Exhibit 99.1

Press Release
November 4, 2010

Holly Corporation Reports Third Quarter 2010 Results

Announces Regular Quarterly Cash Dividend

Dallas, Texas, November 4, 2010 — Holly Corporation (NYSE-HOC) (“Holly” or the “Company”) today reported third quarter 2010 financial results. For the quarter, net income attributable to Holly stockholders was $51.2 million ($0.96 per basic and diluted share) compared to $23.5 million ($0.47 per basic and diluted share) for the third quarter of 2009. For the nine months ended September 30, 2010, net income attributable to Holly stockholders was $89.2 million ($1.68 per basic and $1.67 per diluted share) compared to $60 million ($1.20 per basic and $1.19 per diluted share) for the same period of 2009.

Holly also announced that its Board of Directors has declared a regular quarterly cash dividend in the amount of $0.15 per share, payable January 4, 2011 to holders of record on December 20, 2010.

For the quarter, net income attributable to our stockholders increased by $27.7 million compared to the same period of 2009. This increase was due principally to higher refinery gross margins during the current year third quarter combined with increased sales volumes of produced refined products. Overall refinery gross margins were $10.41 per produced barrel, a 26% increase compared to $8.27 for the third quarter of 2009. For the quarter, our overall refinery production levels averaged 230,630 barrels per day (“BPD”), an increase of 24% over the same period of 2009 due principally to increased production from our Tulsa refinery complex since we acquired the east facility in December 2009.

For the nine months ended September 30, 2010, net income attributable to our stockholders increased by $29.2 million compared to the same period of 2009. This increase was due principally to increased sales volumes of produced refined products combined with a slight increase in overall current year-to-date refinery gross margins. Overall refinery gross margins were $9.10 per produced barrel, a 2% increase compared to $8.90 for the first nine months of 2009. For the current year-to-date period, our overall refinery production levels averaged 227,060, an increase of 64% over the same period of 2009 due to production from our Tulsa refinery facilities and production increases at our Navajo and Woods Cross refineries.

“We are pleased with our third quarter results,” said Matthew Clifton, Chairman of the Board and Chief Executive Officer of Holly. “Continued strong diesel cracks at each of our refineries combined with robust gasoline cracks at our Woods Cross refinery and attractive lube margins at our Tulsa refinery helped fuel significant improved year over year third quarter performance. Unscheduled downtime at certain operating units at our Navajo refinery during the quarter reduced our expected run rate and, accordingly, somewhat limited our capture of solid gross margins at that facility.

“Progress continues on our Tulsa integration and diesel desulfurization expansion efforts, with expected completion by the end of the first quarter 2011. The Tulsa projects will reduce emissions and should improve the profit producing potential of what has been a strong profit contributor over the last two quarters.

“Our affiliated logistic MLP, Holly Energy Partners, had a strong third quarter achieving record quarterly distributable cash flow and EBITDA levels. Our combined limited partner and general partner distributions during the third quarter were $9.1 million.

“At the end of the third quarter our cash and marketable securities stood at $272 million. Excluding the Holly Energy Partners debt that is non-recourse to Holly, our cash adjusted debt to total capitalization ratio was down to 10%. Accordingly, our balance sheet ranks as one of the strongest among our independent refining peers.

“In October the product margin environment for our refineries decreased slightly from the average during the third quarter but is strong for this time of year. Looking forward we feel good about the quality of our assets, our dedicated personnel, the markets we serve and our improving strong financial position,” Clifton said.

Sales and other revenues for the third quarter of 2010 were $2,091 million, a 41% increase compared to the three months ended September 30, 2009. This increase was due to the effects of a 14% year-over-year increase in third quarter refined product sales prices combined with a 28% increase in volumes of produced refined products sold. The volume increase was primarily due to volumes attributable to our Tulsa refinery operations. Cost of products sold was $1,807 million, a 40% increase compared to the three months ended September 30, 2009 due mainly to higher crude oil acquisition costs and increased volumes of produced refined products sold.

Sales and other revenues for the nine months ended September 30, 2010 were $6,111.1 million, a 93% increase compared to the nine months ended September 30, 2009. This increase was due to the effects of a 28% year-over-year increase in year-to-date refined product sales prices combined with a 65% increase in volumes of produced refined products sold. The volume increase was attributable to our Tulsa refinery operations and year-to-date production increases at our Navajo and Woods Cross refineries. Cost of products sold was $5,379.1 million, a 100% increase compared to the nine months ended September 30, 2009 due mainly to higher crude oil acquisition costs and increased volumes of produced refined products sold.

Operating costs and expenses for the three and the nine months ended September 30, 2010 increased mainly due to the inclusion of costs attributable to the operations of our Tulsa refinery facilities. Interest expense for the three and the nine months ended September 30, 2010 increased by $5 million and $30.3 million, respectively, primarily due to interest incurred on the $300 million Holly senior notes and the $150 million 8.25% senior notes issued by HEP in March 2010.

