|    | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d)           |   |
|---------|--------------------------------------------------------------|--------|
| þ  | OF      THE SECURITIES EXCHANGE ACT OF 1934                  |   |
|    | For      the Fiscal Year Ended:  December 31, 2009 |   |
|    | OR                                                           |   |
|    | TRANSITION      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         |                                                                                                                                |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
|  Item 1.             |  Business                                                                                                                      |
|                      |     Summary and Overview                                                                                        |
|                      |     Refining Operations                                                                                         |
|                      |     Marketing and Distribution                                                                                  |
|                      |     Competition                                                                                                 |
|                      |    Crude Oil      Supply                                                                                             |
|                      |     Government Regulation                                                                                       |
|                      |     Safety                                                                                                      |
|                      |     Employees                                                                                                   |
|  Item 1A.            |  Risk Factors Relating to Our Business                                                                                         |
|  Item 1B.            |  Unresolved Staff Comments                                                                                                     |
|  Item 2.             |  Properties                                                                                                                    |
|  Item 3.             |  Legal Proceedings                                                                                                             |
|  Item 4.        |  Submission of Matters to a Vote of Security      Holders                                                                 |
|                      |  Available      Information                                                                                               |
|  Part      II        |                                                                                                                                |
|  Item 5.             |  Market for Registrant’s Common Equity, Related      Stockholder Matters      and Issuer Purchasers of Equity Securities |
|  Item 6.             |  Selected Financial Data                                                                                                       |
|  Item 7.             |  Management’s Discussion and Analysis of Financial      Condition and Results      of Operations                         |
|  Item 7A.            |  Quantitative and Qualitative Disclosures About Market      Risk 21                                                       |
|  Item 8.             |  Financial Statements and Supplementary    Data                                                                                |
|  Item 9.             |  Changes in and Disagreements with Accountants on      Accounting and      Financial Disclosure                                |
|  Item 9A.            |  Controls and Procedures                                                                                                       |
|  Item 9B.            |  Other Information                                                                                                        |
|  Part      III  |                                                                                                                                |
|  Part      IV        |                                                                                                                                |
|  Item 15.            |  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. | Business |
|---------|----------|

Summary

Refining Operations

Marketing 

Competition

Crude 

Government 

Safety

Employees

| Item 1A. | Risk      Factors Relating to Our Business |
|----------|--------------------------------------------|

| Item 1B. | Unresolved      Staff Comments |
|----------|--------------------------------|

| Item 2. | Properties |
|---------|------------|

| Item 3. | Legal      Proceedings |
|---------|------------------------|

| Item 4. | Submission      of Matters to a Vote of SecurityHolders |
|---------|---------------------------------------------------------|

Available 

----

PART 

| Item 5. | Market      for Registrant’s Common Equity, Related Stockholder Matters and Issuer      Purchases of Equity Securities |
|---------|------------------------------------------------------------------------------------------------------------------------------|

| 2009                |   | High   |   |   | Low    |   |
|---------------------|--------|--------|--------|--------|--------|--------|
| Fourth      quarter |   | $      | 16.54  |   |   | $      | 11.03 |   |
| Third      quarter  |   |   | 15.15  |   |   |   | 12.00 |   |
| Second      quarter |   |   | 18.40  |   |   |   | 12.09 |   |
| First      quarter  |   |   | 16.84  |   |   |   | 11.80 |   |
| 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 |   |

Item 

| Five      Year Financial Data                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|-----------|--------|--------------------------------|--------|-----------|-------------------------------------|--------|--------|-------------------------------------|--------|--------|-------------------------------------|-----------|
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Years      Ended December 31,                         |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2009                                                  |      |   | 2008      As Adjusted      (1) |   |      | 2007      As Adjusted      (1) |   |   | 2006      As Adjusted      (1) |   |   | 2005      As Adjusted      (1) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (Dollars      in thousands, except per share amounts) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                                     | 4,237,213 |   |                           | $      | 6,498,780 |                                |   | $      | 5,188,740                           |   |   | $                                   | 4,795,953 |   |   | $ | 4,001,162 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Operating      income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                  | (105,370  | )      |                           |   | 351,444   |                                |   |   | 600,059                             |   |   |                                | 566,597   |   |   |   | 392,171 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Cumulative      effect of accounting change,      net of income taxes (2)                                                                                                                                                                                                                                                                                                                                                                        |   |                                                  | -         |   |                           |   | -         |                                |   |   | -                                   |   |   |                                | -         |   |   |   | (2,503 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Net      income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                  | (83,760   | )      |                           |   | 226,053   |                                |   |   | 402,332                             |   |   |                                | 374,565   |   |   |   | 239,160 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Basic      earnings (loss) per share:                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Before      cumulative effect of accounting      change                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                                     | (0.81     | )      |                           | $      | 2.19      |                                |   | $      | 3.77                                |   |   | $                                   | 3.36      |   |   | $ | 2.18 |   |
| Cumulative      effect of accounting change      (2)                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                  | -         |   |                           |   | -         |                                |   |   | -                                   |   |   |                                | -         |   |   |   | (0.02 | ) |
| Net      income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                                     | (0.81     | )      |                           | $      | 2.19      |                                |   | $      | 3.77                                |   |   | $                                   | 3.36      |   |   | $ | 2.16 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Diluted      earnings per share:                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Before      cumulative effect of accounting      change                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                                     | (0.81     | )      |                           | $      | 2.18      |                                |   | $      | 3.73                                |   |   | $                                   | 3.33      |   |   | $ | 2.13 |   |
| Cumulative      effect of accounting change      (2)                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                  | -         |   |                           |   | -         |                                |   |   | -                                   |   |   |                                | -         |   |   |   | (0.02 | ) |
| Net      income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                                     | (0.81     | )      |                           | $      | 2.18      |                                |   | $      | 3.73                                |   |   | $                                   | 3.33      |   |   | $ | 2.11 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Working      capital (current assets less      current liabilities)                                                                                                                                                                                                                                                                                                                                                                              |   | $                                                     | 498,190   |   |                           | $      | 639,188   |                                |   | $      | 371,527                             |   |   | $                                   | 418,328   |   |   | $ | 213,667 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                  | 2,147,895 |   |                           |   | 2,006,305 |                                |   |   | 1,705,865                           |   |   |                                | 1,462,735 |   |   |   | 1,166,579 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Long-term      debt                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                  | 347,485   |   |                           |   | 347,220   |                                |   |   | 150,000                             |   |   |                                | 150,000   |   |   |   | 150,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Long-term      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                  | 317,258   |   |                           |   | 254,158   |                                |   |   | 173,721                             |   |   |                                | 138,373   |   |   |   | 121,250 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Shareholders'      equity                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                  | 943,976   |   |                           |   | 1,038,976 |                                |   |   | 880,631                             |   |   |                                | 714,664   |   |   |   | 422,214 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| Dividends      declared per common share                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                                                     | 0.240     |   |                           | $      | 0.230     |                                |   | $      | 0.180                               |   |   | $                                   | 0.100     |   |   | $ | 0.575 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                  |      |   |                           |   |      |                                |   |   |                                |   |   |                                |      |   |   |   |   |   |
| (1)      In the fourth quarter of 2009, we adopted a change in accounting principle      for inventory cost methods from a FIFO (first-in, first-out) basis to a      LIFO (last-in, first-out) basis. Each individual prior period      presented above has been adjusted to reflect the period specific effects      of applying the new accounting principle. See Note 3 in the "Notes to      Consolidated Financial Statements."  |   |
| (2)      As of December 31, 2005, we adopted FASB Accounting Standards Codification      ("ASC") 410 "Asset Retirement and Environmental    Obligations."                                                                                                                                                                                                                                                                                             |   |

| Item 7.   Management’s Discussion and      Analysis of Financial Condition and Results of  Operations |
|----------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                  |   | 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                                                                                                                                                                                                                                                                                                       |   |                        | 131,433   |   |   |   | 26,938 |   |   |   | 41,453 |   |   |   | 34,000 |   |   |   | 29,042 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      leases                                                                                                                                                                                                                                                                                                                 |   |                        | 55,097    |   |   |   | 12,864 |   |   |   | 17,674 |   |   |   | 13,464 |   |   |   | 11,095 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital      leases                                                                                                                                                                                                                                                                                                                   |   |                        | 3,812     |   |   |   | 418 |   |   |   | 952 |   |   |   | 1,131 |   |   |   | 1,311 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchase      obligations:                                                                                                                                                                                                                                                                                                            |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crude      supply, feedstocks and natural gas      (1)                                                                                                                                                                                                                                                                           |   | $                           | 525,151   |   |   | $ | 525,151 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transportation,      terminalling and storage                                                                                                                                                                                                                                                                                         |   |                        | 296,789   |   |   |   | 59,512 |   |   |   | 98,819 |   |   |   | 75,828 |   |   |   | 62,630 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refinery      capital projects                                                                                                                                                                                                                                                                                                        |   |                        | 3,225     |   |   |   | 3,225 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      goods and services                                                                                                                                                                                                                                                                                                         |   |                        | 4,733     |   |   |   | 3,849 |   |   |   | 521 |   |   |   | 363 |   |   |   | - |   |
| Total      purchase obligations                                                                                                                                                                                                                                                                                                       |   | $                           | 829,898   |   |   | $ | 591,737 |   |   | $ | 99,340 |   |   | $ | 76,191 |   |   | $ | 62,630 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contingent      income tax liabilities (2)                                                                                                                                                                                                                                                                                            |   |                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      long-term liabilities                                                                                                                                                                                                                                                                                                      |   |                        | 20,560    |   |   |   | - |   |   |   | 9,585 |   |   |   | 4,886 |   |   |   | 6,089 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Post-retirement      healthcare estimated future      benefit payments (3)                                                                                                                                                                                                                                                       |   |                        | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      contractual cash                                                                                                                                                                                                                                                                                                           |   | $                           | 1,390,800 |   |   | $ | 631,957 |   |   | $ | 319,004 |   |   | $ | 129,672 |   |   | $ | 310,167 |   |
|                                                                                                                                                                                                                                                                                                                                  |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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, $472.1 million relate to      January and February 2010 feedstock and natural gas requirements of the      Refineries.  |   |
| (2)      Contingent income tax liabilities of $29.3 million are not included      in the table because the timing and certainty cannot be reasonably      estimated.                                                                                                                                                             |   |
| (3)      Our post-retirement health care plan is unfunded. Future      payments for retiree health care benefits are estimated for the next ten      years in Note 11 "Employee Benefit Plans" in the "Notes to Consolidated      Financial Statements."                                                                         |   |

| Item 7A.   Quantitative and Qualitative      Disclosures About Market Risk |
|-------------------------------------------------------------------------------------------|

| Commodity      |   | Period             |   | Volume (thousands of      bbls) |   | Expected      CloseOut      Date |   | Unrealized      Net Loss(in      thousands) |
|----------------|--------|--------------------|--------|--------------------------------------|--------|----------------------------------|--------|---------------------------------------------|
| Crude      Oil |   | February      2010 |   | 1,086                                |   | January      2010                |   |  $(2,780)                              |
| Crude      Oil |   | March      2010    |   | 1,069                                |   | February      2010               |   |  (3,771)                               |

|        ● | 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:                                                                                                         |   | 2009                          |    |   | 2008   |   |    | 2007   |   |
| Charges      (bpd)                                                                                                    |   |                          |    |   |   |   |    |   |   |
| Light      crude                                                                                                      |   |                          | 49,892  |   |   |   | 30,265  |   |   |   | 31,171 |   |
| Heavy      and intermediate crude                                                                                     |   |                          | 103,894 |   |   |   | 112,673 |   |   |   | 114,875 |   |
| Other      feed and blendstocks                                                                                       |   |                          | 16,125  |   |   |   | 18,899  |   |   |   | 18,831 |   |
| Total                                                                                                                 |   |                          | 169,911 |   |   |   | 161,837 |   |   |   | 164,877 |   |
|                                                                                                                  |   |                          |    |   |   |   |    |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                |   |                          |    |   |   |   |    |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 80,201  |   |   |   | 76,573  |   |   |   | 76,974 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 66,039  |   |   |   | 58,748  |   |   |   | 55,889 |   |
| Asphalt                                                                                                               |   |                          | 2,194   |   |   |   | 3,477   |   |   |   | 5,945 |   |
| Other                                                                                                                 |   |                          | 16,456  |   |   |   | 18,717  |   |   |   | 22,074 |   |
| Total                                                                                                                 |   |                          | 164,890 |   |   |   | 157,515 |   |   |   | 160,882 |   |
|                                                                                                                  |   |                          |    |   |   |   |    |   |   |   |   |   |
| Total      product sales (bpd)                                                                                        |   |                          |    |   |   |   |    |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 91,127  |   |   |   | 85,515  |   |   |   | 88,744 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 65,623  |   |   |   | 58,139  |   |   |   | 56,862 |   |
| Asphalt                                                                                                               |   |                          | 2,035   |   |   |   | 3,900   |   |   |   | 5,988 |   |
| Other                                                                                                                 |   |                          | 16,487  |   |   |   | 18,818  |   |   |   | 18,554 |   |
| Total                                                                                                                 |   |                          | 175,272 |   |   |   | 166,372 |   |   |   | 170,148 |   |
|                                                                                                                  |   |                          |    |   |   |   |    |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                         |   |                          |    |   |   |   |    |   |   |   |   |   |
| Refined      products revenue                                                                                         |   | $                             | 66.32   |   |   | $      | 104.15  |   |   | $ | 84.85 |   |
| Raw      material, freight and other costs (1)                                                                        |   |                          | 60.78   |   |   |   | 93.87   |   |   |   | 67.55 |   |
| Refinery      operating expenses, excluding depreciation                                                              |   |                          | 5.02    |   |   |   | 5.28    |   |   |   | 4.84 |   |
| Depreciation,      amortization and accretion                                                                         |   |                          | 1.16    |   |   |   | 1.08    |   |   |   | 0.85 |   |
|                                                                                                                  |   |                          |    |   |   |   |    |   |   |   |   |   |
| Average      NYMEX WTI (per barrel)                                                                                   |   | $                             | 61.82   |   |   | $      | 99.75   |   |   | $ | 72.39 |   |
| Average      light/heavy differential (per barrel)                                                                    |   |                          | 6.34    |   |   |   | 17.38   |   |   |   | 19.65 |   |
| Average      gasoline crack spread (per barrel)                                                                       |   |                          | 7.60    |   |   |   | 4.75    |   |   |   | 17.99 |   |
| Average      diesel crack spread (per barrel)                                                                         |   |                          | 8.25    |   |   |   | 24.59   |   |   |   | 22.19 |   |
|                                                                                                                  |   |                          |    |   |   |   |    |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                           |   |                          |    |   |   |   |    |   |   |   |   |   |
| Gasoline                                                                                                              |   | $                             | 70.83   |   |   | $      | 105.64  |   |   | $ | 92.15 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 70.01   |   |   |   | 123.69  |   |   |   | 94.55 |   |
| Asphalt                                                                                                               |   |                          | 66.94   |   |   |   | 65.74   |   |   |   | 44.69 |   |
| Other                                                                                                                 |   |                          | 26.63   |   |   |   | 45.02   |   |   |   | 33.18 |   |
|  (1)      Prior period amounts are adjusted to reflect current year      presentation on a LIFO inventory basis. |   |                          |    |   |   |   |    |   |   |   |   |   |

