EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Navajo Pipeline Co., L.P. (Predecessor) and														Holly Energy
	Holly Energy Partners, L.P.														Partners, L.P.
	Year Ended December 31,														Three Months Ended
															March 31,
	2000			2001			2002			2003			2004		2005(1)
Earnings:
Net income		2,100			2,423			2,670			581			32,494		6,326
Minority interest in consolidated subsidiary		—			—			—			758			1,994		429
Income from equity method investees		(1,010	)		(2,284	)		(2,737	)		(894	)
		1,090			139			(67	)		445			34,488		6,755
Add:
Total fixed charges (per below)		1,625			1,625			1,657			1,665			2,279		1,523
Distributed income of equity investees		1,650			1,243			2,487			—			—		—
Total earnings		4,365			3,007			4,077			2,110			36,767		8,278
Fixed charges:
Interest expensed		—			—			—			—			697		1,118
Estimated interest component of rent expense		1,625			1,625			1,657			1,665			1,582		405
Total fixed charges		1,625			1,625			1,657			1,665			2,279		1,523
Ratio of earnings to fixed charges		2.69			1.85			2.46			1.27			16.13		5.44

(1) The ratio of earnings to fixed charges for the three months ended March 31, 2005 only includes earnings from our recently acquired Alon operations and interest on $150 million of the outstanding notes from February 28, 2005, when such operations were acquired and such notes were issued.