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SECURITIES AND EXCHANGE COMMISSION
                                              Washington, D.C. 20549

# FORM 10-K

[X]                            ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)               

                                 OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended:  December 31, 2001
                                                        OR
[   ]                          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)          

 OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from . . . .
to . . . .


                                          Commission File Number:  1-7627

FRONTIER OIL CORPORATION(Exact name of registrant as specified in its charter)

| | Wyoming                                  |  | 74-1895085         
| | ---------------------------------------- |  | -------------------
| | (State or other jurisdiction of          |  | (I.R.S. Employer   
| | incorporation or organization)           |  | Identification No.)
| |                                          |  |                    
| | 10000 Memorial Drive, Suite 600          |  | 77024-3411         
| | Houston, Texas                           |  | (Zip Code)         
| | (Address of principal executive offices) |  |                    

Registrants telephone number, including area code: (713) 688-9600

Securities registered pursuant to Section 12(b) of the Act:

| |                                |  | Name of Each Exchange  
| | ------------------------------ |  | -----------------------
| | Title of Each Class            |  | on Which Registered    
| |                                |  |                        
| | Common Stock                   |  | New York Stock Exchange
| |                                |  |                        
| | 9-1/8% Senior Notes, due 2006  |  | New York Stock Exchange
| |                                |  |                        
| | 11-3/4% Senior Notes, due 2009 |  |                        

Securities registered pursuant to Section 12(g) of the Act:
                                                       None

Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.

Yes [X]   No . . .

Indicate by check mark if
disclosure of delinquent filers pursuant to rule 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.{ }

As of February 27, 2002
there were 25,869,637 common shares outstanding, and the aggregate market value
of the common shares (based upon the closing price of these shares on the New
York Stock Exchange) of Frontier Oil Corporation held by nonaffiliates was
approximately $370 million at that date.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual
Report to Shareholders for the year ended December 31, 2001 are incorporated by
reference into Item 1 of Part I and Items 5 through 8 of Part II.

Portions of the Annual Proxy Statement for the year ended December 31, 2001
 are incorporated by reference into Items 10 through 13 of Part III.

---

Table of Contents

Part I

| | Item 1. | Business                                           
| | ------- | ---------------------------------------------------
| |         | Risk Factors                                       
| | Item 2. | Properties                                         
| | Item 3. | Legal Proceedings                                  
| | Item 4. | Submission of Matters to a Vote of Security Holders

Part II

| | Item 5.  | Market for the Registrants Common Stock and
                Related Stockholder Matters             
| | -------- | -----------------------------------------------------------------------------------------------------
| | Item 6.  | Selected Financial Data                                                                              
| | Item 7.  | Managements Discussion and Analysis of Financial Condition and
                Results of Operations
| | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                           
| | Item 8.  | Financial Statements and Supplementary Data                                                          
| | Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                 

Part III

| | Item 10. | Directors and Executive Officers of the Registrant            
| | -------- | --------------------------------------------------------------
| | Item 11. | Executive Compensation                                        
| | Item 12. | Security Ownership of Certain Beneficial Owners and Management
| | Item 13. | Certain Relationships and Related Transactions                

Part IV

| | Item 14. | Exhibits, Financial Statements Schedules, and Reports on Form 8-K
| | -------- | -----------------------------------------------------------------

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# FORWARD-LOOKING
STATEMENTS

Statements in this Form 10-K concerning us which are (1) projections of revenues, earnings, earnings per share,
capital expenditures or other financial items, (2) statements of plans and objectives for future operations, including
acquisitions, (3) statements of future economic performance, or (4) statements of assumptions or estimates underlying
or supporting the foregoing are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and Section 21E of the Exchange Act.  The ultimate accuracy of forward-looking statements is
subject to a wide range of business risks and changes in circumstances, and actual results and outcomes often differ from
expectations.

Important factors that could cause our actual results to differ materially from estimates or projections contained
in forward-looking statements include, among others:

| | the timing and extent of changes in commodity prices and underlying demand and
availability of crude oil and other refinery feedstocks, refined products and
natural gas;         
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | actions of our customers and competitors;                                                                                                                                         
| | changes in the cost and availability of pipelines and other means of transporting feedstocks and products;                                                                        
| | state and federal environmental, economic, safety and other policies and
regulations, any changes therein, and any legal or regulatory delays or other
factors beyond our control;
| | execution of planned capital projects;                                                                                                                                            
| | weather conditions affecting our operations or the areas in which our products are marketed;                                                                                      
| | political developments in foreign countries;                                                                                                                                      
| | the conditions of the capital markets and equity markets during the periods covered by the forward looking
            statements;                                                
| | earthquakes or other natural disasters affecting operations;                                                                                                                      
| | adverse rulings, judgments or settlements in litigation or other legal matters,
including unexpected environmental remediation costs in excess of any reserves;
and               
| | adverse changes in the credit ratings assigned to our trade credit.                                                                                                               

All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.  We
undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may
be made to reflect events or circumstances after the date of this Form 10-K, or to reflect the occurrence of unanticipated
events.

## PART 1

ITEM I.      BUSINESS

## Summary

The terms Frontier and we as used in this Form 10-K refer to Frontier Oil Corporation and its subsidiaries,
except where it is clear that those terms mean only the parent company.  When we use the term Rocky Mountain
region, we refer to the states of Colorado, Wyoming, Montana and Utah, and when we use the term Plains States, we
refer to the states of Kansas, Nebraska, Iowa, Missouri, North Dakota and South Dakota.

## Overview

We are an independent energy company engaged in crude oil refining and the wholesale marketing of refined
petroleum products.  We operate refineries in Cheyenne, Wyoming and in El Dorado, Kansas with a total crude oil
capacity of over 150,000 barrels per day.  Both of our refineries are complex refineries, which means that they can
process heavier, less expensive types of crude oil and still produce a high percentage of gasoline, diesel fuel and other
high margin refined products.  We focus our marketing efforts in the Rocky Mountain region and the Plains States, which
we believe are among the most attractive refined products markets in the United States.

Cheyenne Refinery.   Our Cheyenne refinery has a permitted crude capacity of 46,000 barrels per day.  We market
its refined products primarily in the eastern slope of the Rocky Mountain region, which encompasses eastern Colorado
(including the Denver metropolitan area), eastern Wyoming and western Nebraska.  The Cheyenne refinery has a coking
unit, which allows the refinery to process up to 100% heavy crude oil for use as a feedstock.  This ability to process
heavy crude oil lowers our crude oil supply costs because heavy crude oil is generally less expensive than lighter types
of crude oil.  For the year ended December 31, 2001, heavy crude oil constituted approximately 91% of the Cheyenne
refinerys total crude oil charge.  For the year ended December 31, 2001, the Cheyenne refinerys product mix included
gasoline (40%), diesel fuel (30%) and asphalt and other refined petroleum products (30%).

El Dorado Refinery.   The El Dorado refinery, acquired on November 16, 1999 from Equilon Enterprises LLC,
is one of the largest refineries in the Plains States and the Rocky Mountain region, with a crude capacity of 110,000
barrels per day.  The El Dorado refinery can select from many different types of crude oil because of its direct access
to the Cushing, Oklahoma hub which is connected by pipeline to the Gulf Coast.  This access, combined with the El
Dorado refinerys complexity, gives it the flexibility to refine a wide variety of crude oils.  In connection with our
acquisition of the El Dorado refinery in late 1999, we entered into a 15-year refined product offtake agreement for
gasoline and diesel production at this refinery with Equiva Trading Company (Equiva), an affiliate of Equilon and a
company owned by Shell Oil Company.  The offtake agreement also provides for Equiva to purchase all jet fuel
production from the El Dorado refinery for five years through 2004.  The offtake agreement will allow us to maximize
the operating efficiency of the El Dorado refinery during the initial years of our ownership.  As our commitments to
Equiva under the refined product offtake agreement decline over the first ten years, we intend to market an increasing
portion of the El Dorado refinerys gasoline and diesel in the same markets in which Equiva currently sells the El Dorado
refinerys production, primarily the Denver and Kansas City metropolitan areas.  For the year ended December 31, 2001,
the El Dorado refinerys product mix included gasoline (54%), diesel and jet fuel (34%) and chemicals and other refined
petroleum products (12%).

## Refining
Operations

Varieties of Crude Oil.   Traditionally, crude oil has been classified as (1) sweet (if sulfur content is low) or sour
(if sulfur content is high), (2) light (if gravity is high) or heavy (if gravity is low) and (3) intermediate (if gravity or
sulphur content is in between).  For the most part, heavy crude oil tends to be sour and light crude oil tends to be sweet.
When refined, light crude oil produces a higher yield of higher margin refined products such as gasoline, diesel and jet
fuel and as a result, is more expensive than heavy crude oil.  In contrast, heavy crude oil produces more low margin by-
products and heavy residual oils.  The discount at which heavy crude oil sells compared to the sales price of light crude
oil is known in the industry as the light/heavy spread.  Coking units, such as the ones used by our refineries, can process
certain by-products and heavy residual oils to produce additional volumes of gasoline and diesel, thus increasing the
aggregate yield of higher margin refined products from the same initial volume of crude oil.

