|    | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d)                  |   |
|---------|---------------------------------------------------------------------|--------|
| þ  |  OF THE      SECURITIES EXCHANGE ACT OF 1934                   |   |
|    |   For      the Fiscal Year Ended:  December 31, 2008 |   |
|    |  ORTRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d)      |   |
|  o |  OF THE      SECURITIES EXCHANGE ACT OF 1934                   |   |
|    | For      the transition period from . . . . to . . . .              |   |

|  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) |   |                        |

|                           |   |  Name of Each      Exchange   |
|--------------------------------|--------|------------------------------------|
|  Title of Each      Class |   |  on      Which Registered     |
|   Common      Stock       |   |  New York Stock      Exchange |

----

Part I

Item1.
Business

Summary andOverview

RefiningOperations

Marketing andDistribution

Competition

Crude OilSupply

GovernmentRegulation

Safety

Employees

Item1A.
Risk Factors Relating to Our Business

Item1B.
Unresolved Staff Comments

Item2.
Properties

Item3.
Legal Proceedings

Item4. 
Submission of Matters to a Vote of SecurityHolders

AvailableInformation 

Part II

Item5.
Market for Registrant’s Common Equity, RelatedStockholder

  Matters andIssuer Purchasers of Equity Securities

Item6.
Selected Financial Data

Item7.
Management’s Discussion and Analysis of Financial Conditionand

Results ofOperations

Item7A.
Quantitative and Qualitative DisclosuresAbout Market Risk

Item8.
Financial Statements and Supplementary Data

Item9.
Changes in and Disagreements with Accountants onAccounting

and Financial Disclosure

Item9A.
Controls and Procedures

Item9B.
Other Information

PartIII

Part IV

Item15.
Exhibits and Financial Statement Schedules

| ·   | statements,      other than statements of historical fact, that address activities, events      or developments that we expect, believe or anticipate will or may occur in      the future; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | statements      relating to future financial performance, future capital sources and other      matters; and |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | any      other statements preceded by, followed by or that include the words      “anticipates,” “believes,” “expects,” “plans,” “intends,” “estimates,”      “projects,” “could,” “should,” “may,” or similar    expressions. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

PART I

Item 1.

Summary

Refining Operations

Marketing and Distribution

Competition

Crude Oil Supply

Government Regulation

Safety

Employees

Item 1A.

Item 1B.

Item 2.

Item 3.

Item 4.

Available Information

PART II

Item 5.

| 2008                |   | High   |   |   | Low    |   |
|---------------------|--------|--------|--------|--------|--------|--------|
| Fourth      quarter |   | $      | 18.38  |   |   | $      | 7.51 |   |
| Third      quarter  |   |   | 24.26  |   |   |   | 16.49 |   |
| Second      quarter |   |   | 33.00  |   |   |   | 23.03 |   |
| First      quarter  |   |   | 41.00  |   |   |   | 25.22 |   |
| 2007                |   | High   |   |   | Low    |   |
| Fourth      quarter |   | $      | 49.13  |   |   | $      | 39.54 |   |
| Third      quarter  |   |   | 49.10  |   |   |   | 31.61 |   |
| Second      quarter |   |   | 45.75  |   |   |   | 31.95 |   |
| First      quarter  |   |   | 33.75  |   |   |   | 25.47 |   |

Item 6.

| Five      Year Financial Data                                                                                                            |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|
| (Unaudited)                                                                                                                              |   | Years      Ended December 31,                         |      |
|                                                                                                                                     |   | 2008                                                  |      |   | 2007   |   |      | 2006   |   |   | 2005      |   |   | 2004   |      |
|                                                                                                                                     |   | (Dollars      in thousands, except per share amounts) |      |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |
| Revenues                                                                                                                                 |   | $                                                     | 6,498,780 |   |   | $      | 5,188,740 |   |   | $      | 4,795,953 |   |   | $      | 4,001,162 |   |   | $ | 2,861,716 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Operating      income                                                                                                                    |   |                                                  | 116,753   |   |   |   | 755,795   |   |   |   | 574,194   |   |   |   | 450,013   |   |   |   | 142,903 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Cumulative      effect of accounting   change,      net of income taxes (1)                                               |   |                                                  | -         |   |   |   | -         |   |   |   | -         |   |   |   | (2,503    | ) |   |   | - |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Net      income                                                                                                                          |   |                                                  | 80,234    |   |   |   | 499,125   |   |   |   | 379,277   |   |   |   | 275,158   |   |   |   | 69,392 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Basic      earnings per share:                                                                                                           |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Before      cumulative effect of   accounting      change                                                                 |   | $                                                     | 0.78      |   |   | $      | 4.67      |   |   | $      | 3.40      |   |   | $      | 2.51      |   |   | $ | 0.65 |   |
| Cumulative      effect of accounting   change      (1)                                                                    |   |                                                  | -         |   |   |   | -         |   |   |   | -         |   |   |   | (0.02     | ) |   |   | - |   |
| Net      income                                                                                                                          |   | $                                                     | 0.78      |   |   | $      | 4.67      |   |   | $      | 3.40      |   |   | $      | 2.49      |   |   | $ | 0.65 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Diluted      earnings per share:                                                                                                         |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Before      cumulative effect of   accounting      change                                                                 |   | $                                                     | 0.77      |   |   | $      | 4.62      |   |   | $      | 3.37      |   |   | $      | 2.44      |   |   | $ | 0.63 |   |
| Cumulative      effect of accounting   change      (1)                                                                    |   |                                                  | -         |   |   |   | -         |   |   |   | -         |   |   |   | (0.02     | ) |   |   | - |   |
| Net      income                                                                                                                          |   | $                                                     | 0.77      |   |   | $      | 4.62      |   |   | $      | 3.37      |   |   | $      | 2.42      |   |   | $ | 0.63 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Working      capital (current assets   less      current liabilities)                                                     |   | $                                                     | 651,352   |   |   | $      | 529,510   |   |   | $      | 479,518   |   |   | $      | 270,145   |   |   | $ | 106,760 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Total      assets                                                                                                                        |   |                                                  | 2,018,469 |   |   |   | 1,863,848 |   |   |   | 1,523,925 |   |   |   | 1,223,057 |   |   |   | 770,177 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Long-term      debt                                                                                                                      |   |                                                  | 347,220   |   |   |   | 150,000   |   |   |   | 150,000   |   |   |   | 150,000   |   |   |   | 150,000 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Shareholders'      equity                                                                                                                |   |                                                  | 1,051,140 |   |   |   | 1,038,614 |   |   |   | 775,854   |   |   |   | 478,692   |   |   |   | 271,120 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Dividends      declared per common   share                                                                                |   | $                                                     | 0.230     |   |   | $      | 0.180     |   |   | $      | 0.100     |   |   | $      | 0.575     |   |   | $ | 0.055 |   |
|                                                                                                                                     |   |                                                  |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| (1)      As of December 31, 2005, we adopted FASB Interpretation No. 47,      "Accounting for Conditional Asset Retirement Obligations." |   |

Item 7.

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Payments      Due by Period |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|
| Contractual CashObligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Total                       |      |   | Within      1 year |   |   | Within      2-3 years |   |   | Within      4-5 years |   |   | After      5 years |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (in      thousands)         |      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                           | 350,000   |   |   | $ | - |   |   | $ | 150,000 |   |   | $ | - |   |   | $ | 200,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                        | 158,371   |   |   |   | 26,938 |   |   |   | 51,391 |   |   |   | 34,000 |   |   |   | 46,042 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                        | 64,946    |   |   |   | 13,020 |   |   |   | 22,172 |   |   |   | 12,758 |   |   |   | 16,996 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital      leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                        | 3,910     |   |   |   | 362 |   |   |   | 817 |   |   |   | 958 |   |   |   | 1,773 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchase      obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crude      supply, feedstocks and natural gas      (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                           | 274,304   |   |   | $ | 274,304 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transportation,      terminalling and storage                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                        | 337,574   |   |   |   | 61,260 |   |   |   | 107,955 |   |   |   | 72,541 |   |   |   | 95,818 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refinery      capital projects                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                        | 4,753     |   |   |   | 4,753 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      goods and services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                        | 4,481     |   |   |   | 4,299 |   |   |   | 141 |   |   |   | 41 |   |   |   | - |   |
| Total      purchase obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                           | 621,112   |   |   | $ | 344,616 |   |   | $ | 108,096 |   |   | $ | 72,582 |   |   | $ | 95,818 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contingent      income tax liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                        | 28,057    |   |   |   | - |   |   |   | 27,575 |   |   |   | 482 |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      long-term liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                        | 12,211    |   |   |   | - |   |   |   | 3,860 |   |   |   | 2,897 |   |   |   | 5,454 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension      and post-retirement healthcare   and      other benefit plans funding   requirements      (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                        | 221       |   |   |   | 221 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      contractual cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                           | 1,238,828 |   |   | $ | 385,157 |   |   | $ | 363,911 |   |   | $ | 123,677 |   |   | $ | 366,083 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Crude supply, feedstocks and natural gas future obligations were      calculated using current market prices and/or prices established in      applicable contracts. Of these obligations, $234.7 million relate to      January and February 2009 feedstock and natural gas requirements of the      Refineries.                                                                                                                                                                                                                                                           |   |
| (2)      The unfunded pension plan obligation at December 31, 2008 was      $221,000. The Company expects the ultimate amount it will fund in      2009 to terminate the pension plan will be based on actual return on plan      assets through the termination date versus the benefit obligation at the      termination date. Our retiree health care plan is      unfunded. Future payments for retiree health care benefits are      estimated for the next ten years in Note 10 " Employee Benefit Plans" in      the "Notes to Consolidated Financial Statements." |   |

Item 7A.

| Commodity      |   | Period             |   | Volume      (thousands of      bbls) |   | Expected      Close Out Date |               | Unrealized      Net Gain (Loss)(in      thousands) |   |
|----------------|--------|--------------------|--------|--------------------------------------|--------|------------------------------|--------------------|----------------------------------------------------|--------|
| Crude      Oil |   | February      2009 |   |                                 | 1,733  |                         | February      2009 |                                               | $      | 10,799 |   |
| Crude      Oil |   | March      2009    |   |                                 | 1,062  |                         | March      2009    |                                               |   | (2,215 | ) |

| ·   | NYMEX      WTI - the benchmark West Texas Intermediate crude oil priced on the New      York Mercantile Exchange. |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | Charges      - the quantity of crude oil and other feedstock processed through Refinery      units on a bpd basis. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | Manufactured      product yields - the volumes of specific materials that are obtained      through the distilling of crude oil and the operations of other refinery      process units on a bpd basis. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Gasoline      and diesel crack spreads - the average non-oxygenated gasoline and diesel      net sales prices that we receive for each product less the average NYMEX      WTI crude oil price. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Cheyenne      light/heavy crude oil differential - the average differential between the      NYMEX WTI crude oil price and the heavy crude oil delivered to the      Cheyenne Refinery. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | WTI/WTS      crude oil differential - the average differential between the NYMEX WTI      crude oil price and the West Texas sour crude oil priced at Midland,      Texas. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | El      Dorado Refinery light/heavy crude oil differential - the average      differential between the NYMEX WTI crude oil price and the heavy crude oil      delivered to the El DoradoRefinery. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                      |   | Years      Ended December 31, |    |
|---------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|
| Consolidated:                                                                                                             |   | 2008                          |    |   | 2007 |   |   | 2006 |   |
| Charges      (bpd)                                                                                                        |   |                          |    |   |   |   |   |   |   |
| Light      crude                                                                                                          |   |                          | 30,265  |   |   |   | 31,171 |   |   |   | 39,659 |   |
| Heavy      and intermediate crude                                                                                         |   |                          | 112,673 |   |   |   | 114,875 |   |   |   | 114,814 |   |
| Other      feed and blendstocks                                                                                           |   |                          | 18,899  |   |   |   | 18,831 |   |   |   | 17,346 |   |
| Total                                                                                                                     |   |                          | 161,837 |   |   |   | 164,877 |   |   |   | 171,819 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                    |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 76,573  |   |   |   | 76,974 |   |   |   | 81,484 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 58,748  |   |   |   | 55,889 |   |   |   | 57,678 |   |
| Asphalt                                                                                                                   |   |                          | 3,477   |   |   |   | 5,945 |   |   |   | 6,032 |   |
| Other                                                                                                                     |   |                          | 18,717  |   |   |   | 22,074 |   |   |   | 21,580 |   |
| Total                                                                                                                     |   |                          | 157,515 |   |   |   | 160,882 |   |   |   | 166,774 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Total      product sales (bpd)                                                                                            |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 85,515  |   |   |   | 88,744 |   |   |   | 89,895 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 58,139  |   |   |   | 56,862 |   |   |   | 57,326 |   |
| Asphalt                                                                                                                   |   |                          | 3,900   |   |   |   | 5,988 |   |   |   | 6,138 |   |
| Other                                                                                                                     |   |                          | 18,818  |   |   |   | 18,554 |   |   |   | 18,679 |   |
| Total                                                                                                                     |   |                          | 166,372 |   |   |   | 170,148 |   |   |   | 172,038 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                             |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refined      products revenue                                                                                             |   | $                             | 104.15  |   |   | $ | 84.85 |   |   | $ | 75.80 |   |
| Raw      material, freight and other costs                                                                                |   |                          | 97.73   |   |   |   | 65.04 |   |   |   | 61.33 |   |
| Refinery      operating expenses, excluding depreciation                                                                  |   |                          | 5.28    |   |   |   | 4.84 |   |   |   | 4.41 |   |
| Depreciation,      amortization and accretion                                                                             |   |                          | 1.08    |   |   |   | 0.85 |   |   |   | 0.65 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      NYMEX WTI (per barrel) (1)                                                                                   |   | $                             | 99.75   |   |   | $ | 72.39 |   |   | $ | 66.22 |   |
| Average      light/heavy differential (per barrel) (1)                                                                    |   |                          | 17.38   |   |   |   | 19.65 |   |   |   | 18.01 |   |
| Average      gasoline crack spread (per barrel) (1)                                                                       |   |                          | 4.75    |   |   |   | 17.99 |   |   |   | 12.82 |   |
| Average      diesel crack spread (per barrel) (1)                                                                         |   |                          | 24.59   |   |   |   | 22.19 |   |   |   | 20.13 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                               |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   | $                             | 105.64  |   |   | $ | 92.15 |   |   | $ | 80.79 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 123.69  |   |   |   | 94.55 |   |   |   | 86.62 |   |
| Asphalt                                                                                                                   |   |                          | 65.74   |   |   |   | 44.69 |   |   |   | 37.68 |   |
| Other                                                                                                                     |   |                          | 45.02   |   |   |   | 33.18 |   |   |   | 31.11 |   |
| (1)      Prior period amounts are restated to reflect current year      presentation utilzing NYMEX WTI as the benchmark. |   |

|                                                                                                                      |   | Years      Ended December 31, |    |
|---------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|
| Cheyenne Refinery:                                                                                                        |   | 2008                          |    |   | 2007 |   |   | 2006 |   |
| Charges      (bpd)                                                                                                        |   |                          |    |   |   |   |   |   |   |
| Light      crude                                                                                                          |   |                          | 10,128  |   |   |   | 11,545 |   |   |   | 12,436 |   |
| Heavy      and intermediate crude                                                                                         |   |                          | 33,462  |   |   |   | 30,233 |   |   |   | 33,563 |   |
| Other      feed and blendstocks                                                                                           |   |                          | 1,283   |   |   |   | 1,304 |   |   |   | 1,694 |   |
| Total                                                                                                                     |   |                          | 44,873  |   |   |   | 43,082 |   |   |   | 47,693 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                    |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 19,379  |   |   |   | 17,504 |   |   |   | 19,089 |   |
| Diesel                                                                                                                    |   |                          | 13,528  |   |   |   | 12,281 |   |   |   | 14,261 |   |
| Asphalt                                                                                                                   |   |                          | 3,477   |   |   |   | 5,945 |   |   |   | 6,032 |   |
| Other                                                                                                                     |   |                          | 6,987   |   |   |   | 5,868 |   |   |   | 6,283 |   |
| Total                                                                                                                     |   |                          | 43,371  |   |   |   | 41,598 |   |   |   | 45,665 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Total      product sales (bpd)                                                                                            |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 26,920  |   |   |   | 27,427 |   |   |   | 26,569 |   |
| Diesel                                                                                                                    |   |                          | 13,112  |   |   |   | 12,486 |   |   |   | 14,147 |   |
| Asphalt                                                                                                                   |   |                          | 3,900   |   |   |   | 5,988 |   |   |   | 6,138 |   |
| Other                                                                                                                     |   |                          | 6,013   |   |   |   | 3,577 |   |   |   | 4,662 |   |
| Total                                                                                                                     |   |                          | 49,945  |   |   |   | 49,478 |   |   |   | 51,516 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                             |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refined      products revenue                                                                                             |   | $                             | 100.96  |   |   | $ | 83.04 |   |   | $ | 74.08 |   |
| Raw      material, freight and other costs                                                                                |   |                          | 92.58   |   |   |   | 62.08 |   |   |   | 57.07 |   |
| Refinery      operating expenses, excluding depreciation                                                                  |   |                          | 6.38    |   |   |   | 6.05 |   |   |   | 5.42 |   |
| Depreciation,      amortization and accretion                                                                             |   |                          | 1.44    |   |   |   | 1.29 |   |   |   | 1.00 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      light/heavy crude oil differential (per barrel)      (1)                                                     |   | $                             | 17.15   |   |   | $ | 18.95 |   |   | $ | 17.49 |   |
| Average      gasoline crack spread (per barrel) (1)                                                                       |   |                          | 5.99    |   |   |   | 17.53 |   |   |   | 14.30 |   |
| Average      diesel crack spread (per barrel) (1)                                                                         |   |                          | 27.80   |   |   |   | 25.61 |   |   |   | 23.07 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                               |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   | $                             | 106.54  |   |   | $ | 92.55 |   |   | $ | 83.35 |   |
| Diesel                                                                                                                    |   |                          | 128.04  |   |   |   | 98.84 |   |   |   | 89.99 |   |
| Asphalt                                                                                                                   |   |                          | 65.74   |   |   |   | 44.69 |   |   |   | 37.68 |   |
| Other                                                                                                                     |   |                          | 39.82   |   |   |   | 19.20 |   |   |   | 20.91 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| El Dorado Refinery:                                                                                                       |   |                          |    |   |   |   |   |   |   |   |   |   |
| Charges      (bpd)                                                                                                        |   |                          |    |   |   |   |   |   |   |   |   |   |
| Light      crude                                                                                                          |   |                          | 20,137  |   |   |   | 19,626 |   |   |   | 27,224 |   |
| Heavy      and intermediate crude                                                                                         |   |                          | 79,210  |   |   |   | 84,642 |   |   |   | 81,251 |   |
| Other      feed and blendstocks                                                                                           |   |                          | 17,616  |   |   |   | 17,527 |   |   |   | 15,652 |   |
| Total                                                                                                                     |   |                          | 116,963 |   |   |   | 121,795 |   |   |   | 124,127 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                    |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 57,194  |   |   |   | 59,470 |   |   |   | 62,395 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 45,220  |   |   |   | 43,608 |   |   |   | 43,417 |   |
| Other                                                                                                                     |   |                          | 11,730  |   |   |   | 16,205 |   |   |   | 15,297 |   |
| Total                                                                                                                     |   |                          | 114,144 |   |   |   | 119,283 |   |   |   | 121,109 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Total      product sales (bpd)                                                                                            |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   |                          | 58,595  |   |   |   | 61,318 |   |   |   | 63,327 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 45,027  |   |   |   | 44,376 |   |   |   | 43,179 |   |
| Other                                                                                                                     |   |                          | 12,804  |   |   |   | 14,977 |   |   |   | 14,018 |   |
| Total                                                                                                                     |   |                          | 116,426 |   |   |   | 120,671 |   |   |   | 120,524 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                             |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refined      products revenue                                                                                             |   | $                             | 105.52  |   |   | $ | 85.59 |   |   | $ | 76.53 |   |
| Raw      material, freight and other costs                                                                                |   |                          | 99.94   |   |   |   | 66.25 |   |   |   | 63.15 |   |
| Refinery      operating expenses, excluding depreciation                                                                  |   |                          | 4.80    |   |   |   | 4.34 |   |   |   | 3.98 |   |
| Depreciation,      amortization and accretion                                                                             |   |                          | 0.92    |   |   |   | 0.67 |   |   |   | 0.50 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      WTI/WTS crude oil differential (per barrel)                                                                  |   | $                             | 3.92    |   |   | $ | 5.02 |   |   | $ | 5.22 |   |
| Average      light/heavy crude oil differential (per barrel) (1)                                                          |   |                          | 17.85   |   |   |   | 21.00 |   |   |   | 19.48 |   |
| Average      gasoline crack spread (per barrel)      (1)                                                                  |   |                          | 4.18    |   |   |   | 18.19 |   |   |   | 12.20 |   |
| Average      diesel crack spread (per barrel) (1)                                                                         |   |                          | 23.66   |   |   |   | 21.23 |   |   |   | 19.17 |   |
|                                                                                                                      |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                               |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                                  |   | $                             | 105.22  |   |   | $ | 91.98 |   |   | $ | 79.72 |   |
| Diesel      and jet fuel                                                                                                  |   |                          | 122.42  |   |   |   | 93.34 |   |   |   | 85.51 |   |
| Other                                                                                                                     |   |                          | 47.47   |   |   |   | 36.52 |   |   |   | 34.51 |   |
| (1)      Prior period amounts are restated to reflect current year      presentation utilzing NYMEX WTI as the benchmark. |   |

