Holly Corporation Announces Regular Quarterly Cash Dividend

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3/13/2006
Dallas, Texas – Holly Corporation (NYSE:HOC) today announced the declaration of a regular quarterly cash dividend in the amount of $0.10 per share payable on April 4, 2006, to holders of record on March 23, 2006.

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., which through its subsidiaries owns or leases approximately 1,600 miles of refined product pipelines in the west Texas and New Mexico region and refined product terminals in several Southwest and Rocky Mountain states.

FOR FURTHER INFORMATION, Contact:
Stephen J. McDonnell, Vice President and Chief Financial Officer

M. Neale Hickerson, Vice President-Investor Relations

Holly Corporation
214-871-3555

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