Products.  The Cheyenne and El Dorado refineries are both complex refineries.  Refineries are frequently
classified according to their complexity, which refers to the number, type and capacity of processing units at the refinery.
Each of our refineries also possesses a coking unit which provides substantial upgrading capacity.  Upgrading capacity
refers to the ability of a refinery to produce high yields of high margin refined products such as gasoline and diesel
despite processing significant volumes of heavy and intermediate crude oil.  In contrast, in order to produce high yields
of gasoline and diesel, refineries with low upgrading capacity must process primarily sweet crude oil.  Some low
complexity refineries may be capable of processing heavy and intermediate crude oil, but they will produce large volumes
of by-products and heavy residual oils.  The Cheyenne and El Dorado refineries have high upgrading capacity relative
to other refineries in the Plains States and Rocky Mountain region.  Because gasoline, diesel and jet fuel sales generally
achieve higher margins than are available on other refined products, we expect that these products will continue to make
up the bulk of our production.

In addition to its petroleum refining operations, the El Dorado refinery includes a small petro-chemical complex.
The primary products of the petro-chemical processes are phenol and acetone, the chemical building blocks for sandpaper
adhesive, rubber belts, fiberglass insulation, high-impact plastics, plywood adhesive, medicines, cosmetics and other
useful everyday items.  Demand for petro-chemical products has been on a decline.  Due to reduced demand and weak
prices, we have decided to discontinue production of phenol and acetone.  We intend to shut down the petro-chemical
complex during 2002, and utilize the hydrocarbon streams as feed in other process units.

Marketing and Distribution.

Cheyenne Refinery.   The primary market for the Cheyenne refinerys refined products is the eastern slope area
of the Rocky Mountain region, which includes Colorado and Wyoming.  For the year ended December 31, 2001, we sold
approximately 84% of the Cheyenne refinerys gasoline sales volumes in Colorado and 9% in Wyoming.  For the year
ended December 31, 2001, we sold approximately 40% of the Cheyenne refinerys diesel sales volumes in Colorado and
46% in Wyoming.  Because of the location of the Cheyenne refinery, we are able to sell a significant portion of its diesel
product from a truck rack at the refinery, eliminating any transportation costs.  The gasoline and remaining diesel
produced by this refinery are primarily shipped via pipeline to terminals for distribution by truck or rail.  Pipeline
shipments from the Cheyenne refinery are handled mainly by the Kaneb pipeline, serving Denver and Colorado Springs,
Colorado, and the Continental pipeline, serving Sidney, Nebraska.

We sell refined products from our Cheyenne refinery to a broad base of independent retailers, jobbers and major
oil companies.  Refined product prices are determined by local market conditions at distribution centers known as
terminal racks.  The customer at a terminal rack typically supplies his own truck transportation.  Prices at the terminal
rack are posted daily by sellers.  In the year ended December 31, 2001, approximately 70% of the Cheyenne refinerys
sales were made to its 25 largest customers.  Occasionally, marketing volumes exceed the refinerys production
capabilities.  In those instances, we purchase product in the spot market as needed.

El Dorado Refinery.   The primary markets for the El Dorado refinerys refined products are Colorado and the
Plains States, which include the Kansas City metropolitan area.  The gasoline, diesel and jet fuel produced by the El
Dorado refinery are primarily shipped via pipeline to terminals for distribution by truck or rail.  Pipeline shipments from
the El Dorado refinery are handled mainly by the Kaneb pipeline serving the northern Plains States, the Chase pipeline,
serving Denver, the Williams pipeline, serving Kansas City, Carthage, Missouri and Des Moines, Iowa and the KCPL
pipeline, serving Kansas City.

In connection with our late 1999 refinery acquisition we entered into a 15-year refined product offtake agreement
with Equiva.  For the year ended December 31, 2001, Equiva was the El Dorado refinerys largest customer.  Under the
agreement, Equiva will purchase gasoline, diesel and jet fuel produced by the El Dorado refinery at market-based prices.
Initially, Equiva purchased substantially all of the El Dorado refinerys production of these products.   Beginning in 2000,
we retained and marketed a portion of the refinerys gasoline and diesel production.  This portion will increase 5,000
barrels per day each year for ten years, beginning at 5,000 barrels per day in 2000 rising to 50,000 barrels per day in
2009 and remaining at that level through the term of the agreement.  Equiva will continue to purchase all jet fuel
production for the first five years of the agreement through 2004, but thereafter, we can market all of the El Dorado
refinerys jet fuel production.  The agreement will allow us to focus on maximizing the operating efficiency of our El
Dorado refinery during the initial years of our ownership.  As our sales to Equiva under this agreement decrease, we
intend to sell the gasoline and diesel produced by the El Dorado refinery in the same markets as Equiva currently does,
as described above.

Competition.

Cheyenne Refinery.   The most competitive market for the Cheyenne refinery is the Denver metropolitan area.
Other than the Cheyenne refinery, four principal refineries serve the Denver market: Sinclair Oil Company, which has
a 65,000 barrel per day refinery near Rawlins, Wyoming and a 22,000 barrel per day refinery in Casper, Wyoming;
Ultramar Diamond Shamrock Corporation (UDS), recently acquired by Valero, which has a 28,000 barrel per day
refinery in Denver; and Conoco Inc., which has a 57,500 barrel per day refinery in Denver.  Denver is also supplied by
five product pipelines, including three from outside the region that enable refined products from other regions to be sold
in the Denver market.  Refined products shipped from other regions bear the burden of higher transportation costs.

The UDS and Conoco refineries located in Denver have lower product transportation costs in servicing the Denver
market than we do.  However, the Cheyenne refinery has lower crude oil transportation costs because of its proximity
to the Guernsey, Wyoming hub, the major crude oil pipeline hub in the Rocky Mountain region, and our ownership
interest in the Centennial pipeline, which runs from Guernsey to the Cheyenne refinery.   Moreover, unlike Sinclair, UDS
and Conoco, we only sell our products to the wholesale market.  We believe that this commitment to the wholesale
market gives us a customer relations advantage over our principal competitors in the Eastern Slope area, all of which also
have retail outlets, because we are not in direct competition with independent retailers of gasoline and diesel.

El Dorado Refinery.   The El Dorado refinery faces competition from other Plains States and mid continent
refiners, but the principal competitors for the El Dorado refinery are Gulf Coast refiners.   Although our Gulf Coast
competitors typically have lower production costs than the El Dorado refinery, we believe that their higher refined
product transportation costs allow the El Dorado refinery to compete effectively with these refineries in the Plains States
and Rocky Mountain region.  The Plains States and mid continent region are also supplied by three product pipelines
that originate from the Gulf Coast.

Crude Oil Supply.

Cheyenne Refinery.  In the year ended December 31, 2001, we obtained approximately 39% of the Cheyenne
refinerys crude oil charge from Wyoming, 55% from Canada and 6% from Colorado.  During the same period, heavy
crude oil constituted approximately 91% of the Cheyenne refinerys total crude oil charge.  Cheyenne is 88 miles
southwest of Guernsey, Wyoming, the main hub and crude oil trading center for the Rocky Mountain region.  During
2001, an additional tank was added at Guernsey for heavy crude oil storage, with another expected to be added in 2002.
We transport up to 25,000 barrels per day of the crude oil purchased at Guernsey to the Cheyenne refinery through the
Centennial pipeline.  Additional crude oil volumes are transported on an alternative common carrier pipeline.  Ample
quantities of heavy crude oil are available at Guernsey, including both locally produced Wyoming general sour and
imported Canadian heavy crude oil, which is supplied by the Express pipeline, which runs from Hardisty, Alberta to
Casper, Wyoming.  The Cheyenne refinerys ability to process up to 100% heavy crude oil feedstocks gives us a distinct
advantage over the four other Eastern Slope refineries, none of which has the necessary upgrading capacity to process
high volumes of heavy crude oil.  Upgrading capacity is the ability to produce a higher yield of higher margin refined
products, such as gasoline and diesel, than would otherwise be possible using heavy crude oil feedstock.

We purchase crude oil for the Cheyenne refinery from a number of suppliers, including major oil companies,
marketing companies and large and small independent producers, under arrangements which  contain market-responsive
pricing provisions.  Many of these arrangements are subject to cancellation by either party or have terms that are not in
excess of one year and are subject to periodic renegotiation.

El Dorado Refinery.   In the year ended December 31, 2001, we obtained approximately 59% of the El Dorado
refinerys crude oil charge from Texas, 17% from Kansas, 11% from the Middle East, 9% from Latin America and 4%
from other sources.  El Dorado is 125 miles north of Cushing, Oklahoma, the location of a major crude oil hub.  The
Cushing hub is supplied by the Seaway pipeline, which runs from the Gulf Coast, the Basin pipeline, which runs through
Wichita Falls from West Texas, and the Mobil pipeline, which originates at the Gulf Coast and connects to the Basin
pipeline at Wichita Falls.  The Osage pipeline runs from Cushing to El Dorado and transported approximately 83% of
our crude oil charge during the year ended December 31, 2001.  The remainder of our crude oil charge is transported
to the El Dorado refinery through Kansas gathering system pipelines.

