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: August 13, 2008

HOLLY ENERGY PARTNERS, L.P.

(Exact name of Registrant as specified in its charter)

Delaware	001-32225	20-0833098
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation)		Identification Number)
100 Crescent Court,		75201-6915
Suite 1600		(Zip code)
Dallas, Texas
(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))

TABLE OF CONTENTS

	Item 7.01 Regulation FD Disclosure
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Presentation

Item 7.01 Regulation FD Disclosure

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

     Furnished as Exhibit 99.1 and incorporated herein by reference in its entirety is a copy of a presentation to be made to investors beginning on August 13, 2008 by Holly Energy Partners, L.P. (the “Partnership”).

     A copy of the presentation will be available in the investor section of the Partnership’s website at www.hollyenergy.com, although the Partnership reserves the right to discontinue that availability at any time.

     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 — Presentation by the Partnership beginning on August 13, 2008.*

* 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/ Bruce R. Shaw
			Bruce R. Shaw
			Senior Vice President and Chief
			Financial Officer

Date: August 13, 2008

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Exhibit
Number	Exhibit Title
99.1	— Presentation by the Partnership beginning on August 13, 2008.*

* Furnished herewith.

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EX-99.1

Exhibit 99.1

Partnership Update / Current Business Footprint Capital Development & Growth Plans Summer / Fall 2008

Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are "forward- looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect our business prospects and performance, and actual results may differ materially from those discussed during the presentation. Such risks and uncertainties include but are not limited to risks and uncertainties with respect to the future performance of the pipelines and terminals, the actions of actual or potential competitive suppliers and transporters of refined petroleum products in our markets and the markets of Holly Corporation and Alon USA, the demand for and supply of crude oil and refined products, the spread between market prices for refined products and market prices for crude oil, the possibility of constraints on the transportation of refined products, the possibility of inefficiencies or shutdowns in refinery operations or pipelines, effects of governmental regulations and policies, the availability and cost of financing, the effectiveness of capital investments and marketing and acquisition strategies, the possibility of terrorist attacks and the consequences of any such attacks, and general economic conditions. Additional information on risks and uncertainties that could affect the business prospects and performance of Holly Energy Partners is provided in our reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. Holly Energy Partners undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Publicly Traded Partnership '101' Investor Facts What is a PTP? ....(also known as a master limited partnership) a limited partnership in which the interest (called "units') are traded on the NYSE... What kinds of companies are PTP's? Under the tax code...90% of income must be from specific sources. Most PTP's today are in energy related businesses. Who should invest in PTP's? PTP's represent an opportunity for Investors seeking: Income Yield Combination of income and growth Safe, stable business enterprises What is the tax treatment of PTP's? ....No tax is paid at the partnership level. Partnership income is taxed only at one level-that of the individual partner. Since deductions such as depreciation are also passed through to individual partners, taxable income is often quite low. Most PTP's make quarterly distributions...that will significantly exceed any tax owed. Tax implications vary depending on each investor's actual situation and any tax information provided is for general information only and should be confirmed with the investors' tax experts

Publicly Traded Partnership '101' Investor Facts - Part II What does that mean for PTP Investors? From a tax standpoint these distributions are treated much more favorably than corporate dividends...they are considered as a return of capital and reduce the partner's basis in the partnership units. The partner will not be taxed on distributions until the PTP units are sold (or when the basis reaches zero). What is a K-1? Will it delay my filing? A K-1 form is the document...showing the share of each item of partnership income, gain, loss, deductions and credit. ...K-1's cannot be made available in early January as is the case with W-4 or 1099's. Can I hold PTP's in my IRA or 401-K? Yes, but (holdings) are subject to "unrelated business income tax (UBIT)" after the first $1,000 of income. Tax implications vary depending on each investor's actual situation and any tax information provided is for general information only and should be confirmed with the investors' tax experts

Presentation Topics Formation & Acquisition History Additional Capital Projects Growth, Pro-forma EBITDA & Capital Spending Summary Appendix

Formation History, July 2004 Formed in July 2004 as an Initial Public Offering sponsored by Holly Corporation. Original assets: North refined products pipeline system from Artesia, NM to Moriarty & Bloomfield, NM South refined products pipeline system from Artesia, NM to El Paso, TX Joint venture LPG pipeline from Lawson Junction, TX to Juarez, Mexico 9 refined product terminals in 5 western states 2 refinery truck loading rack facilities Over 1,000 miles of refined product pipelines Over 1.7 million bbls of refined product storage Initial EBITDA approximately $35 million 15-year pipeline & terminal agreement between Holly & HEP providing guaranteed minimums from Holly to HEP No commodity risk - all fee based transportation & storage revenue