Item 8.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

MANAGEMENT’S REPORT ON INTERNAL

----

| FRONTIER OIL CORPORATION AND  SUBSIDIARIES                                                        |
|---------------------------------------------------------------------------------------------------|
| Consolidated      Statements of Income                                                            |
|                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                              |   | Years      Ended December 31, |   |
|                                                                                              |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                              |   | (in      thousands, except per share data) |   |
| Revenues:                                                                                         |   |   |   |   |   |   |   |   |   |
| Refined      products                                                                             |   | $ | 6,342,144 |   |   | $ | 5,269,674 |   |   | $ | 4,759,661 |   |
| Other                                                                                             |   |   | 156,636 |   |   |   | (80,934 | ) |   |   | 36,292 |   |
|                                                                                              |   |   | 6,498,780 |   |   |   | 5,188,740 |   |   |   | 4,795,953 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and other costs                                                        |   |   | 5,950,782 |   |   |   | 4,039,235 |   |   |   | 3,850,937 |   |
| Refinery      operating expenses, excluding depreciation                                          |   |   | 321,364 |   |   |   | 300,542 |   |   |   | 277,129 |   |
| Selling      and general expenses, excluding depreciation                                         |   |   | 44,169 |   |   |   | 55,343 |   |   |   | 52,488 |   |
| Depreciation,      amortization and accretion                                                     |   |   | 65,756 |   |   |   | 53,039 |   |   |   | 41,213 |   |
| Net      gains on sales of assets                                                                 |   |   | (44 | ) |   |   | (15,214 | ) |   |   | (8 | ) |
|                                                                                              |   |   | 6,382,027 |   |   |   | 4,432,945 |   |   |   | 4,221,759 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income                                                                             |   |   | 116,753 |   |   |   | 755,795 |   |   |   | 574,194 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other financing costs                                                   |   |   | 15,130 |   |   |   | 8,773 |   |   |   | 12,139 |   |
| Interest      and investment income                                                               |   |   | (5,425 | ) |   |   | (21,851 | ) |   |   | (18,059 | ) |
|                                                                                              |   |   | 9,705 |   |   |   | (13,078 | ) |   |   | (5,920 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                                   |   |   | 107,048 |   |   |   | 768,873 |   |   |   | 580,114 |   |
| Provision      for income taxes                                                                   |   |   | 26,814 |   |   |   | 269,748 |   |   |   | 200,837 |   |
| Net      income                                                                                   |   | $ | 80,234 |   |   | $ | 499,125 |   |   | $ | 379,277 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per share of common stock                                                     |   | $ | 0.78 |   |   | $ | 4.67 |   |   | $ | 3.40 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings per share of common stock                                                   |   | $ | 0.77 |   |   | $ | 4.62 |   |   | $ | 3.37 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated financial      statements. |

----

| FRONTIER OIL CORPORATION ANDSUBSIDIARIES                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------|
| Consolidated      Balance Sheets                                                                                                         |
|                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                     |   | December      31, |   |
|                                                                                                                                     |   | 2008 |   |   | 2007 |   |
|                                                                                                                                     |   | (in      thousands, except share data) |   |
| ASSETS                                                                                                                                   |   |   |   |   |   |   |
| Current      assets:                                                                                                                     |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                           |   | $ | 483,532 |   |   | $ | 297,399 |   |
| Trade      receivables, net of allowance of $500 at both years                                                                           |   |   | 84,110 |   |   |   | 155,454 |   |
| Income      taxes receivable                                                                                                             |   |   | 116,118 |   |   |   | 24,056 |   |
| Other      receivables                                                                                                                   |   |   | 25,216 |   |   |   | 5,236 |   |
| Inventory      of crude oil, products and other                                                                                          |   |   | 256,129 |   |   |   | 501,927 |   |
| Deferred      income taxes                                                                                                               |   |   | 8,841 |   |   |   | 9,426 |   |
| Commutation      account                                                                                                                 |   |   | 6,319 |   |   |   | 6,280 |   |
| Other      current assets                                                                                                                |   |   | 37,038 |   |   |   | 31,245 |   |
| Total      current assets                                                                                                                |   |   | 1,017,303 |   |   |   | 1,031,023 |   |
| Property,      plant and equipment, at cost:                                                                                             |   |   |   |   |   |   |   |   |
| Refineries,      pipeline and terminal equipment                                                                                         |   |   | 1,291,106 |   |   |   | 1,082,344 |   |
| Furniture,      fixtures and other equipment                                                                                             |   |   | 15,638 |   |   |   | 13,099 |   |
|                                                                                                                                     |   |   | 1,306,744 |   |   |   | 1,095,443 |   |
| Accumulated      depreciation and amortization                                                                                           |   |   | (373,301 | ) |   |   | (317,993 | ) |
| Property,      plant and equipment, net                                                                                                  |   |   | 933,443 |   |   |   | 777,450 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| Deferred      turnaround costs                                                                                                           |   |   | 47,465 |   |   |   | 39,276 |   |
| Deferred      catalyst costs                                                                                                             |   |   | 9,726 |   |   |   | 6,540 |   |
| Deferred      financing costs, net of accumulated amortization of $2,404   and      $1,619 at 2008 and 2007, respectively |   |   | 6,201 |   |   |   | 2,556 |   |
| Intangible      assets, net of accumulated amortization of $492 and $370 at   2008      and 2007, respectively            |   |   | 1,338 |   |   |   | 1,460 |   |
| Other      assets                                                                                                                        |   |   | 2,993 |   |   |   | 5,543 |   |
| Total      assets                                                                                                                        |   | $ | 2,018,469 |   |   | $ | 1,863,848 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                    |   | $ | 308,867 |   |   | $ | 417,395 |   |
| Accrued      liabilities and other                                                                                                       |   |   | 57,084 |   |   |   | 84,118 |   |
| Total      current liabilities                                                                                                           |   |   | 365,951 |   |   |   | 501,513 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| Long-term      debt                                                                                                                      |   |   | 347,220 |   |   |   | 150,000 |   |
| Contingent      income tax liabilities                                                                                                   |   |   | 28,057 |   |   |   | 32,257 |   |
| Post-retirement      employee liabilities                                                                                                |   |   | 31,128 |   |   |   | 27,549 |   |
| Long-term      capital lease obligation                                                                                                  |   |   | 3,548 |   |   |   | 8 |   |
| Other      long-term liabilities                                                                                                         |   |   | 12,211 |   |   |   | 13,597 |   |
| Deferred      income taxes                                                                                                               |   |   | 179,214 |   |   |   | 100,310 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| Shareholders'      equity:                                                                                                               |   |   |   |   |   |   |   |   |
| Preferred      stock, $100 par value, 500,000 shares authorized, no shares   issued                                       |   |   | - |   |   |   | - |   |
| Common      stock, no par value, 180,000,000 shares authorized,   131,850,356      shares issued at both periods          |   |   | 57,736 |   |   |   | 57,736 |   |
| Paid-in      capital                                                                                                                     |   |   | 236,183 |   |   |   | 211,324 |   |
| Retained      earnings                                                                                                                   |   |   | 1,151,676 |   |   |   | 1,095,540 |   |
| Accumulated      other comprehensive income (loss)                                                                                       |   |   | (723 | ) |   |   | 1,578 |   |
| Treasury      stock, at cost, 27,945,884 and 26,893,939 shares at 2008 and   2007,      respectively                      |   |   | (393,732 | ) |   |   | (327,564 | ) |
| Total      shareholders' equity                                                                                                          |   |   | 1,051,140 |   |   |   | 1,038,614 |   |
| Total      liabilities and shareholders' equity                                                                                          |   | $ | 2,018,469 |   |   | $ | 1,863,848 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated financial      statements.                                        |

----

| FRONTIER OIL CORPORATION ANDSUBSIDIARIES                                                           |   |
|----------------------------------------------------------------------------------------------------|--------|
| Consolidated      Statements of Cash Flows                                                         |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | Years      Ended December 31, |   |
|                                                                                               |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                               |   | (in      thousands) |   |
| Cash      flows from operating activities:                                                         |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                    |   | $ | 80,234 |   |   | $ | 499,125 |   |   | $ | 379,277 |   |
| Adjustments      to reconcile net income to net cash from operating   activities:   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation,      amortization and accretion                                                      |   |   | 83,571 |   |   |   | 67,512 |   |   |   | 54,388 |   |
| Deferred      income taxes                                                                         |   |   | 80,894 |   |   |   | (1,916 | ) |   |   | 6,073 |   |
| Stock-based      compensation expense                                                              |   |   | 20,014 |   |   |   | 22,553 |   |   |   | 18,029 |   |
| Excess      income tax benefits of stock-based compensation                                        |   |   | (3,191 | ) |   |   | (6,962 | ) |   |   | (8,881 | ) |
| Amortization      of debt issuance costs                                                           |   |   | 978 |   |   |   | 769 |   |   |   | 797 |   |
| Senior      Notes discount amortization                                                            |   |   | 60 |   |   |   | - |   |   |   | - |   |
| Allowance      for investment loss                                                                 |   |   | 499 |   |   |   | - |   |   |   | - |   |
| Net      gains on sales of assets                                                                  |   |   | (44 | ) |   |   | (15,214 | ) |   |   | (8 | ) |
| Decrease      in long-term commutation account                                                     |   |   | - |   |   |   | 1,009 |   |   |   | 5,316 |   |
| Amortization      of long-term prepaid insurance                                                   |   |   | 909 |   |   |   | 1,211 |   |   |   | 1,211 |   |
| (Decrease)      increase in other long-term liabilities                                            |   |   | (3,173 | ) |   |   | 27,365 |   |   |   | 9,309 |   |
| Changes      in deferred turnaround costs, deferred catalyst costs   and      other |   |   | (28,758 | ) |   |   | (29,287 | ) |   |   | (18,844 | ) |
| Changes      in components of working capital from operations:                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      in trade, income taxes and other receivables                                         |   |   | (28,801 | ) |   |   | (45,018 | ) |   |   | (7,633 | ) |
| Decrease      (increase) in inventory                                                              |   |   | 245,798 |   |   |   | (127,351 | ) |   |   | (126,955 | ) |
| Increase      in other current assets                                                              |   |   | (14,984 | ) |   |   | (12,724 | ) |   |   | (10,527 | ) |
| (Decrease)      increase in accounts payable                                                       |   |   | (117,443 | ) |   |   | 30,312 |   |   |   | 23,187 |   |
| (Decrease)      increase in accrued liabilities and other                                          |   |   | (19,288 | ) |   |   | 17,629 |   |   |   | 15,778 |   |
| Net      cash provided by operating activities                                                     |   |   | 297,275 |   |   |   | 429,013 |   |   |   | 340,517 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and equipment                                                    |   |   | (209,381 | ) |   |   | (291,174 | ) |   |   | (129,703 | ) |
| Proceeds      from sales of assets                                                                 |   |   | 46 |   |   |   | 22,222 |   |   |   | 8 |   |
| El      Dorado Refinery contingent earn-out payment                                                |   |   | (7,500 | ) |   |   | (7,500 | ) |   |   | (7,500 | ) |
| Other      acquisitions and leasehold improvements                                                 |   |   | - |   |   |   | (3,561 | ) |   |   | - |   |
| Net      cash used in investing activities                                                         |   |   | (216,835 | ) |   |   | (280,013 | ) |   |   | (137,195 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of 8.5% Senior Notes                                                   |   |   | 197,160 |   |   |   | - |   |   |   | - |   |
| Purchase      of treasury stock                                                                    |   |   | (67,030 | ) |   |   | (248,486 | ) |   |   | (98,950 | ) |
| Proceeds      from issuance of common stock                                                        |   |   | 405 |   |   |   | 2,303 |   |   |   | 3,672 |   |
| Dividends      paid                                                                                |   |   | (23,144 | ) |   |   | (17,271 | ) |   |   | (67,498 | ) |
| Excess      income tax benefits of stock-based compensation                                        |   |   | 3,191 |   |   |   | 6,962 |   |   |   | 8,881 |   |
| Debt      issuance costs and other                                                                 |   |   | (4,889 | ) |   |   | (588 | ) |   |   | (13 | ) |
| Net      cash provided by (used in) financing activities                                           |   |   | 105,693 |   |   |   | (257,080 | ) |   |   | (153,908 | ) |
| Increase      (decrease) in cash and cash equivalents                                              |   |   | 186,133 |   |   |   | (108,080 | ) |   |   | 49,414 |   |
| Cash      and cash equivalents, beginning of period                                                |   |   | 297,399 |   |   |   | 405,479 |   |   |   | 356,065 |   |
| Cash      and cash equivalents, end of period                                                      |   | $ | 483,532 |   |   | $ | 297,399 |   |   | $ | 405,479 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated financial      statements.  |   |

----

| FRONTIER OIL CORPORATION AND    SUBSIDIARIES                                                                |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| Consolidated      Statements of Changes in Shareholders' Equity and Statements of      Comprehensive Income |   |
| (in      thousands, except share data)                                                                      |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |   | Common      Stock |   |   |   |   |   |   |   |   |   |   |   | Treasury      Stock |   |   |   |   |   |   |   |   | Total |   |
|                                                                                                        |   | Number      of Shares Issued |   |   | Amount |   |   | Paid-in-Capital |   | Comprehensive      Income |   |   | Retained      Earnings |   |   | Number      of Shares |   |   | Amount |   |   | Deferred      Compensation |   |   | Accumulated      Other Comprehensive Income (Loss) |   |   | Number      of Shares |   |   | Amount |   |
| December      31, 2005                                                                                      |   |   | 133,629,396 |   |   | $ | 57,780 |   |   | $ | 157,910 |   |   |   |   |   | $ | 352,783 |   |   |   | (20,930,828 | ) |   | $ | (86,870 | ) |   | $ | (2,938 | ) |   | $ | 27 |   |   |   | 112,698,568 |   |   | $ | 478,692 |   |
| Adoption      of FAS No. 123(R)                                                                             |   |   | - |   |   |   | - |   |   |   | (2,938 | ) |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,938 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Shares      issued under stock-based   compensation      plans                               |   |   | 879,860 |   |   |   | 22 |   |   |   | 3,134 |   |   |   |   |   |   | - |   |   |   | 389,846 |   |   |   | 516 |   |   |   | - |   |   |   | - |   |   |   | 1,269,706 |   |   |   | 3,672 |   |
| Shares      received under:                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Stock      repurchase plan                                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |   |   | (3,482,088 | ) |   |   | (92,273 | ) |   |   | - |   |   |   | - |   |   |   | (3,482,088 | ) |   |   | (92,273 | ) |
| Stock-based      compensation plans                                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |   |   | (141,738 | ) |   |   | (4,765 | ) |   |   | - |   |   |   | - |   |   |   | (141,738 | ) |   |   | (4,765 | ) |
| Net      income and comprehensive income                                                                    |   |   | - |   |   |   | - |   |   |   | - |   |   | $ | 379,277 |   |   |   | 379,277 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 379,277 |   |
| Adjustment      to initially apply FAS No. 158,   net      of tax of $141                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 229 |   |   |   | - |   |   |   | 229 |   |
| Income      tax benefits of stock-based   compensation,      net of contingency              |   |   | - |   |   |   | - |   |   |   | 5,251 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,251 |   |
| Stock-based      compensation expense                                                                       |   |   | - |   |   |   | - |   |   |   | 18,029 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 18,029 |   |
| Dividends      declared                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (12,258 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,258 | ) |
| December      31, 2006                                                                                      |   |   | 134,509,256 |   |   | $ | 57,802 |   |   | $ | 181,386 |   |   |   |   |   |   | $ | 719,802 |   |   |   | (24,164,808 | ) |   | $ | (183,392 | ) |   | $ | - |   |   | $ | 256 |   |   |   | 110,344,448 |   |   | $ | 775,854 |   |
| Adoption      of FIN 48                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (1,016 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,016 | ) |
| Shares      issued under stock-based   compensation      plans                               |   |   | - |   |   |   | - |   |   |   | 951 |   |   |   |   |   |   |   | - |   |   |   | 1,188,168 |   |   |   | 1,574 |   |   |   | - |   |   |   | - |   |   |   | 1,188,168 |   |   |   | 2,525 |   |
| Shares      received under:                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      repurchase plan                                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | (6,443,700 | ) |   |   | (243,568 | ) |   |   | - |   |   |   | - |   |   |   | (6,443,700 | ) |   |   | (243,568 | ) |
| Stock-based      compensation plans                                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | (132,499 | ) |   |   | (5,139 | ) |   |   | - |   |   |   | - |   |   |   | (132,499 | ) |   |   | (5,139 | ) |
| Comprehensive      income:                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                             |   |   | - |   |   |   | - |   |   |   | - |   |   | $ | 499,125 |   |   |   | 499,125 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 499,125 |   |
| Other      comprehensive income:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Defined      benefit plans, net of tax   of      $805                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,322 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,322 |   |   |   | - |   |   |   | 1,322 |   |
| Other      comprehensive income                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,322 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Comprehensive      income                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 500,447 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Income      tax benefits of stock-based   compensation,      net of contingency              |   |   | - |   |   |   | - |   |   |   | 6,434 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,434 |   |
| Treasury      stock retirements                                                                             |   |   | (2,658,900 | ) |   |   | (66 | ) |   |   | - |   |   |   |   |   |   |   | (102,895 | ) |   |   | 2,658,900 |   |   |   | 102,961 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Stock-based      compensation expense                                                                       |   |   | - |   |   |   | - |   |   |   | 22,553 |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 22,553 |   |
| Dividends      declared                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (19,476 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19,476 | ) |
| December      31, 2007                                                                                      |   |   | 131,850,356 |   |   | $ | 57,736 |   |   | $ | 211,324 |   |   |   |   |   |   | $ | 1,095,540 |   |   |   | (26,893,939 | ) |   | $ | (327,564 | ) |   | $ | - |   |   | $ | 1,578 |   |   |   | 104,956,417 |   |   | $ | 1,038,614 |   |
| Shares      issued under stock-based compensation      plans                                           |   |   |   |   |   |   |   | (457 | ) |   |   |   |   |   |   |   |   |   |   | 904,996 |   |   |   | 1,168 |   |   |   |   |   |   |   |   |   |   |   | 904,996 |   |   |   | 711 |   |
| Shares      received under:                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      repurchase plan                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,561,367 | ) |   |   | (56,260 | ) |   |   |   |   |   |   |   |   |   |   | (1,561,367 | ) |   |   | (56,260 | ) |
| Stock-based      compensation plans                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (395,574 | ) |   |   | (11,076 | ) |   |   |   |   |   |   |   |   |   |   | (395,574 | ) |   |   | (11,076 | ) |
| Comprehensive      income:                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 80,234 |   |   |   | 80,234 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 80,234 |   |
| Other      comprehensive income (loss):                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Defined      benefit plans, net of tax   of      $1,405                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,301 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,301 | ) |   |   | - |   |   |   | (2,301 | ) |
| Other      comprehensive income (loss)                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,301 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Comprehensive      income                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 77,933 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Income      tax benefits of stock-based compensation,      net of contingency                          |   |   |   |   |   |   |   | 5,302 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 5,302 |   |
| Stock-based      compensation expense                                                                       |   |   |   |   |   |   |   |   |   |   | 20,014 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 20,014 |   |
| Dividends      declared                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (24,098 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | (24,098 | ) |
| December      31, 2008                                                                                      |   |   | 131,850,356 |   |   | $ | 57,736 |   |   | $ | 236,183 |   |   |   |   |   |   | $ | 1,151,676 |   |   |   | (27,945,884 | ) |   | $ | (393,732 | ) |   | $ | - |   |   | $ | (723 | ) |   |   | 103,904,472 |   |   | $ | 1,051,140 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated      financial statements.      |