We had a one-year foreign crude oil supply agreement with Equiva which expired November 2001.  Under this
agreement, we purchased some of the crude oil charge for the El Dorado refinery from Equiva, although we were not
obligated to do so.  We were obligated to pay monthly installments towards an annualized commitment fee to Equiva
for making foreign crude volumes available to us under this agreement based on a per barrel fee for crude purchased
under this agreement.  This agreement allowed us to use Equivas worldwide network to acquire foreign crude oil, and
we primarily purchased foreign crude under this agreement, while purchasing domestic and Canadian crude from other
supplies.  We have elected to continue this agreement on a month to month basis for the near  term.  In the event that the
crude supply agreement is not renewed, we will purchase all of our crude oil charge from various third parties and will
continue to rely primarily on the Cushing hub and the Osage pipeline to supply crude oil to the El Dorado refinery.

Refinery Maintenance.   Each of the operating units at our refineries requires regular maintenance and repair
shutdowns (referred to as turnarounds) during which the unit is not in operation.  Turnaround cycles vary for different
units but are generally required every one to five years.  In general, turnarounds at our refineries are managed so that
some units continue to operate while others are down for scheduled maintenance.  We also plan to coordinate operations
by staggering turnarounds at the two refineries.  Maintenance turnarounds are implemented using our regular personnel
as well as some additional contract labor.  Turnaround work typically proceeds on a continuous 24-hour basis to
minimize unit downtime.  We accrue for our turnaround costs.  We normally schedule our maintenance turnaround work
during the spring or fall of each year.  When we perform a turnaround, we build up product inventories prior to the
turnaround to minimize the impact of the turnaround on our sales of refined products.

Safety and Lost Time Accidents.  We are subject to the requirements of the federal Occupational Safety and
Health Act (OSHA) and comparable state occupational safety statues.  We believe that we have operated in substantial
compliance with OSHA requirements, including general industry standards, record keeping and reporting, hazard
communication and process safety management.  The nature of our business may result from time to time in industrial
accidents.  It is possible that changes in safety and health regulations or a finding of non-compliance with current
regulations could result in additional capital expenditures or operating expenses.  The OSHA recordable rate, which is
a measure of the number of safety incidents at a facility per 200,000 man hours of work, increased at our El Dorado
refinery during 2001 as compared to the very low rate which was recorded in 2000.  In order to address this increase,
a behavioral based safety initiative has been started in the El Dorado refinery.

The Cheyenne refinery continued to experience a high OSHA recordable rate during 2001.  The behavioral safety
program initiated in 2000 at the Cheyenne refinery appears to be reversing the negative trend that had developed but the
results have not been as rapid as expected.  Frontier is committed to improving the safety record of both refineries and
believes that an individual behavioral approach is most effective because it changes the culture of the entire workforce.
Changing the culture of an institution is a long and difficult process, but more sustainable than quick fix approaches that
can produce dramatic short-term results which quickly deteriorate.  Our resolve is a safe working environment for
employees who know how to work safely.  Frontier is determined to develop a culture based on safety and plans to devote
the time and resources necessary to achieve a culture committed to safety.

## Government
Regulation

Environmental Matters.   Our refining and marketing operations are subject to a variety of federal, state and local
health and environmental laws and regulations governing product specifications, the discharge of pollutants into the air
and water, and the generation, treatment, storage, transportation and disposal of solid and hazardous waste and materials.
Permits are required for the operation of our refineries, and these permits are subject to revocation, modification and
renewal.  Governmental authorities have the power to enforce compliance with these regulations and permits, and
violators are subject to injunctions, civil fines and even criminal penalties.  We believe that each of our refineries is in
substantial compliance with existing environmental laws, regulations and permits.

Rules and regulations implementing federal, state and local laws relating to health and the environment will
continue to affect our operations, and we cannot predict what additional environmental legislation or regulations will be
enacted or become effective in the future or how existing or future laws or regulations will be administered or interpreted
with respect to products or activities to which they have not been applied previously.  Compliance with more stringent
laws or regulations, as well as more vigorous enforcement policies of regulatory agencies, could have a materially
adverse effect on our financial position and results of operations as well as the refining industry in general, and may result
in substantial expenditures for the installation and operation of pollution control or other environmental systems and
equipment.

Our operations and many of the products we manufacture are specifically subject to certain requirements of the
Clean Air Act (CAA) and related state and local regulations.  The 1990 amendments to the CAA contain provisions that
will require capital expenditures for the installation of certain air pollution control devices at our refineries during the
next several years.  For example, the EPA recently promulgated regulations under authority of Title III of the CAA
Amendments that required refineries to install maximum achievable control technology for the control of hazardous air
pollutants from several refinery processing units and storage vessels.  We expended approximately $600,000 at our
Cheyenne refinery to meet these new hazardous air pollutant control requirements by the regulatory deadline of August
1, 1998.  Subsequent rule making authorized by the CAA or similar laws and directed at other refinery processes may
necessitate additional expenditures in future years.  Because other refineries will be required to make similar
expenditures, we do not expect such expenditures to materially adversely impact our competitive position.

The CAA may authorize the EPA to require modifications in the formulation of the refined transportation fuel
products we manufacture in order to limit the emissions associated with their final use.  For example, reformulated
gasoline (RFG) is required in many areas that fail to meet national ambient air quality standards for ozone.  On December
21, 1999, the EPA promulgated national regulations limiting the amount of sulfur that is to be allowed in gasoline.  The
EPA believes such limits are necessary to protect new automobile emission control systems that may be inhibited by
sulfur in the fuel.  The new regulations require the phase-in of gasoline sulfur standards beginning in 2004 and continuing
through 2008, with special provisions for refiners serving those Western states exhibiting lesser air quality problems and
for small business refiners, such as Frontier.  Since Frontier qualifies as a small business refiner by having 1,500 or fewer
employees and a capacity of less than 155,000 barrels per day during the specified pre-2001 baseline years, the Cheyenne
and El Dorado refineries may comply with an interim gasoline sulfur standard in 2004 that is based on historic gasoline
sulfur levels rather than having to meet the much stricter standard that will be applied to the general industry.  Frontier
will then have between four and seven additional years to reduce our gasoline sulfur content to the national standard (see
discussion below) depending on the deadline we choose to comply with the new diesel fuel sulfur limit.  The total capital
expenditures estimated, as of December 31, 2001, to achieve the final gasoline sulfur standard, are approximately $23
million at the Cheyenne refinery and approximately $26 million at the El Dorado refinery.  Approximately $18 million
of the Cheyenne refinery expenditures are currently expected to be incurred in 2001 through 2003 with the remaining
$5 million in 2009 and 2010.  The expenditures for the El Dorado refinery are expected to be incurred beginning in 2008
and completed in 2010.

The EPA recently promulgated regulations that will limit the sulfur content of highway diesel fuel beginning in
2006 to 15 parts per million.  The current standard is 500 parts per million.  As a small business refiner, Frontier may
choose to comply with the 2006 program and extend our interim gasoline standard by three years (until 2011) or delay
the diesel standard by four years (until 2010) and keep our original gasoline sulfur program timing.  Although still under
deliberation, it is now likely that Frontier will choose to comply with 15 part per million highway diesel sulfur standard
by June 2006 and extend the Companys small refiner interim gasoline sulfur standards at each of our facilities until
2011.  To satisfy a regulatory requirement necessary for the preservation of this compliance option, which is not the same
compliance option that the Company anticipated last year, we recently submitted an application for a highway diesel
volumetric baseline to the EPA.  As of December 31, 2001, capital costs for diesel desulfurization are estimated to be
approximately $6 million for Cheyenne and $35 million for El Dorado.  These compliance costs assume no change in
the current off road or high sulfur diesel specifications which are 5,000 parts per million.

We are aware of recent public concern regarding possible groundwater contamination resulting from the use of
MTBE (methyl tertiary butyl ether) as a source of required oxygen in gasolines sold in specified areas of the country.
Gasoline containing a specified amount of oxygen is required by the Environmental Protection Agency to be used in
those regions that exceed the National Ambient Air Quality Standards for either ozone or carbon monoxide.  That oxygen
requirement may be satisfied by adding to gasoline any one of many oxygen-containing materials including, among
others, MTBE and also ethanol, an oxygen containing compound that is manufactured primarily from renewable
agricultural products and that has not been shown to exhibit the environmental concerns associated with MTBE.  Ethanol
serves as an oxygenate, an octane booster and as an extender of gasoline.  Through a blending terminal, Frontier currently
supplies ethanol oxygenated gasoline to the Denver metropolitan area, a region that has historically exceeded the
National Ambient Air Quality Standard for carbon monoxide during the winter months, from both our Cheyenne and our
El Dorado refineries.  Both refineries use only ethanol as the oxygen-containing additive.  Under  Texaco ownership,
the El Dorado refinery used MTBE from 1988 until 1991.  In the past, MTBE was occasionally added to a small
percentage of gasoline from our Cheyenne refinery at the request of certain customers.  Frontier is not aware of any
environmental concerns or claims related to the supply, distribution or use of its oxygen additives or oxygenated
products.

Our operations are also subject to the Clean Water Act (CWA) and comparable state and local requirements.  The
CWA and analogous laws prohibit any discharge into surface waters and ground waters except in strict conformance with
permits, such as National Pollutant Discharge Elimination System (NPDES) permits, issued by federal and state
governmental agencies.  NPDES permits and analogous water discharge permits are valid for a maximum of five years
and must be renewed.  In addition, changes in our operations may require us to modify our permits.  When permits are
modified or renewed, we may be required to update our wastewater treatment facilities to comply with potentially stricter
discharge limits.

