HOUSTON, Aug. 29 /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. Frontier
has repurchased $188.2 million of stock (5.1 million shares) year-to-date
2007 under the previous $200 million authorization. The Company expects to
spend the new $100 million authorization as well the approximately $10
million remaining on the prior authorization during the remainder of 2007.
The Board of Directors also declared a regular quarterly cash dividend
on the Company's common stock of $0.05 per share ($0.20 annualized). The
dividend is payable October 16, 2007 to shareholders of record on September
28, 2007.
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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