Acquisition History: Alon USA Transaction, February 2005 Alon USA pipeline & terminal acquisition : (February 2005) 4 refined products pipelines aggregating 500 miles 2 refined product terminals with 350,000 bbls of storage Refined product tank farm facility Purchase price: $120 million in cash & 937,500 subordinated HEP units Approximate annual EBITDA of assets: $17 million 15-year pipeline & terminal agreement between Alon & HEP Guaranteed minimum volume commitment by Alon Annual increase in tariffs tied to PPI adjustment No commodity risk - all fee based transportation & storage revenue

Acquisition History: Holly Intermediate Pipelines, July 2005 Holly intermediate feedstock / product pipelines : (July 2005) Two 65-mile parallel pipelines which move intermediate feedstock from Holly's Lovington, NM facility to its Artesia, NM facility 84,000 bpd of throughput capacity Purchase price: $81.5 million Approximate annual EBITDA of assets: $10 million 15-year intermediate pipeline agreement between Holly & HEP Guaranteed minimum volume/revenue commitment by Holly Increase in annual minimum revenue tied to PPI adjustment No commodity risk - all fee based transportation & storage revenue

Acquisition of Holly Crude Oil & Product Transportation Assets, March 2008 In March 2008, HEP purchased from Holly Corporation: Crude oil delivery system to Navajo Refinery (New Mexico) Crude oil gathering system (Western Permian Basin) Jet fuel transportation pipeline and terminal storage (Roswell, NM) Crude oil delivery system to Woods Cross Refinery (Utah) Refinery on-site crude oil storage (Navajo & Woods Cross refineries) Refined product delivery pipeline (Woods Cross refinery) Purchase price - $180 million Revenues from Holly minimum revenue commitment - $25 million Pro forma initial annual EBITDA - $20 million No commodity risk - all fee based transportation & storage revenue

HEP Assets: Current Footprint Over 1,700 miles of product pipelines Over 800 miles of crude gathering and trunk pipelines Over 1 million bbls of crude oil storage 11 Terminals & 2 truck loading rack facilities in 5 Western states Over 2 million bbls of refined product storage 70% Joint Venture interest in Rio Grande Pipeline Co-a product line moving LPG's from West Texas into Mexico Expected total annual maintenance CAPEX for HEP after transaction-- $3.5 million Total minimum annual revenue & lease commitments of $109 million1 1As of July 1, 2008

From IPO (2004) to Present (2008) Demonstrated ability to successfully grow revenues & distributions to unitholders Conservative business model: Fee based contracts Long-term minimum revenue commitments No commodity risk

Presentation Topics Formation & Acquisition History Additional Capital Projects Growth, Pro-forma EBITDA & Capital Spending Summary Appendix

HEP Capital Projects 1 Includes Payment of $2.5mm to HOC 2Represents HOC's 75% ownership share. Total capital expenditures of $300.0mm and total EBITDA of $31mm. HEP has an option to purchase HOC's interest in pipeline for 180 days from completion of project at HOC's cost plus 7% per annum interest 3Negoitations underway between HEP & HOC Project Plains JV South System Expansion UNEV P/L Crude Delivery & Intermediate P/L Facilities Description 25% Interest - - Investment approx. $25 million Brings needed relief to heavy crude capacity constraints for SLC refiners Expand pipeline from Artesia, NM to El Paso, TX to transport additional volumes from Navajo refinery expansion and third party contract to transport iso - butane Brings increased volumes to HEP existing assets 400 mile 12" pipeline; terminals in Las Vegas & Cedar City, UT New source of refined products for Las Vegas given California sourcing issues 2 pipelines totaling approx. 135 miles of 16" pipeline connecting Centurion crude oil pipeline in West Texas with Holly's Navajo Refinery facilities Pump station additions & additions to existing HEP pipelines. Natural gas line conversion Adds 25,000 bpd of capacity between Navajo Lovington & Artesia facilities Delivers Canadian crude oil to Navajo Refinery Project Sponsor Plains / HEP HEP HOC HOC Estimated Capex $28mm1 $48mm $240mm2 $90-100mm Estimated EBITDA $3.5mm $10mm $23mm2 TBD3 Expected Completion Date Q4 2008 Q4 2008 Q4 '09 / Q1 '10 Q3 2009 Contracted & Commenced Projects Additional HEP Opportunity

