Frontier Oil Sees Higher Forecasted Earnings; Continues Share Repurchase Initiative
James Gibbs, Chairman, President, and Chief Executive Officer of Frontier, said, "On September 4, 2001 we revised our earnings estimate to at least $0.85 per share for the quarter. Now, two weeks later, we continue to see stronger than expected demand for our refined products in all of our markets." Mr. Gibbs continued, "At this difficult time for our nation, we continue to repurchase our stock because we believe in our country, our economy and our Company."
In estimating the results for the remainder of the third quarter, the Company assumes that operations will continue to run at maximum levels of efficiency with moderate declines in refined product margins. For full year results, the stated range assumes results for the fourth quarter of 2001 more closely in line with current analysts' estimates of $0.36 per share.
Last Friday, September 14, 2001, the Securities and Exchange Commission used its emergency powers to temporarily ease certain regulatory restrictions. These include Rule 10b-18, which establishes certain issuer share buyback rules. Frontier has remaining approximately 2.5 million shares authorized for repurchase under the current stock repurchase program that began in September 1998.
Frontier operates a 110,000 barrel-per-day refinery located in El Dorado, Kansas, and a 41,000 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.
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