
dividend will be paid on July 11, 2007 to shareholders of record on June
29, 2007.
    Frontier's Chairman, President and CEO, James Gibbs, commented,
"Despite significant capital expenditures for 2007, our cash balance has
increased from the $405.5 million we reported at year-end 2006. We believe
we have more than enough liquidity to complete our previously announced
growth projects and therefore have excess cash available to retire more of
our common stock."
    Frontier operates a 110,000 barrel-per-day refinery located in El
Dorado, Kansas, and a 52,000 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

http://www.frontieroil.com
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600, ext. 145