We generate wastes that may be subject to the Resource Conservation and Recovery Act (RCRA) and comparable
state and local requirements.  The EPA and various state agencies have limited the approved methods of disposal for
certain hazardous and nonhazardous wastes.  Some of the disposal methods we used in the past are no longer allowed
or are substantially limited.  This may cause us to incur additional costs for the disposal of wastes and the maintenance
or closure of waste disposal areas.  Because other refineries will be required to make similar expenditures, we do not
expect such expenditures to materially adversely impact our competitive position.

The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), also known as
Superfund, imposes
liability, without regard to fault or the legality of the original conduct, on
certain classes of persons who are considered to be responsible for the release
of a hazardous substance into the environment. These persons include
the owner or operator of the disposal site or sites where the release occurred
and companies that disposed or arranged for the disposal of the hazardous
substances. Under CERCLA, such persons may be subject to joint and several
liability for the costs of cleaning up the hazardous substances that have been
released into the environment, for damages to natural resources and for the
costs of certain health studies. It is not uncommon for neighboring landowners
and other third parties to file claims for personal injury and property damage
allegedly caused by hazardous substances or other pollutants released into the
environment. Analogous state laws impose similar responsibilities and
liabilities on responsible parties. In the course of our historical operations,
as well as in our current ordinary operations, we have generated waste, some of
which falls within the statutory definition of a hazardous substance
and some of which may have been disposed of at sites that may require cleanup
under Superfund.

In 1997, we completed the divestiture of our former oil and gas properties and assets.  While the transactions that
conveyed these properties and assets to new owners were intended to transfer any attendant environmental liabilities to
the new owners, we cannot assure you that we will never be subject to liability for any former activity respecting the
divested oil and gas properties.  Prior to the divestiture, we were named as a potentially responsible party (PRP) under
CERCLA at the Gulf Coast Vacuum Services Superfund Site located in Vermilion Parish, Louisiana.  We have entered
into a consent decree resolving our liabilities as a PRP at this Superfund site.  We believe that any future liabilities related
to this site will not have a material adverse effect on our financial condition.  We also believe that any liability relating
to our historical practices respecting the oil and gas properties will not have a material adverse effect on our financial
condition, results of operations or business.

As is the case with all companies engaged in similar industries, we face potential exposure from future claims and
lawsuits involving environmental matters.  The matters include soil and water contamination, air pollution, and personal
injuries or property damage allegedly caused by substances which we manufactured, handled, used, released or disposed
of.

Cheyenne Refinery.   We are party to an agreement with the state of Wyoming requiring the investigation and
possible eventual remediation of certain areas of the Cheyenne refinerys property which may have been impacted by
past operational activities.  Prior to this agreement, we addressed tasks required under a consent decree entered by the
Wyoming State District Court on November 28, 1984 and involving the state of Wyoming, the Wyoming Department
of Environmental Quality (WDEQ) and the predecessor owners of the Cheyenne refinery.  This action primarily
addressed the threat of groundwater and surface water contamination at the Cheyenne refinery.  As a result of these
investigative efforts, substantial capital expenditures and remediation of conditions found to exist have already taken
place or are in progress.  Additionally, the EPA issued an administrative consent order with respect to the Cheyenne
refinery on September 24, 1990 pursuant to RCRA.  Among other things, this order required a technical investigation
of the Cheyenne refinery to determine if certain areas have been adversely impacted by past operational activities.  Based
upon the results of the investigation, additional remedial action could be required by a subsequent administrative order
or permit.

On March 21, 1995, we entered into an administrative consent order with the WDEQ that generally parallels the
federal order and replaces the 1984 Wyoming consent decree.  Accordingly, the earlier consent decree was dismissed
in an order entered March 21, 1995.  The new consent decree eliminates some of the earlier consent decrees
requirements, unifies state and federal regulatory expectations regarding site investigation and remediation and,
consequently, helps to streamline certain of our current environmental obligations.  The EPA withdrew the September
24, 1990 federal order on March 19, 1997 in recognition of Wyomings assumption of RCRA corrective action authority.
In 1999, a scope of work for the site investigation was agreed upon with the WDEQ and work was initiated to determine
the existence and extent of any historic soils contamination.  At the same time, an understanding was reached with the
WDEQ that any non-safety related on-site remedial activities identified could be scheduled subsequent to eventual
facility closure.  The ultimate cost of any environmental remediation projects that may be identified by the site
investigation required by the new consent order cannot be reasonably estimated at this time.

On October 10, 2001, the First Judicial District Court of the State of Wyoming terminated a consent decree
previously  entered into by Frontier Refining Inc. (Cheyenne Refinery) and the WDEQ in recognition of the completion
by Frontier of the requirements of the decree.  Completion of the terms of the decree, which combined resolution of two
separate notices of violation alleging non-compliance with certain administrative requirements related to the facilitys
air emission permit, included, in part, payment by the Company of a penalty in the amount of $105,000 and completion
of certain supplemental environmental projects.

El Dorado Refinery.  The El Dorado refinery is subject to a 1988 consent order with the Kansas Department
of Health and the Environment (KDHE).  This order, including various subsequent modifications, requires the refinery
to continue the implementation of a groundwater management program with oversight provided by the KDHE Bureau
of Environmental Remediation.  More specifically, the refinery must continue to operate the hydrocarbon recovery well
systems and containment barriers at the site and conduct sampling from monitoring wells and surface water stations.
Quarterly and annual reports must also be submitted to the KDHE.  The order requires that remediation activities
continue until KDHE-established groundwater criteria or other criteria agreed to by the KDHE and the refinery are met.
Subject to the terms of the purchase and sale agreement, Equilon will be responsible for the costs of continued
compliance with this order.

The most recent National Pollutant Discharge Elimination System (NPDES) permit issued to the El Dorado
refinery requires, in part, the preparation and submittal of an engineering report identifying certain refinery wastewater
treatment plant upgrades necessary to allow routine compliance with applicable discharge permit limits.  In accordance
with the provisions of the purchase and sale agreement, Equilon will be responsible for the first $2 million of any
required wastewater treatment system upgrades.  If required system upgrade costs exceed this amount, Equilon and
Frontier will share, based on a sliding scale percentage, up to another $3 million in upgrade costs.  Subject to the terms
of the purchase and sale agreement, Equilon will be responsible for up to $5 million in costs, in addition to Equilons
obligation for the wastewater treatment system upgrade, relating to safety, health and environmental conditions after
closing arising from Equilons operation of the El Dorado refinery that are not covered under a ten-year insurance policy.
This insurance policy has $25 million coverage through November 17, 2009 for environmental liabilities, with a
$500,000 deductible, and will reimburse us for losses related to all known and some unknown conditions existing prior
to our acquisition of the El Dorado refinery.  The first phase of wastewater treatment system upgrades was completed
in 2001 at a cost of $2.6 million with payment apportioned as described above.

On August 18, 2000,  we entered into a Consent Agreement and Final Order of the Secretary with the Kansas
Department of Health and Environment that required the initiation of a wastewater toxicity testing program to commence
upon the completion of the wastewater treatment upgrades described above. The Company further agreed to undertake
a program designed to identify and remedy any wastewater toxicity non-compliance issues remaining after the first phase
of wastewater treatment system upgrades  were completed.   Wastewater toxicity testing subsequent to the commissioning
of the upgrades did not confirm satisfactory, routine compliance with permit limits.  As a result, we have submitted a
proposed Toxicity Identification and Elimination plan to the Kansas Department of Health and the Environment that we
believe will facilitate resolution of the remaining wastewater quality concerns.

Centennial Pipeline Regulation.   We have a 34.72% undivided ownership interest in the Centennial pipeline.
Conoco Pipe Line Company is the sole operator of the Centennial pipeline as well as the holder of the remaining
ownership interest.  The Centennial pipeline runs approximately 80 miles from Guernsey to Cheyenne, Wyoming.  The
Cheyenne refinery receives up to 25,000 barrels per day of crude oil feedstock through the Centennial pipeline.  Under
the terms of the operating agreement for the Centennial pipeline, the costs and expenses incurred to operate and maintain
the Centennial pipeline are allocated to us on a combined basis, based on our throughput and our ownership interest.
The Centennial pipeline is subject to numerous federal, state and local laws and regulations relating to the protection of
health, safety and the environment.  We believe that the Centennial pipeline is operated in accordance with all applicable
laws and regulations.  We are not aware of any material pending legal proceedings to which the Centennial pipeline is
a party.

## Employees

At December 31, 2001, we employed approximately 726 full-time employees in the refining operations, 63 of
whom were in the Houston and Denver offices, 261 at the Cheyenne refinery, and 402 at the El Dorado refinery.  The
Cheyenne refinery employees include 91 administrative and technical personnel and 170 union members.  The El Dorado
refinery employees include 128 administrative and technical personnel and 274 union members.  The union members
at our refineries are represented by seven bargaining units, the largest being the Paper, Allied-Industrial, Chemical and
Energy Workers International Union (PACE) and the others being affiliated with the AFL-CIO.  At the Cheyenne
refinery, our current contract with PACE expires in July 2002 while our current contract with the AFL-CIO affiliated
unions expires in June 2005.  Negotiations at Cheyenne are expected to commence during the second quarter of 2002
to reach a new agreement with PACE.  At the El Dorado refinery, PACE ratified a new contract with us on February 6,
2002 that expires January 31, 2006.