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The Company has scheduled a webcast conference call for today, November 4, 2010 at 4:00 PM Eastern Time to discuss financial results. This webcast may be accessed at: http://www.videonewswire.com/event.asp?id=73298.

An audio archive of this webcast will be available using the above noted link through November 18, 2010.

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and specialty lubricant products. Holly operates through its subsidiaries a 100,000 BPSD refinery located in Artesia, New Mexico, a 31,000 BPSD refinery in Woods Cross, Utah and a 125,000 BPSD refinery located in Tulsa, Oklahoma. Also, a subsidiary of Holly owns a 34% interest (including the 2% general partner interest) in Holly Energy Partners, L.P., which through subsidiaries owns or leases approximately 2,500 miles of petroleum product and crude oil pipelines in Texas, New Mexico, Utah and Oklahoma and tankage and refined product terminals in several Southwest and Rocky Mountain states.

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” based on management’s 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 such statements. Any differences could be caused by a number of factors, including, but not limited to, risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in the Company’s markets, 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, curtailments or shutdowns in refinery operations or pipelines, effects of governmental and environmental regulations and policies, the availability and cost of financing to the Company, the effectiveness of the Company’s capital investments and marketing strategies, the Company’s efficiency in carrying out construction projects, the ability of the Company to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations, the possibility of terrorist attacks and the consequences of any such attacks, general economic conditions, and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings. 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.

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RESULTS OF OPERATIONS

Financial Data (all information in this release is unaudited)

	Three Months Ended
	September 30,						Change from 2009
	2010			2009			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	2,090,988		$	1,488,491		$	602,497			40.5	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)		1,807,044			1,295,438			511,606			39.5
Operating expenses (exclusive of depreciation and amortization)		130,263			96,717			33,546			34.7
General and administrative expenses (exclusive of depreciation and amortization)		16,925			16,728			197			1.2
Depreciation and amortization		29,138			24,026			5,112			21.3
Total operating costs and expenses		1,983,370			1,432,909			550,461			38.4
Income from operations		107,618			55,582			52,036			93.6
Other income (expense):
Equity in earnings of SLC Pipeline		570			646			(76	)		(11.8	)
Interest income		64			231			(167	)		(72.3	)
Interest expense		(17,368	)		(12,407	)		(4,961	)		40.0
Acquisition costs — Tulsa refinery		—			(378	)		378			(100.0	)
		(16,734	)		(11,908	)		(4,826	)		40.5
Income from continuing operations before income taxes		90,884			43,674			47,210			108.1
Income tax provision		31,494			13,497			17,997			133.3
Income from continuing operations		59,390			30,177			29,213			96.8
Income from discontinued operations (1)		—			901			(901	)		(100.0	)
Net income		59,390			31,078			28,312			91.1
Less noncontrolling interest in net income		8,213			7,594			619			8.2
Net income attributable to Holly Corporation stockholders	$	51,177		$	23,484		$	27,693			117.9	%
Earnings attributable to Holly Corporation stockholders:
Income from continuing operations	$	51,177		$	23,213		$	27,964			120.5	%
Income from discontinued operations		—			271			(271	)		(100.0	)
Net income	$	51,177		$	23,484		$	27,693			117.9	%
Earnings per share attributable to Holly Corporation stockholders — basic:
Income from continuing operations	$	0.96		$	0.46		$	0.50			108.7	%
Income from discontinued operations (1)		—			0.01			(0.01	)		(100.0	)
Net income	$	0.96		$	0.47		$	0.49			104.3	%
Earnings per share attributable to Holly Corporation stockholders — diluted:
Income from continuing operations	$	0.96		$	0.46		$	0.50			108.7	%
Income from discontinued operations (1)		—			0.01			(0.01	)		(100.0	)
Net income	$	0.96		$	0.47		$	0.49			104.3	%
Cash dividends declared per common share	$	0.15		$	0.15		$	—			—	%
Average number of common shares outstanding:
Basic		53,210			50,244			2,966			5.9	%
Diluted		53,567			50,327			3,240			6.4	%
EBITDA from continuing operations	$	129,113		$	72,912		$	56,201			77.1	%

