Holly Corporation Announces Regular Quarterly Cash Dividend

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9/9/2008
Dallas, Texas – Holly Corporation (NYSE “HOC”) today announced the declaration of a regular quarterly cash dividend in the amount of $0.15 per share payable on October 2, 2008, to holders of record on September 22, 2008.

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 an 85,000 barrels per day (“bpd”) refinery located in Artesia, New Mexico, and a 26,000 bpd refinery in Woods Cross, Utah. Holly also owns a 46% interest (including the general partner interest) in Holly Energy Partners, L.P. (NYSE “HEP”), which through subsidiaries owns or leases approximately 2,500 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:

Bruce R. Shaw, Senior Vice President and Chief Financial Officer

M. Neale Hickerson, Vice President-Investor Relations

Holly Corporation

214-871-3555

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