Exhibit 12.1

Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)

	Nine Months
	Ended
	September		Years Ended December 31,
	30, 2006		2005		2004		2003			2002			2001
Earnings:
Net income	$	17,884	$	26,816	$	32,494	$	581		$	2,670		$	2,423
Minority interest in consolidated subsidiary		235		740		1,994		758			—			—
Income from equity investee		—		—		—		(894	)		(2,737	)		(2,284	)
		18,119		27,556		34,488		445			(67	)		139
Add:
Total fixed charges (per below)		11,032		11,324		2,279		1,665			1,657			1,625
Distributed income of equity investee		—		—		—		—			2,487			1,243
Total earnings	$	29,151	$	38,880	$	36,767	$	2,110		$	4,077		$	3,007
Fixed charges:
Interest expense	$	9,724	$	9,633	$	697	$	—		$	—		$	—
Estimate of interest within rental expense(1)		1,308		1,691		1,582		1,665			1,657			1,625
Total fixed charges	$	11,032	$	11,324	$	2,279	$	1,665		$	1,657		$	1,625
Ratio of earnings to fixed charges		2.64		3.43		16.13		1.27			2.46			1.85

(1) Represents 30% of the total operating lease rental expense which is that portion deemed to be interest.