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	Nine Months Ended
	September 30,						Change from 2009
	2010			2009			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	6,111,138		$	3,172,299		$	2,938,839			92.6	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)		5,379,120			2,687,018			2,692,102			100.2
Operating expenses (exclusive of depreciation and amortization)		378,638			241,518			137,120			56.8
General and administrative expenses (exclusive of depreciation and amortization)		50,623			43,572			7,051			16.2
Depreciation and amortization		85,719			69,367			16,352			23.6
Total operating costs and expenses		5,894,100			3,041,475			2,852,625			93.8
Income from operations		217,038			130,824			86,214			65.9
Other income (expense):
Equity in earnings of SLC Pipeline		1,595			1,309			286			21.8
Interest income		758			2,561			(1,803	)		(70.4	)
Interest expense		(56,113	)		(25,849	)		(30,264	)		117.1
Acquisition costs — Tulsa refinery		—			(1,988	)		1,988			(100.0	)
		(53,760	)		(23,967	)		(29,793	)		124.3
Income from continuing operations before income taxes		163,278			106,857			56,421			52.8
Income tax provision		54,476			34,668			19,808			57.1
Income from continuing operations		108,802			72,189			36,613			50.7
Income from discontinued operations (1)		—			3,438			(3,438	)		(100.0	)
Net income		108,802			75,627			33,175			43.9
Less noncontrolling interest in net income		19,557			15,593			3,964			25.4
Net income attributable to Holly Corporation stockholders	$	89,245		$	60,034		$	29,211			48.7	%
Earnings attributable to Holly Corporation stockholders:
Income from continuing operations	$	89,245		$	59,014		$	30,231			51.2	%
Income from discontinued operations		—			1,020			(1,020	)		(100.0	)
Net income	$	89,245		$	60,034		$	29,211			48.7	%
Earnings per share attributable to Holly Corporation stockholders — basic:
Income from continuing operations	$	1.68		$	1.18		$	0.50			42.4	%
Income from discontinued operations (1)		—			0.02			(0.02	)		(100.0	)
Net income	$	1.68		$	1.20		$	0.48			40.0	%
Earnings per share attributable to Holly Corporation stockholders — diluted:
Income from continuing operations	$	1.67		$	1.17		$	0.50			42.7	%
Income from discontinued operations (1)		—			0.02			(0.02	)		(100.0	)
Net income	$	1.67		$	1.19		$	0.48			40.3	%
Cash dividends declared per common share	$	0.45		$	0.45		$	—			—	%
Average number of common shares outstanding:
Basic		53,172			50,153			3,019			6.0	%
Diluted		53,531			50,272			3,259			6.5	%
EBITDA from continuing operations	$	284,795		$	186,337		$	98,458			52.8	%

(1) On December 1, 2009, HEP sold its interest in Rio Grande Pipeline Company (“Rio Grande”). Results of operations of Rio Grande are presented in discontinued operations.

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Balance Sheet Data

	September 30,		December 31,
	2010		2009
	(In thousands)
Cash, cash equivalents and investments in marketable securities	$	273,091	$	125,819
Working capital (1)	$	204,758	$	257,899
Total assets	$	3,397,379	$	3,145,939
Long-term debt	$	650,906	$	707,458
Total equity	$	1,265,477	$	1,207,871

(1) HEP’s credit agreement expires in August 2011, therefore, working capital at September 30, 2010 reflects $157 million of HEP credit agreement borrowings that are classified as current liabilities. HEP intends to renew its credit agreement prior to expiration and to continue to finance outstanding borrowings, which HEP will then reclassify as long-term debt, to the extent not designated for working capital purposes. Excluding HEP’s $157 million in credit agreement borrowings, working capital was $361.8 million at September 30, 2010.

Segment Information

Our operations are currently organized into two reportable segments, Refining and HEP. Our operations that are not included in the Refining and HEP segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Consolidations and Eliminations.

The Refining segment includes the operations of our Navajo, Woods Cross and Tulsa refineries and Holly Asphalt Company (“Holly Asphalt”). The Refining segment involves the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel, jet fuel and specialty lubricant products. The petroleum products produced by the Refining segment are primarily marketed in the Southwest, Rocky Mountain and Mid-Continent regions of the United States and northern Mexico. Additionally, the Refining segment includes specialty lubricant products produced at our Tulsa refinery that are marketed throughout North America and are distributed in Central and South America. Holly Asphalt manufactures and markets asphalt and asphalt products in Arizona, New Mexico, Texas and northern Mexico.

The HEP segment involves all of the operations of HEP. HEP owns and operates a system of petroleum product and crude gathering pipelines in Texas, New Mexico, Oklahoma and Utah, distribution terminals in Texas, New Mexico, Arizona, Utah, Idaho, and Washington and refinery tankage in New Mexico, Utah and Oklahoma. Revenues are generated by charging tariffs for transporting petroleum products and crude oil through its pipelines, by leasing certain pipeline capacity to Alon USA, Inc., by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services at its storage tanks and terminals. The HEP segment also includes a 25% interest in SLC Pipeline LLC (“SLC Pipeline”) that services refineries in the Salt Lake City, Utah area. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations.

