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December 14, 2001
Frontier Oil Declares Cash Dividend
Frontier Oil Declares Cash Dividend HOUSTON, Dec. 14 /PRNewswire/ -- The Board of Directors of Frontier Oil Corporation (NYSE: FTO) today declared a regular quarterly cash dividend on the Company's common stock of $.05 per share ($.20 annualized). The dividend is payable January 14, 2002 to shareholders of record on December 28, 2001. James Gibbs, Frontier's chairman, president, and CEO commented, "This is the most profitable year in the Company's history and we are pleased to share our success with our shareholders. In addition to the payment of a cash dividend, our share repurchase and debt reduction initiatives are still active, all of which benefit Frontier's shareholders."

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.