# RISK FACTORS

We depend upon our subsidiaries for cash to meet our debt obligations.  Our ability to obtain cash from our
subsidiaries may be restricted by our banks.

We are a holding company.  Our subsidiaries conduct all of our consolidated operations and own substantially
all of our consolidated assets.  Consequently, our cash flow and our ability to meet our debt service obligations depend
upon the cash flow of our subsidiaries and the payment of funds by our subsidiaries to us in the form of dividends, tax
sharing payments or otherwise.  Their ability to make any payments will depend on their earnings, the terms of their
indebtedness, tax considerations and legal restrictions.  We have no special purpose entities (SPEs).

Specifically, our subsidiaries are prohibited from transferring cash in the form of dividends, loans or advances
when there are any cash advances outstanding under the credit facility or when there is a default or event of default under
the credit facility.  The credit facility includes certain financial covenant requirements relating to our working capital,
tangible net worth and earnings before interest, taxes, depreciation and amortization.  Borrowing under the credit facility
also must be reduced to zero for at least five consecutive business days during each calendar year.  If we do not do this,
an event of default occurs under our credit facility.  Accordingly, the existence of borrowing or a default or event of
default under our  credit facility could adversely affect our ability to have sufficient cash to pay our obligations.

We have significant
indebtedness that may affect our ability to operate our business.

As of December 31, 2001, we had $209 million principal amount of total consolidated debt, and we may incur
other indebtedness in the future, including borrowing under our $175 million credit facility.

Our high level of indebtedness could have important consequences, such as:

| | limiting our ability to obtain additional financing to fund our working capital,
expenditures, debt service requirements or for other purposes;              
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| | limiting our ability to use operating cash flow in other areas of our business
because we must dedicate a substantial portion of these funds to service debt;
| | limiting our ability to compete with other companies who are not as highly leveraged; and                                                                    
| | limiting our ability to react to changing market conditions, in our industry and in our customers industries
            and economic downturns.            

Our ability to satisfy our debt obligations will depend upon our future operating performance.  Prevailing
economic conditions and financial, business and other factors, many of which are beyond our control, will affect our
ability to make payments on our debt obligations.  If we cannot generate sufficient cash from operations to meet our other
obligations, we may need to refinance or sell assets.  We cannot assure you that our business will generate sufficient cash
flow, or that we will be able to obtain sufficient funding, to make the payments required by all of our debt.

Crude oil prices and refining margins significantly impact our cash flow and have fluctuated significantly in the
past.

Our cash flow from operations is primarily dependent upon producing and selling quantities of refined products
at margins that are high enough to cover our fixed and variable expenses.  In recent years, crude oil costs and crack
spreads have fluctuated substantially.  Factors that may affect crude oil costs and refined product prices include:

| | overall demand for crude oil and refined products;                             
|- | -------------------------------------------------------------------------------
| | general economic conditions;                                                   
| | the level of foreign and domestic production of crude oil and refined products;
| | the availability of imports of crude oil and refined products;                 
| | the marketing of alternative and competing fuels; and                          
| | the extent of government regulation.                                           

Crude oil supply contracts are generally short-term contracts with price terms that change as market prices change.
Our crude oil requirements are supplied from sources that include:

| | major oil companies;            
|- | --------------------------------
| | crude oil marketing companies;  
| | large independent producers; and
| | smaller local producers.        

The prices we receive for our refined products are affected by:

| | global market dynamics;                                                                        
|- | -----------------------------------------------------------------------------------------------
| | product pipeline capacity;                                                                     
| | local market conditions, and                                                                   
| | the level of operations of other refineries in the Plains States and the Rocky Mountain region.

The price at which we can sell gasoline and other refined products is strongly influenced by the commodity price
of crude oil.  Generally, an increase or decrease in the price of crude oil results in a corresponding increase or decrease
in the price of gasoline and other refined products.  However, if crude oil prices increase significantly, our operating
margins would fall unless we could pass along these price increases to our customers.  From time to time, we purchase
forward crude oil supply contracts and have entered into forward product agreements to hedge excess inventories.
Related to the El Dorado refinery, we have from time to time hedged our refined product spreads.

In addition, our refineries maintain inventories of crude oil, intermediate products and refined products, the value
of each being subject to rapid fluctuations in market prices.  We record our inventories at the lower of cost (as
determined on a FIFO basis) or market price.  As a result, a rapid and significant increase or decrease in the market prices
for crude oil or refined products could have a significant short-term impact on our earnings and cash flow.

Our profitability is
linked to the light/heavy crude oil price spread, which remained high for three
quarters in 2001, but declined in the fourth quarter and may continue to
decline.

Our profitability, particularly at the Cheyenne refinery, is linked to the price spread between light and heavy crude
oil.  We prefer to refine heavy crude oil because it provides a wider refining margin than does light crude.  Accordingly,
any tightening of the light/heavy spread will reduce our profitability.  During 2001, crude prices remained high making
it economical for companies to produce heavy crude oil, which sells at a discount to light crude.  As crude oil prices
declined during the fourth quarter of 2001the light/heavy spread began to narrow.  We cannot assure you that crude oil
prices will remain at their current levels nor that the light/heavy spread will not decline further.

## Our refineries
face operating hazards.

All of our refining activities currently are conducted at the Cheyenne and El Dorado refineries, which are our
principal assets.  As a result, our operations are subject to significant interruption and our profitability impacted  if either
refinery experiences a major accident or fire, is damaged by severe weather or other natural disaster, or otherwise is
forced to curtail its operation or shut down.  If the Centennial pipeline, which runs from the Guernsey Station to the
Cheyenne refinery or the Osage pipeline, which runs from the Cushing, Oklahoma hub to the El Dorado refinery,
becomes inoperative, crude oil would have to be supplied to these refineries through an alternative pipeline or from
additional tank trucks to the Cheyenne refinery, which could hurt our business and profitability. In addition, despite our
safety procedures, a major accident, fire or other event could damage either refinery or the environment or cause personal
injuries.  Although we maintain business interruption, property and other insurance against these risks in amounts that
we believe are economically prudent, if either refinery experiences a major accident or fire or an interruption in supply
or operations, our business could be materially adversely affected.  In addition, our refineries consist of many processing
units, a number of which have been in operation for a long time.  Although we schedule down time for repair or
turnaround, for each unit every one to five years, we cannot assure you that one or more of the units will not require
additional, unscheduled turnarounds for unanticipated maintenance or repairs.

As our commitment to Equiva under the refined product offtake agreement declines, we will have to find new
customers for the gasoline and diesel fuel produced at the El Dorado refinery.  We may not be able to do this
successfully.

We have entered into a 15-year refined product offtake agreement with Equiva.  Under this agreement, Equiva
will purchase most of the gasoline and diesel production of the of the El Dorado refinery at market-based prices.
Initially, Equiva purchased substantially all of the El Dorado refinerys production of these products.  Beginning in 2000,
we retained and marketed a portion of the refinerys gasoline and diesel production.  This portion will increase by 5,000
barrels per day each year for ten years, beginning at 5,000 barrels per day in 2000, rising to 50,000 barrels per day by
2009 and remaining at this level through the term of this agreement.  Equiva will purchase substantially all gasoline and
diesel production in excess of these amounts.  The offtake agreement also provides for Equiva to purchase all jet fuel
production from the El Dorado refinery for five years (through most of 2004).   Since we will have to market an
increasing portion of the El Dorado refinerys gasoline and diesel production over the next ten years, as well as jet fuel
after 2004, we will have to find new customers for these refined products.  These customers may be in markets that we
have not previously sold to, and it may be difficult for us to find customers for these products.  If we cannot find
customers in locations convenient to the El Dorado refinery, our revenues and profits may be reduced.

## Raw material
supplies are uncertain.

While we believe that an adequate supply of crude oil and other feedstocks will be available to our refineries to
sustain our operations at current levels, we cannot assure you that this situation will continue.  If additional supplemental
crude oil becomes necessary, we may require the consent or cooperation of third parties and be subject to other
conditions beyond our control.  See Business-Refining Operations-Crude Oil Supply.

We face substantial competition from other refining and pipeline companies.

The refining industry is highly competitive.  Many of our competitors are large, integrated, major or independent
oil companies that, because of their more diverse operations, larger refineries and stronger capitalization, may be better
than we are to withstand volatile industry conditions, including shortages or excesses of crude oil or refined products
or intense price competition at the wholesale level.  Many of these competitors have financial and other resources
substantially greater than ours.  In addition, we are aware of several proposals or industry discussions regarding new or
expanded refined product pipelines that if completed could impact portions of our marketing areas.  The completion of
any of these projects would increase competition by increasing the available capacity to transport refined products to the
Plains States and Rocky Mountain region.  See Business-Refining Operations-Competition.

Our operating results are
seasonal and generally are lower in the first and fourth quarters of the year.