								Consolidations
					Corporate			and			Consolidated
	Refining		HEP		and Other			Eliminations			Total
	(In thousands)
Three Months Ended September 30, 2010
Sales and other revenues	$	2,081,709	$	46,558	$	100		$	(37,379	)	$	2,090,988
Operating expenses	$	116,757	$	13,632	$	6		$	(132	)	$	130,263
General and administrative expenses	$	—	$	1,508	$	15,417		$	—		$	16,925
Depreciation and amortization	$	21,274	$	6,830	$	1,329		$	(295	)	$	29,138
Income (loss) from operations	$	100,111	$	24,588	$	(16,652	)	$	(429	)	$	107,618
Three Months Ended September 30, 2009
Sales and other revenues	$	1,476,304	$	40,805	$	229		$	(28,847	)	$	1,488,491
Operating expenses	$	85,735	$	11,103	$	7		$	(128	)	$	96,717
General and administrative expenses	$	—	$	1,848	$	14,880		$	—		$	16,728
Depreciation and amortization	$	16,527	$	5,974	$	1,525		$	—		$	24,026
Income (loss) from operations	$	50,584	$	21,880	$	(16,183	)	$	(699	)	$	55,582

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								Consolidations
					Corporate			and			Consolidated
	Refining		HEP		and Other			Eliminations			Total
	(In thousands)
Nine Months Ended September 30, 2010
Sales and other revenues	$	6,086,243	$	132,730	$	317		$	(108,152	)	$	6,111,138
Operating expenses	$	338,802	$	40,187	$	24		$	(375	)	$	378,638
General and administrative expenses	$	—	$	5,984	$	44,639		$	—		$	50,623
Depreciation and amortization	$	62,599	$	20,822	$	3,183		$	(885	)	$	85,719
Income (loss) from operations	$	200,080	$	65,737	$	(47,529	)	$	(1,250	)	$	217,038
Nine Months Ended September 30, 2009
Sales and other revenues	$	3,136,017	$	108,136	$	423		$	(72,277	)	$	3,172,299
Operating expenses	$	209,790	$	32,076	$	34		$	(382	)	$	241,518
General and administrative expenses	$	—	$	4,979	$	38,593		$	—		$	43,572
Depreciation and amortization	$	46,310	$	17,794	$	5,263		$	—		$	69,367
Income (loss) from operations	$	121,703	$	53,287	$	(43,467	)	$	(699	)	$	130,824
September 30, 2010
Cash, cash equivalents and investments in marketable securities	$	—	$	706	$	272,385		$	—		$	273,091
Total assets	$	2,210,374	$	660,727	$	555,419		$	(29,141	)	$	3,397,379
December 31, 2009
Cash, cash equivalents and investments in marketable securities	$	—	$	2,508	$	123,311		$	—		$	125,819
Total assets	$	2,142,317	$	641,775	$	392,007		$	(30,160	)	$	3,145,939

Refining Operating Data

Our refinery operations include the Navajo, Woods Cross and Tulsa refineries. The following tables set forth information, including non-GAAP performance measures about our consolidated refinery operations. The cost of products and refinery gross margin do not include the effect of depreciation and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Navajo Refinery
Crude charge (BPD) (1)		85,110			86,250			82,150			76,670
Refinery production (BPD) (2)		91,550			93,620			90,290			84,560
Sales of produced refined products (BPD)		92,180			93,996			90,730			84,102
Sales of refined products (BPD) (3)		94,900			96,580			93,780			88,110
Refinery utilization (4)		85.1	%		86.2	%		82.2	%		80.7	%
Average per produced barrel (5)
Net sales	$	87.60		$	78.15		$	88.98		$	69.21
Cost of products (6)		79.39			70.88			81.44			60.25
Refinery gross margin		8.21			7.27			7.54			8.96
Refinery operating expenses (7)		5.25			4.37			5.01			4.88
Net operating margin	$	2.96		$	2.90		$	2.53		$	4.08
Feedstocks:
Sour crude oil		88	%		86	%		86	%		84	%
Sweet crude oil		4	%		6	%		4	%		6	%
Other feedstocks and blends		8	%		8	%		10	%		10	%
Total		100	%		100	%		100	%		100	%

