8-K

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): November 15, 2007

HOLLY ENERGY PARTNERS, L.P.

(Exact name of Registrant as specified in its charter)

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

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

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.

     On November 15, 2007, Holly Energy Partners, L.P. (the “Partnership”) issued a press release announcing its entry into an agreement with Plains All American Pipeline for the joint ownership of a new Utah crude oil pipeline. A copy of the Partnership’s 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 November 15, 2007 announcing its entry into an agreement with Plains All American Pipeline for the joint ownership of a new Utah crude oil pipeline *

* Furnished herewith.

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/ Stephen J. McDonnell
	Stephen J. McDonnell
	Vice President & Chief Financial Officer

Date: November 15, 2007

EXHIBIT INDEX

Exhibit
Number			Exhibit Title
	99.1	—	Press Release of the Partnership issued November 15, 2007 announcing its entry into an agreement with Plains All American Pipeline for the joint ownership of a new Utah crude oil pipeline *

* Furnished herewith.

EX-99.1

Exhibit 99.1

Holly Energy Partners Announces Agreement With Plains All American Pipeline For Joint Ownership Of New Utah Crude Oil Pipeline

DALLAS, TX, November 15, 2007—Holly Energy Partners, L.P. (NYSE: HEP) announced today that it has entered into a Master Formation Agreement with an affiliate of Plains All American Pipeline, L.P. (NYSE: PAA) with respect to the previously announced joint venture between HEP and Plains to construct and operate a new 95-mile intrastate pipeline system, now being constructed by an affiliate of Plains, for the shipment of crude oil into the Salt Lake City, Utah area. The pipeline will be owned by a new joint venture company which will be owned 75% by an affiliate of Plains and 25% by an affiliate of HEP. An affiliate of HEP will purchase its interest in the joint venture for between $22.0 million and $25.5 million, depending on the actual construction costs of the pipeline. The purchase is subject to certain conditions but is expected to occur in the first quarter of 2008, which is when the new pipeline system is expected to become fully operational. The pipeline is being built to provide transportation services to various refiners in the Salt Lake City area, including the Woods Cross Refinery owned by a subsidiary of Holly Corporation. The pipeline will transport crude oil into the Salt Lake City area from the Utah terminus of the Frontier Pipeline and crude oil from Wahsatch station which is currently flowing on Plains’ Rocky Mountain Pipeline. The pipeline will be operated by an affiliate of Plains.

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 made from time to time 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 and, other than as required by law, 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