|                                                                                                                  |   | Years      Ended December 31, |    |
|-----------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|
| Cheyenne Refinery:                                                                                                    |   | 2009                          |    |   | 2008 |   |   | 2007 |   |
| Charges      (bpd)                                                                                                    |   |                          |    |   |   |   |   |   |   |
| Light      crude                                                                                                      |   |                          | 20,378  |   |   |   | 10,128 |   |   |   | 11,545 |   |
| Heavy      and intermediate crude                                                                                     |   |                          | 21,097  |   |   |   | 33,462 |   |   |   | 30,233 |   |
| Other      feed and blendstocks                                                                                       |   |                          | 1,633   |   |   |   | 1,283 |   |   |   | 1,304 |   |
| Total                                                                                                                 |   |                          | 43,108  |   |   |   | 44,873 |   |   |   | 43,082 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 19,797  |   |   |   | 19,379 |   |   |   | 17,504 |   |
| Diesel                                                                                                                |   |                          | 15,391  |   |   |   | 13,528 |   |   |   | 12,281 |   |
| Asphalt                                                                                                               |   |                          | 2,194   |   |   |   | 3,477 |   |   |   | 5,945 |   |
| Other                                                                                                                 |   |                          | 4,049   |   |   |   | 6,987 |   |   |   | 5,868 |   |
| Total                                                                                                                 |   |                          | 41,431  |   |   |   | 43,371 |   |   |   | 41,598 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Total      product sales (bpd)                                                                                        |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 27,454  |   |   |   | 26,920 |   |   |   | 27,427 |   |
| Diesel                                                                                                                |   |                          | 15,168  |   |   |   | 13,112 |   |   |   | 12,486 |   |
| Asphalt                                                                                                               |   |                          | 2,035   |   |   |   | 3,900 |   |   |   | 5,988 |   |
| Other                                                                                                                 |   |                          | 3,830   |   |   |   | 6,013 |   |   |   | 3,577 |   |
| Total                                                                                                                 |   |                          | 48,487  |   |   |   | 49,945 |   |   |   | 49,478 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                         |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refined      products revenue                                                                                         |   | $                             | 67.45   |   |   | $ | 100.96 |   |   | $ | 83.04 |   |
| Raw      material, freight and other costs (1)                                                                        |   |                          | 62.17   |   |   |   | 89.29 |   |   |   | 64.61 |   |
| Refinery      operating expenses, excluding depreciation                                                              |   |                          | 6.89    |   |   |   | 6.38 |   |   |   | 6.05 |   |
| Depreciation,      amortization and accretion                                                                         |   |                          | 1.67    |   |   |   | 1.44 |   |   |   | 1.29 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      light/heavy crude oil differential (per barrel)                                                          |   | $                             | 6.61    |   |   | $ | 17.15 |   |   | $ | 18.95 |   |
| Average      gasoline crack spread (per barrel)                                                                       |   |                          | 7.48    |   |   |   | 5.99 |   |   |   | 17.53 |   |
| Average      diesel crack spread (per barrel)                                                                         |   |                          | 9.55    |   |   |   | 27.80 |   |   |   | 25.61 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                           |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   | $                             | 71.47   |   |   | $ | 106.54 |   |   | $ | 92.55 |   |
| Diesel                                                                                                                |   |                          | 73.00   |   |   |   | 128.04 |   |   |   | 98.84 |   |
| Asphalt                                                                                                               |   |                          | 66.94   |   |   |   | 65.74 |   |   |   | 44.69 |   |
| Other                                                                                                                 |   |                          | 16.93   |   |   |   | 39.82 |   |   |   | 19.20 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| El Dorado Refinery:                                                                                                   |   |                          |    |   |   |   |   |   |   |   |   |   |
| Charges      (bpd)                                                                                                    |   |                          |    |   |   |   |   |   |   |   |   |   |
| Light      crude                                                                                                      |   |                          | 29,515  |   |   |   | 20,137 |   |   |   | 19,626 |   |
| Heavy      and intermediate crude                                                                                     |   |                          | 82,797  |   |   |   | 79,210 |   |   |   | 84,642 |   |
| Other      feed and blendstocks                                                                                       |   |                          | 14,491  |   |   |   | 17,616 |   |   |   | 17,527 |   |
| Total                                                                                                                 |   |                          | 126,803 |   |   |   | 116,963 |   |   |   | 121,795 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Manufactured      product yields (bpd)                                                                                |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 60,403  |   |   |   | 57,194 |   |   |   | 59,470 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 50,647  |   |   |   | 45,220 |   |   |   | 43,608 |   |
| Other                                                                                                                 |   |                          | 12,408  |   |   |   | 11,730 |   |   |   | 16,205 |   |
| Total                                                                                                                 |   |                          | 123,458 |   |   |   | 114,144 |   |   |   | 119,283 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Total      product sales (bpd)                                                                                        |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   |                          | 63,673  |   |   |   | 58,595 |   |   |   | 61,318 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 50,455  |   |   |   | 45,027 |   |   |   | 44,376 |   |
| Other                                                                                                                 |   |                          | 12,657  |   |   |   | 12,804 |   |   |   | 14,977 |   |
| Total                                                                                                                 |   |                          | 126,785 |   |   |   | 116,426 |   |   |   | 120,671 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refinery      operating margin information (per sales barrel)                                                         |   |                          |    |   |   |   |   |   |   |   |   |   |
| Refined      products revenue                                                                                         |   | $                             | 65.89   |   |   | $ | 105.52 |   |   | $ | 85.59 |   |
| Raw      material, freight and other costs (1)                                                                        |   |                          | 60.25   |   |   |   | 95.84 |   |   |   | 68.75 |   |
| Refinery      operating expenses, excluding depreciation                                                              |   |                          | 4.31    |   |   |   | 4.80 |   |   |   | 4.34 |   |
| Depreciation,      amortization and accretion                                                                         |   |                          | 0.96    |   |   |   | 0.92 |   |   |   | 0.67 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      WTI/WTS crude oil differential (per barrel)                                                              |   | $                             | 1.65    |   |   | $ | 3.92 |   |   | $ | 5.02 |   |
| Average      light/heavy crude oil differential (per barrel)                                                          |   |                          | 6.01    |   |   |   | 17.85 |   |   |   | 21.00 |   |
| Average      gasoline crack spread (per barrel)                                                                       |   |                          | 7.65    |   |   |   | 4.18 |   |   |   | 18.19 |   |
| Average      diesel crack spread (per barrel)                                                                         |   |                          | 7.86    |   |   |   | 23.66 |   |   |   | 21.23 |   |
|                                                                                                                  |   |                          |    |   |   |   |   |   |   |   |   |   |
| Average      sales price (per sales barrel)                                                                           |   |                          |    |   |   |   |   |   |   |   |   |   |
| Gasoline                                                                                                              |   | $                             | 70.56   |   |   | $ | 105.22 |   |   | $ | 91.98 |   |
| Diesel      and jet fuel                                                                                              |   |                          | 69.12   |   |   |   | 122.42 |   |   |   | 93.34 |   |
| Other                                                                                                                 |   |                          | 29.57   |   |   |   | 47.47 |   |   |   | 36.52 |   |
|  (1)      Prior period amounts are adjusted to reflect current year      presentation on a LIFO inventory basis. |   |                          |    |   |   |   |   |   |   |   |   |   |

| Item 8. | Financial      Statements and Supplementary Data |
|---------|--------------------------------------------------|

MANAGEME

REPORT

----

| FRONTIER OIL CORPORATION AND SUBSIDIARIES                                                         |   |
|---------------------------------------------------------------------------------------------------|--------|
| Consolidated      Statements of Operations                                                        |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                              |   | Years      Ended December 31, |   |
|                                                                                              |   | 2009 |   |   | 2008As      Adjusted(Note      3) |   |   | 2007As      Adjusted(Note      3) |   |
|                                                                                              |   | (in      thousands, except per share data) |   |
| Revenues:                                                                                         |   |   |   |   |   |   |   |   |   |
| Refined      products                                                                             |   | $ | 4,242,966 |   |   | $ | 6,342,144 |   |   | $ | 5,269,674 |   |
| Other                                                                                             |   |   | (5,753 | ) |   |   | 156,636 |   |   |   | (80,934 | ) |
|                                                                                              |   |   | 4,237,213 |   |   |   | 6,498,780 |   |   |   | 5,188,740 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and other costs                                                        |   |   | 3,888,308 |   |   |   | 5,716,091 |   |   |   | 4,194,971 |   |
| Refinery      operating expenses, excluding depreciation                                          |   |   | 321,299 |   |   |   | 321,364 |   |   |   | 300,542 |   |
| Selling      and general expenses, excluding depreciation                                         |   |   | 58,668 |   |   |   | 44,169 |   |   |   | 55,343 |   |
| Depreciation,      amortization and accretion                                                     |   |   | 74,308 |   |   |   | 65,756 |   |   |   | 53,039 |   |
| Net      gains on sales of assets                                                                 |   |   | - |   |   |   | (44 | ) |   |   | (15,214 | ) |
|                                                                                              |   |   | 4,342,583 |   |   |   | 6,147,336 |   |   |   | 4,588,681 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      (loss) income                                                                      |   |   | (105,370 | ) |   |   | 351,444 |   |   |   | 600,059 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other financing costs                                                   |   |   | 28,187 |   |   |   | 15,130 |   |   |   | 8,773 |   |
| Interest      and investment income                                                               |   |   | (2,279 | ) |   |   | (5,425 | ) |   |   | (21,851 | ) |
|                                                                                              |   |   | 25,908 |   |   |   | 9,705 |   |   |   | (13,078 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      income before income taxes                                                            |   |   | (131,278 | ) |   |   | 341,739 |   |   |   | 613,137 |   |
| (Benefit)      provision for income taxes                                                         |   |   | (47,518 | ) |   |   | 115,686 |   |   |   | 210,805 |   |
| Net      (loss) income                                                                            |   | $ | (83,760 | ) |   | $ | 226,053 |   |   | $ | 402,332 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      (loss) earnings per share of common stock                                              |   | $ | (0.81 | ) |   | $ | 2.19 |   |   | $ | 3.77 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      (loss) earnings per share of common stock                                            |   | $ | (0.81 | ) |   | $ | 2.18 |   |   | $ | 3.73 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated financial      statements. |   |

| FRONTIER OIL CORPORATION AND SUBSIDIARIES                                                                                    |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated      Balance Sheets                                                                                             |   |
|                                                                                                                         |   |
|                                                                                                                         |   | December      31, |   |
|                                                                                                                         |   | 2009 |   |   | 2008As      Adjusted(Note      3) |   |
|                                                                                                                         |   | (in      thousands, except share data) |   |
| ASSETS                                                                                                                       |   |   |   |   |   |   |
| Current      assets:                                                                                                         |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                               |   | $ | 425,280 |   |   | $ | 483,532 |   |
| Trade      receivables, net of allowance of $1,000 and $500      at 2009 and 2008, respectively                         |   |   | 95,261 |   |   |   | 84,110 |   |
| Income      taxes receivable                                                                                                 |   |   | 174,627 |   |   |   | 116,118 |   |
| Other      receivables                                                                                                       |   |   | 7,842 |   |   |   | 25,216 |   |
| Inventory      of crude oil, products and other                                                                              |   |   | 293,476 |   |   |   | 236,505 |   |
| Deferred      income tax assets - current                                                                                    |   |   | 26,373 |   |   |   | 16,301 |   |
| Commutation      account                                                                                                     |   |   | - |   |   |   | 6,319 |   |
| Other      current assets                                                                                                    |   |   | 14,507 |   |   |   | 37,038 |   |
| Total      current assets                                                                                                    |   |   | 1,037,366 |   |   |   | 1,005,139 |   |
| Property,      plant and equipment, at cost:                                                                                 |   |   |   |   |   |   |   |   |
| Refineries,      pipeline and terminal equipment                                                                             |   |   | 1,446,287 |   |   |   | 1,291,106 |   |
| Furniture,      fixtures and other equipment                                                                                 |   |   | 17,284 |   |   |   | 15,638 |   |
|                                                                                                                         |   |   | 1,463,571 |   |   |   | 1,306,744 |   |
| Accumulated      depreciation and amortization                                                                               |   |   | (442,162 | ) |   |   | (373,301 | ) |
| Property,      plant and equipment, net                                                                                      |   |   | 1,021,409 |   |   |   | 933,443 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Deferred      turnaround costs                                                                                               |   |   | 56,355 |   |   |   | 47,465 |   |
| Deferred      catalyst costs                                                                                                 |   |   | 12,136 |   |   |   | 9,726 |   |
| Deferred      financing costs, net of accumulated amortization of $3,893 and      $2,404 at 2009 and 2008, respectively |   |   | 4,711 |   |   |   | 6,201 |   |
| Intangible      assets, net of accumulated amortization of $614 and $492 at 2009      and 2008, respectively            |   |   | 1,216 |   |   |   | 1,338 |   |
| Deferred      income tax assets - noncurrent                                                                                 |   |   | 10,767 |   |   |   | - |   |
| Other      assets                                                                                                            |   |   | 3,935 |   |   |   | 2,993 |   |
| Total      assets                                                                                                            |   | $ | 2,147,895 |   |   | $ | 2,006,305 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                    |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                    |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                        |   | $ | 474,377 |   |   | $ | 308,867 |   |
| Accrued      liabilities and other                                                                                           |   |   | 64,799 |   |   |   | 57,084 |   |
| Total      current liabilities                                                                                               |   |   | 539,176 |   |   |   | 365,951 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| Long-term      debt                                                                                                          |   |   | 347,485 |   |   |   | 347,220 |   |
| Contingent      income tax liabilities                                                                                       |   |   | 29,348 |   |   |   | 28,057 |   |
| Post-retirement      employee liabilities                                                                                    |   |   | 33,138 |   |   |   | 31,128 |   |
| Long-term      capital lease obligation                                                                                      |   |   | 3,394 |   |   |   | 3,548 |   |
| Other      long-term liabilities                                                                                             |   |   | 20,560 |   |   |   | 12,211 |   |
| Deferred      income tax liabilities                                                                                         |   |   | 230,818 |   |   |   | 179,214 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| 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                                                                                                         |   |   | 252,513 |   |   |   | 236,183 |   |
| Retained      earnings                                                                                                       |   |   | 1,030,203 |   |   |   | 1,139,512 |   |
| Accumulated      other comprehensive loss                                                                                    |   |   | (1,234 | ) |   |   | (723 | ) |
| Treasury      stock, at cost, 27,165,400 and 27,945,884 shares      at 2009 and 2008, respectively                      |   |   | (395,242 | ) |   |   | (393,732 | ) |
| Total      shareholders' equity                                                                                              |   |   | 943,976 |   |   |   | 1,038,976 |   |
| Total      liabilities and shareholders' equity                                                                              |   | $ | 2,147,895 |   |   | $ | 2,006,305 |   |
|                                                                                                                         |   |   |   |   |   |   |   |   |
| 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, |   |
|                                                                                              |   | 2009 |   |   | 2008As      Adjusted(Note      3) |   |   | 2007As      Adjusted(Note      3) |   |
|                                                                                              |   |   |   |   | (in      thousands) |   |   |   |   |
| Cash      flows from operating activities:                                                        |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                            |   | $ | (83,760 | ) |   | $ | 226,053 |   |   | $ | 402,332 |   |
| Adjustments      to reconcile net income to net cash from operating activities:              |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation,      amortization and accretion                                                     |   |   | 93,793 |   |   |   | 83,571 |   |   |   | 67,512 |   |
| Deferred      income taxes                                                                        |   |   | 31,082 |   |   |   | 169,766 |   |   |   | (60,859 | ) |
| Stock-based      compensation expense                                                             |   |   | 20,608 |   |   |   | 20,014 |   |   |   | 22,553 |   |
| Excess      income tax benefits of stock-based compensation                                       |   |   | (244 | ) |   |   | (3,191 | ) |   |   | (6,962 | ) |
| Amortization      of debt issuance costs                                                          |   |   | 1,489 |   |   |   | 978 |   |   |   | 769 |   |
| Senior      Notes discount amortization                                                           |   |   | 264 |   |   |   | 60 |   |   |   | - |   |
| Allowance      for investment loss and bad debts                                                  |   |   | 500 |   |   |   | 499 |   |   |   | - |   |
| Net      gains on sales of assets                                                                 |   |   | - |   |   |   | (44 | ) |   |   | (15,214 | ) |
| Decrease      in long-term commutation account                                                    |   |   | - |   |   |   | - |   |   |   | 1,009 |   |
| Amortization      of long-term prepaid insurance                                                  |   |   | - |   |   |   | 909 |   |   |   | 1,211 |   |
| Increase      (decrease) in other long-term liabilities                                           |   |   | 10,829 |   |   |   | (3,173 | ) |   |   | 27,365 |   |
| Changes      in deferred turnaround costs, deferred catalyst costs and      other            |   |   | (31,728 | ) |   |   | (28,758 | ) |   |   | (29,287 | ) |
| Changes      in components of working capital from operations:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      in trade, income taxes and other receivables                                        |   |   | (56,041 | ) |   |   | (28,801 | ) |   |   | (45,018 | ) |
| (Increase)      decrease in inventory                                                             |   |   | (56,971 | ) |   |   | 11,107 |   |   |   | 28,385 |   |
| Decrease      (increase) in other current assets                                                  |   |   | 28,849 |   |   |   | (14,984 | ) |   |   | (12,724 | ) |
| Increase      (decrease) in accounts payable                                                      |   |   | 175,085 |   |   |   | (117,443 | ) |   |   | 30,312 |   |
| Increase      (decrease) in accrued liabilities and other                                         |   |   | 7,187 |   |   |   | (19,288 | ) |   |   | 17,629 |   |
| Net      cash provided by operating activities                                                    |   |   | 140,942 |   |   |   | 297,275 |   |   |   | 429,013 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and equipment                                                   |   |   | (168,670 | ) |   |   | (209,381 | ) |   |   | (291,174 | ) |
| Proceeds      from sales of assets                                                                |   |   | - |   |   |   | 46 |   |   |   | 22,222 |   |
| El      Dorado Refinery contingent earn-out payment                                               |   |   | - |   |   |   | (7,500 | ) |   |   | (7,500 | ) |
| Other      acquisitions and leasehold improvements                                                |   |   | (2,100 | ) |   |   | - |   |   |   | (3,561 | ) |
| Net      cash used in investing activities                                                        |   |   | (170,770 | ) |   |   | (216,835 | ) |   |   | (280,013 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of 8.5% Senior Notes                                                  |   |   | - |   |   |   | 197,160 |   |   |   | - |   |
| Purchase      of treasury stock                                                                   |   |   | (3,008 | ) |   |   | (67,030 | ) |   |   | (248,486 | ) |
| Proceeds      from issuance of common stock                                                       |   |   | 70 |   |   |   | 405 |   |   |   | 2,303 |   |
| Dividends      paid                                                                               |   |   | (25,349 | ) |   |   | (23,144 | ) |   |   | (17,271 | ) |
| Excess      income tax benefits of stock-based compensation                                       |   |   | 244 |   |   |   | 3,191 |   |   |   | 6,962 |   |
| Debt      issuance costs and other                                                                |   |   | (381 | ) |   |   | (4,889 | ) |   |   | (588 | ) |
| Net      cash provided by (used in) financing activities                                          |   |   | (28,424 | ) |   |   | 105,693 |   |   |   | (257,080 | ) |
| Increase      (decrease) in cash and cash equivalents                                             |   |   | (58,252 | ) |   |   | 186,133 |   |   |   | (108,080 | ) |
| Cash      and cash equivalents, beginning of period                                               |   |   | 483,532 |   |   |   | 297,399 |   |   |   | 405,479 |   |
| Cash      and cash equivalents, end of period                                                     |   | $ | 425,280 |   |   | $ | 483,532 |   |   | $ | 297,399 |   |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated financial      statements. |   |