Overview of Plains JV - Q2 2008 Description: 95-mile intrastate pipeline being constructed by Plains All American Pipeline Replaces previous HEP Porcupine Ridge Pipeline project Location: Transports crude from Wyoming and Utah and the Utah Terminus of the Frontier Pipeline into the Salt Lake City area Capacity: 120,000 barrels per day (initial light crude capacity) Significantly increases capacity to deliver heavy Canadian crude into SLC Provides excess crude delivery capacity for future SLC refinery expansions Investment: HEP will own a 25% JV interest Investment of $28 million in third quarter of 20081 EBITDA: $3.5 million, HEP's 25% share Completion Date: Fourth quarter of 2008 Definitive agreements signed in November 2007 1Includes payment of $2.5mm to Holly

HEP Capital Projects 1 Includes Payment of $2.5mm to HOC 2Represents HOC's 75% ownership share. Total capital expenditures of $300.0mm and total EBITDA of $31mm. HEP has an option to purchase HOC's interest in pipeline for 180 days from completion of project at HOC's cost plus 7% per annum interest 3Negoitations underway between HEP & HOC Project Plains JV South System Expansion UNEV P/L Crude Delivery & Intermediate P/L Facilities Description 25% Interest - - Investment approx. $25 million Brings needed relief to heavy crude capacity constraints for SLC refiners Expand pipeline from Artesia, NM to El Paso, TX to transport additional volumes from Navajo refinery expansion and third party contract to transport iso - butane Brings increased volumes to HEP existing assets 400 mile 12" pipeline; terminals in Las Vegas & Cedar City, UT New source of refined products for Las Vegas given California sourcing issues 2 pipelines totaling approx. 135 miles of 16" pipeline connecting Centurion crude oil pipeline in West Texas with Holly's Navajo Refinery facilities Pump station additions & additions to existing HEP pipelines. Natural gas line conversion Adds 25,000 bpd of capacity between Navajo Lovington & Artesia facilities Delivers Canadian crude oil to Navajo Refinery Project Sponsor Plains / HEP HEP HOC HOC Estimated Capex $28mm1 $48mm $240mm2 $90-100mm Estimated EBITDA $3.5mm $10mm $23mm2 TBD3 Expected Completion Date Q4 2008 Q4 2008 Q4 '09 / Q1 '10 Q3 2009 Contracted & Commenced Projects Additional HEP Opportunity

Overview of South System Expansion - Q4 2008 Description: Expand capacity of pipeline from Artesia, NM to EI Paso, TX to transport increased volumes from Navajo due to refinery expansion from 85,000 bpd to 100,000 bpd Provides additional refinery feedstock transport capability (up to 10,000 bpd) 85 mile, new 12" pipe from Artesia to El Paso Additional storage at El Paso (150,000 bbls) Capex: Approximately $48 million Annual EBITDA: $10 million from increased tariffs & volumes1 Completion Date: Total project: Fourth quarter of 2008 1Approximately $5million/year beginning in May 2008, with an additional $5 million/year in 2009

HEP Capital Projects 1 Includes Payment of $2.5mm to HOC 2Represents HOC's 75% ownership share. Total capital expenditures of $300.0mm and total EBITDA of $31mm. HEP has an option to purchase HOC's interest in pipeline for 180 days from completion of project at HOC's cost plus 7% per annum interest 3Negoitations underway between HEP & HOC Project Plains JV South System Expansion UNEV P/L Crude Delivery & Intermediate P/L Facilities Description 25% Interest - - Investment approx. $25 million Brings needed relief to heavy crude capacity constraints for SLC refiners Expand pipeline from Artesia, NM to El Paso, TX to transport additional volumes from Navajo refinery expansion and third party contract to transport iso - butane Brings increased volumes to HEP existing assets 400 mile 12" pipeline; terminals in Las Vegas & Cedar City, UT New source of refined products for Las Vegas given California sourcing issues 2 pipelines totaling approx. 135 miles of 16" pipeline connecting Centurion crude oil pipeline in West Texas with Holly's Navajo Refinery facilities Pump station additions & additions to existing HEP pipelines. Natural gas line conversion Adds 25,000 bpd of capacity between Navajo Lovington & Artesia facilities Delivers Canadian crude oil to Navajo Refinery Project Sponsor Plains / HEP HEP HOC HOC Estimated Capex $28mm1 $48mm $240mm2 $90-100mm Estimated EBITDA $3.5mm $10mm $23mm2 TBD3 Expected Completion Date Q4 2008 Q4 2008 Q4 '09 / Q1 '10 Q3 2009 Contracted & Commenced Projects Additional HEP Opportunity

