Exhibit 12.1

Holly Energy Partners L.P.
Navajo Pipeline Co. L.P. (Prodecessor)
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)

	Years Ended December 31,
	2006		2005		2004		2003			2002
Earnings:
Net income	$	27,543	$	26,816	$	32,494	$	581		$	2,670
Minority interest in consolidated subsidiary		680		740		1,994		758			—
Income from equity investee		—		—		—		(894	)		(2,737	)
		28,223		27,556		34,488		445			(67	)
Add:
Total fixed charges (per below)		14,815		11,324		2,279		1,665			1,657
Distributed income of equity investee		—		—		—		—			2,487
Total earnings	$	43,038	$	38,880	$	36,767	$	2,110		$	4,077
Fixed charges:
Interest expense	$	13,056	$	9,633	$	697	$	—		$	—
Estimate of interest within rental expense(1)		1,759		1,691		1,582		1,665			1,657
Total fixed charges	$	14,815	$	11,324	$	2,279	$	1,665		$	1,657
Ratio of earnings to fixed charges		2.91		3.43		16.13		1.27			2.46

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

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