| FRONTIER OIL CORPORATION ANDSUBSIDIARIES                                                                    |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| 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 As      Adjusted (Note 3) |   |   | Number      of Shares |   |   | Amount |   |   | Deferred      Compensation |   |   | Accumulated      Other Comprehensive Income (Loss) |   |   | Number      of Shares |   |   | Amount      As      Adjusted (Note 3) |   |
| December      31, 2006, as reported                                                                         |   |   | 134,509,256 |   |   | $ | 57,802 |   |   | $ | 181,386 |   |   |   |   |   | $ | 719,802 |   |   |   | (24,164,808 | ) |   | $ | (183,392 | ) |   | $ | - |   |   | $ | 256 |   |   |   | 110,344,448 |   |   | $ | 775,854 |   |
| Change      in accounting principle (Note 3)                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (61,190 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (61,190 | ) |
| January      1, 2007, as adjusted                                                                           |   |   | 134,509,256 |   |   | $ | 57,802 |   |   | $ | 181,386 |   |   |   |   |   | $ | 658,612 |   |   |   | (24,164,808 | ) |   | $ | (183,392 | ) |   | $ | - |   |   | $ | 256 |   |   |   | 110,344,448 |   |   | $ | 714,664 |   |
| Adoption      of new income tax contingency principles                                                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (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                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   | $ | 402,332 |   |   |   | 402,332 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 402,332 |   |
| Other      comprehensive income:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Defined      benefit plans, net of tax of $805                                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,322 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,322 |   |   |   | - |   |   |   | 1,322 |   |
| Other      comprehensive income                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,322 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Comprehensive      income                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 403,654 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| 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 |   |   |   |   |   |   | $ | 937,557 |   |   |   | (26,893,939 | ) |   | $ | (327,564 | ) |   | $ | - |   |   | $ | 1,578 |   |   |   | 104,956,417 |   |   | $ | 880,631 |   |
| 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                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 226,053 |   |   |   | 226,053 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 226,053 |   |
| 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                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 223,752 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| 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 |   |   |   |   |   |   | $ | 1,139,512 |   |   |   | (27,945,884 | ) |   | $ | (393,732 | ) |   | $ | - |   |   | $ | (723 | ) |   |   | 103,904,472 |   |   | $ | 1,038,976 |   |
| Shares      issued under stock-based compensation plans                                                     |   |   |   |   |   |   |   | (1,428 | ) |   |   |   |   |   |   |   |   |   |   | 1,000,823 |   |   |   | 1,498 |   |   |   |   |   |   |   |   |   |   |   | 1,000,823 |   |   |   | 70 |   |
| Shares      received under:                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based      compensation plans                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (220,339 | ) |   |   | (3,008 | ) |   |   |   |   |   |   |   |   |   |   | (220,339 | ) |   |   | (3,008 | ) |
| Comprehensive      income (loss):                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (83,760 | ) |   |   | (83,760 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | (83,760 | ) |
| Other      comprehensive income (loss):                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Defined      benefit plans, net of tax of $317                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (511 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (511 | ) |   |   | - |   |   |   | (511 | ) |
| Other      comprehensive income (loss)                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (511 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Comprehensive      income (loss):                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (84,271 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
| Income      tax benefits of stock-based compensation, net of    contingency                                 |   |   |   |   |   |   |   | (2,850 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | (2,850 | ) |
| Stock-based      compensation expense                                                                       |   |   |   |   |   |   |   |   |   |   | 20,608 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | 20,608 |   |
| Dividends      declared                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (25,549 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | (25,549 | ) |
| December      31, 2009                                                                                      |   |   | 131,850,356 |   |   | $ | 57,736 |   |   | $ | 252,513 |   |   |   |   |   |   | $ | 1,030,203 |   |   |   | (27,165,400 | ) |   | $ | (395,242 | ) |   | $ | - |   |   | $ | (1,234 | ) |   |   | 104,684,956 |   |   | $ | 943,976 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The      accompanying notes are an integral part of these consolidated      financial statements.      |   |

----

FRONTIER 

| 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,   |     |
|                                            |   | 2009                |     |   | 2008As      Adjusted |   |
|                                            |   | (in      thousands) |     |
|                                            |   |                |     |   |                 |   |
| Crude      oil                                  |   | $                   | 343,154  |   |                 | $      | 121,973 |   |
| Unfinished      products                        |   |                | 101,436  |   |                 |   | 55,915 |   |
| Finished      products                          |   |                | 94,239   |   |                 |   | 54,332 |   |
| LIFO      reserve - adjustment to inventories   |   |                | (272,634 | )      |                 |   | (19,624 | ) |
|                                            |   |                | 266,195  |   |                 |   | 212,596 |   |
| Process      chemicals                          |   |                | 1,162    |   |                 |   | 1,385 |   |
| Repairs      and maintenance supplies and other |   |                | 26,119   |   |                 |   | 22,524 |   |
|                                            |   | $                   | 293,476  |   |                 | $      | 236,505 |   |

| Balance      as of December 31, 2008             |   | $      | 6,281  |   |
|--------------------------------------------------|--------|--------|--------|--------|
| Liabilities      incurred                        |   |   | 442    |   |
| Liabilities      settled                         |   |   | (1,602 | )      |
| Accretion      expense                           |   |   | 376    |   |
| Revisions      to timing of estimated cash flows |   |   | (105   | )      |
| Balance      as of December 31, 2009             |   | $      | 5,392  |   |

| 3.   | Change      in Accounting Principle – Inventory |
|----------------|-------------------------------------------------------|

|                                                                                        |   | Year      Ended December 31, 2009                 |      |
|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|
|                                                                                        |   | As      Computed under FIFO                       |      |   | As      Reported under LIFO |   |   | Change |   |
|                                                                                        |   | (in      thousands - except per share data ) |      |
|                                                                                        |   |                                              |      |   |   |   |   |   |   |
| Consolidated      Statement of Operations:                                                  |   |                                              |      |   |   |   |   |   |   |
| Raw      material, freight and other costs                                                  |   | $                                                 | 3,635,298 |   |   | $ | 3,888,308 |   |   | $ | 253,010 |   |
| Operating      income (loss)                                                                |   |                                              | 147,640   |   |   |   | (105,370 | ) |   |   | (253,010 | ) |
|                                                                                        |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Income      (loss) before income taxes                                                      |   |                                              | 121,732   |   |   |   | (131,278 | ) |   |   | (253,010 | ) |
| Provision      (benefit) for income taxes                                                   |   |                                              | 46,237    |   |   |   | (47,518 | ) |   |   | (93,755 | ) |
| Net      income (loss)                                                                      |   | $                                                 | 75,495    |   |   | $ | (83,760 | ) |   | $ | (159,255 | ) |
|                                                                                        |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Basic      earnings (loss) per share                                                        |   | $                                                 | 0.73      |   |   | $ | (0.81 | ) |   | $ | (1.54 | ) |
| Diluted      earnings (loss) per share                                                      |   | $                                                 | 0.72      |   |   | $ | (0.81 | ) |   | $ | (1.53 | ) |
|                                                                                        |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Consolidated      Statement of Cash Flows:                                                  |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                      |   | $                                                 | 75,495    |   |   | $ | (83,760 | ) |   | $ | 159,255 |   |
| Adjustments      to reconcile net income to net income from      operating activities: |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Deferred      income taxes                                                                  |   |                                              | 39,326    |   |   |   | 31,082 |   |   |   | 8,244 |   |
| Changes      in components of working capital from operations:                         |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Decrease      (increase) in trade, income taxes and      other receivables             |   |                                              | 29,470    |   |   |   | (56,041 | ) |   |   | 85,511 |   |
| Decrease      (increase) in inventory                                                       |   |                                              | (309,981  | ) |   |   | (56,971 | ) |   |   | (253,010 | ) |
|                                                                                        |   |                                              |      |   |   |   |   |   |   |   |   |   |
| Net      cash provided by operating activities                                              |   | $                                                 | 140,942   |   |   | $ | 140,942 |   |   | $ | - |   |

|                                                                                                              |   | Years      Ended December 31,               |      |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                                                                              |   | 2008                                        |      |   | 2007 |   |
|                                                                                                              |   | As      OriginallyReported                  |      |   | AsAdjusted |   |   | Change |   |   | As      OriginallyReported |   |   | AsAdjusted |   |   | Change |   |
|                                                                                                              |   | (in      thousands - except per share data) |      |
|                                                                                                              |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated      Statements of Operations:                                                                       |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and other costs                                                                   |   | $                                           | 5,950,782 |   |   | $ | 5,716,091 |   |   | $ | (234,691 | ) |   | $ | 4,039,235 |   |   | $ | 4,194,971 |   |   | $ | 155,736 |   |
| Operating      income                                                                                             |   |                                        | 116,753   |   |   |   | 351,444 |   |   |   | 234,691 |   |   |   | 755,795 |   |   |   | 600,059 |   |   |   | (155,736 | ) |
|                                                                                                              |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                                                   |   |                                        | 107,048   |   |   |   | 341,739 |   |   |   | 234,691 |   |   |   | 768,873 |   |   |   | 613,137 |   |   |   | (155,736 | ) |
| Provision      for income taxes                                                                                   |   |                                        | 26,814    |   |   |   | 115,686 |   |   |   | 88,872 |   |   |   | 269,748 |   |   |   | 210,805 |   |   |   | (58,943 | ) |
| Net      income                                                                                                   |   | $                                           | 80,234    |   |   | $ | 226,053 |   |   | $ | 145,819 |   |   | $ | 499,125 |   |   | $ | 402,332 |   |   | $ | (96,793 | ) |
|                                                                                                              |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per share                                                                                     |   | $                                           | 0.78      |   |   | $ | 2.19 |   |   | $ | 1.41 |   |   | $ | 4.67 |   |   | $ | 3.77 |   |   | $ | (0.90 | ) |
| Diluted      earnings per share                                                                                   |   | $                                           | 0.77      |   |   | $ | 2.18 |   |   | $ | 1.41 |   |   | $ | 4.62 |   |   | $ | 3.73 |   |   | $ | (0.89 | ) |
|                                                                                                              |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consolidated      Statements of Cash Flows:                                                                       |   |                                        |      |   |   |   |   |   |   |   | ` |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                                   |   | $                                           | 80,234    |   |   | $ | 226,053 |   |   | $ | 145,819 |   |   | $ | 499,125 |   |   | $ | 402,332 |   |   | $ | (96,793 | ) |
| Adjustments      to reconcile net income      to net income from   operating      activities: |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      income taxes                                                                                        |   |                                        | 80,894    |   |   |   | 169,766 |   |   |   | 88,872 |   |   |   | (1,916 | ) |   |   | (60,859 | ) |   |   | (58,943 | ) |
| Changes      in componenets of working      capital from operations:                                         |   |                                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Decrease      (increase) in  inventory                                                                  |   |                                        | 245,798   |   |   |   | 11,107 |   |   |   | (234,691 | ) |   |   | (127,351 | ) |   |   | 28,385 |   |   |   | 155,736 |   |
| Net      cash provided by operating      activities                                                          |   | $                                           | 297,275   |   |   | $ | 297,275 |   |   | $ | - |   |   | $ | 429,013 |   |   | $ | 429,013 |   |   | $ | - |   |

|                                                      |   | December      31, 2009      |      |   | December      31, 2008      |   |
|-----------------------------------------------------------|--------|-----------------------------|-----------|--------|-----------------------------|--------|
|                                                      |   | As      Computed under FIFO |      |   | As      Reported under LIFO |   |   | Change |   |   | As      OriginallyReported |   |   | AsAdjusted |   |   | Change |   |
|                                                      |   | (in      thousands)         |      |
| Consolidated      Balance Sheet:                          |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      taxes receivable                              |   | $                           | 89,116    |   |                        | $      | 174,627 |   |   | $ | 85,511 |   |   | $ | 116,118 |   |   | $ | 116,118 |   |   | $ | - |   |
| Inventory      of crude oil, products and      other |   |                        | 566,110   |   |                        |   | 293,476 |   |   |   | (272,634 | ) |   |   | 256,129 |   |   |   | 236,505 |   |   |   | (19,624 | ) |
| Deferred      income tax assets - current                 |   |                        | 18,464    |   |                        |   | 26,373 |   |   |   | 7,909 |   |   |   | 8,841 |   |   |   | 16,301 |   |   |   | 7,460 |   |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      current assets                                 |   | $                           | 1,216,580 |   |                        | $      | 1,037,366 |   |   | $ | (179,214 | ) |   | $ | 1,017,303 |   |   | $ | 1,005,139 |   |   | $ | (12,164 | ) |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      income tax assets - long-term               |   |                        | -         |   |                        |   | 10,767 |   |   |   | 10,767 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      assets                                         |   | $                           | 2,316,342 |   |                        | $      | 2,147,895 |   |   | $ | (168,447 | ) |   | $ | 2,018,469 |   |   | $ | 2,006,305 |   |   | $ | (12,164 | ) |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      income tax liabilities                      |   | $                           | 227,846   |   |                        | $      | 230,818 |   |   |   | 2,972 |   |   | $ | 179,214 |   |   | $ | 179,214 |   |   |   | - |   |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained      earnings                                    |   | $                           | 1,201,622 |   |                        | $      | 1,030,203 |   |   | $ | (171,419 | ) |   | $ | 1,151,676 |   |   | $ | 1,139,512 |   |   | $ | (12,164 | ) |
|                                                      |   |                        |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      liabilities and shareholders'      equity |   | $                           | 2,316,342 |   |                        | $      | 2,147,895 |   |   | $ | (168,447 | ) |   | $ | 2,018,469 |   |   | $ | 2,006,305 |   |   | $ | (12,164 | ) |

| 4.   | Other      Receivables |
|----------------|------------------------|

|                                              |   | December      31,   |   |
|---------------------------------------------------|--------|---------------------|--------|
|                                              |   | 2009                |   |   | 2008 |   |
|                                              |   | (in      thousands) |   |
|                                              |   |                |   |   |   |   |
| Investment      fund receivable, net of allowance |   | $                   | 2,143  |   |   | $ | 6,418 |   |
| Realized      futures trading receivable          |   |                | 2,341  |   |   |   | 11,854 |   |
| Other                                             |   |                | 3,358  |   |   |   | 6,944 |   |
|                                              |   | $                   | 7,842  |   |   | $ | 25,216 |   |

| 5.   | Other      Current Assets |
|----------------|---------------------------|

|                   |   | December      31,   |   |
|------------------------|--------|---------------------|--------|
|                   |   | 2009                |   |   | 2008 |   |
|                   |   | (in      thousands) |   |
|                   |   |                |   |   |   |   |
| Margin      deposits   |   | $                   | 10,898 |   |   | $ | 18,323 |   |
| Derivative      assets |   |                | 124    |   |   |   | 8,584 |   |
| Prepaid      insurance |   |                | 1,705  |   |   |   | 8,374 |   |
| Other                  |   |                | 1,780  |   |   |   | 1,757 |   |
|                   |   | $                   | 14,507 |   |   | $ | 37,038 |   |

| 6.   | Accrued      Liabilities and Other |
|----------------|------------------------------------|

|                                             |   | December      31,   |   |
|--------------------------------------------------|--------|---------------------|--------|
|                                             |   | 2009                |   |   | 2008 |   |
|                                             |   | (in      thousands) |   |
|                                             |   |                |   |   |   |   |
| Accrued      compensation                        |   | $                   | 26,093 |   |   | $ | 12,606 |   |
| Accrued      Beverly Hills litigation settlement |   |                | -      |   |   |   | 10,000 |   |
| Accrued      environmental costs                 |   |                | 7,599  |   |   |   | 10,040 |   |
| Accrued      dividends                           |   |                | 6,979  |   |   |   | 6,779 |   |
| Accrued      property taxes                      |   |                | 5,573  |   |   |   | 5,295 |   |
| Accrued      interest                            |   |                | 7,638  |   |   |   | 7,363 |   |
| Derivative      liabilities                      |   |                | 6,551  |   |   |   | - |   |
| Accrued      income taxes                        |   |                | 293    |   |   |   | 326 |   |
| Other                                            |   |                | 4,073  |   |   |   | 4,675 |   |
|                                             |   | $                   | 64,799 |   |   | $ | 57,084 |   |