----

FRONTIER OIL CORPORATION AND SUBSIDIARIES

| 1.   | Nature      of Operations |
|----------------|---------------------------|

| 2.   | Significant      Accounting Policies |
|----------------|--------------------------------------|

|   | Refineries,      pipeline and terminal equipment |   |   2      to 50 years |
|--------|--------------------------------------------------|--------|--------------------------------|

|   | Furniture,      fixtures and other equipment |   |   2      to 20 years |
|--------|----------------------------------------------|--------|--------------------------------|

|                                            |   | December      31,   |    |
|-------------------------------------------------|--------|---------------------|---------|
|                                            |   | 2008                |    |   | 2007 |   |
|                                            |   | (in      thousands) |    |
|                                            |   |                |    |   |   |   |
| Crude      oil                                  |   | $                   | 121,973 |   |   | $ | 223,715 |   |
| Unfinished      products                        |   |                | 55,915  |   |   |   | 152,572 |   |
| Finished      products                          |   |                | 54,332  |   |   |   | 104,820 |   |
| Process      chemicals                          |   |                | 1,385   |   |   |   | 1,300 |   |
| Repairs      and maintenance supplies and other |   |                | 22,524  |   |   |   | 19,520 |   |
|                                            |   | $                   | 256,129 |   |   | $ | 501,927 |   |

| Balance      as of December 31, 2007             |   | $      | 6,040 |   |
|--------------------------------------------------|--------|--------|-------|--------|
| Liabilities      incurred                        |   |   | -     |   |
| Liabilities      settled                         |   |   | (515  | )      |
| Accretion      expense                           |   |   | 340   |   |
| Revisions      to timing of estimated cash flows |   |   | 416   |   |
| Balance      as of December 31, 2008             |   | $      | 6,281 |   |

| 3.   | Other      Receivables |
|----------------|------------------------|

|                                              |   | December      31,   |   |
|---------------------------------------------------|--------|---------------------|--------|
|                                              |   | 2008                |   |   | 2007 |   |
|                                              |   | (in      thousands) |   |
|                                              |   |                |   |   |   |   |
| Investment      fund receivable, net of allowance |   | $                   | 6,418  |   |   | $ | - |   |
| Realized      futures trading receivable          |   |                | 11,854 |   |   |   | - |   |
| Other                                             |   |                | 6,944  |   |   |   | 5,236 |   |
|                                              |   | $                   | 25,216 |   |   | $ | 5,236 |   |

| 4.   | Other      Current Assets |
|----------------|---------------------------|

|                      |   | December      31,   |   |
|---------------------------|--------|---------------------|--------|
|                      |   | 2008                |   |   | 2007 |   |
|                      |   | (in      thousands) |   |
|                      |   |                |   |   |   |   |
| Margin      deposits      |   | $                   | 18,323 |   |   | $ | 11,997 |   |
| Derivative      assets    |   |                | 8,584  |   |   |   | - |   |
| Prepaid      insurance    |   |                | 8,374  |   |   |   | 7,312 |   |
| Prepaid      income taxes |   |                | -      |   |   |   | 9,152 |   |
| Other                     |   |                | 1,757  |   |   |   | 2,784 |   |
|                      |   | $                   | 37,038 |   |   | $ | 31,245 |   |

| 5.   | Accrued      Liabilities and Other |
|----------------|------------------------------------|

|                                                        |   | December      31,   |   |
|-------------------------------------------------------------|--------|---------------------|--------|
|                                                        |   | 2008                |   |   | 2007 |   |
|                                                        |   | (in      thousands) |   |
|                                                        |   |                |   |   |   |   |
| Accrued      compensation                                   |   | $                   | 12,606 |   |   | $ | 16,119 |   |
| Accrued      Beverly Hills litigation settlement            |   |                | 10,000 |   |   |   | 10,000 |   |
| Accrued      environmental costs                            |   |                | 10,040 |   |   |   | 8,750 |   |
| Accrued      dividends                                      |   |                | 6,779  |   |   |   | 5,825 |   |
| Accrued      property taxes                                 |   |                | 5,295  |   |   |   | 4,998 |   |
| Accrued      interest                                       |   |                | 7,363  |   |   |   | 2,541 |   |
| Income      taxes payable                                   |   |                | 326    |   |   |   | - |   |
| Derivative      liabilities                                 |   |                | -      |   |   |   | 15,089 |   |
| Accrued      income taxes                                   |   |                | -      |   |   |   | 6,819 |   |
| Accrued      El Dorado Refinery contingent earn-out payment |   |                | -      |   |   |   | 7,500 |   |
| Accrued      refinery incidents costs                       |   |                | -      |   |   |   | 2,800 |   |
| Other                                                       |   |                | 4,675  |   |   |   | 3,677 |   |
|                                                        |   | $                   | 57,084 |   |   | $ | 84,118 |   |

| 6.   | Long-term      Debt |
|----------------|---------------------|

|                                            |   | December      31,   |    |
|-------------------------------------------------|--------|---------------------|---------|
|                                            |   | 2008                |    |   | 2007 |   |
|                                            |   | (in      thousands) |    |
|                                            |   |                |    |   |   |   |
| 6.625%      Senior Notes (Due October 1, 2011)  |   | $                   | 150,000 |   |   | $ | 150,000 |   |
|                                            |   |                |    |   |   |   |   |   |
| 8.5%      Senior Notes (Due September 15, 2016) |   |                | 200,000 |   |   |   | - |   |
| Less      discount                              |   |                | (2,780  | ) |   |   | - |   |
| 8.5%      Senior Notes, net                     |   |                | 197,220 |   |   |   | - |   |
|                                            |   |                |    |   |   |   |   |   |
|                                            |   | $                   | 347,220 |   |   | $ | 150,000 |   |

| 7.   | Revolving      Credit Facility |
|----------------|--------------------------------|

| 8.   | Income      Taxes |
|----------------|-------------------|

|                          |   | Years      ended December 31, |    |
|-------------------------------|--------|-------------------------------|---------|
|                          |   | 2008                          |    |   | 2007 |   |   | 2006 |   |
|                          |   | (in      thousands)           |    |
| Current:                      |   |                          |    |   |   |   |   |   |   |
| Federal                       |   | $                             | (51,136 | ) |   | $ | 238,555 |   |   | $ | 168,950 |   |
| State                         |   |                          | (2,944  | ) |   |   | 33,109 |   |   |   | 25,814 |   |
| Total      current provision  |   |                          | (54,080 | ) |   |   | 271,664 |   |   |   | 194,764 |   |
| Deferred:                     |   |                          |    |   |   |   |   |   |   |   |   |   |
| Federal                       |   |                          | 95,920  |   |   |   | (1,567 | ) |   |   | 5,269 |   |
| State                         |   |                          | (15,026 | ) |   |   | (349 | ) |   |   | 804 |   |
| Total      deferred provision |   |                          | 80,894  |   |   |   | (1,916 | ) |   |   | 6,073 |   |
| Total      provision          |   | $                             | 26,814  |   |   | $ | 269,748 |   |   | $ | 200,837 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                  |   | Years      ended December 31, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008                          |    |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   | (in      thousands)           |    |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   |                          |    |   |   |   |   |   |   |
| Provision      based on statutory rates                                                                                                                                                                                                                                                                                                                                                               |   | $                             | 37,467  |   |   | $ | 269,106 |   |   | $ | 203,040 |   |
| Increase      (decrease) resulting from:                                                                                                                                                                                                                                                                                                                                                              |   |                          |    |   |   |   |   |   |   |   |   |   |
| State      income taxes                                                                                                                                                                                                                                                                                                                                                                               |   |                          | (17,970 | ) |   |   | 32,760 |   |   |   | 26,618 |   |
| Federal      tax effect of state income taxes                                                                                                                                                                                                                                                                                                                                                         |   |                          | 6,290   |   |   |   | (11,466 | ) |   |   | (9,316 | ) |
| FIN      48 federal tax contingency reversals and adjustments                                                                                                                                                                                                                                                                                                                                         |   |                          | (2,856  | ) |   |   | - |   |   |   | - |   |
| Increase      (benefit) from the Section 199 manufacturers deduction (1)                                                                                                                                                                                                                                                                                                                         |   |                          | 3,052   |   |   |   | (15,387 | ) |   |   | (5,666 | ) |
| Benefit      of ultra-low sulfur diesel tax credit                                                                                                                                                                                                                                                                                                                                                    |   |                          | -       |   |   |   | (5,525 | ) |   |   | (14,546 | ) |
| Other,      including permanent book-tax differences                                                                                                                                                                                                                                                                                                                                                  |   |                          | 831     |   |   |   | 260 |   |   |   | 707 |   |
| Provision      as reported                                                                                                                                                                                                                                                                                                                                                                            |   | $                             | 26,814  |   |   | $ | 269,748 |   |   | $ | 200,837 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| (1)      2008 does not have a benefit from the Section 199 deduction due to      having a taxable loss. The 2008 amounts reflect a decrease in the      Section 199 manufacturers deduction due to the true-up of the 2007 tax      return filed in 2008, the planned carryback of the 2008 net operating loss      into prior years and the filing of an amended 2006 return in      2008. |   |

|                                                   |   | December      31, 2008 |    |   | December      31, 2007 |   |
|--------------------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
|                                                   |   | State                  |    |   | Federal                |   |   | Total |   |   | State |   |   | Federal |   |   | Total |   |
|                                                   |   | (in      thousands)    |    |
| Current      deferred tax assets:                      |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      current assets:                             |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      bonuses                                   |   | $                      | 292     |   |                   | $      | 2,203 |   |   | $ | 2,495 |   |   | $ | 474 |   |   | $ | 3,734 |   |   | $ | 4,208 |   |
| Stock-based      compensation                          |   |                   | 932     |   |                   |   | 7,035 |   |   |   | 7,967 |   |   |   | 148 |   |   |   | 1,173 |   |   |   | 1,321 |   |
| Accrued      legal settlement                          |   |                   | 293     |   |                   |   | 2,212 |   |   |   | 2,505 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Environmental      liability accruals                  |   |                   | 337     |   |                   |   | 2,546 |   |   |   | 2,883 |   |   |   | 13 |   |   |   | 105 |   |   |   | 118 |   |
| State      net operating losses                        |   |                   | 4,034   |   |                   |   | - |   |   |   | 4,034 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Kansas      income tax credits                         |   |                   | 2,332   |   |                   |   | - |   |   |   | 2,332 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Unrealized      loss on derivative contracts      |   |                   | -       |   |                   |   | - |   |   |   | - |   |   |   | 668 |   |   |   | 5,281 |   |   |   | 5,949 |   |
| Current      state income tax liabilities         |   |                   | -       |   |                   |   | 97 |   |   |   | 97 |   |   |   | - |   |   |   | 2,334 |   |   |   | 2,334 |   |
| Other                                                  |   |                   | 198     |   |                   |   | 1,491 |   |   |   | 1,689 |   |   |   | 157 |   |   |   | 1,241 |   |   |   | 1,398 |   |
| Total      gross current assets                        |   |                   | 8,418   |   |                   |   | 15,584 |   |   |   | 24,002 |   |   |   | 1,460 |   |   |   | 13,868 |   |   |   | 15,328 |   |
|                                                   |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      current liabilities:                        |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid      expenses                                  |   |                   | (418    | )      |                   |   | (3,153 | ) |   |   | (3,571 | ) |   |   | (341 | ) |   |   | (2,698 | ) |   |   | (3,039 | ) |
| State      income tax receivable or prepaid       |   |                   | -       |   |                   |   | (5,527 | ) |   |   | (5,527 | ) |   |   | - |   |   |   | (2,472 | ) |   |   | (2,472 | ) |
| State      deferred taxes                              |   |                   |    |   |                   |   | (2,661 | ) |   |   | (2,661 | ) |   |   | - |   |   |   | (391 | ) |   |   | (391 | ) |
| Unrealized      gain on derivative contracts      |   |                   | (398    | )      |                   |   | (3,004 | ) |   |   | (3,402 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      gross current liabilities                   |   |                   | (816    | )      |                   |   | (14,345 | ) |   |   | (15,161 | ) |   |   | (341 | ) |   |   | (5,561 | ) |   |   | (5,902 | ) |
| Total      current net deferred tax assets        |   | $                      | 7,602   |   |                   | $      | 1,239 |   |   | $ | 8,841 |   |   | $ | 1,119 |   |   | $ | 8,307 |   |   | $ | 9,426 |   |
|                                                   |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      deferred tax liabilities:               |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      long-term assets:                           |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension      and other post-retirement      benefits   |   | $                      | 1,446   |   |                   | $      | 10,906 |   |   | $ | 12,352 |   |   | $ | 1,185 |   |   | $ | 9,366 |   |   | $ | 10,551 |   |
| Kansas      income tax credits                         |   |                   | 20,556  |   |                   |   | - |   |   |   | 20,556 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Stock-based      compensation                          |   |                   | -       |   |                   |   | - |   |   |   | - |   |   |   | 1,095 |   |   |   | 8,650 |   |   |   | 9,745 |   |
| Environmental      liability accruals                  |   |                   | 211     |   |                   |   | 1,593 |   |   |   | 1,804 |   |   |   | 301 |   |   |   | 2,375 |   |   |   | 2,676 |   |
| Asset      retirement obligations                      |   |                   | 214     |   |                   |   | 1,617 |   |   |   | 1,831 |   |   |   | 208 |   |   |   | 1,646 |   |   |   | 1,854 |   |
| Other                                                  |   |                   | 347     |   |                   |   | 3,189 |   |   |   | 3,536 |   |   |   | 433 |   |   |   | 3,421 |   |   |   | 3,854 |   |
| State      deferred taxes                              |   |                   | -       |   |                   |   | 1,045 |   |   |   | 1,045 |   |   |   | - |   |   |   | 4,094 |   |   |   | 4,094 |   |
| Total      gross long-term assets                      |   |                   | 22,774  |   |                   |   | 18,350 |   |   |   | 41,124 |   |   |   | 3,222 |   |   |   | 29,552 |   |   |   | 32,774 |   |
| Gross      long-term liabilities                       |   |                   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                           |   |                   | (23,558 | )      |                   |   | (177,964 | ) |   |   | (201,522 | ) |   |   | (13,178 | ) |   |   | (104,419 | ) |   |   | (117,597 | ) |
| Deferred      turnaround costs                         |   |                   | (2,203  | )      |                   |   | (16,613 | ) |   |   | (18,816 | ) |   |   | (1,740 | ) |   |   | (13,747 | ) |   |   | (15,487 | ) |
| Total      long-term net deferred tax liabilities |   | $                      | (2,987  | )      |                   | $      | (176,227 | ) |   | $ | (179,214 | ) |   | $ | (11,696 | ) |   | $ | (88,614 | ) |   | $ | (100,310 | ) |

|                                                               |   | Years      ended December 31, |   |
|--------------------------------------------------------------------|--------|-------------------------------|--------|
|                                                               |   | 2008                          |   |   | 2007 |   |
|                                                               |   |                          |   |   |   |   |
| Balance      beginning of year                                     |   | $                             | 28,324 |   |   | $ | 27,710 |   |
| Additions      based on tax positions related to the current year  |   |                          | 521    |   |   |   | 692 |   |
| Additions      for tax positions of prior years                    |   |                          | 1,294  |   |   |   | - |   |
| Reductions      for tax positions of prior years                   |   |                          | (120   | ) |   |   | - |   |
| Settlements                                                        |   |                          | -      |   |   |   | - |   |
| Reductions      due to lapse of applicable statutes of limitations |   |                          | (5,741 | ) |   |   | (78 | ) |
| Balance      end of year                                           |   | $                             | 24,278 |   |   | $ | 28,324 |   |

| 9.   | Common      Stock |
|----------------|-------------------|

|                                                                                    |   | Number      of shares                    |       |   | Amount |   |
|-----------------------------------------------------------------------------------------|--------|------------------------------------------|------------|--------|--------|--------|
|                                                                                    |   | (in      thousands except share amounts) |       |
|                                                                                    |   |                                     |       |   |   |   |
| Balance      as of December 31, 2007                                                    |   |                                     | 26,893,939 |   |   | $      | 327,564 |   |
|    Shares      repurchased under stock repurchase plans                  |   |                                     | 1,561,367  |   |   |   | 56,260 |   |
|    Shares      received to fund minimum statutory withholding      taxes |   |                                     | 386,350    |   |   |   | 10,770 |   |
|    Shares      received to fund stock option exercises                   |   |                                     | 9,224      |   |   |   | 306 |   |
|    Shares      issued for stock option exercises                         |   |                                     | (160,000   | )      |   |   | (212 | ) |
|    Shares      issued for restricted stock unit vestings                 |   |                                     | (122,250   | )      |   |   | (143 | ) |
|    Shares      issued for restricted stock grants, net of forfeits       |   |                                     | (622,746   | )      |   |   | (813 | ) |
| Balance      as of December 31, 2008                                                    |   |                                     | 27,945,884 |   |   | $      | 393,732 |   |

