HOUSTON, Nov. 17 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) announced that its Board of Directors approved a new share
repurchase authorization of up to $100 million. Frontier recently completed
the $100 million share repurchase program authorized by the Board in
November of 2005. Frontier repurchased approximately 3.9 million shares of
stock under the prior authorization.
Frontier's Chairman, President, and CEO, James Gibbs said, "While we
are focused on our previously announced internal growth projects, we
believe we have more cash than is necessary for our operations and thus the
Board authorized an additional $100 million in share repurchases. Our Board
of Directors remains committed to returning value to our shareholders."
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 press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the Company expects, believes or anticipates will or may
occur in the future are forward- looking statements. These statements are
based on certain assumptions made by the Company based on its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
Company. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments
may differ materially from those projected in the forward-looking
statements.
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, ext. 145
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