| 7.   | Long-term      Debt |
|----------------|---------------------|

|                                            |   | December      31,   |    |
|-------------------------------------------------|--------|---------------------|---------|
|                                            |   | 2009                |    |   | 2008 |   |
|                                            |   | (in      thousands) |    |
|                                            |   |                |    |   |   |   |
| 6.625%      Senior Notes (Due October 1, 2011)  |   | $                   | 150,000 |   |   | $ | 150,000 |   |
|                                            |   |                |    |   |   |   |   |   |
| 8.5%      Senior Notes (Due September 15, 2016) |   |                | 200,000 |   |   |   | 200,000 |   |
| Less      discount                              |   |                | (2,515  | ) |   |   | (2,780 | ) |
| 8.5%      Senior Notes, net                     |   |                | 197,485 |   |   |   | 197,220 |   |
|                                            |   |                |    |   |   |   |   |   |
|                                            |   | $                   | 347,485 |   |   | $ | 347,220 |   |

| 8.   | Revolving      Credit Facility |
|----------------|--------------------------------|

| 9.   | Income      Taxes |
|----------------|-------------------|

|                                    |   | Years      ended December 31, |    |
|-----------------------------------------|--------|-------------------------------|---------|
|                                    |   | 2009                          |    |   | 2008      As Adjusted(Note      3) |   |   | 2007 AsAdjusted(Note      3) |   |
|                                    |   | (in      thousands)           |    |
| Current:                                |   |                          |    |   |   |   |   |   |   |
| Federal                                 |   | $                             | (78,177 | ) |   | $ | (51,136 | ) |   | $ | 238,555 |   |
| State                                   |   |                          | (423    | ) |   |   | (2,944 | ) |   |   | 33,109 |   |
| Total      current provision (benefit)  |   |                          | (78,600 | ) |   |   | (54,080 | ) |   |   | 271,664 |   |
| Deferred:                               |   |                          |    |   |   |   |   |   |   |   |   |   |
| Federal                                 |   |                          | 40,332  |   |   |   | 174,437 |   |   |   | (53,685 | ) |
| State                                   |   |                          | (9,250  | ) |   |   | (4,671 | ) |   |   | (7,174 | ) |
| Total      deferred provision (benefit) |   |                          | 31,082  |   |   |   | 169,766 |   |   |   | (60,859 | ) |
| Total      provision (benefit)          |   | $                             | (47,518 | ) |   | $ | 115,686 |   |   | $ | 210,805 |   |

|                                                                                  |   | Years      ended December 31, |    |
|---------------------------------------------------------------------------------------|--------|-------------------------------|---------|
|                                                                                  |   | 2009                          |    |   | 2008 |   |   | 2007 |   |
|                                                                                  |   | (in      thousands)           |    |
|                                                                                  |   |                          |    |   |   |   |   |   |   |
| Provision      (benefit) based on statutory rates                                     |   | $                             | (45,947 | ) |   | $ | 119,609 |   |   | $ | 214,598 |   |
| Increase      (decrease) resulting from:                                              |   |                          |    |   |   |   |   |   |   |   |   |   |
| State      income tax provision (benefit)                                             |   |                          | (9,673  | ) |   |   | (7,615 | ) |   |   | 25,935 |   |
| Federal      tax effect of state income taxes                                         |   |                          | 3,385   |   |   |   | 2,666 |   |   |   | (9,077 | ) |
| Federal      tax contingency reversals and adjustments                                |   |                          | -       |   |   |   | (2,856 | ) |   |   | - |   |
| Increase      (benefit) from the Section 199 manufacturers   deduction |   |                          | 838     |   |   |   | 3,052 |   |   |   | (15,387 | ) |
| Benefit      of ultra-low sulfur diesel tax credit                                    |   |                          | -       |   |   |   | - |   |   |   | (5,525 | ) |
| Other,      including permanent book-tax differences                                  |   |                          | 3,879   |   |   |   | 830 |   |   |   | 261 |   |
| Provision      (benefit) as reported                                                  |   | $                             | (47,518 | ) |   | $ | 115,686 |   |   | $ | 210,805 |   |

|                                                                 | December      31, 2009 |    |   | December      31, 2008As      Adjusted (Note 3) |   |
|----------------------------------------------------------------------|------------------------|---------|--------|-------------------------------------------------|--------|
|                                                                 | State                  |    |   | Federal                                         |   |   | Total |   |   | State |   |   | Federal |   |   | Total |   |
|                                                                 | (in      thousands)    |    |
| Current      deferred tax assets:                                    |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      current assets:                                           |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Inventory      differences                   | $                      | 996     |   |                                            | $      | 7,261 |   |   | $ | 8,257 |   |   | $ | 910 |   |   | $ | 6,868 |   |   | $ | 7,778 |   |
| Accrued      bonuses                                                 |                   | 917     |   |                                            |   | 6,685 |   |   |   | 7,602 |   |   |   | 292 |   |   |   | 2,203 |   |   |   | 2,495 |   |
| Stock-based      compensation                                        |                   | 1,053   |   |                                            |   | 7,681 |   |   |   | 8,734 |   |   |   | 932 |   |   |   | 7,035 |   |   |   | 7,967 |   |
| Accrued      legal settlement                                        |                   | -       |   |                                            |   | - |   |   |   | - |   |   |   | 293 |   |   |   | 2,212 |   |   |   | 2,505 |   |
| Environmental      liability accruals                                |                   | 359     |   |                                            |   | 2,620 |   |   |   | 2,979 |   |   |   | 337 |   |   |   | 2,546 |   |   |   | 2,883 |   |
| State      net operating losses                                      |                   | -       |   |                                            |   | - |   |   |   | - |   |   |   | 4,034 |   |   |   | - |   |   |   | 4,034 |   |
| Kansas      income tax credits                                       |                   | 304     |   |                                            |   | - |   |   |   | 304 |   |   |   | 2,332 |   |   |   | - |   |   |   | 2,332 |   |
| Unrealized      loss on derivative contracts                    |                   | 308     |   |                                            |   | 2,250 |   |   |   | 2,558 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Current      state income tax liabilities                       |                   | -       |   |                                            |   | 85 |   |   |   | 85 |   |   |   | - |   |   |   | 97 |   |   |   | 97 |   |
| Other                                                                |                   | 207     |   |                                            |   | 1,512 |   |   |   | 1,719 |   |   |   | 198 |   |   |   | 1,491 |   |   |   | 1,689 |   |
| Total      gross current assets                                      |                   | 4,144   |   |                                            |   | 28,094 |   |   |   | 32,238 |   |   |   | 9,328 |   |   |   | 22,452 |   |   |   | 31,780 |   |
|                                                                 |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      current liabilities:                                      |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid      expenses and other                                      |                   | (94     | )      |                                            |   | (685 | ) |   |   | (779 | ) |   |   | (418 | ) |   |   | (3,153 | ) |   |   | (3,571 | ) |
| State      income tax receivables                                    |                   | -       |   |                                            |   | (3,669 | ) |   |   | (3,669 | ) |   |   | - |   |   |   | (5,527 | ) |   |   | (5,527 | ) |
| State      deferred taxes                                            |                   | -       |   |                                            |   | (1,417 | ) |   |   | (1,417 | ) |   |   | - |   |   |   | (2,979 | ) |   |   | (2,979 | ) |
| Unrealized      gain on derivative contracts                         |                   | -       |   |                                            |   | - |   |   |   | - |   |   |   | (398 | ) |   |   | (3,004 | ) |   |   | (3,402 | ) |
| Total      gross current liabilities                                 |                   | (94     | )      |                                            |   | (5,771 | ) |   |   | (5,865 | ) |   |   | (816 | ) |   |   | (14,663 | ) |   |   | (15,479 | ) |
| Total      current net deferred tax      assets                      | $                      | 4,050   |   |                                            | $      | 22,323 |   |   | $ | 26,373 |   |   | $ | 8,512 |   |   | $ | 7,789 |   |   | $ | 16,301 |   |
|                                                                 |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      deferred tax liabilities:                             |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      long-term assets:                                         |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension      and other post-retirement      benefits                 | $                      | 1,590   |   |                                            | $      | 11,598 |   |   | $ | 13,188 |   |   | $ | 1,446 |   |   | $ | 10,906 |   |   | $ | 12,352 |   |
| Interest      on contingent income      taxes                   |                   | 305     |   |                                            |   | 2,223 |   |   |   | 2,528 |   |   |   | 216 |   |   |   | 1,628 |   |   |   | 1,844 |   |
| Environmental      liability accruals                                |                   | 188     |   |                                            |   | 1,374 |   |   |   | 1,562 |   |   |   | 211 |   |   |   | 1,593 |   |   |   | 1,804 |   |
| Asset      retirement obligations                                    |                   | 215     |   |                                            |   | 1,566 |   |   |   | 1,781 |   |   |   | 214 |   |   |   | 1,617 |   |   |   | 1,831 |   |
| Kansas      income tax credits                                       |                   | 27,356  |   |                                            |   | - |   |   |   | 27,356 |   |   |   | 20,556 |   |   |   | - |   |   |   | 20,556 |   |
| State      net operating losses                                      |                   | 14,600  |   |                                            |   | - |   |   |   | 14,600 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other                                                                |                   | 176     |   |                                            |   | 1,846 |   |   |   | 2,022 |   |   |   | 131 |   |   |   | 1,561 |   |   |   | 1,692 |   |
| State      deferred taxes                                            |                   | -       |   |                                            |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,045 |   |   |   | 1,045 |   |
| Total      gross long-term assets                                    |                   | 44,430  |   |                                            |   | 18,607 |   |   |   | 63,037 |   |   |   | 22,774 |   |   |   | 18,350 |   |   |   | 41,124 |   |
| Gross      long-term liabilities                                     |                   |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                         |                   | (30,959 | )      |                                            |   | (225,933 | ) |   |   | (256,892 | ) |   |   | (23,558 | ) |   |   | (177,964 | ) |   |   | (201,522 | ) |
| Deferred      turnaround costs                                       |                   | (2,704  | )      |                                            |   | (19,724 | ) |   |   | (22,428 | ) |   |   | (2,203 | ) |   |   | (16,613 | ) |   |   | (18,816 | ) |
| State      deferred taxes                                            |                   | -       |   |                                            |   | (3,768 | ) |   |   | (3,768 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      long-term net deferred tax      assets (liabilities) | $                      | 10,767  |   |                                            | $      | (230,818 | ) |   | $ | (220,051 | ) |   | $ | (2,987 | ) |   | $ | (176,227 | ) |   | $ | (179,214 | ) |

|                                                               |   |                          |   |   |   |   |   |   |   |
|--------------------------------------------------------------------|--------|-------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                               |   | Years      ended December 31, |   |
|                                                               |   | 2009                          |   |   | 2008   |   |   | 2007   |   |
|                                                               |   |                          |   |   |   |   |   |   |   |
| Balance      beginning of year                                     |   | $                             | 24,278 |   |   | $      | 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                   |   |                          | (424   | )      |   |   | (120   | )      |   |   | - |   |
| Settlements                                                        |   |                          | -      |   |   |   | -      |   |   |   | - |   |
| Reductions      due to lapse of applicable statutes of limitations |   |                          | -      |   |   |   | (5,741 | )      |   |   | (78 | ) |
| Balance      end of year                                           |   | $                             | 23,854 |   |   | $      | 24,278 |   |   | $ | 28,324 |   |

| 10.   | Common      Stock |
|-----------------|-------------------|

|                                                            |   | Number      of shares                    |       |   | Amount |   |
|-----------------------------------------------------------------|--------|------------------------------------------|------------|--------|--------|--------|
|                                                            |   | (in      thousands except share amounts) |       |
|                                                            |   |                                     |       |   |   |   |
| Balance      as of December 31, 2008                            |   |                                     | 27,945,884 |   |   | $      | 393,732 |   |
| Shares      received to fund withholding taxes                  |   |                                     | 220,339    |   |   |   | 3,008 |   |
| Shares      issued for stock option exercises                   |   |                                     | (15,000    | )      |   |   | (20 | ) |
| Shares      issued for restricted stock unit vestings           |   |                                     | (52,560    | )      |   |   | (96 | ) |
| Shares      issued for restricted stock grants, net of forfeits |   |                                     | (690,594   | )      |   |   | (1,037 | ) |
| Shares      issued for conversion of stock unit awards          |   |                                     | (242,669   | )      |   |   | (345 | ) |
| Balance      as of December 31, 2009                            |   |                                     | 27,165,400 |   |   | $      | 395,242 |   |

|                                        |   | 2009                                         |    | 2008      As Adjusted      |   | 2007      As Adjusted      |   |
|---------------------------------------------|--------|----------------------------------------------|---------|----------------------------|--------|----------------------------|--------|
|                                        |   | Income (Num-erator)                     |    | Shares (Denomi-nator) |   | Per Share Amount |   | Income (Num-erator) |   | Shares (Denomi-nator) |   | Per      Share      Amount |   | Income (Num-erator) |   | Shares (Denomi-nator) |   | Per Share Amount |   |
|                                        |   | (in      thousands except per share amounts) |    |
| Basic      EPS:                             |   |                                         |    |                       |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                      |   | $                                            | (83,760 | )                          |   | 103,597                    |   | $ | (0.81 | ) | $ | 226,053 |   |   | 103,139 |   | $ | 2.19 |   | $ | 402,332 |   |   | 106,804 |   | $ | 3.77 |   |
| Dilutive      securities:                   |   |                                         |    |                       |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock      options                          |   |                                         |    |                       |   | -                          |   |   |   |   |   |   |   |   | 40 |   |   |   |   |   |   |   |   | 291 |   |   |   |   |
| Restricted      stock and stock unit awards |   |                                         |    |                       |   | -                          |   |   |   |   |   |   |   |   | 428 |   |   |   |   |   |   |   |   | 875 |   |   |   |   |
| Diluted      EPS:                           |   |                                         |    |                       |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                      |   | $                                            | (83,760 | )                          |   | 103,597                    |   | $ | (0.81 | ) | $ | 226,053 |   |   | 103,607 |   | $ | 2.18 |   | $ | 402,332 |   |   | 107,970 |   | $ | 3.73 |   |

|                                                       |   | Years      Ended December 31, |   |
|------------------------------------------------------------|--------|-------------------------------|--------|
|                                                       |   | 2009                          |   |   | 2008 |   |   | 2007 |   |
|                                                       |   | (in      thousands)           |   |
|                                                       |   |                          |   |   |   |   |   |   |   |
| Restricted      shares and units                           |   | $                             | 16,038 |   |   | $ | 12,233 |   |   | $ | 12,856 |   |
| Stock      options                                         |   |                          | 304    |   |   |   | 1,004 |   |   |   | 1,515 |   |
| Contingently      issuable stock unit awards               |   |                          | 4,266  |   |   |   | 6,777 |   |   |   | 8,182 |   |
| Total      stock-based compensation expense                |   | $                             | 20,608 |   |   | $ | 20,014 |   |   | $ | 22,553 |   |
|                                                       |   |                          |   |   |   |   |   |   |   |   |   |   |
| Income      tax benefit recognized in the income statement |   | $                             | 7,831  |   |   | $ | 6,730 |   |   | $ | 8,570 |   |

|                                                                                                                 |   | 2009           |    |   | 2008                                      |   |    | 2007                                                            |   |
|----------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------------------------------|--------|---------|-----------------------------------------------------------------|--------|
|                                                                                                                 |   | Numberofawards |    |   | Weighted-Average      Exercise      Price |   |    | AggregateIntrinsicValue      of Options(in      thousands) |   |   | Numberofawards |   |   | Weighted-Average Exercise Price |   |   | Numberofawards |   |   | Weighted-Average Exercise Price |   |
|                                                                                                                 |   |           |    |   |                                      |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding      at beginning      of year                                                                      |   |           | 464,591 |   |                                      | $      | 28.5868 |                                                            |   |   |   |   |   | 624,591 |   |   | $ | 22.4021 |   |   |   | 1,032,126 |   |   | $ | 16.3104 |   |
| Granted                                                                                                              |   |           | -       |   |                                      |   | -       |                                                            |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Exercised      or issued                                                                                             |   |           | (15,000 | )      |                                      |   | 4.6625  |                                                            |   |   |   |   |   | (160,000 | ) |   |   | 4.4438 |   |   |   | (396,761 | ) |   |   | 6.3655 |   |
| Expired      or forfeited                                                                                            |   |           | (14,798 | )      |                                      |   | 29.3850 |                                                            |   |   |   |   |   | - |   |   |   | - |   |   |   | (10,774 | ) |   |   | 29.3850 |   |
| Outstanding      at end of      year                                                                            |   |           | 434,793 |   |                                      | $      | 29.3850 |                                                            |   | $ | - |   |   |   | 464,591 |   |   | $ | 28.5868 |   |   |   | 624,591 |   |   | $ | 22.4021 |   |
|                                                                                                                 |   |           |    |   |                                      |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vested      or expected to vest      at end of year                                                             |   |           | 434,793 |   |                                      | $      | 29.3850 |                                                            |   | $ | - |   |   |   | 462,489 |   |   | $ | 28.5832 |   |   |   | 613,672 |   |   | $ | 22.2779 |   |
|                                                                                                                 |   |           |    |   |                                      |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable      at end of period                                                                               |   |           | 434,793 |   |                                      | $      | 29.3850 |                                                            |   | $ | - |   |   |   | 235,039 |   |   | $ | 27.8072 |   |   |   | 280,249 |   |   | $ | 13.8223 |   |
|                                                                                                                 |   |           |    |   |                                      |   |    |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average fair      value of   options      granted   during      the year |   |           |    |   |                                      |   | n/a     |                                                            |   |   |   |   |   |   |   |   |   |   | n/a |   |   |   |   |   |   |   | n/a |   |

