Frontier Oil Corp. (NYSE: FTO) reported Thursday that the company posted a loss in its fiscal fourth quarter and suspended its quarterly dividend, according to Associated Press.
The company posted a $75.1 million loss, or 72 cents per share, in the quarter, compared with a profit of $119 million, or $1.15 per share, for the same period a year earlier. Analysts surveyed by Thomson Reuters were expecting a loss of 47 cents per share.
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Revenue was $1.09 billion, down 19 percent from $1.35 billion last year.
For the full year, Frontier had a net loss of $83.8 million, or 81 cents per share, compared with net income of $226.1 million, or $2.18 per share, in 2008. Revenue sank 35 percent to $4.24 billion from $6.5 billion.
The company cited the drop in its quarterly results to weak demand for refined products and the global decline in the supply of heavy and sour crudes.
In addition, the company said there was a sharp drop in production at its El Dorado and Cheyenne refineries due to major maintenance.
The company also said that its lenders' payment restrictions were the reason for the board of directors' decision to suspend the quarterly dividend.
Frontier shares fell 24 cents, or 1.9 percent, to $12.56 in afternoon trading.
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