HOUSTON, April 27 /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
cash dividend to $0.03 per share ($0.12 annualized) from the current
split-adjusted level of $0.02 per share, an increase of 50% (on a pre-split
basis the quarterly dividend will be increased from $0.04 per share to
$0.06 per share). The stock 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 90 million to 180 million at a special shareholders' meeting scheduled
for June 9, 2006. The record date for the June 9, 2006 special
shareholders' meeting will be May 11, 2006. If the increase in authorized
shares is approved at the special meeting, the stock dividend will be paid
on June 26, 2006 to shareholders of record on June 19, 2006.
The quarterly cash dividend approved by the Board will be paid on July
12, 2006 to shareholders of record on June 30, 2006.
Frontier's Chairman, President, and CEO, James Gibbs commented, "We
have grown our regular cash dividend by 28% per year since we started
paying a quarterly cash dividend in June of 2001. Additionally, we paid a
$1.00 special cash dividend in January of this year. We are enthusiastic
about the outlook for the Company and Frontier remains committed to
returning value to our shareholders as efficiently as possible."
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
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Related links:
http://www.frontieroil.com
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600 x145
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