UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 17, 1999
FRONTIER OIL CORPORATION
(Exact name of registrant as specified in its charter)
Wyoming 001-07627 74-1895085
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
10000 Memorial Drive, Suite 600
Houston, Texas 77024-3411
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 688-9600
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Item 5. Other Events
On November 17, 1999, Frontier Oil Corporation issued a press release
announcing the completion of its acquisition of the El Dorado refinery. The
press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, and
the contents of such Exhibit are incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release, dated November 17, 1999.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FRONTIER OIL CORPORATION
By: /s/ Julie H. Edwards
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Julie H. Edwards
Senior Vice President Finance and
Chief Financial Officer
Date: November 18, 1999
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Larry E. Bell
FRONTIER AND EQUILON CLOSE ON THE EL DORADO ACQUISITION
HOUSTON, TEXAS, November 17, 1999 -- Frontier Oil Corporation ("FTO") announced
today that Frontier, a Frontier subsidiary and Equilon Enterprises LLC
("Equilon") have closed the previously announced acquisition of Equilon's
110,000 barrel per day refinery in El Dorado, Kansas. Also as previously
announced, the purchase price was $170 million plus a contingency payment of up
to $40 million to be paid to Equilon over the next eight years if cash flow
generated by the El Dorado Refinery exceeds certain thresholds. Frontier also
purchased the crude oil, intermediate product and finished product inventories
at the plant at closing. The purchase was paid from proceeds of $190 million
11-3/4% Senior Notes due 2009 issued by the Company on November 5, 1999 and a
new working capital facility.
Commercial agreements signed previously include a long-term product off take
agreement with Equiva Trading Company, an affiliate of Equilon, whereby Frontier
will sell gasoline, diesel and jet fuel to Equiva at market prices. The
companies also signed a crude oil supply agreement.
Frontier Chairman and Chief Executive Officer, Jim Gibbs said "We are extremely
pleased with this acquisition. It adds another high quality asset to our
Company, more than triples our refining capacity, expands our markets and
creates many opportunities for us now and in the future."
Frontier currently operates a 41,000 barrel per day crude oil refinery located
in Cheyenne, Wyoming, and markets its refined products principally along the
eastern slope of the Rocky mountains, primarily centered around Denver,
Colorado, the State of Wyoming, and in the other neighboring states. The El
Dorado Refinery also serves the Denver market as well as Kansas City and other
important markets in the Plains States. Frontier's common shares are listed on
the New York Stock Exchange.
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