June 2008 -- Like several other IW 50 manufacturers, Frontier Oil Corp. operates in the oil industry. The
Houston-based company, which operates a 110,000 barrel-per-day refinery in Kansas and a 52,000
barrel-per-day refinery in Cheyenne, Wyo., enjoyed its most profitable year in company history
in 2007. Net income for the 12-month period totaled $499.1 million, or $4.62 per diluted share,
compared with the previous record of $379.3 million, or $3.37 per diluted share for 2006.
Revenue was $5.2 billion in 2007, compared with $4.8 in the previous year.
Except for a mid-December fire at its Cheyenne facility, the numbers may even have been better.
"Although we are disappointed in the lost opportunity that resulted from the fourth quarter fire
in our Cheyenne coking unit, we are very proud of the nearly $500 million of net income we
reported this year," said James Gibbs, president and CEO, as the annual numbers were released.
In 2007 Frontier generated $566.2 million in cash before changes in working capital. It invested
approximately $280 million in net capital expenditures and $248.5 million in share repurchases.
As of Feb. 26, 2008, the company had spent an additional $52.5 million to repurchase its shares.