Overview of Las Vegas Pipeline - Q4 2009 Description: 75% interest in 400 mile refined products pipeline from Salt Lake City to Las Vegas with terminals in Cedar City, UT and Las Vegas, NV HOC owns through construction phase HEP has option to purchase HOC's ownership interest Sinclair to be 25% equity partner Benefits: Increased refined product supply to fast-growing market with consistent annual demand Lowers impact to refiners of seasonal demand reduction with wintertime months in local market Possible competitive outlet for crude-cost-advantaged Rocky Mountain refiners Capacity: 62,000 bpd (expandable to 118,000 bpd) Capex: Approximately $240mm (HOC's 75% share of $300mm total project cost, plus carrying cost of 7% per annum) Estimated EBITDA: $23mm (75% share; initial annual EBITDA estimate) Completion Date: Fourth quarter 2009 / First quarter of 2010 Funding During the construction phase, HOC will fund construction payments At completion of construction, HEP will have option to purchase from HOC at cost plus a 7% carrying cost

HEP Capital Projects 1 Includes Payment of $2.5mm to HOC 2Represents HOC's 75% ownership share. Total capital expenditures of $300.0mm and total EBITDA of $31mm. HEP has an option to purchase HOC's interest in pipeline for 180 days from completion of project at HOC's cost plus 7% per annum interest 3Negoitations underway between HEP & HOC Project Plains JV South System Expansion UNEV P/L Crude Delivery & Intermediate P/L Facilities Description 25% Interest - - Investment approx. $25 million Brings needed relief to heavy crude capacity constraints for SLC refiners Expand pipeline from Artesia, NM to El Paso, TX to transport additional volumes from Navajo refinery expansion and third party contract to transport iso - butane Brings increased volumes to HEP existing assets 400 mile 12" pipeline; terminals in Las Vegas & Cedar City, UT New source of refined products for Las Vegas given California sourcing issues 2 pipelines totaling approx. 135 miles of 16" pipeline connecting Centurion crude oil pipeline in West Texas with Holly's Navajo Refinery facilities Pump station additions & additions to existing HEP pipelines. Natural gas line conversion Adds 25,000 bpd of capacity between Navajo Lovington & Artesia facilities Delivers Canadian crude oil to Navajo Refinery Project Sponsor Plains / HEP HEP HOC HOC Estimated Capex $28mm1 $48mm $240mm2 $90-100mm Estimated EBITDA $3.5mm $10mm $23mm2 TBD3 Expected Completion Date Q4 2008 Q4 2008 Q4 '09 / Q1 '10 Q3 2009 Contracted & Commenced Projects Additional HEP Opportunity

Crude Delivery & Intermediate Pipeline Facilities* - Q3 2009 Description: 2 pipeline segments totaling approx. 135 mile 16" pipeline originating in Slaughter, TX, transporting crude oil to Navajo's Lovington facility, then continuing with crude transport to Navajo's Artesia facility. Pump station additions, piping changes & additions to existing HEP pipelines 50,000 bpd of capacity HOC to own during construction phase HEP expected to have option to purchase Benefits: Delivers heavy Canadian crude oil to Navajo Refinery Allows for additional feedstock transport between the Navajo facilities Capex: Approximately $90-100mm Estimated EBITDA: TBD* Completion Date: Third quarter 2009 *HEP & HOC currently negotiating terms & detailed economics

Presentation Topics Formation & Acquisition History Additional Capital Projects Growth, Pro-forma EBITDA & Capital Spending Summary Appendix

Pipeline Volume Growth In thousands Year over Year Pipeline Volume Growth In 2007 approximately 84% of revenues came from pipeline activity 96 159 189 205 0 25 50 75 100 125 150 175 200 225 BPD 2004 P/L Volume 2005 P/L Volume 2006 P/L Volume 2007 P/L Volume

