The prior year comparable results exclude Frontier Oil earnings but considered indicative given the stock-for-stock consideration in the merger. During the current quarter we generated $862 million in EBITDA, nearly 2.5 times the second quarter 2011 EBITDA of $350 million.

Unit profitability for the quarter was very strong with greater than $12 of net income per capacity barrel and refining gross margins ranging from $25 in Mid-Con to 35 in the Rockies.

During the second quarter, we continued to advance our capital allocation strategy as well with emphasis on cash distributions to shareholder along side prudent reinvestment in our refining capacity.

In May we raised our regular dividend by 50% from $0.10 a share per quarter to $0.15. This was the third time we raised the regular dividend in the less than a year and the regular dividend has doubled since our merger last July.

Also in May we declared our fourth consecutive quarterly special dividend of $0.50 per share. Our last 12 months cash dividend yield stands at 6.2% when compared to yesterday’s closing price of $39.42.

Additionally, we continue to repurchase shares opportunistically. Year-to-date, we’ve executed approximately $190 million of repurchases, plus an additional $100 million in the form of a structured repurchase transaction that is not yet matured.

Going forward, our primary focus is on growing free cash flow per share with our capital allocation strategy emphasizing distributions to shareholder via regular dividends, special dividends and repurchases.

We will also invest in our core refining business to maintain our production capacity and grow this business in areas where we have a distinct competitive advantage. Most typically, involving unique access to crude and other feedstocks that support attractive and more predictable refining margins.

Last quarter we announced the Woods Cross Refinery expansion in conjunction with long-term crude supply agreement. We are continuing to advance this project through permitting and engineering phases with expected startup still at year end 2014.

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