|                                                      |   | 2009                |     |   | 2008                                                    |   |    | 2007                |   |
|-----------------------------------------------------------|--------|---------------------|----------|--------|---------------------------------------------------------|--------|---------|---------------------|--------|
|                                                      |   | 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             |   |                | 571,479  |   |                                                    | $      | 29.2473 |                |   |   | 1,053,083 |   |   | $ | 24.0234 |   |   |   | 713,026 |   |   | $ | 18.5465 |   |
| Conversion      of  stock unit      awards |   |                | 242,669  |   |                                                    |   | 37.5632 |                |   |   | 459,171 |   |   |   | 29.5867 |   |   |   | 657,232 |   |   |   | 29.3850 |   |
| Granted                                                   |   |                | 752,300  |   |                                                    |   | 13.6143 |                |   |   | 191,603 |   |   |   | 29.2920 |   |   |   | 127,762 |   |   |   | 30.3280 |   |
| Vested                                                    |   |                | (715,235 | )      |                                                    |   | 26.2328 |                |   |   | (1,130,600 | ) |   |   | 24.5279 |   |   |   | (415,266 | ) |   |   | 25.0136 |   |
| Forfeited                                                 |   |                | (9,146   | )      |                                                    |   | 12.7200 |                |   |   | (1,778 | ) |   |   | 28.6345 |   |   |   | (29,671 | ) |   |   | 24.4588 |   |
| Nonvested      at end of year                             |   |                | 842,067  |   |                                                    |   | 20.4173 |                |   |   | 571,479 |   |   |   | 29.2473 |   |   |   | 1,053,083 |   |   |   | 24.0234 |   |

|        Conversion      Date |   | Converted      stock      unit awards |    |               | Vesting      Dates and Share Amounts |                |
|----------------------------------|--------|---------------------------------------|---------|--------------------|--------------------------------------|---------------------|
|                             |   | June      15, 2009(1)                 |    | June      30, 2009 |                                 | August      2009(1) |   | November      2009      (1) |   | June2010 |   | June2011 |   |
| March      25, 2009              |   |                                  | 242,669 |               |                                 |                | 54,762 |   |   |   | 62,635 |   |   |   | 3,968 |   |   |   | 13,889 |   |   |   | 53,708 |   |   |   | 53,707 |   |

|        Grant      Date                                                      |   | Shares/Units      Granted      (Net of Forfeits) |               |   | Vesting      Dates and Share Amounts |                      |
|----------------------------------------------------------------------------------|--------|--------------------------------------------------|--------------------|--------|--------------------------------------|---------------------------|
|                                                                             |   |                                             | March2009      (1) |   |                                 | August      2009      (1) |   |   | November2009      (1) |   |   | December2009 |   |   | March2010 |   |   | March2011 |   |   | March 2012 |   |
| January      30, 2009                                                            |   |                                             | 52,560             |   |                                 |                      |   |   |   |   |   |   |   |   |   | 52,560 |   |   |   |   |   |   |   |   |   |   |
| February      24, 2009                                                           |   |                                             | 309,445            |   |                                 |                      |   |   |   | 5,684 |   |   |   | 19,490 |   |   |   |   |   |   |   | 71,068 |   |   |   | 71,068 |   |   |   | 142,135 |   |
| March      25, 2009                                                              |   |                                             | 365,225            |   |                                 |                      | 124,370 |   |   |   | 1,039 |   |   |   | 9,921 |   |   |   |   |   |   |   | 57,478 |   |   |   | 57,483 |   |   |   | 114,934 |   |
| April      28, 2009                                                              |   |                                             | 8,424              |   |                                 |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2,106 |   |   |   | 2,106 |   |   |   | 4,212 |   |
| September      9, 2009                                                           |   |                                             | 7,500              |   |                                 |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,875 |   |   |   | 1,875 |   |   |   | 3,750 |   |
| Total                                                                            |   |                                             | 743,154            |   |                                 |                      | 124,370 |   |   |   | 6,723 |   |   |   | 29,411 |   |   |   | 52,560 |   |   |   | 132,527 |   |   |   | 132,532 |   |   |   | 265,031 |   |
|                                                                             |   |                                             |               |   |                                 |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Accelerated vesting due to retirement or termination of      employees. |   |                                             |               |   |                                 |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                             |   |                                                   |    | Vesting      Dates and Share Amounts |     |
|----------------------------------------------------------------------------------|--------|---------------------------------------------------|---------|--------------------------------------|----------|
| Conversion      Date                                                             |   |        Converted      stock      unit awards |    |                                 | June2008 |   | December2008(1) |   | June2009 |   | August2009(1) |   | November2009      (1) |   | June2010 |   |
| March      24, 2008                                                              |   |                                              | 459,171 |                                 |     |   | 153,092 |   |   |   | 77,776 |   |   |   | 114,157 |   |   |   | 3,888 |   |   |   | 16,666 |   |   |   | 93,592 |   |
|                                                                             |   |                                              |    |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Accelerated vesting due to retirement or termination of      employees. |   |                                              |    |                                 |     |   |   |   |   |   |   |   |   |   |   |   |

|                       |   | 2009   |    |
|----------------------------|--------|--------|---------|
| Number      of simulations |   |   | 100,000 |   |
| Expected      volatility   |   |   | 67.27   | % |
| Risk-free      rate        |   |   | 1.31    | % |

| 11.   | Employee      Benefit Plans |
|-----------------|-----------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Pension      Benefits |    |   | Post-retirement      and Other      Benefits (1) |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|--------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2009                  |    |   | 2008                                             |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (in      thousands)   |    |
| Change      in benefit obligation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  |    |   |                                             |   |   |   |   |   |   |   |
| Benefit      obligation at January 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $                     | 11,337  |   |                                             | $      | 9,941 |   |   | $ | 31,858 |   |   | $ | 28,156 |   |
| Service      cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                  | -       |   |                                             |   | - |   |   |   | 693 |   |   |   | 628 |   |
| Interest      cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | 274     |   |                                             |   | 508 |   |   |   | 1,890 |   |   |   | 1,788 |   |
| Plan      participant contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  | -       |   |                                             |   | - |   |   |   | 114 |   |   |   | 62 |   |
| Actuarial      loss (gain)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | 209     |   |                                             |   | 158 |   |   |   | 27 |   |   |   | 1,556 |   |
| Amendments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                  | -       |   |                                             |   | 994 |   |   |   | - |   |   |   | - |   |
| Benefits      paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | (11,820 | )      |                                             |   | (264 | ) |   |   | (426 | ) |   |   | (332 | ) |
| Benefit      obligation at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                     | -       |   |                                             | $      | 11,337 |   |   | $ | 34,156 |   |   | $ | 31,858 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Change      in plan assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Fair      value of plan assets at January 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 11,116  |   |                                             |   | 10,731 |   |   |   | - |   |   |   | - |   |
| Actual      (loss) return on plan assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                  | 104     |   |                                             |   | (150 | ) |   |   | - |   |   |   | - |   |
| Employer      contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                  | 600     |   |                                             |   | 800 |   |   |   | 312 |   |   |   | 270 |   |
| Plan      participant contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                  | -       |   |                                             |   | - |   |   |   | 114 |   |   |   | 62 |   |
| Benefits      paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | (11,820 | )      |                                             |   | (265 | ) |   |   | (426 | ) |   |   | (332 | ) |
| Fair      value of plan assets at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                     | -       |   |                                             | $      | 11,116 |   |   | $ | - |   |   | $ | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Funded      status at December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                     | -       |   |                                             | $      | (221 | ) |   | $ | (34,156 | ) |   | $ | (31,858 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Amounts      recognized in the balance sheets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                     | -       |   |                                             | $      | - |   |   | $ | - |   |   | $ | - |   |
| Accrued      liabilities and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                  | -       |   |                                             |   | (221 | ) |   |   | (1,018 | ) |   |   | (730 | ) |
| Post-retirement      employee liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                  | -       |   |                                             |   | - |   |   |   | (33,138 | ) |   |   | (31,128 | ) |
| Net      amount recognized                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                     | -       |   |                                             | $      | (221 | ) |   | $ | (34,156 | ) |   | $ | (31,858 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Amounts      recognized in accumulated OCI (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                  |    |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| (Gain)      loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $                     | -       |   |                                             | $      | (397 | ) |   | $ | 9,480 |   |   | $ | 10,499 |   |
| Prior      service credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                  | -       |   |                                             |   | 426 |   |   |   | (7,486 | ) |   |   | (9,363 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $                     | -       |   |                                             | $      | 29 |   |   | $ | 1,994 |   |   | $ | 1,136 |   |
|  (1)      The disclosed post-retirement healthcare obligations and net periodic cost      for 2009 and 2008 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, 2009 and 2008, by approximately $5.4 million and $4.3      million, respectively. The Company did not recognize any benefits of      the subsidy during the years ended December 31, 2009 and2008.  |   |
| (2)      For the post-retirement healthcare and other benefits, $1.0 of the $9.5      million net loss and $1.9 million of the $7.5 million of prior      service cost credit will be recognized in the benefit cost in      2010.                                                                                                                                                                                                                                                                                                               |   |

|                                                                                                                                                                                                      |   | Pension      Benefits |   |   | Post-retirement      Healthcare and Other      Benefits |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------------------------------------------------------|--------|
|                                                                                                                                                                                                      |   | 2009                  |   |   | 2008                                                    |   |   | 2007 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                                                                      |   | (in      thousands)   |   |
| Components      of net periodic benefit   cost      and other amounts recognized   in      other comprehensive income for   the      year ended December 31: |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service      cost                                                                                                                                                                                         |   | $                     | -      |   |                                                    | $      | - |   |   | $ | - |   |   | $ | 693 |   |   | $ | 627 |   |   | $ | 752 |   |
| Interest      cost                                                                                                                                                                                        |   |                  | 274    |   |                                                    |   | 508 |   |   |   | 562 |   |   |   | 1,890 |   |   |   | 1,788 |   |   |   | 1,611 |   |
| Expected      return on plan assets                                                                                                                                                                       |   |                  | (2     | )      |                                                    |   | (501 | ) |   |   | (714 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization      of prior service cost                                                                                                                                                                   |   |                  | 426    |   |                                                    |   | 568 |   |   |   | - |   |   |   | (1,876 | ) |   |   | (1,876 | ) |   |   | (1,876 | ) |
| Amortized      net actuarial loss                                                                                                                                                                         |   |                  | -      |   |                                                    |   | (3 | ) |   |   | - |   |   |   | 1,046 |   |   |   | 966 |   |   |   | 1,137 |   |
| Net      periodic benefit cost                                                                                                                                                                            |   |                  | 698    |   |                                                    |   | 572 |   |   |   | (152 | ) |   |   | 1,753 |   |   |   | 1,505 |   |   |   | 1,624 |   |
|                                                                                                                                                                                                      |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Changes      in assets and benefit   obligations      recognized in other   comprehensive      income:                                                                      |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      in benefit obligation for plan   amendment                                                                                                                                   |   |                  | -      |   |                                                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net      loss (gain)                                                                                                                                                                                      |   |                  | 107    |   |                                                    |   | 810 |   |   |   | (598 | ) |   |   | 27 |   |   |   | 1,557 |   |   |   | (2,269 | ) |
| Amortization      of prior service cost                                                                                                                                                                   |   |                  | -      |   |                                                    |   | 3 |   |   |   | - |   |   |   | 1,876 |   |   |   | 1,876 |   |   |   | 1,876 |   |
| Prior      service cost                                                                                                                                                                                   |   |                  | -      |   |                                                    |   | 994 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization      of loss                                                                                                                                                                                 |   |                  | (426   | )      |                                                    |   | (568 | ) |   |   | - |   |   |   | (1,046 | ) |   |   | (966 | ) |   |   | (1,137 | ) |
| Adoption      of SFAS 158                                                                                                                                                                                 |   |                  | 289    |   |                                                    |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      recognized in other comprehensive   income                                                                                                                                      |   |                  | (30    | )      |                                                    |   | 1,239 |   |   |   | (598 | ) |   |   | 857 |   |   |   | 2,467 |   |   |   | (1,530 | ) |
| Total      recognized in net periodic benefit cost   and      other comprehensive income                                                                                                   |   | $                     | 668    |   |                                                    | $      | 1,811 |   |   | $ | (750 | ) |   | $ | 2,610 |   |   | $ | 3,972 |   |   | $ | 94 |   |
|                                                                                                                                                                                                      |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average assumptions:                                                                                                                                                                        |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Benefit      obligation discount rate as of   December      31      (1)                                                                                                                    |   |                  | n/a    |   |                                                    |   | 4.72 | % |   |   | 6.25 | % |   |   | 5.90 | % |   |   | 6.00 | % |   |   | 6.25 | % |
| Net      periodic benefit cost discount rate for   the      year ended December 31      (1)                                                                                                |   |                  | n/a    |   |                                                    |   | 4.16 | % |   |   | 5.75 | % |   |   | 6.00 | % |   |   | 6.25 | % |   |   | 5.75 | % |
| Expected      return on plan assets (1)                                                                                                                                                                   |   |                  | n/a    |   |                                                    |   | 3.20 | % |   |   | 7.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Salary      increases                                                                                                                                                                                     |   |                  | n/a    |   |                                                    |   | n/a |   |   |   | n/a |   |   |   | n/a |   |   |   | n/a |   |   |   | n/a |   |
|                                                                                                                                                                                                      |   |                  |   |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      The pension benefit plan was terminated and payouts of all benefits      occurred in the fourth quarter of 2009.                                                                                 |   |

|                                                          |   | Post-retirement      Healthcare and Other Benefits |   |
|---------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                          |   | 2009                                               |   |   | 2008 |   |   | 2007 |   |
|                                                          |   | (dollars      in thousands)                        |   |
|                                                          |   |                                               |   |   |   |   |   |   |   |
| Healthcare      cost-trend rate:                              |   |                                               | 8.00   | % |   |   | 9.00 | % |   |   | 10.00 | % |
|                                                          |   | ratable      to                                    |   |   | ratable      to |   |   | ratable      to |   |
|                                                          |   |                                               | 5.00   | % |   |   | 5.00 | % |   |   | 5.00 | % |
|                                                          |   | from                                               |   |   | from |   |   | from |   |
|                                                          |   |                                               | 2012   |   |   |   | 2012 |   |   |   | 2012 |   |
|                                                          |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Sensitivity      Analysis:                                    |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Effect      of 1% (-1%) change in healthcare cost-trend rate: |   |                                               |   |   |   |   |   |   |   |   |   |   |
| Year-end      benefit obligation                              |   | $                                                  | 5,471  |   |   | $ | 4,932 |   |   | $ | 4,761 |   |
|                                                          |   |                                               | (4,463 | ) |   |   | (4,030 | ) |   |   | (3,852 | ) |
| Total      service and interest cost                          |   |                                               | 430    |   |   |   | 388 |   |   |   | 662 |   |
|                                                          |   |                                               | (349   | ) |   |   | (316 | ) |   |   | (519 | ) |

|                                |   |   |   |
|-------------------------------------|--------|--------|--------|
| 2010                                |   | $      | 1,019  |   |
| 2011                                |   |   | 1,351  |   |
| 2012                                |   |   | 1,632  |   |
| 2013                                |   |   | 1,939  |   |
| 2014                                |   |   | 2,202  |   |
| Next      5 fiscal years thereafter |   |   | 12,533 |   |

| 12.   | Fair      Value Measurement |
|-----------------|-----------------------------|

| Description                 |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |   | Total |   |
|-----------------------------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|--------|-------|--------|
| Derivative      assets      |   | $            | 122    |   |         | $      | 2      |         |   | $      | -     |   |   | $ | 124 |   |
| Derivative      liabilities |   |         | 4,710  |   |         |   | 1,841  |         |   |   | -     |   |   |   | 6,551 |   |

