Frontier Oil Corporation has announced net income of $137.2 million, or $1.28 per diluted share, for the third quarter ended September 30, 2007, compared to net income of $123.6 million, or $1.10 per diluted share, for the same quarter of 2006.
For the first nine months of 2007, net income totaled $455.7 million, or $4.19 per diluted share, compared to $326.8 million, or $2.89 per diluted share, for the first nine months of 2006.
James Gibbs, president and CEO, said: Our net income of $455.7 million for the first nine months of 2007 is more than we have earned in any fiscal year in our history. Our record results have allowed us to make significant growth capital investments in our refineries while returning cash to our shareholders through our share repurchase program.
For Q3 2007 the company generated cash flow before changes in working capital of $137.3 million. The cash balance at the end of Q3 2007 was $432.7 million, down from $530.3 million in the previous quarter. This was due to $75.9 million in share repurchases, $63 million in net capital expenditures and a $93.1 million increase in working capital.
For the first nine months of 2007, the company generated $508.8 million in cash before changes in working capital, while investing approximately $217.6 million in net capital expenditures and $204.1 million in share repurchases.