Demand for gasoline and asphalt products is higher during the summer months than during the winter months due
to seasonal increases in highway traffic and road construction work.  As a result, our operating results for the first and
fourth calender quarters are generally lower than for those for the second and third quarters.  Diesel demand has
historically been more stable because two major east-west truck routes and two major railroads cross one of our principal
marketing areas.  However, reduced road construction and agricultural work during the winter months does somewhat
depress demand for diesel in the winter months.

Our operations involve
environmental risks that may require us to make substantial capital expenditures
to remain in compliance or that could give rise to material liabilities.

Our operations are subject to a variety of federal, state and local environmental laws and regulations governing
the discharge of pollutants into the air and water, product specifications and the generation, treatment, storage,
transportation and disposal of solid and hazardous waste and materials.  Environmental laws and regulations that affect
our operations, processes and margins have become, and are becoming, increasingly stringent.  Examples are the Clean
Air Act Amendments of 1990 and the additional environmental regulations adopted by the United States Environmental
Protection Agency (EPA) and state and local environmental agencies to implement the Clean Air Act Amendments.  We
cannot predict the nature, scope or effect of legislation or regulatory requirements that could be imposed in the future
or how existing or future laws or regulations will be administered or interrupted with respect to products or activities to
which they have not been previously applied.  Compliance with more stringent laws or regulations, as well as more
vigorous enforcement policies of the regulatory agencies, could adversely affect our financial position and results of
operations and could require us to make substantial expenditures.  See Business-Government Regulation-Environmental
Matters.

Our business is inherently subject to accidental spills, discharges or other releases of petroleum or hazardous
substances that may give rise to liability to governmental entities or private parties under federal, state or local
environmental laws, as well as under common law.  We cannot assure you that accidental discharges will not occur in
the future, that future action will not be taken in connection with past discharges, that governmental agencies will assess
penalties against us in connection with any past or future contamination, or that third parties will not assert claims against
us for damages allegedly arising out of any past or future contamination.  See Business-Government Regulation-
Environmental Matters.

We may have labor
relations issues as some of our employees are represented by unions.

We believe that our current relations with our employees are good.  However, we cannot assure you that our
employees will not strike at some time in the future or that such a strike would not adversely affect our operations.  See
Business--Employees.

ITEM 2.        PROPERTIES

## Refining Operations

We own the 125 acre site of the Cheyenne refinery in Cheyenne, Wyoming and the 1,100 acre site of the El
Dorado refinery in El Dorado, Kansas.  The following tables sets forth the refining operating statistical information on
a consolidated basis and for each refinery for 2001, 2000 and 1999.

Consolidated (does not include El Dorado preacquisition data for 1999):

`Year Ended December 31,                                                       2001           2000           1999
                                                                          -----------    -----------    -----------
Charges (bpd)
    Light crude                                                                31,456         35,605         10,250
    Heavy and intermediate crude                                              111,061        105,529         39,315
    Other feed and blend stocks                                                15,538         14,884          7,589
                                                                          -----------    -----------    -----------
       Total                                                                  158,055        156,018         57,154

Manufactured product yields (bpd)
    Gasoline                                                                   78,126         76,795         24,923
    Diesel and jet fuel                                                        51,210         50,924         17,340
    Asphalt                                                                     6,067          7,407          6,103
    Chemicals                                                                   1,370          1,804            232
    Other                                                                      18,416         15,956          6,879
                                                                          -----------    -----------    -----------
       Total                                                                  155,189        152,886         55,477

Total product sales (bpd)
    Gasoline                                                                   83,737         83,070         29,728
    Diesel and jet fuel                                                        51,539         51,568         17,156
    Asphalt                                                                     6,875          6,490          6,125
    Chemicals                                                                   1,413          1,964             44
    Other                                                                      15,536         15,066          4,840
                                                                          -----------    -----------    -----------
       Total                                                                  159,100        158,158         57,893

Operating margin information (per sales bbl)
    Average sales price                                                   $     32.53    $     35.20    $     23.73
    Raw material, freight and other costs (FIFO inventory accounting)           25.69          30.41          20.31
                                                                          -----------    -----------    -----------
       Product spread                                                            6.84           4.79           3.42
    Refinery operating expenses excluding depreciation                           3.27           3.07           2.71
    Depreciation                                                                  .42            .39            .61
                                                                          -----------    -----------    -----------
       Operating margin                                                   $      3.15    $      1.33    $       .10

Average West Texas Intermediate crude oil price at Cushing, OK            $     26.09    $     31.25    $     19.20

Average sales price (per sales bbl)
    Gasoline                                                              $     35.85    $     38.09    $     26.61
    Diesel and jet fuel                                                         34.12          37.19          25.92
    Asphalt                                                                     22.81          25.39          18.50
    Chemicals                                                                   70.81          70.52          57.50
    Other                                                                       10.21          12.16           4.59`

## Cheyenne Refinery:

`Year Ended December 31,                                                       2001           2000           1999
                                                                          -----------    -----------    -----------
Charges (bpd)
    Light crude                                                                 3,390          2,465          4,678
    Heavy crude                                                                32,790         36,568         32,223
    Other feed and blend stocks                                                 4,626          4,996          5,676
                                                                          -----------    -----------    -----------
       Total                                                                   40,806         44,029         42,577

Manufactured product yields (bpd)
    Gasoline                                                                   15,956         17,441         16,889
    Diesel                                                                     12,091         12,542         12,670
    Asphalt and other                                                          11,657         12,832         11,842
                                                                          -----------    -----------    -----------
       Total                                                                   39,704         42,815         41,401

Total product sales (bpd)
    Gasoline                                                                   21,090         22,492         21,976
    Diesel                                                                     12,031         12,583         12,689
    Asphalt                                                                     6,875          6,490          6,125
    Other                                                                       3,877          4,804          3,769
                                                                            ---------      ---------    -----------
       Total                                                                   43,873         46,369         44,559

Operating margin information (per sales bbl)
    Average sales price                                                   $     32.88    $     34.19    $     22.73
    Raw material, freight and other costs (FIFO inventory accounting)           24.85          28.51          18.27
                                                                          -----------    -----------    -----------
       Product spread                                                            8.03           5.68           4.46
    Refinery operating expenses excluding depreciation                           3.39           2.83           2.77
    Depreciation                                                                  .85            .73            .71
                                                                          -----------    -----------    -----------
       Operating margin                                                   $      3.79    $      2.12    $       .98

Light/heavy crude spread (per bbl)                                        $      7.07    $      5.09    $      2.17

Average sales price (per sales bbl)
    Gasoline                                                              $     38.81    $     40.03    $     26.12
    Diesel                                                                      36.40          39.22          24.78
    Asphalt                                                                     22.81          25.39          18.50
    Other                                                                        7.58           5.61           2.88`

El Dorado Refinery (including preacquisition data for 1999):

`Year Ended December 31,                                                       2001           2000           1999
                                                                          -----------    -----------    -----------
Charges (bpd)
    Light crude                                                                28,066         33,140         34,798
    Heavy and intermediate crude                                               78,272         68,961         68,440
    Other feed and blend stocks                                                10,912          9,888         11,658
                                                                          -----------    -----------    -----------
       Total                                                                  117,250        111,989        114,896

Manufactured product yields (bpd)
    Gasoline                                                                   62,170         59,354         62,785
    Diesel and jet fuel                                                        39,119         38,382         38,907
    Chemicals                                                                   1,370          1,804          1,936
    Other                                                                      12,825         10,531          9,358
                                                                          -----------    -----------    -----------
       Total                                                                  115,484        110,071        112,986

Total product sales (bpd)
    Gasoline                                                                   62,646         60,579         63,040
    Diesel and jet fuel                                                        39,508         38,985         39,061
    Chemicals                                                                   1,413          1,964          1,758
    Other                                                                      11,659         10,262         10,055
                                                                          -----------    -----------    -----------
       Total                                                                  115,226        111,790        113,914

Operating margin information (per sales bbl)
    Average sales price                                                   $     32.40    $     35.62     $    22.28
    Raw material, freight and other costs (FIFO inventory accounting)           26.01          31.20          17.65
                                                                          -----------    -----------    -----------
       Product spread                                                            6.39           4.42           4.63
    Refinery operating expenses excluding depreciation                           3.22           3.17           3.46
    Depreciation, Frontier basis                                                  .26            .25            .25
                                                                          -----------    -----------    -----------
       Operating margin                                                   $      2.91    $      1.00    $       .92

Average sales price (per sales bbl)
    Gasoline                                                              $     34.85    $     37.37    $     24.80
    Diesel and jet fuel                                                         33.43          36.53          23.64
    Chemicals                                                                   70.81          70.52          56.08
    Other                                                                       11.08          15.22          (4.68)`

## Other
Properties

We lease approximately 6,500 square feet of office space in Houston for our corporate headquarters under a six and
one half year lease expiring in October 2004.  For our refining operations headquarters we lease approximately 18,000
square feet in Greenwood Village, Colorado under a seven-year lease expiring in July 2002 and have entered into a
sublease agreement to lease approximately 25,000 square feet in Denver, Colorado beginning August 2002 through
December 2006.