----

|                                           |   | 2008                                         |   |   | 2007                |   |    | 2006                 |   |
|------------------------------------------------|--------|----------------------------------------------|--------|--------|---------------------|--------|---------|----------------------|--------|
|                                           |   | Income(Numerator)                            |   |   | Shares(Denominator) |   |    | Per      ShareAmount |   |   | Income(Numerator) |   |   | Shares(Denominator) |   |   | Per      ShareAmount |   |   | Income(Numerator) |   |   | Shares(Denominator) |   |   | Per      ShareAmount |   |
|                                           |   | (in      thousands except per share amounts) |   |
| Basic      EPS:                                |   |                                         |   |   |                |   |    |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                |   | $                                            | 80,234 |   |                |   | 103,139 |                 |   | $ | 0.78 |   |   | $ | 499,125 |   |   |   | 106,804 |   |   | $ | 4.67 |   |   | $ | 379,277 |   |   |   | 111,408 |   |   | $ | 3.40 |   |
| Dilutive      securities:                      |   |                                         |   |   |                |   |    |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      options                             |   |                                         |   |   |                |   | 40      |                 |   |   |   |   |   |   |   |   |   |   | 291 |   |   |   |   |   |   |   |   |   |   |   | 565 |   |   |   |   |   |
| Restricted      stockand      stock unitawards |   |                                         |   |   |                |   | 428     |                 |   |   |   |   |   |   |   |   |   |   | 875 |   |   |   |   |   |   |   |   |   |   |   | 539 |   |   |   |   |   |
| Diluted      EPS:                              |   |                                         |   |   |                |   |    |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                |   | $                                            | 80,234 |   |                |   | 103,607 |                 |   | $ | 0.77 |   |   | $ | 499,125 |   |   |   | 107,970 |   |   | $ | 4.62 |   |   | $ | 379,277 |   |   |   | 112,512 |   |   | $ | 3.37 |   |

|                                                       |                | Years      Ended December 31, |   |
|------------------------------------------------------------|---------------------|-------------------------------|--------|
|                                                       |                | 2008                          |   |   | 2007 |   |   | 2006 |
|                                                       | (in      thousands) |                          |   |   |   |
|                                                       |                |                          |   |   |   |   |   |   |   |
| Restricted      shares and units                           |                | $                             | 5,398  |   |   | $ | 6,879 |   |   | $ | 8,539 |   |
| Stock      options                                         |                |                          | 1,004  |   |   |   | 1,515 |   |   |   | 2,110 |   |
| Contingently      issuable stock unit awards               |                |                          | 13,612 |   |   |   | 14,159 |   |   |   | 7,290 |   |
| Stock      grant to retiring executive                     |                |                          | -      |   |   |   | - |   |   |   | 90 |   |
| Total      stock-based compensation expense                |                | $                             | 20,014 |   |   | $ | 22,553 |   |   | $ | 18,029 |   |
|                                                       |                |                          |   |   |   |   |   |   |   |   |   |   |
| Income      tax benefit recognized in the income statement |                | $                             | 6,730  |   |   | $ | 8,570 |   |   | $ | 6,851 |   |

|                                                                                         |   | 2008           |     |   | 2007                                 |   |    | 2006                                                            |   |
|----------------------------------------------------------------------------------------------|--------|----------------|----------|--------|--------------------------------------|--------|---------|-----------------------------------------------------------------|--------|
|                                                                                         |   | Numberofawards |     |   | Weighted-Average      Exercise Price |   |    | AggregateIntrinsicValue      of Options(in      thousands) |   |   | Number of awards |   |   | Weighted-Average      Exercise Price |   |   | Number of awards |   |   | Weighted-Average      Exercise Price |   |
|                                                                                         |   |           |     |   |                                 |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding      at   beginning      of year                                  |   |           | 624,591  |   |                                 | $      | 22.4021 |                                                            |   |   |   |   |   | 1,032,126 |   |   | $ | 16.3104 |   |   |   | 1,381,700 |   |   | $ | 4.3515 |   |
| Granted                                                                                      |   |           | -        |   |                                 |   | -       |                                                            |   |   |   |   |   | - |   |   |   | - |   |   |   | 493,226 |   |   |   | 29.3850 |   |
| Exercised      or issued                                                                     |   |           | (160,000 | )      |                                 |   | 4.4438  |                                                            |   |   |   |   |   | (396,761 | ) |   |   | 6.3655 |   |   |   | (842,800 | ) |   |   | 4.3560 |   |
| Expired      or forfeited                                                                    |   |           | -        |   |                                 |   | -       |                                                            |   |   |   |   |   | (10,774 | ) |   |   | 29.3850 |   |   |   | - |   |   |   | - |   |
| Outstanding      at end   of      year                                        |   |           | 464,591  |   |                                 | $      | 28.5868 |                                                            |   | $ | 120 |   |   |   | 624,591 |   |   | $ | 22.4021 |   |   |   | 1,032,126 |   |   | $ | 16.3104 |   |
|                                                                                         |   |           |     |   |                                 |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vested      or expected to   vest      at end of year                         |   |           | 462,489  |   |                                 | $      | 28.5832 |                                                            |   | $ | 120 |   |   |   | 613,672 |   |   | $ | 22.2779 |   |   |   | 1,021,207 |   |   | $ | 16.1706 |   |
|                                                                                         |   |           |     |   |                                 |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable      at end of   period                                           |   |           | 235,039  |   |                                 | $      | 27.8072 |                                                            |   | $ | 120 |   |   |   | 280,249 |   |   | $ | 13.8223 |   |   |   | 501,400 |   |   | $ | 4.3200 |   |
|                                                                                         |   |           |     |   |                                 |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average fair      value of options      granted during      the year |   |           |     | n/a    |                                 |   |    |                                                            |   |   |   |   |   |   |   | n/a |   |   |   |   |   |   |   | 9.6150 |   |

| Stock      Options Outstanding at December 31, 2008 |    |
|-----------------------------------------------------|---------|
| NumberOutstanding                                   |    | Weighted-Average Remaining      Contractual Life (Years) |   | ExercisePrice |   | Exercisable |   |   | Vested      orExpected      to Vest |   |
|                                                | 449,591 |   |   |   | 2.32 |   |   | $ | 29.3850 |   |   |   | 220,039 |   |   |   | 447,489 |   |
|                                                | 15,000  |   |   |   | 0.15 |   |   | $ | 4.6625 |   |   |   | 15,000 |   |   |   | 15,000 |   |

|                                                      |   | 2008                |       |   | 2007                                          |   |    | 2006                |   |
|-----------------------------------------------------------|--------|---------------------|------------|--------|-----------------------------------------------|--------|---------|---------------------|--------|
|                                                      |   | Shares      / Units |       |   | Weighted-Average      Grant-Date Market Value |   |    | Shares      / Units |   |   | Weighted-Average      Grant-Date Market Value |   |   | Shares      / Units |   |   | Weighted-Average      Grant-Date Market Value |   |
| Nonvested      at beginning of      year             |   |                | 1,053,083  |   |                                          | $      | 24.0234 |                |   |   | 713,026 |   |   | $ | 18.5465 |   |   |   | 415,692 |   |   | $ | 8.8870 |   |
| Conversion      of  stock unit      awards |   |                | 459,171    |   |                                          |   | 29.5867 |                |   |   | 657,232 |   |   |   | 29.3850 |   |   |   | - |   |   |   | - |   |
| Granted                                                   |   |                | 191,603    |   |                                          |   | 29.2920 |                |   |   | 127,762 |   |   |   | 30.3280 |   |   |   | 459,956 |   |   |   | 26.4773 |   |
| Vested                                                    |   |                | (1,130,600 | )      |                                          |   | 24.5279 |                |   |   | (415,266 | ) |   |   | 25.0136 |   |   |   | (162,622 | ) |   |   | 16.2865 |   |
| Forfeited                                                 |   |                | (1,778     | )      |                                          |   | 28.6345 |                |   |   | (29,671 | ) |   |   | 24.4588 |   |   |   | - |   |   |   | - |   |
| Nonvested      at end of year                             |   |                | 571,479    |   |                                          |   | 29.2473 |                |   |   | 1,053,083 |   |   |   | 24.0234 |   |   |   | 713,026 |   |   |   | 18.5465 |   |

| 10.   | Employee      Benefit Plans |
|-----------------|-----------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Pension      Benefits |   |   | Post-retirement      and Other Benefits (1) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008                  |   |   | 2007                                        |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (in      thousands)   |   |
| Change      in benefit obligation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  |   |   |                                        |   |   |   |   |   |   |   |
| Benefit      obligation at January 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                     | 9,941  |   |                                        | $      | 9,971 |   |   | $ | 28,156 |   |   | $ | 28,223 |   |
| Service      cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                  | -      |   |                                        |   | - |   |   |   | 628 |   |   |   | 752 |   |
| Interest      cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | 508    |   |                                        |   | 562 |   |   |   | 1,788 |   |   |   | 1,612 |   |
| Plan      participant contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | -      |   |                                        |   | - |   |   |   | 62 |   |   |   | 66 |   |
| Actuarial      loss (gain)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 158    |   |                                        |   | (428 | ) |   |   | 1,556 |   |   |   | (2,269 | ) |
| Amendments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 994    |   |                                        |   | - |   |   |   | - |   |   |   | - |   |
| Benefits      paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | (264   | )      |                                        |   | (164 | ) |   |   | (332 | ) |   |   | (228 | ) |
| Benefit      obligation at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                     | 11,337 |   |                                        | $      | 9,941 |   |   | $ | 31,858 |   |   | $ | 28,156 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Change      in plan assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Fair      value of plan assets at January 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  | 10,731 |   |                                        |   | 9,668 |   |   |   | - |   |   |   | - |   |
| Actual      (loss) return on plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                  | (150   | )      |                                        |   | 883 |   |   |   | - |   |   |   | - |   |
| Employer      contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  | 800    |   |                                        |   | 344 |   |   |   | 270 |   |   |   | 162 |   |
| Plan      participant contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | -      |   |                                        |   | - |   |   |   | 62 |   |   |   | 66 |   |
| Benefits      paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | (265   | )      |                                        |   | (164 | ) |   |   | (332 | ) |   |   | (228 | ) |
| Fair      value of plan assets at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                     | 11,116 |   |                                        | $      | 10,731 |   |   | $ | - |   |   | $ | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Funded      status at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                     | (221   | )      |                                        | $      | 790 |   |   | $ | (31,858 | ) |   | $ | (28,156 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Amounts      recognized in the balance sheets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                     | -      |   |                                        | $      | 790 |   |   | $ | - |   |   | $ | - |   |
| Accrued      liabilities and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | (221   | )      |                                        |   | - |   |   |   | (730 | ) |   |   | (607 | ) |
| Post-retirement      employee liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  | -      |   |                                        |   | - |   |   |   | (31,128 | ) |   |   | (27,549 | ) |
| Net      amount recognized                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                     | (221   | )      |                                        | $      | 790 |   |   | $ | (31,858 | ) |   | $ | (28,156 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Amounts      recognized in accumulated OCI (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| (Gain)      loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                     | (397   | )      |                                        | $      | (1,209 | ) |   | $ | 10,499 |   |   | $ | 9,908 |   |
| Prior      service credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  | 426    |   |                                        |   | - |   |   |   | (9,363 | ) |   |   | (11,239 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                     | 29     |   |                                        | $      | (1,209 | ) |   | $ | 1,136 |   |   | $ | (1,331 | ) |
| (1)      The disclosed post-retirement healthcare obligations and net periodic cost      for 2008 and 2007 reflect government subsidies for prescription drugs as      allowed under the Medicare Prescription Drug, Improvement and      Modernization Act. The subsidy reduced the benefit obligation at      December 31, 2008 and 2007, by approximately $4.3 million and $5.1      million, respectively. The Company did not recognize any benefits of      the subsidy during the years ended December 31, 2008 and    2007. |   |
| (2)      The pension loss of $29,000 will be recognized in the pension benefit cost      in 2009. For the post-retirement healthcare and other benefits, $1.0      of the $10.5 million net loss and $1.9 million of the $9.4 million of      prior service cost credit will be recognized in the benefit cost in      2009.                                                                                                                                                                                                        |   |

|                                                                                                                                                                  |   | Pension      Benefits |   |   | Post-retirement      Healthcare and Other Benefits |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|----------------------------------------------------|--------|
|                                                                                                                                                                  |   | 2008                  |   |   | 2007                                               |   |   | 2006 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                                  |   | (in      thousands)   |   |
| Components      of net periodic benefit cost      and other amounts recognized in      other comprehensive income for the      year ended December 31: |   |
| Service      cost                                                                                                                                                     |   | $                     | -      |   |                                               | $      | - |   |   | $ | - |   |   | $ | 627 |   |   | $ | 752 |   |   | $ | 1,011 |   |
| Interest      cost                                                                                                                                                    |   |                  | 508    |   |                                               |   | 562 |   |   |   | 541 |   |   |   | 1,788 |   |   |   | 1,611 |   |   |   | 2,075 |   |
| Expected      return on plan assets                                                                                                                                   |   |                  | (501   | )      |                                               |   | (714 | ) |   |   | (640 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization      of prior service cost                                                                                                                               |   |                  | 568    |   |                                               |   | - |   |   |   | - |   |   |   | (1,876 | ) |   |   | (1,876 | ) |   |   | - |   |
| Amortized      net actuarial loss                                                                                                                                     |   |                  | (3     | )      |                                               |   | - |   |   |   | - |   |   |   | 966 |   |   |   | 1,137 |   |   |   | 1,087 |   |
| Net      periodic benefit cost                                                                                                                                        |   |                  | 572    |   |                                               |   | (152 | ) |   |   | (99 | ) |   |   | 1,505 |   |   |   | 1,624 |   |   |   | 4,173 |   |
|                                                                                                                                                                  |   |                  |   |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes      in assets and benefit obligations      recognized in other comprehensive      income:                                                          |   |                  |   |   |                                               |   |   |   |   |
| Increase      in benefit obligation for plan   amendment                                                                                               |   |                  | -      |   |                                               |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net      loss (gain)                                                                                                                                                  |   |                  | 810    |   |                                               |   | (598 | ) |   |   | - |   |   |   | 1,557 |   |   |   | (2,269 | ) |   |   | - |   |
| Amortization      of prior service cost                                                                                                                               |   |                  | 3      |   |                                               |   | - |   |   |   | - |   |   |   | 1,876 |   |   |   | 1,876 |   |   |   | - |   |
| Prior      service cost                                                                                                                                               |   |                  | 994    |   |                                               |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization      of loss                                                                                                                                             |   |                  | (568   | )      |                                               |   | - |   |   |   | - |   |   |   | (966 | ) |   |   | (1,137 | ) |   |   | - |   |
| Adoption      of SFAS 158                                                                                                                                             |   |                  | -      |   |                                               |   | - |   |   |   | (611 | ) |   |   | - |   |   |   | - |   |   |   | 199 |   |
| Total      recognized in other comprehensive   income                                                                                                  |   |                  | 1,239  |   |                                               |   | (598 | ) |   |   | (611 | ) |   |   | 2,467 |   |   |   | (1,530 | ) |   |   | 199 |   |
| Total      recognized in net periodic benefit cost   and      other comprehensive income                                                               |   | $                     | 1,811  |   |                                               | $      | (750 | ) |   | $ | (710 | ) |   | $ | 3,972 |   |   | $ | 94 |   |   | $ | 4,372 |   |
|                                                                                                                                                                  |   |                  |   |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average assumptions:                                                                                                                                    |   |                  |   |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Benefit      obligation discount rate as of   December      31      (1)                                                                                |   |                  | 4.72   | %      |                                               |   | 6.25 | % |   |   | 5.75 | % |   |   | 6.00 | % |   |   | 6.25 | % |   |   | 5.75 | % |
| Net      periodic benefit cost discount rate for   the      year ended December 31      (1)                                                            |   |                  | 4.16   | %      |                                               |   | 5.75 | % |   |   | 5.50 | % |   |   | 6.25 | % |   |   | 5.75 | % |   |   | 5.50 | % |
| Expected      return on plan assets (1)                                                                                                                               |   |                  | 3.20   | %      |                                               |   | 7.50 | % |   |   | 7.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Salary      increases                                                                                                                                                 |   |                  | n/a    |   |                                               |   | n/a |   |   |   | n/a |   |   |   | n/a |   |   |   | n/a |   |   |   | n/a |   |
|                                                                                                                                                                  |   |                  |   |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      2008 reflects revised rates based on the April 2008 approval to terminate      the plan which is expected to occur by the third quarter of      2009.        |   |

|                                                          |   | Post-retirement      Healthcare and Other Benefits |   |
|---------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                          |   | 2008                                               |   |   | 2007 |   |   | 2006 |   |
|                                                          |   | (dollars      in thousands)                        |   |
|                                                          |   |                                               |   |   |   |   |   |   |   |
| Healthcare      cost-trend rate:                              |   |                                               | 9.00   | % |   |   | 10.00 | % |   |   | 11.00 | % |
|                                                          |   | ratable      to                                    |   |   | ratable      to |   |   | ratable      to |   |
|                                                          |   |                                               | 5.00   | % |   |   | 5.00 | % |   |   | 5.00 | % |
|                                                          |   | from                                               |   |   | from |   |   | from |   |
|                                                          |   | 2012                                               |   |   | 2012 |   |   | 2008 |   |
|                                                          |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Sensitivity      Analysis:                                    |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Effect      of 1% (-1%) change in healthcare cost-trend rate: |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Year-end      benefit obligation                              |   | $                                                  | 4,932  |   |   | $ | 4,761 |   |   | $ | 8,641 |   |
|                                                          |   |                                               | (4,030 | ) |   |   | (3,852 | ) |   |   | (6,784 | ) |
| Total      service and interest cost                          |   |                                               | 388    |   |   |   | 662 |   |   |   | 720 |   |
|                                                          |   |                                               | (316   | ) |   |   | (519 | ) |   |   | (560 | ) |

