Holly Corporation Fourth Quarter 2006 Earnings Release and Conference Call

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1/22/2007
DALLAS, TX – Holly Corporation (NYSE: HOC) plans to announce results for the quarter ended December 31, 2006 on February 12, 2007, before the opening of trading on the NYSE. The company has scheduled a conference call on February 12, 2007 at 10:00AM EST to discuss financial results. Listeners may access this call by dialing (888) 548-4639. The ID# for this call is 6974637. For those who would like to listen to this call via the internet, you may access the call at:

http://www.videonewswire.com/event.asp?id=37565

Additionally, listeners may replay this call approximately two hours after the call concludes by dialing (800) 642-1687. This audio archive will be available through February 26, 2007.

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 82,000 barrels per day (“bpd”) refinery located in Artesia, New Mexico, and a 26,000 bpd refinery in Woods Cross, Utah. 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 petroleum 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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