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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Sales of produced refined products:
Gasolines		55	%		56	%		57	%		57	%
Diesel fuels		32	%		33	%		31	%		33	%
Jet fuels		2	%		3	%		4	%		2	%
Fuel oil		6	%		4	%		4	%		3	%
Asphalt		3	%		2	%		2	%		3	%
LPG and other		2	%		2	%		2	%		2	%
Total		100	%		100	%		100	%		100	%
Woods Cross Refinery
Crude charge (BPD) (1)		27,440			26,860			26,870			25,670
Refinery production (BPD) (2)		28,410			27,630			27,940			26,220
Sales of produced refined products (BPD)		27,540			27,098			28,260			27,061
Sales of refined products (BPD) (3)		27,840			27,150			28,450			27,520
Refinery utilization (4)		88.5	%		86.7	%		86.7	%		81.9	%
Average per produced barrel (5)
Net sales	$	94.86		$	80.87		$	93.71		$	66.87
Cost of products (6)		73.08			65.68			74.02			55.22
Refinery gross margin		21.78			15.19			19.69			11.65
Refinery operating expenses (7)		6.11			6.44			5.86			6.45
Net operating margin	$	15.67		$	8.75		$	13.83		$	5.20
Feedstocks:
Sour crude oil		5	%		6	%		6	%		4	%
Sweet crude oil		61	%		61	%		60	%		63	%
Black wax crude oil		30	%		27	%		29	%		28	%
Other feedstocks and blends		4	%		6	%		5	%		5	%
Total		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasolines		60	%		59	%		62	%		65	%
Diesel fuels		33	%		32	%		31	%		28	%
Jet fuels		1	%		3	%		1	%		1	%
Fuel oil		2	%		3	%		1	%		3	%
Asphalt		2	%		2	%		3	%		1	%
LPG and other		2	%		1	%		2	%		2	%
Total		100	%		100	%		100	%		100	%
Tulsa Refinery (8)
Crude charge (BPD) (1)		114,820			66,230			112,340			28,300
Refinery production (BPD) (2)		110,670			64,230			108,830			27,400
Sales of produced refined products (BPD)		113,040			60,596			107,950			26,077
Sales of refined products (BPD) (3)		113,040			60,850			108,560			26,250
Refinery utilization (4)		91.9	%		77.9	%		89.9	%		74.5	%
Average per produced barrel (5)
Net sales	$	89.22		$	76.80		$	88.91		$	76.65
Cost of products (6)		79.80			70.10			81.26			70.80
Refinery gross margin		9.42			6.70			7.65			5.85
Refinery operating expenses (7)		4.80			4.64			5.10			4.76
Net operating margin	$	4.62		$	2.06		$	2.55		$	1.09
Feedstocks:
Sour crude oil		9	%		—	%		6	%		—	%
Sweet crude oil		91	%		100	%		94	%		100	%
Total		100	%		100	%		100	%		100	%

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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Sales of produced refined products:
Gasolines		39	%		23	%		39	%		23	%
Diesel fuels		30	%		30	%		31	%		30	%
Jet fuels		8	%		11	%		8	%		11	%
Lubricants		10	%		18	%		10	%		18	%
Gas oil / intermediates		4	%		16	%		3	%		16	%
Asphalt		6	%		—	%		5	%		—	%
LPG and other		3	%		2	%		4	%		2	%
Total		100	%		100	%		100	%		100	%
Consolidated
Crude charge (BPD) (1)		227,370			179,350			221,360			130,640
Refinery production (BPD) (2)		230,630			185,480			227,060			138,190
Sales of produced refined products (BPD)		232,760			181,690			226,940			137,240
Sales of refined products (BPD) (3)		235,780			184,570			230,790			141,890
Refinery utilization (4)		88.8	%		83.0	%		86.5	%		80.5	%
Average per produced barrel (5)
Net sales	$	89.25		$	78.11		$	89.53		$	70.16
Cost of products (6)		78.84			69.84			80.43			61.26
Refinery gross margin		10.41			8.27			9.10			8.90
Refinery operating expenses (7)		5.14			4.77			5.16			5.17
Net operating margin	$	5.27		$	3.50		$	3.94		$	3.73
Feedstocks:
Sour crude oil		39	%		44	%		37	%		52	%
Sweet crude oil		54	%		47	%		55	%		36	%
Black wax crude oil		4	%		4	%		4	%		5	%
Other feedstocks and blends		3	%		5	%		4	%		7	%
Total		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasolines		48	%		45	%		49	%		52	%
Diesel fuels		31	%		32	%		31	%		31	%
Jet fuels		5	%		6	%		6	%		3	%
Fuel oil		3	%		2	%		2	%		3	%
Asphalt		4	%		2	%		3	%		2	%
Lubricants		5	%		6	%		5	%		4	%
Gas oil / intermediates		2	%		5	%		1	%		3	%
LPG and other		2	%		2	%		3	%		2	%
Total		100	%		100	%		100	%		100	%

(1)	Crude charge represents the barrels per day of crude oil processed at our refineries.
(2)	Refinery production represents the barrels per day of refined products yielded from processing crude and other refinery feedstocks through the crude units and other conversion units at our refineries.
(3)	Includes refined products purchased for resale.
(4)	Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity was increased by 15,000 BPSD effective April 1, 2009 (our Navajo refinery expansion), 85,000 BPSD effective June 1, 2009 (our Tulsa Refinery west facility acquisition) and 40,000 BPSD effective December 1, 2009 (our Tulsa refinery east facility acquisition), increasing our consolidated crude capacity to 256,000 BPSD.
(5)	Represents average per barrel amount for produced refined products sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.
(6)	Transportation, terminal and refinery storage costs billed from HEP are included in cost of products.
(7)	Represents operating expenses of our refineries, exclusive of depreciation and amortization.
(8)	The amounts reported for the Tulsa Refinery for the nine months ended September 30, 2009 include crude oil processed and products yielded from the Tulsa Refinery west facility for the period from June 1, 2009 (date of Tulsa Refinery west facility acquisition) through September 30, 2009 only, and averaged over the 273 days for the nine months ended.