|                                    |   | Year      Ended December 31, |   |
|-----------------------------------------|--------|------------------------------|--------|
|                                    |   | 2009                         |   |   | 2008 |   |
|                                    |   |                         |   |   |   |   |
| Beginning      derivative asset balance |   | $                            | -      |   |   | $ | - |   |
| Net      increase in derivative assets  |   |                         | 231    |   |   |   | 437 |   |
| Net      settlements                    |   |                         | (231   | ) |   |   | (437 | ) |
| Transfers      in (out) of Level 3      |   |                         | -      |   |   |   | - |   |
| Ending      derivative asset balance    |   | $                            | -      |   |   | $ | - |   |

| 13.   | Commitments      and Contingencies |
|-----------------|------------------------------------|

| 14.   | Price      and Interest Risk ManagementActivities |
|-----------------|---------------------------------------------------|

| Commodity                                                                                            |   | Number      of barrels |   |
|------------------------------------------------------------------------------------------------------|--------|------------------------|--------|
|                                                                                                 |   | (in      thousands)    |   |
|                                                                                                 |   |                   |   |
| Crude      purchases in-transit                                                                      |   |                   | 527    |   |
| Crude      oil contracts to hedge excess intermediate, finished product and crude oil      inventory |   |                   | 1,628  |   |

|                                                             |   |                                               |   |   |                                                            |   |   |                  |   |   |                  |   |
|------------------------------------------------------------------|--------|----------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|-----------------------|--------|--------|-----------------------|--------|
|                                                             |   | Asset      Derivatives inOther      Current Assets |   |   | Liability      Derivatives inAccrued      Liabilities and Other |   |
|                                                             |   | December      31,2009                              |   |   | December      31,2008                                           |   |   | December      31,2009 |   |   | December      31,2008 |   |
|                                                             |   | Fair      Value                                    |   |   | Fair      Value                                                 |   |   | Fair      Value       |   |   | Fair      Value       |   |
|                                                             |   | (in      thousands)                                |   |
| Derivatives      not designated as      hedging instruments |   |                                               |   |   |                                                            |   |   |                  |   |   |                  |   |
| Commodity      contracts                                         |   | $                                                  | -      |   |                                                            | $      | 8,584  |                  |   | $      | 6,551                 |   |   | $ | - |   |
| Other      contracts                                             |   |                                               | 124    |   |                                                            |   | -      |                  |   |   | -                     |   |   |   | - |   |
| Total      derivatives                                           |   | $                                                  | 124    |   |                                                            | $      | 8,584  |                  |   | $      | 6,551                 |   |   | $ | - |   |

|                                                                   |                | Derivatives      gain (loss) recognized inOther      Revenues |    |
|------------------------------------------------------------------------|---------------------|---------------------------------------------------------------|---------|
|                                                                   |                | Years      Ended December 31,                                 |    |
| Derivatives      not designated  as      hedging instruments |                | 2009                                                          |    |   | 2008 |   |   | 2007 |   |
|                                                                   | (in      thousands) |                                                          |
|                                                                   |                |                                                          |    |   |   |   |   |   |
| Commodity      contracts                                               |                | $                                                             | (11,723 | ) |   | $ | 146,482 |   |   | $ | (86,434 | ) |
| Foreign      exchange contracts                                        |                |                                                          | 799     |   |   |   | 375 |   |   |   | - |   |
| Other      contracts                                                   |                |                                                          | (168    | ) |   |   | 313 |   |   |   | - |   |

| 15.   | Consolidating      Financial Statements |
|-----------------|-----------------------------------------|

| CONSOLIDATING      FINANCIAL STATEMENTS                             |   |
|---------------------------------------------------------------------|--------|
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FRONTIER      OIL CORPORATION                                       |   |
| Condensed      Consolidating Statement of Operations                |   |
| For      the Year Ended December 31, 2009                           |   |
| (in      thousands)                                                 |   |
|                                                                |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Revenues:                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refined      products                                               |   | $ | - |   |   | $ | 4,242,966 |   |   | $ | - |   |   | $ | - |   |   | $ | 4,242,966 |   |
| Other                                                               |   |   | (7 | ) |   |   | (5,809 | ) |   |   | 63 |   |   |   | - |   |   |   | (5,753 | ) |
|                                                                |   |   | (7 | ) |   |   | 4,237,157 |   |   |   | 63 |   |   |   | - |   |   |   | 4,237,213 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw      material, freight and other      costs                |   |   | - |   |   |   | 3,888,308 |   |   |   | - |   |   |   | - |   |   |   | 3,888,308 |   |
| Refinery      operating expenses, excluding      depreciation  |   |   | - |   |   |   | 321,299 |   |   |   | - |   |   |   | - |   |   |   | 321,299 |   |
| Selling      and general expenses, excluding      depreciation |   |   | 23,836 |   |   |   | 34,832 |   |   |   | - |   |   |   | - |   |   |   | 58,668 |   |
| Depreciation,      amortization and      accretion             |   |   | 70 |   |   |   | 73,608 |   |   |   | - |   |   |   | 630 |   |   |   | 74,308 |   |
|                                                                |   |   | 23,906 |   |   |   | 4,318,047 |   |   |   | - |   |   |   | 630 |   |   |   | 4,342,583 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      (loss) income                                        |   |   | (23,913 | ) |   |   | (80,890 | ) |   |   | 63 |   |   |   | (630 | ) |   |   | (105,370 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense and other financing      costs           |   |   | 29,278 |   |   |   | 4,254 |   |   |   | - |   |   |   | (5,345 | ) |   |   | 28,187 |   |
| Interest      and investment income                                 |   |   | (1,873 | ) |   |   | (406 | ) |   |   | - |   |   |   | - |   |   |   | (2,279 | ) |
| Equity      in earnings of subsidiaries                        |   |   | 79,986 |   |   |   | - |   |   |   | - |   |   |   | (79,986 | ) |   |   | - |   |
|                                                                |   |   | 107,391 |   |   |   | 3,848 |   |   |   | - |   |   |   | (85,331 | ) |   |   | 25,908 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      income before income taxes                         |   |   | (131,304 | ) |   |   | (84,738 | ) |   |   | 63 |   |   |   | 84,701 |   |   |   | (131,278 | ) |
| (Benefit)      provision for income taxes                      |   |   | (47,544 | ) |   |   | (32,523 | ) |   |   | 50 |   |   |   | 32,499 |   |   |   | (47,518 | ) |
| Net      (loss) income                                              |   | $ | (83,760 | ) |   | $ | (52,215 | ) |   | $ | 13 |   |   | $ | 52,202 |   |   | $ | (83,760 | ) |

| FRONTIER      OIL CORPORATION                                       |   |
|---------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Operations                |   |
| For      the Year Ended December 31, 2008                           |   |
| As      Adjusted (Note 3)                                           |   |
| (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                     |   |   | - |   |   |   | 5,716,091 |   |   |   | - |   |   |   | - |   |   |   | 5,716,091 |   |
| 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 |   |   |   | 6,129,349 |   |   |   | - |   |   |   | 292 |   |   |   | 6,147,336 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                        |   |   | (17,702 | ) |   |   | 369,082 |   |   |   | 356 |   |   |   | (292 | ) |   |   | 351,444 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                        |   |   | (371,830 | ) |   |   | - |   |   |   | - |   |   |   | 371,830 |   |   |   | - |   |
|                                                                |   |   | (358,759 | ) |   |   | 3,013 |   |   |   | - |   |   |   | 365,451 |   |   |   | 9,705 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                     |   |   | 341,057 |   |   |   | 366,069 |   |   |   | 356 |   |   |   | (365,743 | ) |   |   | 341,739 |   |
| Provision      for income taxes                                     |   |   | 115,004 |   |   |   | 127,280 |   |   |   | 139 |   |   |   | (126,737 | ) |   |   | 115,686 |   |
| Net      income                                                     |   | $ | 226,053 |   |   | $ | 238,789 |   |   | $ | 217 |   |   | $ | (239,006 | ) |   | $ | 226,053 |   |

| FRONTIER      OIL CORPORATION                                       |   |
|---------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Operations                |   |
| For      the Year Ended December 31, 2007                           |   |
| As      Adjusted (Note 3)                                           |   |
| (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                |   |   | - |   |   |   | 4,194,971 |   |   |   | - |   |   |   | - |   |   |   | 4,194,971 |   |
| 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 |   |   |   | 4,556,320 |   |   |   | - |   |   |   | (321 | ) |   |   | 4,588,681 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                        |   |   | (32,680 | ) |   |   | 632,373 |   |   |   | 45 |   |   |   | 321 |   |   |   | 600,059 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                        |   |   | (646,626 | ) |   |   | - |   |   |   | - |   |   |   | 646,626 |   |   |   | - |   |
|                                                                |   |   | (645,105 | ) |   |   | (6,527 | ) |   |   | - |   |   |   | 638,554 |   |   |   | (13,078 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                     |   |   | 612,425 |   |   |   | 638,900 |   |   |   | 45 |   |   |   | (638,233 | ) |   |   | 613,137 |   |
| Provision      for income taxes                                     |   |   | 210,093 |   |   |   | 220,230 |   |   |   | 15 |   |   |   | (219,533 | ) |   |   | 210,805 |   |
| Net      income                                                     |   | $ | 402,332 |   |   | $ | 418,670 |   |   | $ | 30 |   |   | $ | (418,700 | ) |   | $ | 402,332 |   |

| FRONTIER      OIL CORPORATION                                                                                                                |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Balance Sheet                                                                                                   |   |
| As      of December 31, 2009                                                                                                                 |   |
| (in      thousands)                                                                                                                          |   |
|                                                                                                                                         |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| ASSETS                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      assets:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                               |   | $ | 211,775 |   |   | $ | 213,505 |   |   | $ | - |   |   | $ | - |   |   | $ | 425,280 |   |
| Trade      and other receivables, net                                                                                                   |   |   | 174,843 |   |   |   | 102,887 |   |   |   | - |   |   |   | - |   |   |   | 277,730 |   |
| Inventory      of crude oil, products      and other                                                                                    |   |   | - |   |   |   | 293,476 |   |   |   | - |   |   |   | - |   |   |   | 293,476 |   |
| Deferred      income tax assets - current                                                                                                    |   |   | 26,373 |   |   |   | 26,442 |   |   |   | - |   |   |   | (26,442 | ) |   |   | 26,373 |   |
| Other      current assets                                                                                                                    |   |   | 926 |   |   |   | 13,581 |   |   |   | - |   |   |   | - |   |   |   | 14,507 |   |
| Total      current assets                                                                                                                    |   |   | 413,917 |   |   |   | 649,891 |   |   |   | - |   |   |   | (26,442 | ) |   |   | 1,037,366 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,      plant and equipment, at      cost                                                                                        |   |   | 1,298 |   |   |   | 1,446,822 |   |   |   | - |   |   |   | 15,451 |   |   |   | 1,463,571 |   |
| Accumulated      depreciation and      amortization                                                                                     |   |   | (924 | ) |   |   | (448,242 | ) |   |   | - |   |   |   | 7,004 |   |   |   | (442,162 | ) |
| Property,      plant and equipment, net                                                                                                 |   |   | 374 |   |   |   | 998,580 |   |   |   | - |   |   |   | 22,455 |   |   |   | 1,021,409 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred      turnaround costs                                                                                                               |   |   | - |   |   |   | 56,355 |   |   |   | - |   |   |   | - |   |   |   | 56,355 |   |
| Deferred      catalyst costs                                                                                                                 |   |   | - |   |   |   | 12,136 |   |   |   | - |   |   |   | - |   |   |   | 12,136 |   |
| Deferred      financing costs, net                                                                                                           |   |   | 2,857 |   |   |   | 1,854 |   |   |   | - |   |   |   | - |   |   |   | 4,711 |   |
| Intangible      assets, net                                                                                                                  |   |   | - |   |   |   | 1,216 |   |   |   | - |   |   |   | - |   |   |   | 1,216 |   |
| Deferred      income tax assets - noncurrent                                                                                            |   |   | 10,767 |   |   |   | 7,702 |   |   |   | - |   |   |   | (7,702 | ) |   |   | 10,767 |   |
| Other      assets                                                                                                                            |   |   | 3,665 |   |   |   | 270 |   |   |   | - |   |   |   | - |   |   |   | 3,935 |   |
| Receivable      from affiliated companies      (1)                                                                                      |   |   | - |   |   |   | 61,165 |   |   |   | 516 |   |   |   | (61,681 | ) |   |   | - |   |
| Investment      in subsidiaries                                                                                                              |   |   | 1,144,040 |   |   |   | - |   |   |   | - |   |   |   | (1,144,040 | ) |   |   | - |   |
| Total      assets                                                                                                                            |   | $ | 1,575,620 |   |   | $ | 1,789,169 |   |   | $ | 516 |   |   | $ | (1,217,410 | ) |   | $ | 2,147,895 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                        |   | $ | 906 |   |   | $ | 473,456 |   |   | $ | 15 |   |   | $ | - |   |   | $ | 474,377 |   |
| Accrued      liabilities and other                                                                                                           |   |   | 20,916 |   |   |   | 43,883 |   |   |   | - |   |   |   | - |   |   |   | 64,799 |   |
| Total      current liabilities                                                                                                               |   |   | 21,822 |   |   |   | 517,339 |   |   |   | 15 |   |   |   | - |   |   |   | 539,176 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      debt                                                                                                                          |   |   | 347,485 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 347,485 |   |
| Contingent      income tax liabilities                                                                                                       |   |   | 27,267 |   |   |   | 2,081 |   |   |   | - |   |   |   | - |   |   |   | 29,348 |   |
| Long-term      capital lease obligations                                                                                                     |   |   | - |   |   |   | 3,394 |   |   |   | - |   |   |   | - |   |   |   | 3,394 |   |
| Other      long-term liabilities                                                                                                             |   |   | 3,578 |   |   |   | 50,120 |   |   |   | - |   |   |   | - |   |   |   | 53,698 |   |
| Deferred      income tax liabilities                                                                                                         |   |   | 230,818 |   |   |   | 224,680 |   |   |   | - |   |   |   | (224,680 | ) |   |   | 230,818 |   |
| Payable      to affiliated companies                                                                                                         |   |   | 674 |   |   |   | - |   |   |   | 234 |   |   |   | (908 | ) |   |   | - |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                                                                                                    |   |   | 943,976 |   |   |   | 991,555 |   |   |   | 267 |   |   |   | (991,822 | ) |   |   | 943,976 |   |
| Total      liabilities and shareholders'      equity                                                                                    |   | $ | 1,575,620 |   |   | $ | 1,789,169 |   |   | $ | 516 |   |   | $ | (1,217,410 | ) |   | $ | 2,147,895 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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, 2008                                                                                                                 |   |
| As      Adjusted (Note 3)                                                                                                                    |   |
| (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                                                                                    |   |   | - |   |   |   | 236,505 |   |   |   | - |   |   |   | - |   |   |   | 236,505 |   |
| Deferred      income tax assets                                                                                                              |   |   | 16,301 |   |   |   | 16,494 |   |   |   | - |   |   |   | (16,494 | ) |   |   | 16,301 |   |
| Commutation      account                                                                                                                     |   |   | 6,319 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,319 |   |
| Other      current assets                                                                                                                    |   |   | 643 |   |   |   | 36,395 |   |   |   |   |   |   |   |   |   |   |   | 37,038 |   |
| Total      current assets                                                                                                                    |   |   | 398,076 |   |   |   | 623,547 |   |   |   | 10 |   |   |   | (16,494 | ) |   |   | 1,005,139 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                                                                              |   |   | 1,216,054 |   |   |   | - |   |   |   | - |   |   |   | (1,216,054 | ) |   |   | - |   |
| Total      assets                                                                                                                            |   | $ | 1,621,268 |   |   | $ | 1,626,214 |   |   | $ | 478 |   |   | $ | (1,241,655 | ) |   | $ | 2,006,305 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 tax liabilities                                                                                                         |   |   | 179,214 |   |   |   | 174,597 |   |   |   | - |   |   |   | (174,597 | ) |   |   | 179,214 |   |
| Payable      to affiliated companies                                                                                                         |   |   | - |   |   |   | 1,114 |   |   |   | 209 |   |   |   | (1,323 | ) |   |   | - |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                                                                                                    |   |   | 1,038,976 |   |   |   | 1,065,481 |   |   |   | 254 |   |   |   | (1,065,735 | ) |   |   | 1,038,976 |   |
| Total      liabilities and shareholders'      equity                                                                                    |   | $ | 1,621,268 |   |   | $ | 1,626,214 |   |   | $ | 478 |   |   | $ | (1,241,655 | ) |   | $ | 2,006,305 |   |
|                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      FHI receivable from affiliated companies balance relates to income taxes      receivable from parent under a tax sharing agreement. |   |

