8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2006

HOLLY ENERGY PARTNERS, L.P.

(Exact name of Registrant as specified in its charter)

Delaware		20-0833098
(State or other	001-32225	(I.R.S. Employer
jurisdiction of incorporation)	(Commission File Number)	Identification Number)

100 Crescent Court,
Suite 1600
Dallas, Texas
(Address of principal	75201-6915
executive offices)	(Zip code)

Registrant’s telephone number, including area code: (214) 871-3555

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

     The following information is furnished pursuant to Item 7.01, “Regulation FD Disclosure.”

     On April 19, 2006, Holly Energy Partners, L.P. (the “Partnership”) issued a press release announcing that it is exploring the possibility of constructing a new petroleum products pipeline from Salt Lake City, Utah to Las Vegas, Nevada.

     A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein in its entirety.

     In accordance with General Instruction B.2. of Form 8-K, the information furnished in this report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”), or otherwise subject to the liabilities of that section, unless the Partnership specifically incorporates it by reference in a document filed under the Exchange Act or the Securities Act of 1933. By filing this report on Form 8-K and furnishing this information, the Partnership makes no admission as to the materiality of any information in this report, including Exhibit 99.1, or that any such information includes material investor information that is not otherwise publicly available.

     The information contained in this report on Form 8-K, including the information contained in Exhibit 99.1, is intended to be considered in the context of the Partnership’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Partnership may make, by press release or otherwise from time to time. The Partnership disclaims any current intention to revise or update the information contained in this report, including the information contained in Exhibit 99.1, although the Partnership may do so from time to time as its management believes is warranted. Any such updating may be made through the furnishing or filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

          99.1 — Press Release of the Partnership issued April 19, 2006.*

 * Furnished herewith.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HOLLY ENERGY PARTNERS, L.P.
By:	HEP Logistics Holdings, L.P.
	its General Partner
	By:	Holly Logistic Services, L.L.C.
		its General Partner
		By:	/s/ Scott C. Surplus
			Scott C. Surplus
			Vice President and Controller

Date: April 20, 2006

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EXHIBIT INDEX

Exhibit
Number	Exhibit Title
99.1 —	Press Release of the Partnership issued April 19, 2006.

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EX-99.1

Exhibit 99.1

HOLLY ENERGY PARTNERS ANNOUNCES
LAS VEGAS PIPELINE PROJECT

DALLAS, April 19 — Holly Energy Partners (NYSE: HEP) today announced that it is exploring the possibility of constructing a new petroleum products pipeline from Salt Lake City, Utah to Las Vegas, Nevada.

Holly Energy Partners is sending an Open Season information package to solicit support from potential shippers on this proposed new pipeline.

The pipeline as currently proposed is a 12-inch pipeline extending approximately 400 miles from Salt Lake City, Utah to the northern edge of Las Vegas, Nevada. This pipeline would have an initial capacity of 50,000 barrels per day and would accept gasoline, diesel and jet fuel.

Currently, Las Vegas is supplied solely from Southern California via a common carrier pipeline. Continued growth in California petroleum product demand as well as above average demand growth in Las Vegas and Phoenix (which are also supplied by the West Coast) has strained the California supply/demand balance — requiring increasing amounts of imports to make up the product shortfall.

The proposed pipeline would allow Salt Lake City refiners and other Rocky Mountain refiners that deliver products into Salt Lake City via pipeline to economically and efficiently meet the current and future supply requirements of Las Vegas while minimizing the need for product imports from the West Coast.

Rocky Mountain refiners’ growing access to lower cost heavy Canadian and other crude oil varieties has provided increased incentives to such refiners to begin reconfiguring their refineries to process such crudes and to expand their overall production levels. The proposed pipeline would provide a major fast growing market as an outlet for increased production from these low cost refineries.

The Open Season is asking for non-binding indications of shipping volumes and term. The Open Season will close on May 31, 2006, at which time Holly Energy Partners will assess the level of support for this project.

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product transportation and terminal services to the petroleum industry, including Holly Corporation, which owns a 45% interest in the Partnership. The Partnership owns and operates product pipelines and terminals primarily 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.

The following is a ‘safe harbor’ statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are

‘forward-looking statements’ within the meaning of the federal securities laws. These statements are based on our beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. The forward-looking statements speak only as of the date made, other than as required by law, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION, Contact:
Stephen J. McDonnell, Vice President and Chief Financial Officer
M. Neale Hickerson, Vice President-Investor Relations
Holly Energy Partners
214-871-3555

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