- 9 -

Operating data for the period from June 1, 2009 through September 30, 2009 is as follows:

Tulsa Refinery
Crude charge (BPD)	63,330
Refinery production (BPD)	61,310
Sales of produced refined products (BPD)	58,360
Sales of refined products (BPD)	58,740
Refinery utilization	74.5	%

Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to amounts reported under generally accepted accounting principles in financial statements.

Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income attributable to Holly Corporation stockholders plus (i) interest expense, net of interest income, (ii) income tax provision, and (iii) depreciation and amortization. EBITDA is not a calculation provided for under accounting principles generally accepted in the United States; 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 financial covenants.

Set forth below is our calculation of EBITDA from continuing operations.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(In thousands)
Income from continuing operations	$	59,390		$	30,177		$	108,802		$	72,189
Subtract noncontrolling interest in income from continuing operations		(8,213	)		(6,964	)		(19,557	)		(13,175	)
Add income tax provision		31,494			13,497			54,476			34,668
Add interest expense		17,368			12,407			56,113			25,849
Subtract interest income		(64	)		(231	)		(758	)		(2,561	)
Add depreciation and amortization		29,138			24,026			85,719			69,367
EBITDA from continuing operations	$	129,113		$	72,912		$	284,795		$	186,337

Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Refinery gross margin and net operating margin are non-GAAP performance measures that are used by our management and others to compare our refining performance to that of other companies in our industry. We believe these margin measures are helpful to investors in evaluating our refining performance on a relative and absolute basis.

We calculate refinery gross margin and net operating margin using net sales, cost of products and operating expenses, in each case averaged per produced barrel sold. These two margins do not include the effect of depreciation and amortization. Each of these component performance measures can be reconciled directly to our Consolidated Statements of Income.

Other companies in our industry may not calculate these performance measures in the same manner.

- 10 -

Refinery Gross Margin

Refinery gross margin per barrel is the difference between average net sales price and average cost of products per barrel of produced refined products. Refinery gross margin for each of our refineries and for all of our refineries on a consolidated basis is calculated as shown below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
Average per produced barrel:
Navajo Refinery
Net sales	$	87.60	$	78.15	$	88.98	$	69.21
Less cost of products		79.39		70.88		81.44		60.25
Refinery gross margin	$	8.21	$	7.27	$	7.54	$	8.96
Woods Cross Refinery
Net sales	$	94.86	$	80.87	$	93.71	$	66.87
Less cost of products		73.08		65.68		74.02		55.22
Refinery gross margin	$	21.78	$	15.19	$	19.69	$	11.65
Tulsa Refinery
Net sales	$	89.22	$	76.80	$	88.91	$	76.65
Less cost of products		79.80		70.10		81.26		70.80
Refinery gross margin	$	9.42	$	6.70	$	7.65	$	5.85
Consolidated
Net sales	$	89.25	$	78.11	$	89.53	$	70.16
Less cost of products		78.84		69.84		80.43		61.26
Refinery gross margin	$	10.41	$	8.27	$	9.10	$	8.90

Net Operating Margin

Net operating margin per barrel is the difference between refinery gross margin and refinery operating expenses per barrel of produced refined products. Net operating margin for each of our refineries and for all of our refineries on a consolidated basis is calculated as shown below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
Average per produced barrel:
Navajo Refinery
Refinery gross margin	$	8.21	$	7.27	$	7.54	$	8.96
Less refinery operating expenses		5.25		4.37		5.01		4.88
Net operating margin	$	2.96	$	2.90	$	2.53	$	4.08
Woods Cross Refinery
Refinery gross margin	$	21.78	$	15.19	$	19.69	$	11.65
Less refinery operating expenses		6.11		6.44		5.86		6.45
Net operating margin	$	15.67	$	8.75	$	13.83	$	5.20
Tulsa Refinery
Refinery gross margin	$	9.42	$	6.70	$	7.65	$	5.85
Less refinery operating expenses		4.80		4.64		5.10		4.76
Net operating margin	$	4.62	$	2.06	$	2.55	$	1.09
Consolidated
Refinery gross margin	$	10.41	$	8.27	$	9.10	$	8.90
Less refinery operating expenses		5.14		4.77		5.16		5.17
Net operating margin	$	5.27	$	3.50	$	3.94	$	3.73

- 11 -

Below are reconciliations to our Consolidated Statements of Income for (i) net sales, cost of products and operating expenses, in each case averaged per produced barrel sold, and (ii) net operating margin and refinery gross margin. Due to rounding of reported numbers, some amounts may not calculate exactly.