ITEM 3.        LEGAL PROCEEDINGS

We are not a party to any material pending legal proceedings.  We are a party to ordinary routine litigation incidental
to our business.

ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

## PART II

ITEM 5.        MARKET FOR THE REGISTRANTS COMMON STOCK AND RELATED STOCKHOLDER MATTERS

The information in the 2001 Annual Report to Shareholders under the heading Common Stock is incorporated
herein by reference.

ITEM 6.        SELECTED FINANCIAL DATA

The information in the 2001 Annual Report to Shareholders under the heading Five-Year Financial Data is
incorporated herein by reference.

ITEM 7.        MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
            OPERATIONS

The information in the 2001 Annual Report to Shareholders under the heading Management's Discussion and
Analysis is incorporated herein by reference.

ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The information in the 2001 Annual Report to Shareholders under the heading Market Risks is incorporated
herein by reference.

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and the data contained in the 2001 Annual Report to Shareholders are incorporated herein
by reference.  See index to financial statements and supplemental data appearing under Item 14(a)1.

ITEM 9.        CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE

None.

## PART III

The information called for by Part III of this Form is incorporated by reference from the Companys definitive
proxy statement to be filed with the Commission pursuant to Regulation 14A within 120 days after the close of its last
fiscal year.

## PART IV

ITEM 14.       EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

|(a)1. | Financial Statements and Supplemental Data | Page*
|----- | ------------------------------------------ | -----

---

| | Consolidated Statements of Operations                      | 23
| | ---------------------------------------------------------- | --
| | Consolidated Balance Sheets                                | 24
| | Consolidated Statements of Cash Flows                      | 25
| | Consolidated Statements of Changes in Shareholders' Equity | 26
| | Notes to Consolidated Financial Statements                 | 28
| | Report of Independent Public Accountants                   | 40
| | Selected Quarterly Financial Data                          | 20

| | *Reference to pages in the 2001 Annual Report to Shareholders (as published), which portions thereof are
   incorporated herein by reference.
| | ---------------------------------------------------------------------------------------------------------------------------------------------

(a)2.    Financial Statements Schedules

| | Report of Independent Public Accountants
  Schedule I - Condensed Financial Information of Registrant
  Schedule II - Valuation and Qualifying Accounts
  Other Schedules are omitted because of the absence of the conditions under which they
  are required or because the required information is included in the financial
  statements or notes thereto.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(a)3.  List of Exhibits

|*  | 3.1   -   | Articles of Domestication of the Company, as amended (filed as Exhibit 2.3 to Registration Statement No.
              2-62518 and Exhibit 2.2 to Registration Statement No. 2-69149).                                                                                                                                                                                                                                                                                                                                                                                                              
|-- | --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*  | 3.2   -   | Articles of Amendment to the Restated Articles of Incorporation of the Company (filed as Exhibit 3.2 to
              Registration Statement No. 333-47745 dated May 4, 1998).                                                                                                                                                                                                                                                                                                                                                                                                                      
|*  | 3.3   -   | Fourth restated By-Laws of the Company as amended through February 20,
1992 (filed as Exhibit 3.2 to Form 10-K dated December 31, 1992).                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|*  | 4.1   -   | Indenture dated as of February 9, 1998 between the Company and Chase Bank
of Texas, National Association, as Trustee relating to the Companys 9-1/8%
Senior Notes due 2006 (filed as Exhibit 4.8 to Registration Statement No.
333-47745 dated May 4, 1998).                                                                                                                                                                                                                                                                                                                                       
|*  | 4.2   -   | Indenture dated as of November 12, 1999, among the Company and Chase Bank
of Texas, National Association, as Trustee relating to the Companys
11-3/4% Senior Notes due 2009 (filed as Exhibit 4.1 to Form 8-K dated November
19, 1999).                                                                                                                                                                                                                                                                                                                                                            
|*  | 10.1   -  | Asset Purchase and Sale Agreement among Frontier El Dorado Refining
Company, as buyer, Frontier Oil Corporation, as Guarantor and Equilon
Enterprises LLC, as seller, dated as of October 19, 1999 (filed as Exhibit 10.1
to Form 8-K dated December 1, 1999).                                                                                                                                                                                                                                                                                                                                      
|*  | 10.2   -  | Revolving Credit Agreement dated as of November 16, 1999 among Frontier
Oil and Refining Company, as borrower, the lenders named therein, Union Bank of
California, N.A., as administrative agent, documentation agent and lead
arranger, and Paribas, as syndication agent and lead arranger (filed as Exhibit
10.2 to Form 8-K dated December 1, 1999).                                                                                                                                                                                                                                           
|*  | 10.3   -  | Purchase and Sale Agreement, dated May 5, 1997, for the sale of Canadian
oil and gas properties (filed as an Exhibit to From 8-K filed June 30, 1997).                                                                                                                                                                                                                                                                                                                                                                                                                                              
|*+ | 10.4   -  | Frontier Oil Corporation 1999 Stock Plan (filed as Exhibit 99.1 to
Registration Statement No 333-83971 dated July 29, 1999).                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|*+ | 10.5   -  | The 1968 Incentive Stock Option Plan as amended and restated (filed as
Exhibit 10.1 to Form 10-K dated December 31, 1987).                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|*+ | 10.6   -  | The 1977 Stock Option Plan as amended and restated (filed as Exhibit 10.2
to Form 10-K dated December 31, 1989).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|*+ | 10.7   -  | 1995 Stock Grant Plan for Non-employee Directors (filed as Exhibit 10.14
to Form 10-Q dated June 30, 1995).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|*+ | 10.8   -  | Wainoco Deferred Compensation Plan dated October 29, 1993 (filed as
Exhibit 10.19 to Form 10-K dated December 31, 1994).                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|*+ | 10.9   -  | Wainoco Deferred Compensation Plan for Directors dated May 1, 1994 (filed
as Exhibit 10.20 to Form 10-K dated December 31, 1994).                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|+  | 10.10   - | Executive Employment Agreement dated December 18, 2000 between the Company and W. Reed
              Williams.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|+  | 10.11   - | Executive Employment Agreement dated December 18, 2000 between the Company and James R. Gibbs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|+  | 10.12   - | Executive Employment Agreement dated December 18, 2000 between the Company and Julie H. Edwards.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|+  | 10.13   - | Executive Employment Agreement dated December 18, 2000 between the Company and J. Currie Bechtol.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|+  | 10.14   - | Executive Employment Agreement dated December 18, 2000 between the Company and Jon D. Galvin.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|+  | 10.15   - | Executive Employment Agreement dated December 18, 2000 between the Company and Gerald B. Faudel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|+  | 10.16   - | Executive Employment Agreement dated February 28, 2001 between the Company and Nancy J. Zupan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|*  | 10.17   - | First Amendment to Revolving Credit Agreement and Guaranty dated
September 20, 2000 among Frontier Oil and Refining Company, the lenders named
therein, Union Bank of California, N.A., as administrative agent, documentation
agent and lead arranger, and BNP Paribas, as syndication agent and lead
arranger.

               (filed as Exhibit 10.02 to Form 10-Q dated September 30, 2000).                                                                                                                                                                                                    
|*  | 10.18   - | Second amendment to Revolving Credit Agreement and Guaranty and First Amendment to Clawback
              Agreement dated June 20, 2001 among Frontier Oil and Refining Company, as borrower, each of Frontier
              Holdings Inc., Frontier Refining & Marketing Inc., Frontier Refining Inc., Frontier El Dorado Refining
              Company and Frontier Pipeline Inc., as guarantors, the lenders named therein and Union Bank of
              California, N.A., as administrative agent for the lenders.
               (filed as Exhibit 10.01 to Form 10-Q dated August 7, 2001).
|*  | 10.19   - | Form S-8. A report on Form S-8 was filed on March 13, 2001. This report
included Items 3, 6, 8 and 9 and the purpose was to register 1,000,000 shares of
the Companys common stock to be used in the Frontier Oil Corporation
Restricted Stock Plan.                                                                                                                                                                                                                                                                                                                                               
|   | 13.1   -  | Portions of the Companys 2001 Annual Report covering pages 14 through 40.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | 21.1   -  | 21.1  -  Subsidiaries of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | 23   -    | Consent of Arthur Andersen LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

*  Asterisk indicates exhibits incorporated by reference as shown.
+  Plus indicates management contract or compensatory plan or arrangement.

(b)      Reports on Form 8-K

None.

