insane dividends

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Frontier Oil Declares Special Cash Dividend Of $0.28 Per Share
2/22/2011 6:13 AM ET

(RTTNews) - Frontier Oil Corp. (FTO: News ) Tuesday said its board declared a regular quarterly cash dividend on the company's common stock of $0.06 per share.

In addition, the board declared a special cash dividend on the company's common stock of $0.28 per share. The cumulative $0.34 cash dividend is payable on March 21 to shareholders of record as of the close of business on March 7.

Separately, the company as well as Holly Corp. (HOC: News ) said both the companies will combine in an all-stock merger of equals transaction and the new company would have an enterprise value of $7 billion.

The new company, which will be named HollyFrontier Corp., will have a well-positioned refining asset base, enhanced growth opportunities and one of the best balance sheets in the industry. The transaction is expected to be completed early in the third quarter of 2011