Reconciliations of refined product sales from produced products sold to total sales and other revenue

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Dollars in thousands, except per barrel amounts)
Navajo Refinery
Average sales price per produced barrel sold	$	87.60		$	78.15		$	88.98		$	69.21
Times sales of produced refined products sold (BPD)		92,180			93,996			90,730			84,102
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	742,897		$	675,812		$	2,203,971		$	1,589,051
Woods Cross Refinery
Average sales price per produced barrel sold	$	94.86		$	80.87		$	93.71		$	66.87
Times sales of produced refined products sold (BPD)		27,540			27,098			28,260			27,061
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	240,345		$	201,610		$	722,971		$	494,012
Tulsa Refinery
Average sales price per produced barrel sold	$	89.22		$	76.80		$	88.91		$	76.65
Times sales of produced refined products sold (BPD)		113,040			60,596			107,950			26,077
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	927,859		$	428,147		$	2,620,209		$	545,673
Sum of refined product sales from produced products sold from our three refineries (1)	$	1,911,101		$	1,305,569		$	5,547,151		$	2,628,736
Add refined product sales from purchased products and rounding (2)		24,586			21,539			93,093			83,579
Total refined product sales		1,935,687			1,327,108			5,640,244			2,712,315
Add direct sales of excess crude oil (3)		106,364			98,540			355,381			320,416
Add other refining segment revenue (4)		39,658			50,656			90,618			103,286
Total refining segment revenue		2,081,709			1,476,304			6,086,243			3,136,017
Add HEP segment sales and other revenues		46,558			40,805			132,730			108,136
Add corporate and other revenues		100			229			317			423
Subtract consolidations and eliminations		(37,379	)		(28,847	)		(108,152	)		(72,277	)
Sales and other revenues	$	2,090,988		$	1,488,491		$	6,111,138		$	3,172,299

(1)	The above calculations of refined product sales from produced products sold can also be computed on a consolidated basis. These amounts may not calculate exactly due to rounding of reported numbers.
(2)	We purchase finished products when opportunities arise that provide a profit on the sale of such products, or to meet delivery commitments.
(3)	We purchase crude oil that at times exceeds the supply needs of our refineries. Quantities in excess of our needs are sold at market prices to purchasers of crude oil that are recorded on a gross basis with the sales price recorded as revenues and the corresponding acquisition cost as inventory and then upon sale as cost of products sold. Additionally, we enter into buy/sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations that are netted at carryover cost.
(4)	Other refining segment revenue includes the revenues associated with Holly Asphalt and revenue derived from feedstock and sulfur credit sales.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
	(Dollars in thousands, except per barrel amounts)
Average sales price per produced barrel sold	$	89.25	$	78.11	$	89.53	$	70.16
Times sales of produced refined products sold (BPD)		232,760		181,690		226,940		137,240
Times number of days in period		92		92		273		273
Refined product sales from produced products sold	$	1,911,101	$	1,305,569	$	5,547,151	$	2,628,736

- 12 -

Reconciliation of average cost of products per produced barrel sold to total cost of products sold

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Dollars in thousands, except per barrel amounts)
Navajo Refinery
Average cost of products per produced barrel sold	$	79.39		$	70.88		$	81.44		$	60.25
Times sales of produced refined products sold (BPD)		92,180			93,996			90,730			84,102
Times number of days in period		92			92			273			273
Cost of products for produced products sold	$	673,272		$	612,944		$	2,017,211		$	1,383,331
Woods Cross Refinery
Average cost of products per produced barrel sold	$	73.08		$	65.68		$	74.02		$	55.22
Times sales of produced refined products sold (BPD)		27,540			27,098			28,260			27,061
Times number of days in period		92			92			273			273
Cost of products for produced products sold	$	185,161		$	163,741		$	571,063		$	407,946
Tulsa Refinery
Average cost of products per produced barrel sold	$	79.80		$	70.10		$	81.26		$	70.80
Times sales of produced refined products sold (BPD)		113,040			60,596			107,950			26,077
Times number of days in period		92			92			273			273
Cost of products for produced products sold	$	829,894		$	390,796		$	2,394,761		$	504,027
Sum of cost of products for produced products sold from our three refineries (1)	$	1,688,327		$	1,167,481		$	4,983,035		$	2,295,304
Add refined product costs from purchased products sold and rounding (2)		24,594			22,295			93,898			88,271
Total refined cost of products sold		1,712,921			1,189,776			5,076,933			2,383,575
Add crude oil cost of direct sales of excess crude oil (3)		105,091			97,400			351,643			317,954
Add other refining segment cost of products sold (4)		25,555			36,282			56,186			56,685
Total refining segment cost of products sold		1,843,567			1,323,458			5,484,762			2,758,214
Subtract consolidations and eliminations		(36,523	)		(28,020	)		(105,642	)		(71,196	)
Costs of products sold (exclusive of depreciation and amortization)	$	1,807,044		$	1,295,438		$	5,379,120		$	2,687,018

