Notes

Slide Show

Outline

1	Holly Corporation: Webcast Conference Presentation
2	Disclosure Statement
3	Agenda
4	Agenda
5	Update on Current Capital Projects
6	Status Update: ROSE Asphalt Unit --Navajo Refinery:
7	Status Update: Diesel Hydrotreater Unit --Woods Cross Refinery :
8	Status Update: ULSD & Other Projects --Navajo Refinery:
9	Current Capital Projects Impact on Pro Forma Annual EBITDA (full year)
10	New / Planned Capital Projects
11	Sulfur Recovery Project – Navajo Refinery :
12	Feedstock Flexibility & Expansion -- Navajo Refinery :
13	Feedstock Flexibility & Expansion – Woods Cross Refinery :
14	Project Evaluation: Salt Lake to Las Vegas Refined Products Pipeline
15	Future Capital Projects Impact on Pro Forma Annual EBITDA (full year)
16	Capital Expenditures by Year:
17	Agenda
18	Base EBITDA / Methodology
19	Estimated Pro Forma Refining EBITDA
20	Agenda
21	Anticipated 2006 / 2007 Tax Benefits
22	Sulfur Credits Benefit
23	Cash Flow at Various EBITDA Levels -- 2006
24	Cash Flow at Various EBITDA Levels -- 2007
25	Cash Flow at Various EBITDA Levels -- 2008
26	Navajo Refining Margins
27	Woods Cross Margins
28	Agenda
29	Definitions
30	Definitions