HEP Steady State EBITDA Growth Since IPO $35mm $17mm $10mm $5mm $67mm $0 $10 $20 $30 $40 $50 $60 $70 $80 $ in millions At IPO (7/04) Alon (2/05) Intermediate P/L (7/05) NRC Expansion (6/06) & Tariff Renegotiation (8/06) 12/31/07 EBITDA Run Rate

HEP Steady State EBITDA Pro Forma Growth from Contracted & Commenced Projects Millions $95 million annual pro forma run rate expected to be achieved by late-2008 $67mm $20mm $3mm $5mm $95mm $40 $60 $80 $100 12/31/07 EBITDA Run Rate HOC Dropdown Plains JV South System Expansion -- 2008 Pro Forma 12/31/08 EBITDA Run Rate

HEP Steady State EBITDA Pro Forma Growth Assuming UNEV Option Exercised Millions $123 million annual pro forma run rate with UNEV Option Exercised *Excludes potential EBITDA from Crude Delivery & Intermediate P/L Facility Upgrades $67mm $20mm $3mm $10mm $23mm $123mm* $30 $50 $70 $90 $110 $130 12/31/07 EBITDA Run Rate HOC Dropdown Plains JV South System Expansion UNEV Pro Forma EBITDA Run Rate

Distribution Growth Annual Distributions per unit August '08 quarterly rate of $0.745/unit times 4 quarters equals $2.98 Distribution has been increased every quarter since IPO Current distribution (August '08) annual run rate: $2.98 $2.225 $2.585 $2.785 $2.00 $2.25 $2.50 $2.75 $3.00 2005 2006 2007

Key HEP Highlights-Stability of Revenues: 100% Fee / Capacity lease based - no commodity risk In 2007, over $79 million of revenues was derived from minimum commitments under long-term contracts (approximately 75% of total revenues) After the Holly drop down acquisition in March 2008, approximately $109 million of annual revenues derived from minimum commitments Minimum commitments ensure that even in the event of turnarounds or outages of refineries served by HEP that HEP would still be paid at least the minimum, except for suspension during a force majeure lasting more than 30 days or termination following a force majeure lasting more than one year Minimum Annualized Counterparty Commitments (in mm) 1 Term Type of Contract Holly Corp - IPO Assets $41.2 2019 Minimum Revenue Commitment Alon USA - Lease Agreement $7.0 Multiple(2) Capacity Lease Alon USA - Products Pipelines $21.9 2020 Minimum Volume Commitment Holly Corp - Intermediate Pipelines $13.3 2020 Minimum Revenue Commitment Holly Corp - Crude Pipeline and Tankage $25.3 2022 Minimum Revenue Commitment $108.7 1 As of July 1, 2008 2 Three capacity lease agreements, the earliest of which expires Feb 2012

12% compounded annual increase in distributions to unitholders since inception Total unitholder return of 103% since IPO* Key HEP Highlights-Return to Unitholders Since Inception *Using 8/1/08 closing price of $34.99

Summary

Key HEP Highlights-Before & After Asset Acquisition: No commodity risk / stable operations Stable base of revenue with long-term fee-based commitments Well maintained assets serving high growth markets Senior management team averaging over 25 years of industry experience Disciplined growth strategy Benefits from parent / sponsor Holly Corporation's refining growth plan Conservative financial structure

Holly Energy Partners, L.P. (HEP) Holly Energy Partners, L.P. (NYSE: HEP) 100 Crescent Court, Suite 1600 Dallas, Texas 75201 (214) 871-3555 David G. Blair, Senior Vice President Bruce R. Shaw, Senior VP-Chief Financial Officer M. Neale Hickerson, VP-Investor Relations

Holly Energy Partners, L.P. (HEP) BPD: Barrels per day EBITDA: Earnings before interest, taxes, depreciation and amortization which is calculated as net income plus (i) interest expense net of interest income and (ii) depreciation and amortization. EBITDA is not a calculation based upon U.S. generally accepted accounting principles ("U.S. GAAP"). However, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income, as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for compliance with financial covenants. Our historical EBITDA is reconciled to net income in footnote 2 to the table in "Item 6. Selected Financial Data" of HEP's 2007 10-K filed February 15, 2008. STEADY STATE EBITDA: EBITDA as defined above calculated on the basis of our projection of normal pipeline and terminal volumes from our customers, applicable tariffs and fees, and normal expense levels, and assuming no material unplanned shutdowns or unavailable capacity.