| Estimated      future benefit payments for years ending December 31, |   | Pension      Benefits |   |   | Post-retirement      Healthcare and Other Benefits |   |
|----------------------------------------------------------------------|--------|-----------------------|--------|--------|----------------------------------------------------|--------|
|                                                                 |   | Payment               |   |   | Payment                                            |   |   | Subsidy      Receipts |   |
|                                                                 |   | (in      thousands)   |   |
|                                                                 |   |                  |   |   |                                               |   |   |   |   |
| 2009                                                                 |   | $                     | 11,601 |   |                                               | $      | 731 |   |   | $ | - |   |
| 2010                                                                 |   |                  | -      |   |                                               |   | 1,019 |   |   |   | - |   |
| 2011                                                                 |   |                  | -      |   |                                               |   | 1,351 |   |   |   | - |   |
| 2012                                                                 |   |                  | -      |   |                                               |   | 1,632 |   |   |   | - |   |
| 2013                                                                 |   |                  | -      |   |                                               |   | 1,939 |   |   |   | - |   |
| Next      5 fiscal years thereafter                                  |   |                  | -      |   |                                               |   | 12,694 |   |   |   | 654 |   |

|                                 |   | Percentage      of Plan Assets at December      31, |   |
|--------------------------------------|--------|----------------------------------------------------------|--------|
| Asset      Category:                 |   | 2008                                                     |   |   | 2007 |   |
|                                 |   |                                                     |   |   |   |   |
| Cash      and cash equivalents       |   |                                                     | 89     | % |   |   | 9 | % |
| Equity      common trust funds       |   |                                                     | -      |   |   |   | 65 | % |
| Fixed      income common trust funds |   |                                                     | 11     | % |   |   | 25 | % |
| Real      estate                     |   |                                                     | -      |   |   |   | 1 | % |
| Total                                |   |                                                     | 100    | % |   |   | 100 | % |

| ·   | except      for limitations on investing Fund assets in Company securities or real      property, the trustee may invest and reinvest in any property, real,      personal or mixed, wherever situated, including, without limitation,      common and preferred stocks, bonds, notes, debentures, mutual funds,      leaseholds, mortgages, certificates of deposit, and oil, mineral or gas      properties, royalties, interests orrights; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | to      make commingled, collective or common investments and to invest or      reinvest all or any portion of the pension plan assets with funds of other      pension and profit sharing trusts exempt from tax under section 501(a) of      the Internal Revenue Code; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | to      deposit or invest all or a part of the Fund in savings accounts,      certificates of deposit or other deposits which bear a reasonable rate of      interest in a bank or similar financial institution, including the      commercial department of thetrustee. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Fair      Value Measurement |
|-----------------|-----------------------------|

| Description            |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |   | Total |   |
|------------------------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|--------|-------|--------|
| Derivative      assets |   | $            | 8,584  |   |         | $      | -      |         |   | $      | -     |   |   | $ | 8,584 |   |

|                                                  |   |   |   |
|-------------------------------------------------------|--------|--------|--------|
| Derivative      asset balance as of January 1, 2008   |   | $      | -      |   |
| Net      increase in derivative assets                |   |   | 437    |   |
| Net      settlements                                  |   |   | (437   | ) |
| Transfers      in (out) of Level 3                    |   |   | -      |   |
| Derivative      asset balance as of December 31, 2008 |   | $      | -      |   |

| 12.   | Commitments      and Contingencies |
|-----------------|------------------------------------|

|   | • | New      Source Review (“NSR”) – a program requiring permitting of certain facility      modifications, |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

|   | • | New      Source Performance Standards – a program establishing emission standards      for new emission sources as defined in the  regulations, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Benzene      Waste National Elimination System for Hazardous Air Pollutants (“NESHAPS”)      – a program limiting the amount of benzene allowable in industrial      wastewaters, and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Leak      Detection and Repair (“LDAR”) – a program designed to control hydrocarbon      emissions from refinery pipes, pumps andvalves. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Price      Risk Management Activities |
|-----------------|---------------------------------------|

| 14.   | Consolidating      Financial Statements |
|-----------------|-----------------------------------------|

----

| CONSOLIDATING      FINANCIAL STATEMENTS                                         |   |
|---------------------------------------------------------------------------------|--------|
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FRONTIER      OIL CORPORATION                                                   |   |
| Condensed      Consolidating Statement of Income                                |   |
| For      the Year Ended December 31, 2008                                       |   |
| (in      thousands)                                                             |   |
|                                                                            |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Revenues:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refined      products                                                           |   | $ | - |   |   | $ | 6,342,144 |   |   | $ | - |   |   | $ | - |   |   | $ | 6,342,144 |   |
| Other                                                                           |   |   | (7 | ) |   |   | 156,287 |   |   |   | 356 |   |   |   | - |   |   |   | 156,636 |   |
|                                                                            |   |   | (7 | ) |   |   | 6,498,431 |   |   |   | 356 |   |   |   | - |   |   |   | 6,498,780 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and  other      costs                      |   |   | - |   |   |   | 5,950,782 |   |   |   | - |   |   |   | - |   |   |   | 5,950,782 |   |
| Refinery      operating expenses,   excluding      depreciation  |   |   | - |   |   |   | 321,364 |   |   |   | - |   |   |   | - |   |   |   | 321,364 |   |
| Selling      and general expenses,   excluding      depreciation |   |   | 17,677 |   |   |   | 26,492 |   |   |   | - |   |   |   | - |   |   |   | 44,169 |   |
| Depreciation,      amortization   and      accretion             |   |   | 55 |   |   |   | 65,409 |   |   |   | - |   |   |   | 292 |   |   |   | 65,756 |   |
| Gains      on sales of assets                                                   |   |   | (37 | ) |   |   | (7 | ) |   |   | - |   |   |   | - |   |   |   | (44 | ) |
|                                                                            |   |   | 17,695 |   |   |   | 6,364,040 |   |   |   | - |   |   |   | 292 |   |   |   | 6,382,027 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                                    |   |   | (17,702 | ) |   |   | 134,391 |   |   |   | 356 |   |   |   | (292 | ) |   |   | 116,753 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other   financing      costs           |   |   | 15,939 |   |   |   | 5,570 |   |   |   | - |   |   |   | (6,379 | ) |   |   | 15,130 |   |
| Interest      and investment income                                             |   |   | (2,868 | ) |   |   | (2,557 | ) |   |   | - |   |   |   | - |   |   |   | (5,425 | ) |
| Equity      in earnings of   subsidiaries                        |   |   | (137,139 | ) |   |   | - |   |   |   | - |   |   |   | 137,139 |   |   |   | - |   |
|                                                                            |   |   | (124,068 | ) |   |   | 3,013 |   |   |   | - |   |   |   | 130,760 |   |   |   | 9,705 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                 |   |   | 106,366 |   |   |   | 131,378 |   |   |   | 356 |   |   |   | (131,052 | ) |   |   | 107,048 |   |
| Provision      for income taxes                                                 |   |   | 26,132 |   |   |   | 38,407 |   |   |   | 139 |   |   |   | (37,864 | ) |   |   | 26,814 |   |
| Net      income                                                                 |   | $ | 80,234 |   |   | $ | 92,971 |   |   | $ | 217 |   |   | $ | (93,188 | ) |   | $ | 80,234 |   |

----

| FRONTIER      OIL CORPORATION                                                   |   |
|---------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Income                                |   |
| For      the Year Ended December 31, 2007                                       |   |
| (in      thousands)                                                             |   |
|                                                                            |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Revenues:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refined      products                                                           |   | $ | - |   |   | $ | 5,269,674 |   |   | $ | - |   |   | $ | - |   |   | $ | 5,269,674 |   |
| Other                                                                           |   |   | 2 |   |   |   | (80,981 | ) |   |   | 45 |   |   |   | - |   |   |   | (80,934 | ) |
|                                                                            |   |   | 2 |   |   |   | 5,188,693 |   |   |   | 45 |   |   |   | - |   |   |   | 5,188,740 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and   other      costs                |   |   | - |   |   |   | 4,039,235 |   |   |   | - |   |   |   | - |   |   |   | 4,039,235 |   |
| Refinery      operating expenses,   excluding      depreciation  |   |   | - |   |   |   | 300,542 |   |   |   | - |   |   |   | - |   |   |   | 300,542 |   |
| Selling      and general expenses,   excluding      depreciation |   |   | 30,593 |   |   |   | 24,750 |   |   |   | - |   |   |   | - |   |   |   | 55,343 |   |
| Depreciation,      amortization   and      accretion             |   |   | 61 |   |   |   | 53,299 |   |   |   | - |   |   |   | (321 | ) |   |   | 53,039 |   |
| Loss      (gain) on sales of assets                                             |   |   | 2,028 |   |   |   | (17,242 | ) |   |   | - |   |   |   | - |   |   |   | (15,214 | ) |
|                                                                            |   |   | 32,682 |   |   |   | 4,400,584 |   |   |   | - |   |   |   | (321 | ) |   |   | 4,432,945 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                                    |   |   | (32,680 | ) |   |   | 788,109 |   |   |   | 45 |   |   |   | 321 |   |   |   | 755,795 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other   financing  costs     |   |   | 12,723 |   |   |   | 4,122 |   |   |   | - |   |   |   | (8,072 | ) |   |   | 8,773 |   |
| Interest      and investment income                                             |   |   | (11,202 | ) |   |   | (10,649 | ) |   |   | - |   |   |   | - |   |   |   | (21,851 | ) |
| Equity      in earnings of    subsidiaries                  |   |   | (802,362 | ) |   |   | - |   |   |   | - |   |   |   | 802,362 |   |   |   | - |   |
|                                                                            |   |   | (800,841 | ) |   |   | (6,527 | ) |   |   | - |   |   |   | 794,290 |   |   |   | (13,078 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                 |   |   | 768,161 |   |   |   | 794,636 |   |   |   | 45 |   |   |   | (793,969 | ) |   |   | 768,873 |   |
| Provision      for income taxes                                                 |   |   | 269,036 |   |   |   | 279,174 |   |   |   | 15 |   |   |   | (278,477 | ) |   |   | 269,748 |   |
| Net      income                                                                 |   | $ | 499,125 |   |   | $ | 515,462 |   |   | $ | 30 |   |   | $ | (515,492 | ) |   | $ | 499,125 |   |

----

| FRONTIER      OIL CORPORATION                                                   |   |
|---------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Income                                |   |
| For      the Year Ended December 31, 2006                                       |   |
| (in      thousands)                                                             |   |
|                                                                            |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Revenues:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refined      products                                                           |   | $ | - |   |   | $ | 4,759,661 |   |   | $ | - |   |   | $ | - |   |   | $ | 4,759,661 |   |
| Other                                                                           |   |   | 4 |   |   |   | 36,146 |   |   |   | 142 |   |   |   | - |   |   |   | 36,292 |   |
|                                                                            |   |   | 4 |   |   |   | 4,795,807 |   |   |   | 142 |   |   |   | - |   |   |   | 4,795,953 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and other costs                                      |   |   | - |   |   |   | 3,850,937 |   |   |   | - |   |   |   | - |   |   |   | 3,850,937 |   |
| Refinery      operating expenses,   excluding      depreciation  |   |   | - |   |   |   | 277,129 |   |   |   | - |   |   |   | - |   |   |   | 277,129 |   |
| Selling      and general expenses,   excluding      depreciation |   |   | 30,194 |   |   |   | 22,294 |   |   |   | - |   |   |   | - |   |   |   | 52,488 |   |
| Depreciation,      amortization   and      accretion             |   |   | 88 |   |   |   | 41,502 |   |   |   | - |   |   |   | (377 | ) |   |   | 41,213 |   |
| Gain      on sales of assets                                                    |   |   | (8 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8 | ) |
|                                                                            |   |   | 30,274 |   |   |   | 4,191,862 |   |   |   | - |   |   |   | (377 | ) |   |   | 4,221,759 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                                    |   |   | (30,270 | ) |   |   | 603,945 |   |   |   | 142 |   |   |   | 377 |   |   |   | 574,194 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other   financing      costs           |   |   | 11,978 |   |   |   | 3,835 |   |   |   | - |   |   |   | (3,674 | ) |   |   | 12,139 |   |
| Interest      and investment income                                             |   |   | (12,102 | ) |   |   | (5,957 | ) |   |   | - |   |   |   | - |   |   |   | (18,059 | ) |
| Equity      in earnings of subsidiaries                                         |   |   | (609,265 | ) |   |   | - |   |   |   | - |   |   |   | 609,265 |   |   |   | - |   |
|                                                                            |   |   | (609,389 | ) |   |   | (2,122 | ) |   |   | - |   |   |   | 605,591 |   |   |   | (5,920 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                 |   |   | 579,119 |   |   |   | 606,067 |   |   |   | 142 |   |   |   | (605,214 | ) |   |   | 580,114 |   |
| Provision      for income taxes                                                 |   |   | 199,842 |   |   |   | 209,951 |   |   |   | 55 |   |   |   | (209,011 | ) |   |   | 200,837 |   |
| Net      income                                                                 |   | $ | 379,277 |   |   | $ | 396,116 |   |   | $ | 87 |   |   | $ | (396,203 | ) |   | $ | 379,277 |   |

----

| FRONTIER      OIL CORPORATION                                                                                                                |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Balance Sheet                                                                                                   |   |
| As      of December 31, 2008                                                                                                                 |   |
| (in      thousands)                                                                                                                          |   |
|                                                                                                                                         |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| ASSETS                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      assets:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                               |   | $ | 254,548 |   |   | $ | 228,984 |   |   | $ | - |   |   | $ | - |   |   | $ | 483,532 |   |
| Trade      and other receivables, net                                                                                                   |   |   | 120,265 |   |   |   | 105,169 |   |   |   | 10 |   |   |   | - |   |   |   | 225,444 |   |
| Inventory      of crude oil, products      and other                                                                                    |   |   | - |   |   |   | 256,129 |   |   |   | - |   |   |   | - |   |   |   | 256,129 |   |
| Deferred      tax assets                                                                                                                     |   |   | 8,841 |   |   |   | 9,034 |   |   |   | - |   |   |   | (9,034 | ) |   |   | 8,841 |   |
| Commutation      account                                                                                                                     |   |   | 6,319 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,319 |   |
| Other      current assets                                                                                                                    |   |   | 643 |   |   |   | 36,395 |   |   |   |   |   |   |   |   |   |   |   | 37,038 |   |
| Total      current assets                                                                                                                    |   |   | 390,616 |   |   |   | 635,711 |   |   |   | 10 |   |   |   | (9,034 | ) |   |   | 1,017,303 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment, at      cost                                                                                        |   |   | 1,248 |   |   |   | 1,295,420 |   |   |   | - |   |   |   | 10,076 |   |   |   | 1,306,744 |   |
| Accumulated      depreciation   and      amortization                                                                         |   |   | (998 | ) |   |   | (379,967 | ) |   |   | - |   |   |   | 7,664 |   |   |   | (373,301 | ) |
| Property,      plant and equipment, net                                                                                                 |   |   | 250 |   |   |   | 915,453 |   |   |   | - |   |   |   | 17,740 |   |   |   | 933,443 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      turnaround costs                                                                                                               |   |   | - |   |   |   | 47,465 |   |   |   | - |   |   |   | - |   |   |   | 47,465 |   |
| Deferred      catalyst costs                                                                                                                 |   |   | - |   |   |   | 9,726 |   |   |   | - |   |   |   | - |   |   |   | 9,726 |   |
| Deferred      financing costs, net                                                                                                           |   |   | 3,642 |   |   |   | 2,559 |   |   |   | - |   |   |   | - |   |   |   | 6,201 |   |
| Intangible      assets, net                                                                                                                  |   |   | - |   |   |   | 1,338 |   |   |   | - |   |   |   | - |   |   |   | 1,338 |   |
| Other      assets                                                                                                                            |   |   | 2,600 |   |   |   | 393 |   |   |   | - |   |   |   | - |   |   |   | 2,993 |   |
| Receivable      from affiliated companies      (1)                                                                                      |   |   | 646 |   |   |   | 25,733 |   |   |   | 468 |   |   |   | (26,847 | ) |   |   | - |   |
| Investment      in subsidiaries                                                                                                              |   |   | 1,235,678 |   |   |   | - |   |   |   | - |   |   |   | (1,235,678 | ) |   |   | - |   |
| Total      assets                                                                                                                            |   | $ | 1,633,432 |   |   | $ | 1,638,378 |   |   | $ | 478 |   |   | $ | (1,253,819 | ) |   | $ | 2,018,469 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                        |   | $ | 1,168 |   |   | $ | 307,684 |   |   | $ | 15 |   |   | $ | - |   |   | $ | 308,867 |   |
| Accrued      liabilities and other                                                                                                           |   |   | 26,071 |   |   |   | 31,013 |   |   |   | - |   |   |   | - |   |   |   | 57,084 |   |
| Total      current liabilities                                                                                                               |   |   | 27,239 |   |   |   | 338,697 |   |   |   | 15 |   |   |   | - |   |   |   | 365,951 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      debt                                                                                                                          |   |   | 347,220 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 347,220 |   |
| Contingent      income tax liabilities                                                                                                       |   |   | 26,112 |   |   |   | 1,945 |   |   |   | - |   |   |   | - |   |   |   | 28,057 |   |
| Long-term      capital lease obligations                                                                                                |   |   | - |   |   |   | 3,548 |   |   |   | - |   |   |   | - |   |   |   | 3,548 |   |
| Other      long-term liabilities                                                                                                             |   |   | 2,507 |   |   |   | 40,832 |   |   |   | - |   |   |   | - |   |   |   | 43,339 |   |
| Deferred      income taxes                                                                                                                   |   |   | 179,214 |   |   |   | 174,597 |   |   |   | - |   |   |   | (174,597 | ) |   |   | 179,214 |   |
| Payable      to affiliated companies                                                                                                         |   |   | - |   |   |   | 1,114 |   |   |   | 209 |   |   |   | (1,323 | ) |   |   | - |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                                                                                                    |   |   | 1,051,140 |   |   |   | 1,077,645 |   |   |   | 254 |   |   |   | (1,077,899 | ) |   |   | 1,051,140 |   |
| Total      liabilities and shareholders'      equity                                                                                    |   | $ | 1,633,432 |   |   | $ | 1,638,378 |   |   | $ | 478 |   |   | $ | (1,253,819 | ) |   | $ | 2,018,469 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      FHI receivable from affiliated companies balance relates to income taxes      receivable from parent under a tax sharing agreement. |   |