(c)      Exhibits

| | The
Companys 2001 Annual Report is available upon request. Shareholders of the
Company may obtain a copy of any other exhibits to this Form 10-K at a charge of
$.05 per page. Requests should be directed to:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Investor Relations
           Frontier Oil Corporation
           10000 Memorial Drive, Suite 600
           Houston, Texas 77024-3411
| | --------------------------------------------------------------------------------------------------------------------------------------

(d)       Schedules

Report of Independent Public Accountants on Financial Statement Schedules:

To Frontier Oil Corporation:

We have audited in accordance with auditing standards generally accepted in the United States, the financial
statements included in Frontier Oil Corporations annual report to shareholders incorporated by reference in this Form
10-K, and have issued our report thereon dated February 8, 2002.  Our audits were made for the purpose of forming an
opinion on those statements taken as a whole.  The schedules listed in the index above are the responsibility of the
Companys management and are presented for purposes of complying with the Securities and Exchange Commissions
rules and are not part of the basic financial statements.  These schedules have been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, fairly states in all material respects the financial
data required to be set forth therein in relation to the basic financial statements taken as a whole.

| | ARTHUR ANDERSEN LLP
| | -------------------

Houston, Texas
February 8, 2002

`Frontier Oil Corporation
Condensed Financial Information of Registrant
Balance Sheets
As of December 31,                                                                                       Schedule I

(in thousands)

                                                                                     2001               2000
                                                                                -------------      -------------
ASSETS
Current Assets:
       Cash and cash equivalents                                                $   103,460         $   43,732
       Receivables                                                                    4,714                742
       Other current assets                                                           5,042                755
                                                                                -----------         ----------
             Total current assets                                                   113,216             45,229
                                                                                -----------         ----------
Property, Plant and Equipment, at cost -
       Furniture, fixtures and other                                                  1,990              1,944
       Less - Accumulated depreciation                                                 (847)              (620)
                                                                                -----------         ----------
                                                                                      1,143              1,324
Investment in Subsidiaries                                                          310,555            306,940
Other Assets                                                                          9,556              9,928
                                                                                -----------         ----------

                                                                                $   434,470         $  363,421
                                                                                ===========         ==========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
       Accounts payable                                                         $       504         $      262
       Other accrued liabilities                                                      6,954              5,959
                                                                                -----------         ----------
             Total current liabilities                                                7,458              6,221
                                                                                -----------         ----------
Deferred Income Taxes                                                                15,080              3,853
Deferred Revenues and Other                                                           2,780              2,225
Payable to Affiliated Companies                                                      31,068             30,115
Long-Term Debt                                                                      208,880            239,583

Shareholders' Equity                                                                169,204             81,424
                                                                                -----------         ----------

                                                                                $   434,470         $  363,421
                                                                                ===========         ==========`

The Notes to
Condensed Financial Information of Registrant and the Notes
to Financial Statements of Frontier Oil Corporation and Subsidiaries
are an integral part of these financial statements.

`Frontier Oil Corporation
Condensed Financial Information of Registrant
Statements of Operations
For the three years ended December 31,                                                                   Schedule I

(in thousands)


                                                                            2001           2000            1999
                                                                         -----------    ----------      ----------

Revenues:
      Equity in earnings (loss) of subsidiaries                          $  166,828     $   70,627      $   (3,322)
      Other income                                                               24             (9)            622
                                                                         ----------     ----------      ----------
                                                                            166,852         70,618          (2,700)
                                                                         ----------     ----------      ----------
Costs and Expenses:
      Selling and general expenses                                            5,900          4,140           3,637
      Depreciation                                                              227            212             108
                                                                         ----------     ----------      ----------
                                                                              6,127          4,352           3,745
                                                                         ----------     ----------      ----------

Operating Income (Loss)                                                     160,725         66,266          (6,445)
Interest Expense, net                                                        25,026         26,288           8,751
                                                                         ----------     ----------      ----------

Income (Loss) before Income Taxes                                           135,699         39,978         (15,196)
Provision for Income Taxes                                                   28,046          2,772           1,865
                                                                         ----------     ----------      ----------

Net Income (Loss)                                                        $  107,653     $   37,206      $  (17,061)
                                                                         ==========     ==========      ==========`

The Notes to
Condensed Financial Information of Registrant and the Notes
to Financial Statements of Frontier Oil Corporation and Subsidiaries
are an integral part of these financial statements.

`Frontier Oil Corporation
Condensed Financial Information of Registrant
Statements of Cash Flows
For the three years ended December 31,                                                                   Schedule I

(in thousands)


                                                                 2001               2000               1999
                                                             -----------        ------------       ------------

Operating Activities
      Net income (loss)                                      $   107,653        $    37,206         $  (17,061)
      Equity in (earnings) loss of subsidiaries                 (166,828)           (70,627)             3,322
      Depreciation                                                   227                212                108
      Deferred income taxes                                        9,463                830              1,915
      Other                                                       (1,598)               750              2,996
                                                             -----------        -----------         ----------
Net cash used by operating activities                            (51,083)           (31,629)            (8,720)
                                                             -----------        -----------         ----------

Investing Activities
      Additions to property, plant and equipment                     (46)              (208)            (1,258)
      Investment in subsidiaries                                 (12,000)              (309)          (171,627)
                                                             -----------        -----------         ----------
Net cash used by investing activities                            (12,046)              (517)          (172,885)
                                                             -----------        -----------         ----------

Financing Activities
      Long-term borrowings:
           11-3/4% Senior Notes                                        -                  -            187,268
      Payments of debt:
           11-3/4% Senior Notes                                   (6,541)           (13,010)                 -
           9-1/8% Senior Notes                                   (24,410)            (5,025)                 -
      Debt issuance costs                                              -                  -             (6,260)
      Issuance of common stock                                     3,271              2,743                739
      Purchase of treasury stock                                 (22,600)            (9,215)            (3,361)
      Change in intercompany balances, net                           953             (5,407)             1,951
      Dividends paid to shareholders                              (2,629)                 -                  -
      Dividends paid to Parent                                   174,800             68,048              5,756
      Other                                                           13                 11                 11
                                                             -----------        -----------         ----------

Net cash provided by financing activities                        122,857             38,145            186,104
                                                             -----------        -----------         ----------

Increase in cash and cash equivalents                             59,728              5,999              4,499
Cash and cash equivalents, beginning of period                    43,732             37,733             33,234
                                                             -----------        -----------         ----------

Cash and cash equivalents, end of period                     $   103,460        $    43,732         $   37,733
                                                             ===========        ===========         ==========`

The Notes to
Condensed Financial Information of Registrant and the Notes
to Financial Statements of Frontier Oil Corporation and Subsidiaries
are an integral part of these financial statements.

|Frontier Oil Corporation
Notes to Condensed Financial Information of Registrant
December 31, 2001 | Schedule I
|------------------------------------------------------------------------------------------------- | ----------

(1)     General

The accompanying condensed financial statements of Frontier Oil Corporation (Registrant) should be read in
conjunction with the consolidated financial statements of the Registrant and its subsidiaries included in the Registrant's
2001 Annual Report to Shareholders.

(2)    Long-term debt

The components (in thousands) of long-term debt are as follows:

`2001               2000
                                                                             -----------         ----------

         11-3/4% Senior Notes, net of unamortized discount                   $   168,315         $  174,608
         9-1/8% Senior Notes                                                      40,565             64,975
                                                                             -----------         ----------
                                                                             $   208,880         $  239,583
                                                                             ===========         ==========`

(3)     Five-year maturities of long-term debt

The 9-1/8% Senior Notes are due 2006 and the 11-3/4% Senior Notes are due 2009; until then there are no maturities
of long-term debt.

`Frontier Oil Corporation and Subsidiaries
Valuation and Qualifying Accounts
For the three years ended December 31,                                                                  Schedule II

(in thousands)


                                            Balance at
                                           beginning of                                       Balance at end
Description                                   period         Additions      Deductions           of period
--------------------------------------------------------------------------------------------------------------

2001
Allowance for doubtful accounts             $     500     $          -     $         -         $      500
Turnaround accruals (1)                        31,056           10,637          15,856             25,837
Valuation allowance on deferred tax assets     24,603                -          24,603                  -

2000
Allowance for doubtful accounts (2)               500              533             533                500
Turnaround accruals (1)                        29,448           13,944          12,336             31,056
Valuation allowance on deferred tax assets     38,748                -          14,145             24,603

1999
Allowance for doubtful accounts                   500                -               -                500
Turnaround accruals (1)                         3,685           27,415           1,652             29,448
Valuation allowance on deferred tax assets     32,683            6,065               -             38,748

(1) The turnaround accrual deductions are actual costs incurred.

(2) The deductions in the 2000 allowance for doubtful accounts were uncollectible trade receivables written off
    against the allowance.`

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 on the date indicated.

|    | FRONTIER OIL CORPORATION                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                             
|By: | /s/ James R. Gibbs
                                                   


                                                           James R. Gibbs
                                                           Chairman of the Board, President and
                                                           Chief Executive Officer
                                                           (chief executive officer)

Date: March 1, 2002

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of Frontier Oil Corporation and in the capacities and on the date indicated.

|/s/ James R. Gibbs 

James R. Gibbs
Chairman of the Board, President and 
Chief Executive Officer and Director
(chief executive officer)               | /s/ T. Michael Dossey 

T. Michael Dossey
Director
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------
|/s/ Julie H. Edwards  

Julie H. Edwards 
Executive Vice President - Finance and Administration 
Chief Financial Officer
(principal financial officer) | /s/ James H. Lee

James H. Lee 
Director          
|/s/ Nancy J. Zupan

Nancy J. Zupan 
Vice President - Controller 
(principal accounting officer)                                                        | /s/ Paul B. Loyd, Jr.

Paul B. Loyd, Jr.
Director 
|/s/ Douglas Y. Bech 

Douglas Y. Bech  
Director                                                                                                       | /s/ Carl W. Schafer

Carl W. Schafer
Director     
|/s/ G. Clyde Buck

G. Clyde Buck
Director                                                                                                              |                                                                     

Date: March 1, 2002