Holly Corporation Named One of Country's ''Best Managed Companies'' By Forbes

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1/9/2006
Dallas, TX – Holly Corporation (NYSE: HOC) announced today that Forbes magazine has named it as one of America's best managed companies in 2005 and recognized Holly’s five year annualized total return of 80.7% as the best in the oil and gas industry.

“Holly’s remarkable growth is a testament to its dedicated employees, disciplined operations and proven business strategy,” said Matthew Clifton, Holly’s Chief Executive Officer. 'We are pleased with this recognition and look forward to continuing to build on our track-record of success.'

Forbes selects the 400 best managed big companies in America ($1 billion or more in revenues), evaluating sales and earnings growth, stock market returns, debt to total capital, and forecasts for long-term earnings. The magazine also looks at accounting and governance practices, financial condition, and earnings quality to compile 'The Forbes Platinum 400' list. Finally, its writers and editors evaluate the leading companies in each industry in areas such as innovation, efficiency and market leadership to determine the best managed company in each of the 26 industries recognized.

Read more about 'America's Best Big Companies' at http://www.forbes.com/2005/12/21/400-best-biggest-companies_06platinum_land.html

About Holly Corporation

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel. Holly operates through its subsidiaries a 75,000 barrels per day (“bpd”) refinery located in Artesia, New Mexico, a 26,000 bpd refinery in Woods Cross, Utah, and an 8,000 bpd refinery in Great Falls, Montana. Holly also owns a 45% interest (including the general partner interest) in Holly Energy Partners, L.P. (NYSE “HEP”), which through subsidiaries owns or leases approximately 1,600 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and refined product terminals in several Southwest and Rocky Mountain states.

The following is a 'safe harbor' statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. These statements are based on our beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. The forward-looking statements speak only as of the date made, other than as required by law, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact
Stephen J. McDonnell, Vice President and Chief Financial Officer, or
M. Neale Hickerson, Vice President-Investor Relations,
both of Holly Corporation, +1-214-871-3555

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