----

| FRONTIER      OIL CORPORATION                                        |   |
|----------------------------------------------------------------------|--------|
| Condensed      Consolidating Balance Sheet                           |   |
| As      of December 31, 2007                                         |   |
| (in      thousands)                                                  |   |
|                                                                 |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| ASSETS                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      assets:                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                                       |   | $ | 186,368 |   |   | $ | 111,031 |   |   | $ | - |   |   | $ | - |   |   | $ | 297,399 |   |
| Trade      and other receivables, net                           |   |   | 27,948 |   |   |   | 156,798 |   |   |   | - |   |   |   | - |   |   |   | 184,746 |   |
| Receivable      from affiliated companies                            |   |   | - |   |   |   | 2,319 |   |   |   | 296 |   |   |   | (2,615 | ) |   |   | - |   |
| Inventory      of crude oil, products      and other            |   |   | - |   |   |   | 501,927 |   |   |   | - |   |   |   | - |   |   |   | 501,927 |   |
| Deferred      tax assets                                             |   |   | 9,426 |   |   |   | 13,507 |   |   |   | - |   |   |   | (13,507 | ) |   |   | 9,426 |   |
| Commutation      account                                             |   |   | 6,280 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,280 |   |
| Other      current assets                                            |   |   | 9,646 |   |   |   | 21,599 |   |   |   | - |   |   |   | - |   |   |   | 31,245 |   |
| Total      current assets                                            |   |   | 239,668 |   |   |   | 807,181 |   |   |   | 296 |   |   |   | (16,122 | ) |   |   | 1,031,023 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment, at      cost                |   |   | 1,121 |   |   |   | 1,090,695 |   |   |   | - |   |   |   | 3,627 |   |   |   | 1,095,443 |   |
| Accumulated      depreciation   and      amortization |   |   | (943 | ) |   |   | (325,076 | ) |   |   | - |   |   |   | 8,026 |   |   |   | (317,993 | ) |
| Property,      plant and equipment, net                         |   |   | 178 |   |   |   | 765,619 |   |   |   | - |   |   |   | 11,653 |   |   |   | 777,450 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      turnaround costs                                       |   |   | - |   |   |   | 39,276 |   |   |   | - |   |   |   | - |   |   |   | 39,276 |   |
| Deferred      catalyst costs                                         |   |   | - |   |   |   | 6,540 |   |   |   | - |   |   |   | - |   |   |   | 6,540 |   |
| Deferred      financing costs, net                                   |   |   | 1,810 |   |   |   | 746 |   |   |   | - |   |   |   | - |   |   |   | 2,556 |   |
| Intangible      assets, net                                          |   |   | - |   |   |   | 1,460 |   |   |   | - |   |   |   | - |   |   |   | 1,460 |   |
| Other      assets                                                    |   |   | 4,222 |   |   |   | 1,321 |   |   |   | - |   |   |   | - |   |   |   | 5,543 |   |
| Investment      in subsidiaries                                      |   |   | 1,106,243 |   |   |   | - |   |   |   | - |   |   |   | (1,106,243 | ) |   |   | - |   |
| Total      assets                                                    |   | $ | 1,352,121 |   |   | $ | 1,622,143 |   |   | $ | 296 |   |   | $ | (1,110,712 | ) |   | $ | 1,863,848 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      liabilities:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      payable                                                |   | $ | 242 |   |   | $ | 417,153 |   |   | $ | - |   |   | $ | - |   |   | $ | 417,395 |   |
| Accrued      liabilities and other                                   |   |   | 25,947 |   |   |   | 57,982 |   |   |   | 189 |   |   |   | - |   |   |   | 84,118 |   |
| Total      current liabilities                                       |   |   | 26,189 |   |   |   | 475,135 |   |   |   | 189 |   |   |   | - |   |   |   | 501,513 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      debt                                                  |   |   | 150,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 150,000 |   |
| Contingent      income tax liabilities                               |   |   | 31,185 |   |   |   | 1,072 |   |   |   | - |   |   |   | - |   |   |   | 32,257 |   |
| Long-term      capital lease obligations                             |   |   | - |   |   |   | 8 |   |   |   | - |   |   |   | - |   |   |   | 8 |   |
| Other      long-term liabilities                                     |   |   | 3,208 |   |   |   | 37,938 |   |   |   | - |   |   |   | - |   |   |   | 41,146 |   |
| Deferred      income taxes                                           |   |   | 100,310 |   |   |   | 107,652 |   |   |   | - |   |   |   | (107,652 | ) |   |   | 100,310 |   |
| Payable      to affiliated companies                                 |   |   | 2,615 |   |   |   | 3,365 |   |   |   | 70 |   |   |   | (6,050 | ) |   |   | - |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                            |   |   | 1,038,614 |   |   |   | 996,973 |   |   |   | 37 |   |   |   | (997,010 | ) |   |   | 1,038,614 |   |
| Total      liabilities and shareholders'      equity            |   | $ | 1,352,121 |   |   | $ | 1,622,143 |   |   | $ | 296 |   |   | $ | (1,110,712 | ) |   | $ | 1,863,848 |   |

----

| FRONTIER      OIL CORPORATION                                                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Cash Flows                                                                                |   |
| For      the Year Ended December 31, 2008                                                                                           |   |
| (in      thousands)                                                                                                                 |   |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                                                     |   | $ | 80,234 |   |   | $ | 92,971 |   |   | $ | 217 |   |   | $ | (93,188 | ) |   | $ | 80,234 |   |
| Adjustments      to reconcile net income to      net cash from operating activities:                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                                                             |   |   | (137,139 | ) |   |   | - |   |   |   | - |   |   |   | 137,139 |   |   |   | - |   |
| Depreciation,      amortization and accretion                                                                                  |   |   | 55 |   |   |   | 83,224 |   |   |   | - |   |   |   | 292 |   |   |   | 83,571 |   |
| Deferred      income taxes                                                                                                          |   |   | 80,894 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 80,894 |   |
| Stock-based      compensation expense                                                                                               |   |   | 20,014 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,014 |   |
| Excess      income tax benefits of   stock-based      compensation                                                   |   |   | (3,191 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,191 | ) |
| Intercompany      income taxes                                                                                                      |   |   | (6,000 | ) |   |   | 43,725 |   |   |   | 139 |   |   |   | (37,864 | ) |   |   | - |   |
| Intercompany      dividends                                                                                                         |   |   | 10,000 |   |   |   | - |   |   |   | - |   |   |   | (10,000 | ) |   |   | - |   |
| Other      intercompany transactions                                                                                                |   |   | (3,261 | ) |   |   | 3,433 |   |   |   | (172 | ) |   |   | - |   |   |   | - |   |
| Amortization      of debt issuance costs                                                                                            |   |   | 570 |   |   |   | 408 |   |   |   | - |   |   |   | - |   |   |   | 978 |   |
| Senior      notes discount amortization                                                                                             |   |   | 60 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 60 |   |
| Allowance      for investment loss                                                                                                  |   |   | 41 |   |   |   | 458 |   |   |   | - |   |   |   | - |   |   |   | 499 |   |
| Gains      on sales of assets                                                                                                       |   |   | (37 | ) |   |   | (7 | ) |   |   | - |   |   |   | - |   |   |   | (44 | ) |
| Amortization      of long-term prepaid   insurance                                                                   |   |   | 909 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 909 |   |
| (Decrease)      increase  in other long-   term      liabilities                                           |   |   | (3,716 | ) |   |   | 543 |   |   |   | - |   |   |   | - |   |   |   | (3,173 | ) |
| Changes      in deferred turnaround   costs,  deferred      catalyst costs   and      other |   |   | 713 |   |   |   | (29,471 | ) |   |   | - |   |   |   | - |   |   |   | (28,758 | ) |
| Changes      in components of working   capital      from operations                                                 |   |   | (80,054 | ) |   |   | 143,933 |   |   |   | (184 | ) |   |   | 1,587 |   |   |   | 65,282 |   |
| Net      cash (used in) provided by   operating      activities                                                      |   |   | (39,908 | ) |   |   | 339,217 |   |   |   | - |   |   |   | (2,034 | ) |   |   | 297,275 |   |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and   equipment                                                                    |   |   | (129 | ) |   |   | (201,286 | ) |   |   | - |   |   |   | (7,966 | ) |   |   | (209,381 | ) |
| Proceeds      from sales of assets                                                                                                  |   |   | 37 |   |   |   | 9 |   |   |   | - |   |   |   | - |   |   |   | 46 |   |
| El      Dorado Refinery contingent earn-   out      payment                                                          |   |   | - |   |   |   | (7,500 | ) |   |   | - |   |   |   | - |   |   |   | (7,500 | ) |
| Net      cash used in investing activities                                                                                          |   |   | (92 | ) |   |   | (208,777 | ) |   |   | - |   |   |   | (7,966 | ) |   |   | (216,835 | ) |
|                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of 8.5%   Senior      Notes                                                              |   |   | 197,160 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 197,160 |   |
| Purchase      of treasury stock                                                                                                     |   |   | (67,030 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (67,030 | ) |
| Proceeds      from issuance of common   stock                                                                        |   |   | 405 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 405 |   |
| Dividends      paid                                                                                                                 |   |   | (23,144 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (23,144 | ) |
| Excess      income tax benefits of   stock-based      compensation                                                   |   |   | 3,191 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,191 |   |
| Debt      issuance costs and other                                                                                                  |   |   | (2,402 | ) |   |   | (2,487 | ) |   |   | - |   |   |   | - |   |   |   | (4,889 | ) |
| Intercompany      dividends                                                                                                         |   |   | - |   |   |   | (10,000 | ) |   |   | - |   |   |   | 10,000 |   |   |   | - |   |
| Net      cash provided by (used in)  financing      activities                                                            |   |   | 108,180 |   |   |   | (12,487 | ) |   |   | - |   |   |   | 10,000 |   |   |   | 105,693 |   |
| Increase      in cash and cash equivalents                                                                                          |   |   | 68,180 |   |   |   | 117,953 |   |   |   | - |   |   |   | - |   |   |   | 186,133 |   |
| Cash      and cash equivalents,   beginning      of period                                                           |   |   | 186,368 |   |   |   | 111,031 |   |   |   | - |   |   |   | - |   |   |   | 297,399 |   |
| Cash      and cash equivalents, end of   period                                                                      |   | $ | 254,548 |   |   | $ | 228,984 |   |   | $ | - |   |   | $ | - |   |   | $ | 483,532 |   |

----

| FRONTIER      OIL CORPORATION                                                                                       |   |
|---------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Cash Flows                                                                |   |
| For      the Year Ended December 31, 2007                                                                           |   |
| (in      thousands)                                                                                                 |   |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                                     |   | $ | 499,125 |   |   | $ | 515,462 |   |   | $ | 30 |   |   | $ | (515,492 | ) |   | $ | 499,125 |   |
| Adjustments      to reconcile net income to      net cash from operating activities:                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                                             |   |   | (802,362 | ) |   |   | - |   |   |   | - |   |   |   | 802,362 |   |   |   | - |   |
| Depreciation,      amortization and accretion                                                                  |   |   | 61 |   |   |   | 67,772 |   |   |   | - |   |   |   | (321 | ) |   |   | 67,512 |   |
| Deferred      income taxes                                                                                          |   |   | (1,916 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,916 | ) |
| Stock-based      compensation expense                                                                               |   |   | 22,553 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 22,553 |   |
| Excess      income tax benefits of   stock-based      compensation                                   |   |   | (6,962 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,962 | ) |
| Intercompany      income taxes                                                                                      |   |   | 317,500 |   |   |   | (39,038 | ) |   |   | 15 |   |   |   | (278,477 | ) |   |   | - |   |
| Intercompany      dividends                                                                                         |   |   | 212,150 |   |   |   | - |   |   |   | - |   |   |   | (212,150 | ) |   |   | - |   |
| Other      intercompany transactions                                                                                |   |   | 1,110 |   |   |   | (1,065 | ) |   |   | (45 | ) |   |   | - |   |   |   | - |   |
| Amortization      of debt issuance costs                                                                            |   |   | 483 |   |   |   | 286 |   |   |   | - |   |   |   | - |   |   |   | 769 |   |
| Loss      (gain) on sales of assets                                                                                 |   |   | 2,028 |   |   |   | (17,242 | ) |   |   | - |   |   |   | - |   |   |   | (15,214 | ) |
| Decrease      in long-term   commutation      account                                                |   |   | 1,009 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,009 |   |
| Amortization      of long-term prepaid   insurance                                                   |   |   | 1,211 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,211 |   |
| Increase      (decrease) in other long-   term      liabilities                                      |   |   | 31,058 |   |   |   | (3,693 | ) |   |   | - |   |   |   | - |   |   |   | 27,365 |   |
| Changes      in deferred turnaround   costs,      deferred catalyst costs and   other |   |   | (578 | ) |   |   | (28,709 | ) |   |   | - |   |   |   | - |   |   |   | (29,287 | ) |
| Changes      in components of working   capital      from operations                                 |   |   | (46,639 | ) |   |   | (88,900 | ) |   |   | - |   |   |   | (1,613 | ) |   |   | (137,152 | ) |
| Net      cash (used in) provided by   operating      activities                                      |   |   | 229,831 |   |   |   | 404,873 |   |   |   | - |   |   |   | (205,691 | ) |   |   | 429,013 |   |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and   equipment                                                    |   |   | (4,310 | ) |   |   | (280,405 | ) |   |   | - |   |   |   | (6,459 | ) |   |   | (291,174 | ) |
| Proceeds      from sale of assets                                                                                   |   |   | 2,290 |   |   |   | 19,932 |   |   |   | - |   |   |   | - |   |   |   | 22,222 |   |
| El      Dorado Refinery contingent earn-   out      payment                                          |   |   | - |   |   |   | (7,500 | ) |   |   | - |   |   |   | - |   |   |   | (7,500 | ) |
| Other      acquisitions and leasehold   improvements                                                 |   |   | - |   |   |   | (3,561 | ) |   |   | - |   |   |   | - |   |   |   | (3,561 | ) |
| Net      cash used in investing activities                                                                          |   |   | (2,020 | ) |   |   | (271,534 | ) |   |   | - |   |   |   | (6,459 | ) |   |   | (280,013 | ) |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchase      of treasury stock                                                                                     |   |   | (248,486 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (248,486 | ) |
| Proceeds      from issuance of common   stock                                                        |   |   | 2,303 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,303 |   |
| Dividends      paid                                                                                                 |   |   | (17,271 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (17,271 | ) |
| Excess      income tax benefits of   stock-based      compensation                                   |   |   | 6,962 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,962 |   |
| Debt      issuance costs and other                                                                                  |   |   | - |   |   |   | (588 | ) |   |   | - |   |   |   | - |   |   |   | (588 | ) |
| Intercompany      dividends                                                                                         |   |   | - |   |   |   | (212,150 | ) |   |   | - |   |   |   | 212,150 |   |   |   | - |   |
| Net      cash provided by (used in)   financing      activities                                      |   |   | (256,492 | ) |   |   | (212,738 | ) |   |   | - |   |   |   | 212,150 |   |   |   | (257,080 | ) |
| Decrease      in cash and cash equivalents                                                                          |   |   | (28,681 | ) |   |   | (79,399 | ) |   |   | - |   |   |   | - |   |   |   | (108,080 | ) |
| Cash      and cash equivalents, beginning   of      period                                           |   |   | 215,049 |   |   |   | 190,430 |   |   |   | - |   |   |   | - |   |   |   | 405,479 |   |
| Cash      and cash equivalents, end of   period                                                      |   | $ | 186,368 |   |   | $ | 111,031 |   |   | $ | - |   |   | $ | - |   |   | $ | 297,399 |   |

----

| FRONTIER      OIL CORPORATION                                                                                       |   |
|---------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Cash Flows                                                                |   |
| For      the Year Ended December 31, 2006                                                                           |   |
| (in      thousands)                                                                                                 |   |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                                     |   | $ | 379,277 |   |   | $ | 396,116 |   |   | $ | 87 |   |   | $ | (396,203 | ) |   | $ | 379,277 |   |
| Adjustments      to reconcile net income to      net cash from operating activities:                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                                             |   |   | (609,265 | ) |   |   | - |   |   |   | - |   |   |   | 609,265 |   |   |   | - |   |
| Depreciation,      amortization and accretion                                                                  |   |   | 88 |   |   |   | 54,677 |   |   |   | - |   |   |   | (377 | ) |   |   | 54,388 |   |
| Deferred      income taxes                                                                                          |   |   | 6,073 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,073 |   |
| Stock-based      compensation expense                                                                               |   |   | 18,029 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 18,029 |   |
| Excess      income tax benefits of   stock-based      compensation                                   |   |   | (8,881 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,881 | ) |
| Intercompany      income taxes                                                                                      |   |   | 166,500 |   |   |   | 42,456 |   |   |   | 55 |   |   |   | (209,011 | ) |   |   | - |   |
| Intercompany      dividends                                                                                         |   |   | 150,000 |   |   |   | - |   |   |   | - |   |   |   | (150,000 | ) |   |   | - |   |
| Other      intercompany transactions                                                                                |   |   | (3,240 | ) |   |   | 3,302 |   |   |   | (62 | ) |   |   | - |   |   |   | - |   |
| Amortization      of debt issuance costs                                                                            |   |   | 482 |   |   |   | 315 |   |   |   | - |   |   |   | - |   |   |   | 797 |   |
| Gains      on sales of assets                                                                                       |   |   | (8 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8 | ) |
| Decrease      in long-term    commutation      account                                          |   |   | 5,316 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,316 |   |
| Amortization      of long-term prepaid   insurance                                                   |   |   | 1,211 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,211 |   |
| Increase      in other long-term   liabilities                                                       |   |   | 416 |   |   |   | 8,893 |   |   |   | - |   |   |   | - |   |   |   | 9,309 |   |
| Changes      in deferred turnaround   costs,      deferred catalyst costs and   other |   |   | (420 | ) |   |   | (18,424 | ) |   |   | - |   |   |   | - |   |   |   | (18,844 | ) |
| Changes      in components of working   capital      from operations                                 |   |   | 19,089 |   |   |   | (124,306 | ) |   |   | (80 | ) |   |   | (853 | ) |   |   | (106,150 | ) |
| Net      cash (used in) provided by   operating      activities                                      |   |   | 124,667 |   |   |   | 363,029 |   |   |   | - |   |   |   | (147,179 | ) |   |   | 340,517 |   |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and   equipment                                                    |   |   | (88 | ) |   |   | (126,794 | ) |   |   | - |   |   |   | (2,821 | ) |   |   | (129,703 | ) |
| Proceeds      from sale of assets                                                                                   |   |   | 8 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8 |   |
| El      Dorado Refinery contingent earn-   out      payment                                          |   |   | - |   |   |   | (7,500 | ) |   |   | - |   |   |   | - |   |   |   | (7,500 | ) |
| Net      cash used in investing activities                                                                          |   |   | (80 | ) |   |   | (134,294 | ) |   |   | - |   |   |   | (2,821 | ) |   |   | (137,195 | ) |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchase      of treasury stock                                                                                     |   |   | (98,950 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (98,950 | ) |
| Proceeds      from issuance of common   stock                                                        |   |   | 3,672 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,672 |   |
| Dividends      paid                                                                                                 |   |   | (67,498 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (67,498 | ) |
| Excess      income tax benefits of   stock-based      compensation                                   |   |   | 8,881 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,881 |   |
| Debt      issuance costs and other                                                                                  |   |   | - |   |   |   | (13 | ) |   |   | - |   |   |   | - |   |   |   | (13 | ) |
| Intercompany      dividends                                                                                         |   |   | - |   |   |   | (150,000 | ) |   |   | - |   |   |   | 150,000 |   |   |   | - |   |
| Net      cash provided by (used in)   financing      activities                                      |   |   | (153,895 | ) |   |   | (150,013 | ) |   |   | - |   |   |   | 150,000 |   |   |   | (153,908 | ) |
| (Decrease)      increase in cash and cash   equivalents                                              |   |   | (29,308 | ) |   |   | 78,722 |   |   |   | - |   |   |   | - |   |   |   | 49,414 |   |
| Cash      and cash equivalents, beginning   of      period                                           |   |   | 244,357 |   |   |   | 111,708 |   |   |   | - |   |   |   | - |   |   |   | 356,065 |   |
| Cash      and cash equivalents, end of   period                                                      |   | $ | 215,049 |   |   | $ | 190,430 |   |   | $ | - |   |   | $ | - |   |   | $ | 405,479 |   |

