(Source: Datamonitor)
Frontier Oil, a crude oil refiner and wholesale marketer of refined petroleum products, has reported a net loss of $15.1 million, or $0.15 per diluted share, for the third quarter ended September 30, 2009, compared to a net income of $72.3 million, or $0.70 per diluted share, for the same period of 2008.
The company has reported revenues of $1.2 billion for the third quarter of 2009, compared to $2.19 billion for the same quarter of 2008.
Frontier Oil has reported a net income of $108.2 million, or $1.03 per diluted share, for the first nine months ended September 30, 2009, compared to $177.6 million, or $1.71 per diluted share, for the corresponding period of 2008.
Year-to-date revenues were $3.15 billion, compared to $5.15 billion for the first nine months of 2008.
Mike Jennings, president and CEO of Frontier Oil, said: "This period of low refining margins continues to challenge domestic refiners, evidenced by recent capacity exiting the system.
"For Frontier, the balance sheet strength provides endurance, but reporting a quarterly loss is always a disappointment. While many market factors in this economy are beyond our control, we are taking action to improve those within our control."
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