| FRONTIER      OIL CORPORATION                                                                               |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Cash Flows                                                        |   |
| For      the Year Ended December 31, 2009                                                                   |   |
| (in      thousands)                                                                                         |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                             |   | $ | (83,760 | ) |   | $ | (52,215 | ) |   | $ | 13 |   |   | $ | 52,202 |   |   | $ | (83,760 | ) |
| Adjustments      to reconcile net income to      net cash from operating activities:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                                     |   |   | 79,986 |   |   |   | - |   |   |   | - |   |   |   | (79,986 | ) |   |   | - |   |
| Depreciation,      amortization and accretion                                                          |   |   | 70 |   |   |   | 93,093 |   |   |   | - |   |   |   | 630 |   |   |   | 93,793 |   |
| Deferred      income taxes                                                                                  |   |   | 31,082 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31,082 |   |
| Stock-based      compensation expense                                                                       |   |   | 20,608 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,608 |   |
| Excess      income tax benefits of stock-based      compensation                                       |   |   | (244 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (244 | ) |
| Intercompany      income taxes                                                                              |   |   | (30,000 | ) |   |   | (2,523 | ) |   |   | 24 |   |   |   | 32,499 |   |   |   | - |   |
| Intercompany      dividends                                                                                 |   |   | 21,200 |   |   |   | - |   |   |   | - |   |   |   | (21,200 | ) |   |   | - |   |
|     Other      intercompany transactions                                                |   |   | 1,321 |   |   |   | (1,273 | ) |   |   | (48 | ) |   |   | - |   |   |   | - |   |
| Amortization      of debt issuance costs                                                                    |   |   | 783 |   |   |   | 706 |   |   |   | - |   |   |   | - |   |   |   | 1,489 |   |
| Senior      notes discount amortization                                                                     |   |   | 264 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 264 |   |
| Allowance      for bad  debts                                                                     |   |   | - |   |   |   | 500 |   |   |   | - |   |   |   | - |   |   |   | 500 |   |
| Increase      in other long-term liabilities                                                                |   |   | 2,633 |   |   |   | 8,196 |   |   |   | - |   |   |   | - |   |   |   | 10,829 |   |
| Changes      in deferred turnaround costs,  deferred      catalyst costs and      other |   |   | (1,065 | ) |   |   | (30,663 | ) |   |   | - |   |   |   | - |   |   |   | (31,728 | ) |
| Changes      in components of working capital      from operations                                     |   |   | (57,416 | ) |   |   | 155,233 |   |   |   | 11 |   |   |   | 281 |   |   |   | 98,109 |   |
| Net      cash (used in) provided by operating      activities                                          |   |   | (14,538 | ) |   |   | 171,054 |   |   |   | - |   |   |   | (15,574 | ) |   |   | 140,942 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and equipment                                                        |   |   | (194 | ) |   |   | (162,850 | ) |   |   | - |   |   |   | (5,626 | ) |   |   | (168,670 | ) |
| Other      acquisitions                                                                                     |   |   | - |   |   |   | (2,100 | ) |   |   | - |   |   |   | - |   |   |   | (2,100 | ) |
| Net      cash used in investing activities                                                                  |   |   | (194 | ) |   |   | (164,950 | ) |   |   | - |   |   |   | (5,626 | ) |   |   | (170,770 | ) |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchase      of treasury stock                                                                             |   |   | (3,008 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,008 | ) |
| Proceeds      from issuance of common stock                                                            |   |   | 70 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 70 |   |
| Dividends      paid                                                                                         |   |   | (25,349 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (25,349 | ) |
| Excess      income tax benefits of stock-based      compensation                                       |   |   | 244 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 244 |   |
| Debt      issuance costs and other                                                                          |   |   | 2 |   |   |   | (383 | ) |   |   | - |   |   |   | - |   |   |   | (381 | ) |
| Intercompany      dividends                                                                                 |   |   | - |   |   |   | (21,200 | ) |   |   | - |   |   |   | 21,200 |   |   |   | - |   |
| Net      cash used in financing activities                                                                  |   |   | (28,041 | ) |   |   | (21,583 | ) |   |   | - |   |   |   | 21,200 |   |   |   | (28,424 | ) |
| Decrease      in cash and cash equivalents                                                                  |   |   | (42,773 | ) |   |   | (15,479 | ) |   |   | - |   |   |   | - |   |   |   | (58,252 | ) |
| Cash      and cash equivalents, beginning      of period                                               |   |   | 254,548 |   |   |   | 228,984 |   |   |   | - |   |   |   | - |   |   |   | 483,532 |   |
| Cash      and cash equivalents, end of period                                                          |   | $ | 211,775 |   |   | $ | 213,505 |   |   | $ | - |   |   | $ | - |   |   | $ | 425,280 |   |

| FRONTIER      OIL CORPORATION                                                                               |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Consolidating Statement of Cash Flows                                                        |   |
| For      the Year Ended December 31, 2008                                                                   |   |
| As      Adjusted (Note 3)                                                                                   |   |
| (in      thousands)                                                                                         |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                             |   | $ | 226,053 |   |   | $ | 238,789 |   |   | $ | 217 |   |   | $ | (239,006 | ) |   | $ | 226,053 |   |
| Adjustments      to reconcile net income to      net cash from operating activities:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                                     |   |   | (371,830 | ) |   |   | - |   |   |   | - |   |   |   | 371,830 |   |   |   | - |   |
| Depreciation,      amortization and accretion                                                          |   |   | 55 |   |   |   | 83,224 |   |   |   | - |   |   |   | 292 |   |   |   | 83,571 |   |
| Deferred      income taxes                                                                                  |   |   | 169,766 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 169,766 |   |
| 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 | ) |   |   | 132,598 |   |   |   | 139 |   |   |   | (126,737 | ) |   |   | - |   |
| 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 | ) |   |   | (90,758 | ) |   |   | (184 | ) |   |   | 1,587 |   |   |   | (169,409 | ) |
| 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                                                 |   |
| As      Adjusted (Note 3)                                                                 |   |
| (in      thousands)                                                                       |   |
|                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                      |   | FOC      (Parent) |   |   | FHI      (Guarantor Subsidiaries) |   |   | Other      Non-Guarantor Subsidiaries |   |   | Eliminations |   |   | Consolidated |   |
| Cash      flows from operating activities:                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                                           |   | $ | 402,332 |   |   | $ | 418,670 |   |   | $ | 30 |   |   | $ | (418,700 | ) |   | $ | 402,332 |   |
| Adjustments      to reconcile net income to      net cash from operating activities: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of subsidiaries                                                   |   |   | (646,626 | ) |   |   | - |   |   |   | - |   |   |   | 646,626 |   |   |   | - |   |
| Depreciation,      amortization and accretion                                        |   |   | 61 |   |   |   | 67,772 |   |   |   | - |   |   |   | (321 | ) |   |   | 67,512 |   |
| Deferred      income taxes                                                                |   |   | (60,859 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (60,859 | ) |
| 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 |   |   |   | (97,982 | ) |   |   | 15 |   |   |   | (219,533 | ) |   |   | - |   |
| 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 | ) |   |   | 66,836 |   |   |   | - |   |   |   | (1,613 | ) |   |   | 18,584 |   |
| 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 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 |   |

| As      Adjusted, except for the fourth quarter 2009      (3)                                                                                                                                                                                                                                     |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|--------|-----------|
| (Dollars      in thousands, except per share and per bbl)                                                                                                                                                                                                                                         |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |
|                                                                                                                                                                                                                                                                                              |   | 2009   |      |   | 2008   |   |
|                                                                                                                                                                                                                                                                                              |   | Fourth |      |   | Third  |   |      | Second |   |   | First     |   |   | Fourth |    |   | Third  |   |      | Second |   |   | First |   |
| Revenues                                                                                                                                                                                                                                                                                          |   | $      | 1,088,539 |   |   | $      | 1,200,582 |   |   | $      | 1,101,844 |   |   | $      | 846,248 |   |   | $      | 1,348,139 |   |   | $ | 2,198,302 |   |   | $ | 1,766,556 |   |   | $ | 1,185,783 |   |
| Operating      income (loss) (3)                                                                                                                                                                                                                                                                  |   |   | (114,365  | )      |   |   | (4,480    | )      |   |   | (82,706   | )      |   |   | 96,181  |   |   |   | 206,596   |   |   |   | 208,295 |   |   |   | (33,649 | ) |   |   | (29,798 | ) |
| Net      income (loss) (3)                                                                                                                                                                                                                                                                        |   |   | (75,054   | )      |   |   | (8,784    | )      |   |   | (57,872   | )      |   |   | 57,950  |   |   |   | 118,976   |   |   |   | 137,279 |   |   |   | (11,793 | ) |   |   | (18,409 | ) |
|                                                                                                                                                                                                                                                                                              |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      net income (loss)      per      share (3)                                                                                                                                                                                                                     |   |   | (0.72     | )      |   |   | (0.08     | )      |   |   | (0.56     | )      |   |   | 0.56    |   |   |   | 1.15      |   |   |   | 1.33 |   |   |   | (0.11 | ) |   |   | (0.18 | ) |
| Diluted      net income (loss)     per      share (3)                                                                                                                                                                                                                         |   |   | (0.72     | )      |   |   | (0.08     | )      |   |   | (0.56     | )      |   |   | 0.56    |   |   |   | 1.15      |   |   |   | 1.32 |   |   |   | (0.11 | ) |   |   | (0.18 | ) |
|                                                                                                                                                                                                                                                                                              |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Refining      operations:                                                                                                                                                                                                                                                                         |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      charges (bpd) (1)                                                                                                                                                                                                                                                                      |   |   | 138,673   |   |   |   | 177,741   |   |   |   | 181,152   |   |   |   | 182,475 |   |   |   | 185,599   |   |   |   | 173,954 |   |   |   | 161,380 |   |   |   | 126,018 |   |
| Gasoline      yields (bpd) (2)                                                                                                                                                                                                                                                                    |   |   | 69,493    |   |   |   | 84,913    |   |   |   | 83,723    |   |   |   | 82,768  |   |   |   | 88,680    |   |   |   | 78,755 |   |   |   | 73,203 |   |   |   | 65,498 |   |
| Diesel      and jet fuel    yields      (bpd) (2)                                                                                                                                                                                                                                  |   |   | 52,360    |   |   |   | 67,167    |   |   |   | 74,059    |   |   |   | 70,759  |   |   |   | 75,256    |   |   |   | 66,424 |   |   |   | 54,220 |   |   |   | 38,824 |   |
| Total      product sales (bpd)                                                                                                                                                                                                                                                                    |   |   | 152,672   |   |   |   | 178,163   |   |   |   | 191,106   |   |   |   | 179,413 |   |   |   | 191,952   |   |   |   | 177,219 |   |   |   | 158,766 |   |   |   | 137,148 |   |
| Average      gasoline crack    spread      (per bbl)                                                                                                                                                                                                                          |   | $      | 4.40      |   |   | $      | 7.92      |   |   | $      | 10.85     |   |   | $      | 7.04    |   |   | $      | (0.95     | ) |   | $ | 9.42 |   |   | $ | 5.85 |   |   | $ | 4.24 |   |
| Average      diesel crack    spread      (per bbl)                                                                                                                                                                                                                                 |   |   | 7.03      |   |   |   | 7.94      |   |   |   | 6.28      |   |   |   | 11.69   |   |   |   | 21.81     |   |   |   | 26.76 |   |   |   | 28.70 |   |   |   | 20.92 |   |
| Cheyenne      average    light/heavy      crude oil    differential      (per bbl)                                                                                                                                                                             |   |   | 8.56      |   |   |   | 7.11      |   |   |   | 4.93      |   |   |   | 5.84    |   |   |   | 15.68     |   |   |   | 14.02 |   |   |   | 20.54 |   |   |   | 18.36 |   |
| El      Dorado average    light/heavy      crude oil    differential      (per bbl)                                                                                                                                                                            |   |   | 6.93      |   |   |   | 5.69      |   |   |   | 3.90      |   |   |   | 7.54    |   |   |   | 14.40     |   |   |   | 14.33 |   |   |   | 22.44 |   |   |   | 21.45 |   |
| Average      WTI/WTS crude    oil      differential (per bbl)                                                                                                                                                                                                                      |   |   | 2.27      |   |   |   | 1.62      |   |   |   | 1.02      |   |   |   | 1.69    |   |   |   | 3.30      |   |   |   | 2.77 |   |   |   | 4.98 |   |   |   | 4.64 |   |
|                                                                                                                                                                                                                                                                                              |   |   |      |   |   |   |      |   |   |   |      |   |   |   |    |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Charges are the quantity of crude oil and other feedstock processed      through refinery units.                                                                                                                                                                                         |   |
| (2)      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.                                                                                          |   |
| (3)      Prior quarter and prior year amounts are adjusted from previously      disclosed amounts to reflect current year presentation under the LIFO      inventory method. The      following presents prior period presentation as previously disclosed and      the related change: |   |

|                                               |   | 2009                                          |     |
|----------------------------------------------------|--------|-----------------------------------------------|----------|
|                                               |   | Third      Quarter                            |     | Second      Quarter |   | First      Quarter |   |
|                                               |   | As      Reported                              |     | As      Adjusted |   | Change |   |   | As      Reported |   | As      Adjusted |   | Change |   |   | As      Reported |   | As      Adjusted |   | Change |   |
|                                               |   | (in      thousands, except per share amounts) |     |
| Operating      income (loss)                       |   | $                                             | (12,427  | ) | $ | (4,480 | ) | $ | 7,947 |   |   | $ | 84,305 |   | $ | (82,706 | ) | $ | (167,011 | ) |   | $ | 119,910 |   | $ | 96,181 |   | $ | (23,729 | ) |
| Net      income (loss)                             |   |                                          | (15,127  | ) |   | (8,784 | ) |   | 6,343 |   |   |   | 49,841 |   |   | (57,872 | ) |   | (107,713 | ) |   |   | 73,459 |   |   | 57,950 |   |   | (15,509 | ) |
| Basic      net income (loss) per      share   |   |                                          | (0.15    | ) |   | (0.08 | ) |   | 0.07 |   |   |   | 0.48 |   |   | (0.56 | ) |   | (1.04 | ) |   |   | 0.71 |   |   | 0.56 |   |   | (0.15 | ) |
| Diluted      net income (loss) per      share |   |                                          | (0.15    | ) |   | (0.08 | ) |   | 0.07 |   |   |   | 0.47 |   |   | (0.56 | ) |   | (1.03 | ) |   |   | 0.70 |   |   | 0.56 |   |   | (0.14 | ) |
|                                               |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |  2008                                    |     |
|                                               |   | Fourth      Quarter                           |     | Third      Quarter |   | Second      Quarter |   |
|                                               |   | As      Reported                              |     | As      Adjusted |   | Change |   |   | As      Reported |   | As      Adjusted |   | Change |   |   | As      Reported |   | As      Adjusted |   | Change |   |
|                                               |   | (in      thousands, except per share amounts) |     |
| Operating      income (loss)                       |   | $                                             | (142,628 | ) | $ | 206,596 |   | $ | 349,224 |   |   | $ | 103,558 |   | $ | 208,295 |   | $ | 104,737 |   |   | $ | 81,986 |   | $ | (33,649 | ) | $ | (115,635 | ) |
| Net      income (loss)                             |   |                                          | (97,374  | ) |   | 118,976 |   |   | 216,350 |   |   |   | 72,323 |   |   | 137,279 |   |   | 64,956 |   |   |   | 59,316 |   |   | (11,793 | ) |   | (71,109 | ) |
| Basic      net income (loss) per      share   |   |                                          | (0.94    | ) |   | 1.15 |   |   | 2.09 |   |   |   | 0.70 |   |   | 1.33 |   |   | 0.63 |   |   |   | 0.58 |   |   | (0.11 | ) |   | (0.69 | ) |
| Diluted      net income (loss) per      share      |   |                                          | (0.94    | ) |   | 1.15 |   |   | 2.09 |   |   |   | 0.70 |   |   | 1.32 |   |   | 0.62 |   |   |   | 0.57 |   |   | (0.11 | ) |   | (0.68 | ) |
|                                               |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |                                          | 2008     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | First      Quarter                            |     |   |   |   |   |   |
|                                               |   | As      Reported                              |     | As      Adjusted |   | Change |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | (in      thousands, except per share amounts) |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                       |   | $                                             | 73,837   |   | $ | (29,798 | ) | $ | (103,635 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                             |   |                                          | 45,969   |   |   | (18,409 | ) |   | (64,378 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      net income (loss) per      share   |   |                                          | 0.45     |   |   | (0.18 | ) |   | (0.63 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      net income (loss) per      share |   |                                          | 0.44     |   |   | (0.18 | ) |   | (0.62 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
Item 9

| Item 9A. | Controls      and Procedures |
|----------|------------------------------|

| Item 9B. | Other      Information |
|----------|------------------------|

PART 

PART 

| Item      15. |   Exhibits      and Financial Statement Schedules |
|---------------|-------------------------------------------------------------|

| (a)1.      Financial Statements and Supplemental Data                                                             |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                              |
| Reports of Independent Registered Public Accounting      Firm                                                     |
| Management’s Report on Internal      Controls                                                               |
| Consolidated Statements of  Operations                                                                            |
| 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. |

