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07/25/2008

Holly Energy Partners Declares Distribution

Increases quarterly distribution from $0.735 to $0.745 per unit

DALLAS, TX -- Holly Energy Partners, L.P. (NYSE:HEP) today announced declaration of its cash distribution, for the second quarter of 2008, of $0.745 per unit. For the prior quarter, $0.735 was distributed to unit holders. Holly Energy has increased its distribution to unitholders every quarter since becoming a public partnership in July 2004. The distribution will be paid August 15, 2008, to unit holders of record August 5, 2008.

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides transportation and terminal services to the petroleum industry, including Holly Corporation, which currently owns a 46% interest in the Partnership. The Partnership owns and operates crude and product pipelines and terminals located in Texas, New Mexico, Oklahoma, Arizona, Washington, Idaho and Utah. In addition, the Partnership owns a 70% interest in Rio Grande Pipeline Company, a transporter of LPGs from West Texas to Northern Mexico.

FOR FURTHER INFORMATION, Contact:

Bruce Shaw, Senior Vice President & Chief Financial Officer

M. Neale Hickerson, Vice President, Investor Relations

Holly Energy Partners 214/871-3555

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Did You Know?
In the pre-pipeline price swings of the early 1860's crude oil fell to less than 10 cents a barrel with an empty new barrel costing up to $3.25; this imbalance brought production to a near standstill. The price then rose in 1864 to a peak of over $12 per barrel. More...