----

| 15.   | Selected      Quarterly Financial and Operating Data (Unaudited) |
|-----------------|------------------------------------------------------------------|

| (Dollars      in thousands, except per share and per bbl)                                                                                                                                                                       |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|
|                                                                                                                                                                                                                            |   | 2008   |      |   | 2007   |   |
|                                                                                                                                                                                                                            |   | Fourth |      |   | Third  |   |      | Second |   |   | First     |   |   | Fourth |      |   | Third  |   |      | Second |   |   | First |   |
| Revenues                                                                                                                                                                                                                        |   | $      | 1,348,139 |   |   | $      | 2,198,302 |   |   | $      | 1,766,556 |   |   | $      | 1,185,783 |   |   | $      | 1,319,637 |   |   | $      | 1,386,520 |   |   | $ | 1,434,700 |   |   | $ | 1,047,883 |   |
| Operating      income (1)                                                                                                                                                                                                       |   |   | (142,628  | )      |   |   | 103,558   |   |   |   | 81,986    |   |   |   | 73,837    |   |   |   | 61,806    |   |   |   | 207,024 |   |   |   | 374,293 |   |   |   | 112,672 |   |
| Net      income                                                                                                                                                                                                                 |   |   | (97,374   | )      |   |   | 72,323    |   |   |   | 59,316    |   |   |   | 45,969    |   |   |   | 43,417    |   |   |   | 137,225 |   |   |   | 243,763 |   |   |   | 74,720 |   |
|                                                                                                                                                                                                                            |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      net income per share                                                                                                                                                                                                 |   |   | (0.94     | )      |   |   | 0.70      |   |   |   | 0.58      |   |   |   | 0.45      |   |   |   | 0.42      |   |   |   | 1.30 |   |   |   | 2.26 |   |   |   | 0.68 |   |
| Diluted      net income per share                                                                                                                                                                                               |   |   | (0.94     | )      |   |   | 0.70      |   |   |   | 0.57      |   |   |   | 0.44      |   |   |   | 0.41      |   |   |   | 1.28 |   |   |   | 2.23 |   |   |   | 0.68 |   |
|                                                                                                                                                                                                                            |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refining      operations:                                                                                                                                                                                                       |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      charges (bpd) (2)                                                                                                                                                                                                    |   |   | 185,599   |   |   |   | 173,954   |   |   |   | 161,380   |   |   |   | 126,018   |   |   |   | 157,772   |   |   |   | 171,243 |   |   |   | 163,991 |   |   |   | 166,529 |   |
| Gasoline      yields (bpd) (3)                                                                                                                                                                                                  |   |   | 88,680    |   |   |   | 78,755    |   |   |   | 73,203    |   |   |   | 65,498    |   |   |   | 72,173    |   |   |   | 78,302 |   |   |   | 79,221 |   |   |   | 77,545 |   |
| Diesel      and jet fuel yields   (bpd)      (3)                                                                                                                                                                 |   |   | 75,256    |   |   |   | 66,424    |   |   |   | 54,220    |   |   |   | 38,824    |   |   |   | 51,475    |   |   |   | 55,389 |   |   |   | 55,437 |   |   |   | 61,367 |   |
| Total      product sales (bpd)                                                                                                                                                                                                  |   |   | 191,952   |   |   |   | 177,219   |   |   |   | 158,766   |   |   |   | 137,129   |   |   |   | 161,899   |   |   |   | 174,116 |   |   |   | 173,888 |   |   |   | 170,744 |   |
| Average      gasoline crack   spread      (per bbl)      (4)                                                                                                                                                     |   | $      | (0.95     | )      |   | $      | 9.42      |   |   | $      | 5.85      |   |   | $      | 4.24      |   |   | $      | 4.72      |   |   | $      | 20.39 |   |   | $ | 34.86 |   |   | $ | 11.86 |   |
| Average      diesel crack   spread      (per bbl) (4)                                                                                                                                                            |   |   | 21.81     |   |   |   | 26.76     |   |   |   | 28.70     |   |   |   | 20.92     |   |   |   | 17.51     |   |   |   | 23.32 |   |   |   | 27.22 |   |   |   | 20.60 |   |
| Cheyenne      average   light/heavy      crude oil   differential      (per bbl)      (4)                                                                                                         |   |   | 15.68     |   |   |   | 14.02     |   |   |   | 20.54     |   |   |   | 18.36     |   |   |   | 26.95     |   |   |   | 18.51 |   |   |   | 16.04 |   |   |   | 14.30 |   |
| El      Dorado average   light/heavy      crude oil   differential      (per bbl)      (4)                                                                                                        |   |   | 14.40     |   |   |   | 14.33     |   |   |   | 22.44     |   |   |   | 21.45     |   |   |   | 29.20     |   |   |   | 20.71 |   |   |   | 20.65 |   |   |   | 13.45 |   |
| Average      WTI/WTS crude   oil      differential (per bbl)                                                                                                                                                     |   |   | 3.30      |   |   |   | 2.77      |   |   |   | 4.98      |   |   |   | 4.64      |   |   |   | 6.95      |   |   |   | 4.20 |   |   |   | 4.59 |   |   |   | 4.34 |   |
|                                                                                                                                                                                                                            |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1) Fourth      quarter 2008 operating income includes $19.8 million of lower of cost or      market inventory adjustments in December.                                                                                    |   |
| (2)      Charges are the quantity of crude oil and other feedstock processed      through refinery units.                                                                                                                       |   |
| (3)      Manufactured product yields are the volumes of specific materials that are      obtained through the distilling of crude oil and the operations      of other      refinery process units.                        |   |
| (4)      Prior quarter and prior year amounts are restated to reflect current year      presentation measurement under NYMEX WTI. The following      presents prior      period presentation as previously disclosed: |   |
| Average      gasoline crack   spread      (per bbl)                                                                                                                                                         |   |   | n/a       |   |   | $      | 9.52      |   |   | $      | 5.03      |   |   | $      | 4.04      |   |   | $      | 3.27      |   |   | $      | 20.51 |   |   | $ | 36.73 |   |   | $ | 12.92 |   |
| Average      diesel crack   spread      (per bbl)                                                                                                                                                                |   |   | n/a       |   |   |   | 26.86     |   |   |   | 27.88     |   |   |   | 20.71     |   |   |   | 16.06     |   |   |   | 23.43 |   |   |   | 29.08 |   |   |   | 21.66 |   |
| Cheyenne      average   light/heavy      crude oil   differential      (per bbl)                                                                                                             |   |   | n/a       |   |   |   | 13.92     |   |   |   | 21.36     |   |   |   | 18.56     |   |   |   | 28.40     |   |   |   | 18.40 |   |   |   | 14.17 |   |   |   | 13.24 |   |
| El      Dorado average   light/heavy      crude oil   differential      (per bbl)                                                                                                            |   |   | n/a       |   |   |   | 14.23     |   |   |   | 23.26     |   |   |   | 21.68     |   |   |   | 30.64     |   |   |   | 20.60 |   |   |   | 18.78 |   |   |   | 12.46 |   |

----

Item 9.

Item 9A.

pages 25 and 26

Item 9B

PART III

PART IV

Item 15.

| (a)1.Financial      Statements and Supplemental Data                                                              |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                              |
| Reports of Independent Registered Public      Accounting Firm                                                     |
| Management’s Report on Internal      Controls                                                               |
| Consolidated Statements of Income                                                                                 |
| Consolidated Balance Sheets                                                                                       |
| Consolidated Statements of Cash  Flows                                                                            |
| Consolidated      Statements of Changes in Shareholders’ Equity and Statements      of Comprehensive Income |
| Notes to Consolidated Financial      Statements                                                                   |

| (a)2.Financial      Statements Schedules                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                           |
| 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 notesthereto. |

----

| (a)3. | List      of Exhibits |
|-------|-----------------------|

| *       | 2.1   | Asset      Purchase and Sale Agreement, dated as of October 19, 1999, among Frontier      El Dorado Refining Company, as buyer, the Company, as Guarantor, and      Equilon Enterprises LLC, as seller (Exhibit 10.1 to Form 8-K, File Number      1-07627, filed December 1, 1999).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *       | 3.1   | Restated      Articles of Incorporation of Wainoco Oil Corporation (now Frontier Oil      Corporation) dated August 5, 1987 (Exhibit 3.1.1 to Registration Statement      No. 333-120643, filed November 19, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *       | 3.2   | Articles      of Amendment to the Restated Articles of Incorporation of Wainoco Oil      Corporation (now Frontier Oil Corporation) dated June 14, 1988 (Exhibit      3.1.2 to Registration Statement Number 333-120643, filed November 19,      2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| *       | 3.3   | Articles      of Amendment to the Restated Articles of Incorporation of Wainoco Oil      Corporation (now Frontier Oil Corporation) dated April 24, 1992 (Exhibit      3.1.3 to Registration Statement Number 333-120643, filed November 19,      2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *       | 3.4   | Articles      of Amendment to the Restated Articles of Incorporation of Wainoco Oil      Corporation (now Frontier Oil Corporation) dated April 27, 1998 (Exhibit      3.1.4 to Registration Statement Number 333-120643, filed November 19,      2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *       | 3.5   | Articles      of Amendment to the Restated Articles of Incorporation of Frontier Oil      Corporation dated May 23, 2005 (Exhibit 3.1 to Form 8-K, File Number      1-07627, filed May 24, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *       | 3.6   | Articles      of Amendment to the Restated Articles of Incorporation of Frontier Oil      Corporation dated June 12, 2006 (Exhibit 3.1 to Form 8-K, File Number      1-07627, filed June 15, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *       | 3.7   | Fifth      Restated Bylaws of Wainoco Oil Corporation (now Frontier Oil Corporation),      effective November 12, 2008 (Exhibit 2.1 to Form 8-K, File Number 1-07627,      filed November 14, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *       | 4.1   | Indenture,      dated as of October 1, 2004, among the Company, as issuer, the guarantors      party thereto and Wells Fargo Bank, N.A., as trustee relating to the      Company’s 6.625% Senior Notes due 2011 (Exhibit 4.1 to Form 8-K, File      Number 1-07627, filed October 4, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *       | 4.2   | Indenture,      dated as of September 17, 2008, among Frontier Oil Corporation, the      guarantors named therein and Wells Fargo Bank, N.A., as trustee relating      to the Company’s 8.5% Senior Notes due 2016 (Exhibit 4.1 to Form 8-K, File      Number 1-07627, filed September 17, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| *       | 4.3   | First      Supplemental Indenture, dated as of September 17, 2008, among Frontier Oil      Corporation, the guarantors named therein and Wells Fargo Bank, N.A., as      trustee relating to the Company’s 8.5% Senior Notes due 2016 (Exhibit 4.2      to Form 8-K, File Number 1-07627, filed September 17,    2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *       | 4.4   | Form      of the Company’s global note for 8.5% Senior Notes due 2016 (Exhibit 4.3      to Form 8-K, File Number1-07627, filed September 17,  2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| *² | 10.1  | Frontier      Deferred Compensation Plan (previously named Wainoco Deferred Compensation      Plan dated October 29, 1993 and filed as Exhibit 10.19 to Form 10-K, File      Number 1-07627, filed March 17, 1995).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.2  | Frontier      Deferred Compensation Plan for Directors (previously named Wainoco      Deferred Compensation Plan for Directors dated May 1, 1994 and filed as      Exhibit 10.20 to Form 10-K, File Number 1-07627, filed March 17,      1995).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *       | 10.3  | Master      Crude Oil Purchase and Sale Contract, dated March 10, 2006, among Utexam      Limited, Frontier Oil and Refining Company and the Company (Exhibit 10.1      to Form 8-K, File Number 1-07627, filed March 14,2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|    | 10.4  | First Amendment to Master Crude Oil Purchase and Sale      Contract, dated March 12, 2008, among Utexam Limited, Frontier Oil and      Refining Company and the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *       | 10.5  | Second      Amendment to Master Crude Oil Purchase and Sale Contract, dated March 12,      2008, among Utexam Limited, Frontier Oil and Refining Company and the      Company (Exhibit 10.1 to Form 8-K, File Number 1-07627, filed March 17,      2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| *       | 10.6  | Guaranty,      dated March 10, 2006, by the Company in favor of Utexam Limited (Exhibit      10.2 to Form 8-K, File Number 1-07627, filed March 14,    2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    | 10.7  | Consent of Frontier Oil and Refining Company to the      Second Amendment to the Revolving Credit Agreement (Uncommitted) dated as      of March 8, 2007, among Utexam Limited, as borrower, BNP Paribas, as      administrative agent and the lenders party thereto, and Consent of      Frontier Oil and Refining Company to the Third Amendment to the Revolving      Credit Agreement (Uncommitted) dated as of May 16, 2007, among Utexam      Limited, as borrower, BNP Paribas, as administrative agent and the lenders      party thereto, and Consent of Frontier Oil and Refining Company to the      Sixth Amendment to the Revolving Credit Agreement (Uncommitted) dated as      of January 20, 2009, among Utexam Limited, as borrower, BNP Paribas, as      administrative agent and the lenders party thereto.                                                                                                                                                                                                                                                                                                                          |
| *       | 10.8  | Third      Amended and Restated Revolving Credit Agreement dated October 1, 2007,      among the Company, Frontier Oil and Refining Company, as borrower, the      lenders named therein, Union Bank of California, N.A., as administrative      agent, and BNP Paribas, as syndication agent (Exhibit 10.1 to Form 8-K,      File Number 1-07627, filed October 4, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    | 10.9  | First Amendment to Third Amended and Restated Revolving      Credit Agreement dated as of March 3, 2008, among Frontier Oil and      Refining Company, Frontier Oil Corporation, Union Bank of California,      N.A., as administrative agent, and BNP Paribas, as syndication agent and      the other lenders specified therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *       | 10.10 | Second      Amendment to Third Amended and Restated Revolving Credit Agreement dated      as of June 23, 2008, among Frontier Oil and Refining Company, Frontier Oil      Corporation, Union Bank of California, N.A., as administrative agent, and      BNP Paribas, as syndication agent and the other lenders specified therein      (Exhibit 10.1 to Form 8-K, File Number 1-07627, filed June 24,      2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *       | 10.11 | Fourth      Amended and Restated Revolving Credit Agreement dated as of August 19,      2008, among Frontier Oil and Refining Company, Frontier Oil Corporation,      Union Bank of California, N.A., as administrative agent, and BNP Paribas,      as syndication agent and the other lenders specified therein (Exhibit 10.1      to Form 8-K, File Number 1-07627, filed August 20,  2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *       | 10.12 | First      Amendment to Fourth Amended and Restated Revolving Credit Agreement dated      December 15, 2008, among Frontier Oil and Refining Company, Frontier Oil      Corporation, Union Bank of California, N.A., as administrative agent, and      BNP Paribas, as syndication agent and the other lenders specified therein      (Exhibit 10.1 to Form 8-K, File Number 1-07627, filed December 16,      2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *       | 10.13 | Frontier      Products Offtake Agreement El Dorado Refinery, dated as of October 19,      1999 by and between Frontier Oil and Refining Company and Equiva Trading      Company (now Shell Oil Products US, assignee of Equiva Trading Company)      (“the Agreement”), and First Amendment to the Agreement dated September      18, 2000, Second Amendment to the Agreement dated September 21, 2000,      Third Amendment to the Agreement dated December 19, 2000, Fourth Amendment      to the Agreement dated February 22, 2001, Fifth Amendment to the Agreement      dated August 14, 2001, Sixth Amendment to the Agreement dated November 5,      2001, Seventh Amendment to the Agreement dated April 22, 2002, Eight      Amendment to the Agreement dated May 30, 2003, Ninth Amendment to the      Agreement dated May 25, 2004, Tenth Amendment to the Agreement dated May      3, 2005, Eleventh Amendment to the Agreement dated March 31, 2006, Twelfth      Amendment to the Agreement dated May 11, 2006, Thirteenth Amendment to the      Agreement dated September 30, 2007, Fourteenth Amendment to the      Agreeme |
| *² | 10.14 | Frontier      Oil Corporation Omnibus Incentive Compensation Plan (Annex A to Proxy      Statement, File Number 1-07627, filed March 21, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *² | 10.15 | Form      of Frontier Oil Corporation Omnibus Incentive Compensation Plan Stock      Unit/Restricted Stock Agreement (Exhibit 4.8 to Form S-8, File Number      333-133595, filed April 27, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.16 | Form      of Frontier Oil Corporation Omnibus Incentive Compensation Plan      Nonqualified Stock Option Agreement (Exhibit 4.9 to Form S-8, File Number      333-133595, filed April 27, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| *² | 10.17 | Form      of Non-Employee Director Restricted Stock Unit Grant Agreement (Exhibit      10.1 to Form 8-K, File Number 1-07627, filed April 7,    2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.18 | Form      of First Amendment to Restricted Stock Unit Grant (Exhibit 10.1 to Form      10-Q, File Number 1-07627, filed August 7, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *² | 10.19 | Form      of Restricted Stock Agreement (Exhibit 10.2 to Form 8-K, File Number      1-07627, filed April 7, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.20 | Form      of Indemnification Agreement by and between the Company and each of its      officers and directors (Exhibit 10.41 to Form 10-K, File Number 1-07627,      filed February 28, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| *² | 10.21 | Management      Incentive Compensation Plan for Fiscal 2007 (Exhibit 10.1 to Form 8-K,      File Number 1-07627, filed March 2, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.22 | Management      Incentive Compensation Plan for Fiscal 2008 (Exhibit 10.1 to Form 8-K,      File Number 1-07627, filed February 29, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| *² | 10.23 | Form      of 2007 Stock Unit / Restricted Stock Agreement (Exhibit 10.1 to Form      10-Q, File Number 1-07627, filed May 9, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.24 | Form      of Stock Unit / Restricted Stock Agreement for James R. Gibbs (Exhibit      10.1 to Form 10-Q, File Number 1-07627, filed May 8,  2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.25 | Form      of Stock Unit / Restricted Stock Agreement for other employees (Exhibit      10.2 to Form 10-Q, File Number 1-07627, filed May 8,  2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.26 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and James R. Gibbs (Exhibit 10.1      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.27 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Michael C. Jennings (Exhibit      10.2 to Form 8-K, File Number 1-07627, filed January 2,    2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *² | 10.28 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and W. Paul Eisman (Exhibit 10.3      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.29 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Doug S. Aron (Exhibit 10.4 to      Form 8-K, File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.30 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and J. Currie Bechtol (Exhibit      10.5 to Form 8-K, File Number 1-07627, filed January 2,    2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| *² | 10.31 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Gerald B. Faudel (Exhibit 10.6      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| *² | 10.32 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Jon D. Galvin (Exhibit 10.7 to      Form 8-K, File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.33 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Nancy J. Zupan (Exhibit 10.8      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.34 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Leo J. Hoonakker (Exhibit 10.9      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| *² | 10.35 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Penny S. Newmark (Exhibit      10.10 to Form 8-K, File Number 1-07627, filed January 2,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *² | 10.36 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Michael F. Milam (Exhibit      10.11 to Form 8-K, File Number 1-07627, filed January 2,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| *² | 10.37 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Kent A. Olsen (Exhibit 10.12      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.38 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Joel W. Purdy (Exhibit 10.13      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.39 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and Billy N. Rigby (Exhibit 10.14      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.40 | Executive      Change in Control Severance Agreement, effective as of December 30, 2008      by and between Frontier Oil Corporation and James M. Stump (Exhibit 10.15      to Form 8-K, File Number 1-07627, filed January 2,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.41 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Michael C. Jennings (Exhibit 10.16 to Form      8-K, File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *² | 10.42 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and W. Paul Eisman (Exhibit 10.17 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.43 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Doug S. Aron (Exhibit 10.18 to Form 8-K, File      Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *² | 10.44 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and J. Currie Bechtol (Exhibit 10.19 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.45 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Gerald B. Faudel (Exhibit 10.20 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.46 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Jon D. Galvin (Exhibit 10.21 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.47 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Nancy J. Zupan (Exhibit 10.22 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.48 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Leo J. Hoonakker (Exhibit 10.23 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.49 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Penny S. Newmark (Exhibit 10.24 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.50 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Michael F. Milam (Exhibit 10.25 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.51 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Kent A. Olsen (Exhibit 10.26 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.52 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Joel W. Purdy (Exhibit 10.27 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *² | 10.53 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and Billy N. Rigby (Exhibit 10.28 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.54 | Executive      Severance Agreement, effective as of December 30, 2008 by and between      Frontier Oil Corporation and James M. Stump (Exhibit 10.29 to Form 8-K,      File Number 1-07627, filed January 2, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ²  | 10.55 | Summary of Compensation for Non-Employee      Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| ²  | 10.56 | Summary of Compensation for Executive      Officers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    | 21    | Subsidiaries of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|    | 23    | Consent of Deloitte & Touche  LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    | 31.1  | Certification by Chief Executive Officer pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    | 31.2  | Certification by Chief Financial Officer pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    | 32.1  | Certification pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    | 32.2  | Certification pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| (b) | Exhibits |
|-----|----------|