|  * | 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         | Second Amended and Restated Articles of Incorporation of      Frontier Oil Corporation dated May 1, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| *       | 3.2         | 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 April 2,      2006, among Utexam Limited, Frontier Oil and Refining Company and the      Company (Exhibit 10.4 to Form 10-K, File Number 1-07627, filed February      26, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| *       | 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        | Third      Amendment to Master Crude Oil Purchase and Sale Contract dated July 1,      2009, among Utexam Limited, Frontier Oil and Refining Company and the      Company (Exhibit 10.1 to Form 8-K, File Number 1-07627, filed July 1,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *       | 10.7        | 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| *       | 10.8        | 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 Company (Exhibit 10.7 to Form 10-K, File Number 1-07627,      filed February 26, 2009).                                                                                                                                                                                                                                                                                                                                                                                                |
| *       | 10.9        | 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *       | 10.10       | 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|    | 10.11       | Second Amendment to Fourth Amended and Restated      Revolving Credit Agreement dated November 18, 2009, 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|    | 10.12  | Third Amendment to Fourth Amended and Restated      Revolving Credit Agreement dated February 22, 2010, 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *       | 10.13       | 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 Agreement      dated May 1, 2008 and Fifteenth Amendment to the Agreement dated May 28,      2008 (Exhibit 10.1 to Form 10-Q, File Number 1-07627, filed August 7,      2008). |
|    | 10.14       | Sixteenth Amendment dated November 1, 2009, to the      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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| *² | 10.15       | Frontier      Oil Corporation Omnibus Incentive Compensation Plan (Annex A to Proxy      Statement, File Number 1-07627, filed March 21, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *² | 10.16       | 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 | 10.17       | 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 | 10.18       | 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 | 10.19       | 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 | 10.20       | Form      of Restricted Stock Agreement (Exhibit 10.2 to Form 8-K, File Number      1-07627, filed April 7, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| *² | 10.21       | 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 | 10.22       | 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       | Management      Incentive Compensation Plan for Fiscal 2009 (Exhibit 10.1 to Form 8-K,      File Number 1-07627, filed February 27, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *² | 10.24       | Form      of 2007 Stock Unit / Restricted Stock Agreement (Exhibit 10.1 to Form      10-Q, File Number 1-07627, filed May 9, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| *² | 10.25       | 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 | 10.26       | 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 | 10.27       | 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 | 10.28       | 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 | 10.29       | Amendment      to Executive and Change in Control Severance Agreement, dated April 28,      2009, between Frontier Oil Corporation and Michael C. Jennings (Exhibit      10.1 to Form 8-K, File Number 1-07627, filed May 01,  2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *² | 10.30       | 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 | 10.31       | 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 | 10.32       | 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 | 10.33       | 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 | 10.34       | 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 | 10.35       | 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 | 10.36       | 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 | 10.37       | 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 | 10.38       | 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 | 10.39       | 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 | 10.40       | 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 | 10.41       | 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 | 10.42       | 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 | 10.43       | Executive      Change in Control Severance Agreement, dated April 28, 2009, between      Frontier Oil Corporation and Joshua Goodmanson (Exhibit 10.2 to Form 8-K,      File Number 1-07627, filed May 01, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *² | 10.44       | Executive      Change in Control Severance Agreement, dated September 9, 2009, between      Frontier Oil Corporation and Kevin D. Burke (Exhibit 10.1 to Form 8-K,      File Number 1-07627, filed September 09, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *² | 10.45       | 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 | 10.46       | 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 | 10.47       | 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 | 10.48       | 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 | 10.49       | 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 | 10.50       | 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 | 10.51       | 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 | 10.52       | 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 | 10.53       | 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 | 10.54       | 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 | 10.55       | 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 | 10.56       | 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 | 10.57       | 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 | 10.58       | 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 | 10.59       | Executive      Severance Agreement, dated April 28, 2009, between Frontier Oil      Corporation and Joshua Goodmanson (Exhibit 10.3 to Form 8-K, File Number      1-07627, filed May 01, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *² | 10.60       | Executive      Severance Agreement, dated September 9, 2009, between Frontier Oil      Corporation and Kevin D. Burke (Exhibit 10.2 to Form 8-K, File Number      1-07627, filed September 09, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ²  | 10.61       | Summary of Compensation for Non-Employee      Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| ²  | 10.62       | Summary of Compensation for Executive      Officers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|    | 18          | Letter – Change in Accounting    Principle.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|    | 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, |   |
|                                                                                                                                       |   | 2009 |   |   | 2008As      Adjusted(Note      3) |   |
|                                                                                                                                       |   | (in      thousands) |   |
| ASSETS                                                                                                                                     |   |   |   |   |   |   |
| Current      assets:                                                                                                                       |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                             |   | $ | 211,775 |   |   | $ | 254,548 |   |
| Trade      and other receivables                                                                                                           |   |   | 174,843 |   |   |   | 120,265 |   |
| Deferred      income tax assets - current                                                                                                  |   |   | 26,373 |   |   |   | 16,301 |   |
| Commutation      account                                                                                                                   |   |   | - |   |   |   | 6,319 |   |
| Other      current assets                                                                                                                  |   |   | 926 |   |   |   | 643 |   |
| Total      current assets                                                                                                                  |   |   | 413,917 |   |   |   | 398,076 |   |
| Property,      plant and equipment, at cost:                                                                                               |   |   |   |   |   |   |   |   |
| Furniture,      fixtures and other                                                                                                         |   |   | 1,298 |   |   |   | 1,248 |   |
| Accumulated      depreciation                                                                                                              |   |   | (924 | ) |   |   | (998 | ) |
| Property,      plant and equipment, net                                                                                                    |   |   | 374 |   |   |   | 250 |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Deferred      financing costs, net                                                                                                         |   |   | 2,857 |   |   |   | 3,642 |   |
| Deferred      income tax assets - noncurrent                                                                                               |   |   | 10,767 |   |   |   | - |   |
| Other      assets                                                                                                                          |   |   | 3,665 |   |   |   | 2,600 |   |
| Receivable      from affiliated companies                                                                                                  |   |   | - |   |   |   | 646 |   |
| Investment      in subsidiaries                                                                                                            |   |   | 1,144,040 |   |   |   | 1,216,054 |   |
| Total      assets                                                                                                                          |   | $ | 1,575,620 |   |   | $ | 1,621,268 |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                  |   |   |   |   |   |   |   |   |
| Current      liabilities:                                                                                                                  |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                      |   | $ | 906 |   |   | $ | 1,168 |   |
| Accrued      liabilities and other                                                                                                         |   |   | 20,916 |   |   |   | 26,071 |   |
| Total      current liabilities                                                                                                             |   |   | 21,822 |   |   |   | 27,239 |   |
| Long-term      debt                                                                                                                        |   |   | 347,485 |   |   |   | 347,220 |   |
| Contingent      income tax liabilities                                                                                                     |   |   | 27,267 |   |   |   | 26,112 |   |
| Other      long-term liabilities                                                                                                           |   |   | 3,578 |   |   |   | 2,507 |   |
| Deferred      income tax liabilities                                                                                                       |   |   | 230,818 |   |   |   | 179,214 |   |
| Payable      to affiliated companies                                                                                                       |   |   | 674 |   |   |   | - |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                                                                                                  |   |   | 943,976 |   |   |   | 1,038,976 |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Total      liabilities and shareholders' equity                                                                                            |   | $ | 1,575,620 |   |   | $ | 1,621,268 |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| 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 Operations                                                                                                              |   |                |     |   |
| Schedule      I                                                                                                                            |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |
|                                                                                                                                       |   | December      31,   |     |
|                                                                                                                                       |   | 2009                |     |   | 2008As      Adjusted(Note      3) |   |   | 2007As      Adjusted(Note      3) |   |
|                                                                                                                                       |   | (in      thousands) |     |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |
| Revenues                                                                                                                                   |   | $                   | (7       | )      |   | $ | (7 | ) |   | $ | 2 |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| Costs      and expenses:                                                                                                                   |   |                |     |   |   |   |   |   |   |   |   |   |
| Selling      and general expenses, excluding depreciation                                                                                  |   |                | 23,836   |   |   |   | 17,677 |   |   |   | 30,593 |   |
| Depreciation                                                                                                                               |   |                | 70       |   |   |   | 55 |   |   |   | 61 |   |
| Loss      (gain) on sales of assets                                                                                                        |   |                | -        |   |   |   | (37 | ) |   |   | 2,028 |   |
|                                                                                                                                       |   |                | 23,906   |   |   |   | 17,695 |   |   |   | 32,682 |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                                                                                               |   |                | (23,913  | )      |   |   | (17,702 | ) |   |   | (32,680 | ) |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| Interest      expense and other financing costs                                                                                            |   |                | 29,278   |   |   |   | 15,939 |   |   |   | 12,723 |   |
| Interest      and investment income                                                                                                        |   |                | (1,873   | )      |   |   | (2,868 | ) |   |   | (11,202 | ) |
| Equity      in loss (earnings) of subsidiaries                                                                                             |   |                | 79,986   |   |   |   | (371,830 | ) |   |   | (646,626 | ) |
|                                                                                                                                       |   |                | 107,391  |   |   |   | (358,759 | ) |   |   | (645,105 | ) |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| Income      (loss) before income taxes                                                                                                     |   |                | (131,304 | )      |   |   | 341,057 |   |   |   | 612,425 |   |
| Provision      (benefit) for income taxes                                                                                                  |   |                | (47,544  | )      |   |   | 115,004 |   |   |   | 210,093 |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                                                                     |   | $                   | (83,760  | )      |   | $ | 226,053 |   |   | $ | 402,332 |   |
|                                                                                                                                       |   |                |     |   |   |   |   |   |   |   |   |   |
| 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,   |    |
|                                                                                                                                       |   | 2009                |    |   | 2008As      Adjusted(Note      3) |   |   | 2007As      Adjusted(Note      3) |   |
|                                                                                                                                       |   | (in      thousands) |    |
| Cash      flows from operating activities:                                                                                                 |   |                |    |   |   |   |   |   |   |
| Net      income                                                                                                                            |   | $                   | (83,760 | )      |   | $ | 226,053 |   |   | $ | 402,332 |   |
| Equity      in earnings of subsidiaries                                                                                                    |   |                | 79,986  |   |   |   | (371,830 | ) |   |   | (646,626 | ) |
| Intercompany      transactions, net                                                                                                        |   |                | 1,321   |   |   |   | (3,261 | ) |   |   | 1,110 |   |
| Dividends      received from subsidiaries                                                                                                  |   |                | 21,200  |   |   |   | 10,000 |   |   |   | 212,150 |   |
| Income      taxes (paid to) received from subsidiaries                                                                                     |   |                | (30,000 | )      |   |   | (6,000 | ) |   |   | 317,500 |   |
| Depreciation                                                                                                                               |   |                | 70      |   |   |   | 55 |   |   |   | 61 |   |
| Deferred      income taxes                                                                                                                 |   |                | 31,082  |   |   |   | 169,766 |   |   |   | (60,859 | ) |
| Stock-based      compensation expense                                                                                                      |   |                | 20,608  |   |   |   | 20,014 |   |   |   | 22,553 |   |
| Excess      income tax benefits of stock-based compensation                                                                                |   |                | (244    | )      |   |   | (3,191 | ) |   |   | (6,962 | ) |
| Amortization      of debt issuance costs                                                                                                   |   |                | 783     |   |   |   | 570 |   |   |   | 483 |   |
| Senior      notes discount amortization                                                                                                    |   |                | 264     |   |   |   | 60 |   |   |   | - |   |
| Allowance      for investment loss and bad debts                                                                                           |   |                | -       |   |   |   | 41 |   |   |   | - |   |
| Loss      (gain) on sales of assets                                                                                                        |   |                | -       |   |   |   | (37 | ) |   |   | 2,028 |   |
| Decrease      in commutation account                                                                                                       |   |                | -       |   |   |   | - |   |   |   | 1,009 |   |
| Amortization      of long-term prepaid insurance                                                                                           |   |                | -       |   |   |   | 909 |   |   |   | 1,211 |   |
| Increase      (decrease) in other long-term liabilities                                                                                    |   |                | 2,633   |   |   |   | (3,716 | ) |   |   | 31,058 |   |
| Other                                                                                                                                      |   |                | (1,065  | )      |   |   | 713 |   |   |   | (578 | ) |
| Changes      in components of working capital from operations                                                                              |   |                | (57,416 | )      |   |   | (80,054 | ) |   |   | (46,639 | ) |
| Net      cash (used in) provided by operating activities                                                                                   |   |                | (14,538 | )      |   |   | (39,908 | ) |   |   | 229,831 |   |
|                                                                                                                                       |   |                |    |   |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                 |   |                |    |   |   |   |   |   |   |   |   |   |
| Additions      to property, plant and equipment                                                                                            |   |                | (194    | )      |   |   | (129 | ) |   |   | (4,310 | ) |
| Proceeds      from sale of assets                                                                                                          |   |                | -       |   |   |   | 37 |   |   |   | 2,290 |   |
| Net      cash used in investing activities                                                                                                 |   |                | (194    | )      |   |   | (92 | ) |   |   | (2,020 | ) |
|                                                                                                                                       |   |                |    |   |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                 |   |                |    |   |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of 8.5% Senior Notes, net of   discount                                                         |   |                | -       |   |   |   | 197,160 |   |   |   | - |   |
| Purchase      of treasury stock                                                                                                            |   |                | (3,008  | )      |   |   | (67,030 | ) |   |   | (248,486 | ) |
| Proceeds      from issuance of common stock                                                                                                |   |                | 70      |   |   |   | 405 |   |   |   | 2,303 |   |
| Dividends      paid to shareholders                                                                                                        |   |                | (25,349 | )      |   |   | (23,144 | ) |   |   | (17,271 | ) |
| Excess      income tax benefits of stock-based compensation                                                                                |   |                | 244     |   |   |   | 3,191 |   |   |   | 6,962 |   |
| Debt      issuance costs and other                                                                                                         |   |                | 2       |   |   |   | (2,402 | ) |   |   | - |   |
| Net      cash provided by (used in) financing activities                                                                                   |   |                | (28,041 | )      |   |   | 108,180 |   |   |   | (256,492 | ) |
|                                                                                                                                       |   |                |    |   |   |   |   |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents                                                                                      |   |                | (42,773 | )      |   |   | 68,180 |   |   |   | (28,681 | ) |
| Cash      and cash equivalents, beginning of period                                                                                        |   |                | 254,548 |   |   |   | 186,368 |   |   |   | 215,049 |   |
|                                                                                                                                       |   |                |    |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                                                              |   | $                   | 211,775 |   |   | $ | 254,548 |   |   | $ | 186,368 |   |
|                                                                                                                                       |   |                |    |   |   |   |   |   |   |   |   |   |
| 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      at beginning      of period |   |   | Additions |   |   | Deductions |   |   | Balance      at end of      period |   |
|                                        |   | (in      thousands)                      |   |   |      |   |
| 2009                                        |   |                                     |   |   |      |   |   |   |   |   |   |   |
| Allowance      for doubtful accounts        |   | $                                        | 500    |   |      | $      | 698    |   |   | $ | 198 |   |   | $ | 1,000 |   |
| Allowance      for investment loss          |   |                                     | 499    |   |      |   | -      |   |   |   | - |   |   |   | 499 |   |
|                                        |   |                                     |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| 2008                                        |   |                                     |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Allowance      for doubtful accounts        |   |                                     | 500    |   |      |   | -      |   |   |   | - |   |   |   | 500 |   |
| Allowance      for investment loss          |   |                                     | -      |   |      |   | 499    |   |   |   | - |   |   |   | 499 |   |
|                                        |   |                                     |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| 2007                                        |   |                                     |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Allowance      for doubtful accounts        |   |                                     | 500    |   |      |   | 198    |   |   |   | 198 |   |   |   | 500 |   |

----

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

----

|  /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 |  Director                   |
|  and      Director                          |                             |
|  (principal      executive officer)         |                             |
|                                             |                             |
|  /s/ Doug S.      Aron                      |  /s/ James H.      Lee      |
|  Doug S.      Aron                          |  James H.      Lee          |
|  Executive Vice      President and          |  Director                   |
|  Chief      Financial Officer               |                             |
|  (principal      financial officer)         |                             |
|                                             |                             |
|  /s/ Nancy J.      Zupan                    |  /s/ Paul B. Loyd,      Jr  |
|  Nancy J.      Zupan                        |  Paul B. Loyd,      Jr.     |
|  Vice President      and               |  Director                   |
|  Chief      Accounting Officer              |                             |
|  (principal      accounting officer)        |                             |
|                                             |                             |
|  /s/ Douglas Y.      Bech                   |  s/ Michael E.      Rose    |
|  Douglas Y.      Bech                       |  Michael E.      Rose       |
|  Director                                   |  Director                   |
|                                             |                             |
|                                             |  /s/ Franklin      Myers    |
|                                             |  Franklin      Myers        |
|                                             |  Director                   |