----

| Frontier Oil Corporation                                                                                                                   |   |                |      |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|--------|--------|
| Condensed      Financial Information of Registrant                                                                                         |   |                |      |   |   |   |
| Balance      Sheets                                                                                                                        |   |                |      |   |   |   |
| Schedule      I                                                                                                                            |   |
|                                                                                                                                       |   |                |      |   |   |   |
|                                                                                                                                       |   |                |      |   |   |   |
|                                                                                                                                       |   | December      31,   |      |
|                                                                                                                                       |   | 2008                |      |   | 2007   |   |
|                                                                                                                                       |   | (in      thousands) |      |
| ASSETS                                                                                                                                     |   |                |      |   |   |   |
| Current      assets:                                                                                                                       |   |                |      |   |   |   |
| Cash      and cash equivalents                                                                                                             |   | $                   | 254,548   |   |   | $      | 186,368 |   |
| Trade      and other receivables                                                                                                           |   |                | 120,265   |   |   |   | 27,948 |   |
| Deferred      income taxes                                                                                                                 |   |                | 8,841     |   |   |   | 9,426 |   |
| Commutation      account                                                                                                                   |   |                | 6,319     |   |   |   | 6,280 |   |
| Other      current assets                                                                                                                  |   |                | 643       |   |   |   | 9,646 |   |
| Total      current assets                                                                                                                  |   |                | 390,616   |   |   |   | 239,668 |   |
| Property,      plant and equipment, at cost:                                                                                               |   |                |      |   |   |   |   |   |
| Furniture,      fixtures and other                                                                                                         |   |                | 1,248     |   |   |   | 1,121 |   |
| Accumulated      depreciation                                                                                                              |   |                | (998      | )      |   |   | (943 | ) |
| Property,      plant and equipment, net                                                                                                    |   |                | 250       |   |   |   | 178 |   |
| Deferred      financing costs, net                                                                                                         |   |                | 3,642     |   |   |   | 1,810 |   |
| Other      assets                                                                                                                          |   |                | 2,600     |   |   |   | 4,222 |   |
| Receivable      from affiliated companies                                                                                                  |   |                | 646       |   |   |   | - |   |
| Investment      in subsidiaries                                                                                                            |   |                | 1,235,678 |   |   |   | 1,106,243 |   |
| Total      assets                                                                                                                          |   | $                   | 1,633,432 |   |   | $      | 1,352,121 |   |
|                                                                                                                                       |   |                |      |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                  |   |                |      |   |   |   |   |   |
| Current      liabilities:                                                                                                                  |   |                |      |   |   |   |   |   |
| Accounts      payable                                                                                                                      |   | $                   | 1,168     |   |   | $      | 242 |   |
| Accrued      liabilities and other                                                                                                         |   |                | 26,071    |   |   |   | 25,947 |   |
| Total      current liabilities                                                                                                             |   |                | 27,239    |   |   |   | 26,189 |   |
| Long-term      debt                                                                                                                        |   |                | 347,220   |   |   |   | 150,000 |   |
| Contingent      income tax liabilities                                                                                                     |   |                | 26,112    |   |   |   | 31,185 |   |
| Other      long-term liabilities                                                                                                           |   |                | 2,507     |   |   |   | 3,208 |   |
| Deferred      income taxes                                                                                                                 |   |                | 179,214   |   |   |   | 100,310 |   |
| Payable      to affiliated companies                                                                                                       |   |                | -         |   |   |   | 2,615 |   |
|                                                                                                                                       |   |                |      |   |   |   |   |   |
| Shareholders'      equity                                                                                                                  |   |                | 1,051,140 |   |   |   | 1,038,614 |   |
|                                                                                                                                       |   |                |      |   |   |   |   |   |
| Total      liabilities and shareholders' equity                                                                                            |   | $                   | 1,633,432 |   |   | $      | 1,352,121 |   |
|                                                                                                                                       |   |                |      |   |   |   |   |   |
| The      "Notes to Consolidated Financial Statements" in Item 8 of this Form 10-K      are an integral part of these financial statements. |   |

----

| Frontier      Oil Corporation                                                                                                              |   |                |     |   |   |   |     |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|----------|--------|--------|--------|----------|--------|--------|
| Condensed      Financial Information of Registrant                                                                                         |   |                |     |   |   |   |     |   |   |
| Statements      of Income                                                                                                                  |   |                |     |   |   |   |     |   |   |
| Schedule      I                                                                                                                            |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |
|                                                                                                                                       |   | December      31,   |     |
|                                                                                                                                       |   | 2008                |     |   | 2007   |   |     | 2006   |   |
|                                                                                                                                       |   | (in      thousands) |     |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |
| Revenues                                                                                                                                   |   | $                   | (7       | )      |   | $      | 2        |   |   | $ | 4 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Costs      and expenses:                                                                                                                   |   |                |     |   |   |   |     |   |   |   |   |   |
| Selling      and general expenses, excluding depreciation                                                                                  |   |                | 17,677   |   |   |   | 30,593   |   |   |   | 30,194 |   |
| Depreciation                                                                                                                               |   |                | 55       |   |   |   | 61       |   |   |   | 88 |   |
| Loss      (gain) on sales of assets                                                                                                        |   |                | (37      | )      |   |   | 2,028    |   |   |   | (8 | ) |
|                                                                                                                                       |   |                | 17,695   |   |   |   | 32,682   |   |   |   | 30,274 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Operating      income                                                                                                                      |   |                | (17,702  | )      |   |   | (32,680  | )      |   |   | (30,270 | ) |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Interest      expense and other financing costs                                                                                            |   |                | 15,939   |   |   |   | 12,723   |   |   |   | 11,978 |   |
| Interest      and investment income                                                                                                        |   |                | (2,868   | )      |   |   | (11,202  | )      |   |   | (12,102 | ) |
| Equity      in earnings of subsidiaries                                                                                                    |   |                | (137,139 | )      |   |   | (802,362 | )      |   |   | (609,265 | ) |
|                                                                                                                                       |   |                | (124,068 | )      |   |   | (800,841 | )      |   |   | (609,389 | ) |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Income      before income taxes                                                                                                            |   |                | 106,366  |   |   |   | 768,161  |   |   |   | 579,119 |   |
| Provision      for income taxes                                                                                                            |   |                | 26,132   |   |   |   | 269,036  |   |   |   | 199,842 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Net      income                                                                                                                            |   | $                   | 80,234   |   |   | $      | 499,125  |   |   | $ | 379,277 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| The      "Notes to Consolidated Financial Statements" in Item 8 of this Form 10-K      are an integral part of these financial statements. |   |

----

| Frontier      Oil Corporation                                                                                                              |   |                |     |   |   |   |     |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|----------|--------|--------|--------|----------|--------|--------|
| Condensed      Financial Information of Registrant                                                                                         |   |                |     |   |   |   |     |   |   |
| Statements      of Cash Flows                                                                                                              |   |                |     |   |   |   |     |   |   |
| Schedule      I                                                                                                                            |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |
|                                                                                                                                       |   | December      31,   |     |
|                                                                                                                                       |   | 2008                |     |   | 2007   |   |     | 2006   |   |
|                                                                                                                                       |   | (in      thousands) |     |
| Cash      flows from operating activities:                                                                                                 |   |                |     |   |   |   |     |   |   |
| Net      income                                                                                                                            |   | $                   | 80,234   |   |   | $      | 499,125  |   |   | $ | 379,277 |   |
| Equity      in earnings of subsidiaries                                                                                                    |   |                | (137,139 | )      |   |   | (802,362 | )      |   |   | (609,265 | ) |
| Intercompany      transactions, net                                                                                                        |   |                | (9,261   | )      |   |   | 1,110    |   |   |   | (3,240 | ) |
| Dividends      and income taxes received from subsidiaries                                                                                 |   |                | 10,000   |   |   |   | 529,650  |   |   |   | 316,500 |   |
| Depreciation                                                                                                                               |   |                | 55       |   |   |   | 61       |   |   |   | 88 |   |
| Deferred      income taxes                                                                                                                 |   |                | 80,894   |   |   |   | (1,916   | )      |   |   | 6,073 |   |
| Stock-based      compensation expense                                                                                                      |   |                | 20,014   |   |   |   | 22,553   |   |   |   | 18,029 |   |
| Excess      income tax benefits of stock-based compensation                                                                                |   |                | (3,191   | )      |   |   | (6,962   | )      |   |   | (8,881 | ) |
| Amortization      of debt issuance costs                                                                                                   |   |                | 570      |   |   |   | 483      |   |   |   | 482 |   |
| Senior      notes discount amortization                                                                                                    |   |                | 60       |   |   |   | -        |   |   |   | - |   |
| Allowance      for investment loss                                                                                                         |   |                | 41       |   |   |   | -        |   |   |   | - |   |
| Loss      (gain) on sales of assets                                                                                                        |   |                | (37      | )      |   |   | 2,028    |   |   |   | (8 | ) |
| Decrease      in commutation account                                                                                                       |   |                | -        |   |   |   | 1,009    |   |   |   | 5,316 |   |
| Amortization      of long-term prepaid insurance                                                                                           |   |                | 909      |   |   |   | 1,211    |   |   |   | 1,211 |   |
| Increase      (decrease) in other long-term liabilities                                                                                    |   |                | (3,716   | )      |   |   | 31,058   |   |   |   | 416 |   |
| Other                                                                                                                                      |   |                | 713      |   |   |   | (578     | )      |   |   | (420 | ) |
| Changes      in components of working capital from operations                                                                              |   |                | (80,054  | )      |   |   | (46,639  | )      |   |   | 19,089 |   |
| Net      cash (used in) provided by operating activities                                                                                   |   |                | (39,908  | )      |   |   | 229,831  |   |   |   | 124,667 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                 |   |                |     |   |   |   |     |   |   |   |   |   |
| Additions      to property, plant and equipment                                                                                            |   |                | (129     | )      |   |   | (4,310   | )      |   |   | (88 | ) |
| Proceeds      from sale of assets                                                                                                          |   |                | 37       |   |   |   | 2,290    |   |   |   | 8 |   |
| Net      cash used in investing activities                                                                                                 |   |                | (92      | )      |   |   | (2,020   | )      |   |   | (80 | ) |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                 |   |                |     |   |   |   |     |   |   |   |   |   |
| Proceeds      from issuance of 8.5% Senior Notes, net of   discount                                                         |   |                | 197,160  |   |   |   | -        |   |   |   | - |   |
| Purchase      of treasury stock                                                                                                            |   |                | (67,030  | )      |   |   | (248,486 | )      |   |   | (98,950 | ) |
| Proceeds      from issuance of common stock                                                                                                |   |                | 405      |   |   |   | 2,303    |   |   |   | 3,672 |   |
| Dividends      paid to shareholders                                                                                                        |   |                | (23,144  | )      |   |   | (17,271  | )      |   |   | (67,498 | ) |
| Excess      income tax benefits of stock-based compensation                                                                                |   |                | 3,191    |   |   |   | 6,962    |   |   |   | 8,881 |   |
| Debt      issuance costs and other                                                                                                         |   |                | (2,402   | )      |   |   | -        |   |   |   | - |   |
| Net      cash provided by (used in) financing activities                                                                                   |   |                | 108,180  |   |   |   | (256,492 | )      |   |   | (153,895 | ) |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents                                                                                      |   |                | 68,180   |   |   |   | (28,681  | )      |   |   | (29,308 | ) |
| Cash      and cash equivalents, beginning of period                                                                                        |   |                | 186,368  |   |   |   | 215,049  |   |   |   | 244,357 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                                                              |   | $                   | 254,548  |   |   | $      | 186,368  |   |   | $ | 215,049 |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |
| The      "Notes to Consolidated Financial Statements" in Item 8 of this Form 10-K      are an integral part of these financial statements. |   |
|                                                                                                                                       |   |                |     |   |   |   |     |   |   |   |   |   |

----

| Frontier Oil Corporation                    |   |                                    |   |      |   |   |       |   |   |                              |   |   |
|---------------------------------------------|--------|-----------------------------------------|--------|-----------|--------|--------|------------|--------|--------|-----------------------------------|--------|--------|
| Valuation      and Qualifying Accounts      |   |                                    |   |      |   |   |       |   |   |                              |   |   |
| For      the three years ended December 31, |   |                                    |   |      |   |   |       |   |   |                              |
| Schedule      II                            |   |
|                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |
|                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |
| Description                                 |   | Balance      atbeginning      of period |   | Additions |   |   | Deductions |   |   | Balance      atend      of period |   |
|                                        |   | (in      thousands)                     |   |
| 2008                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |
| Allowance      for doubtful accounts        |   | $                                       | 500    |      |   | $      | -          |   |   | $                                 | -      |   |   | $ | 500 |   |
| Allowance      for investment loss          |   |                                    | -      |      |   |   | 499        |   |   |                              | -      |   |   |   | 499 |   |
|                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |   |   |   |   |
| 2007                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |   |   |   |   |
| Allowance      for doubtful accounts        |   |                                    | 500    |      |   |   | 198        |   |   |                              | 198    |   |   |   | 500 |   |
|                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |   |   |   |   |
| 2006                                        |   |                                    |   |      |   |   |       |   |   |                              |   |   |   |   |   |   |
| Allowance      for doubtful accounts        |   |                                    | 500    |      |   |   | 26         |   |   |                              | 26     |   |   |   | 500 |   |

----

|   | FRONTIER      OIL CORPORATION |                                                                     |
|--------|-------------------------------|--------------------------------------------------------------------------|
|   |                          |                                                                     |   |
|   | By:                           | /s/ Michael      C. Jennings                                        |   |
|   |                          | Michael      C. Jennings                                                 |   |
|   |                          | President      and Chief Executive Officer(chief      executive officer) |   |
|   |                          |                                                                     |   |

| Date: | February      26, 2009 |
|-------|------------------------|

----

|                                    |   |   |                   |   |
|-----------------------------------------|--------|--------|------------------------|--------|
| /s/      James R. Gibbs                 |   |   | /s/      G. Clyde Buck |   |
| James      R. Gibbs                     |   |   | G.      Clyde Buck     |   |
| Director      and Chairman of the Board |   |   | Director               |   |

|                                                                                            |   |   |                         |   |
|-------------------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|
| /s/      Michael C. Jennings                                                                    |   |   | /s/      T. Michael Dossey   |   |
| Michael      C. Jennings                                                                        |   |   | T.      Michael Dossey  |   |
| President      and Chief Executive Officer and      Director(chief      executive officer) |   |   | Director                     |   |

|                                                                                            |   |   |                  |   |
|-------------------------------------------------------------------------------------------------|--------|--------|-----------------------|--------|
| /s/      Doug S. Aron                                                                      |   |   | /s/      James H. Lee |   |
| Doug      S. Aron                                                                          |   |   | James      H. Lee     |   |
| Executive      Vice President andChief      Financial Officer(principal      financial officer) |   |   | Director              |   |

|                                                                               |   |   |                       |   |
|------------------------------------------------------------------------------------|--------|--------|----------------------------|--------|
| /s/      Nancy J. Zupan                                                            |   |   | /s/      Paul B. Loyd, Jr. |   |
| Nancy      J. Zupan                                                           |   |   | Paul      B. Loyd, Jr.     |   |
| Vice      President andChief      Accounting Officer(principal accounting officer) |   |   | Director                   |   |

|                           |   |   |                     |   |
|--------------------------------|--------|--------|--------------------------|--------|
| /s/      Douglas Y. Bech  |   |   | /s/      Michael E. Rose |   |
| Douglas      Y. Bech      |   |   | Michael      E. Rose     |   |
| Director             |   |   | Director                 |   |

| Date: | February      26, 2009 |
|-------|------------------------|