(1)	The above calculations of cost of products for produced products sold can also be computed on a consolidated basis. These amounts may not calculate exactly due to rounding of reported numbers.
(2)	We purchase finished products when opportunities arise that provide a profit on the sale of such products, or to meet delivery commitments.
(3)	We purchase crude oil that at times exceeds the supply needs of our refineries. Quantities in excess of our needs are sold at market prices to purchasers of crude oil that are recorded on a gross basis with the sales price recorded as revenues and the corresponding acquisition cost as inventory and then upon sale as cost of products sold. Additionally, we enter into buy/sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations that are netted at carryover cost.
(4)	Other refining segment cost of products sold includes the cost of products for Holly Asphalt and costs attributable to feedstock and sulfur credit sales.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
	(Dollars in thousands, except per barrel amounts)
Average cost of products per produced barrel sold	$	78.84	$	69.84	$	80.43	$	61.26
Times sales of produced refined products sold (BPD)		232,760		181,690		226,940		137,240
Times number of days in period		92		92		273		273
Cost of products for produced products sold	$	1,688,327	$	1,167,481	$	4,983,035	$	2,295,304

- 13 -

Reconciliation of average refinery operating expenses per produced barrel sold to total operating expenses

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Dollars in thousands, except per barrel amounts)
Navajo Refinery
Average refinery operating expenses per produced barrel sold	$	5.25		$	4.37		$	5.01		$	4.88
Times sales of produced refined products sold (BPD)		92,180			93,996			90,730			84,102
Times number of days in period		92			92			273			273
Refinery operating expenses for produced products sold	$	44,523		$	37,790		$	124,094		$	112,044
Woods Cross Refinery
Average refinery operating expenses per produced barrel sold	$	6.11		$	6.44		$	5.86		$	6.45
Times sales of produced refined products sold (BPD)		27,540			27,098			28,260			27,061
Times number of days in period		92			92			273			273
Refinery operating expenses for produced products sold	$	15,481		$	16,055		$	45,210		$	47,650
Tulsa Refinery
Average refinery operating expenses per produced barrel sold	$	4.80		$	4.64		$	5.10		$	4.76
Times sales of produced refined products sold (BPD)		113,040			60,596			107,950			26,077
Times number of days in period		92			92			273			273
Refinery operating expenses for produced products sold	$	49,918		$	25,867		$	150,299		$	33,887
Sum of refinery operating expenses per produced products sold from our three refineries (1)	$	109,922		$	79,712		$	319,603		$	193,581
Add other refining segment operating expenses and rounding (2)		6,835			6,023			19,199			16,209
Total refining segment operating expenses		116,757			85,735			338,802			209,790
Add HEP segment operating expenses		13,632			11,103			40,187			32,076
Add corporate and other costs		6			7			24			34
Subtract consolidations and eliminations		(132	)		(128	)		(375	)		(382	)
Operating expenses (exclusive of depreciation and amortization)	$	130,263		$	96,717		$	378,638		$	241,518

(1)	The above calculations of refinery operating expenses from produced products sold can also be computed on a consolidated basis. These amounts may not calculate exactly due to rounding of reported numbers.
(2)	Other refining segment operating expenses include the marketing costs associated with our refining segment and the operating expenses of Holly Asphalt.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
	(Dollars in thousands, except per barrel amounts)
Average refinery operating expenses per produced barrel sold	$	5.14	$	4.77	$	5.16	$	5.17
Times sales of produced refined products sold (BPD)		232,760		181,690		226,940		137,240
Times number of days in period		92		92		273		273
Refinery operating expenses for produced products sold	$	109,922	$	79,712	$	319,603	$	193,581

- 14 -

Reconciliation of net operating margin per barrel to refinery gross margin per barrel to total sales and other revenues

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
	(Dollars in thousands, except per barrel amounts)
Navajo Refinery
Net operating margin per barrel	$	2.96		$	2.90		$	2.53		$	4.08
Add average refinery operating expenses per produced barrel		5.25			4.37			5.01			4.88
Refinery gross margin per barrel		8.21			7.27			7.54			8.96
Add average cost of products per produced barrel sold		79.39			70.88			81.44			60.25
Average sales price per produced barrel sold	$	87.60		$	78.15		$	88.98		$	69.21
Times sales of produced refined products sold (BPD)		92,180			93,996			90,730			84,102
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	742,897		$	675,812		$	2,203,971		$	1,589,051
Woods Cross Refinery
Net operating margin per barrel	$	15.67		$	8.75		$	13.83		$	5.20
Add average refinery operating expenses per produced barrel		6.11			6.44			5.86			6.45
Refinery gross margin per barrel		21.78			15.19			19.69			11.65
Add average cost of products per produced barrel sold		73.08			65.68			74.02			55.22
Average sales price per produced barrel sold	$	94.86		$	80.87		$	93.71		$	66.87
Times sales of produced refined products sold (BPD)		27,540			27,098			28,260			27,061
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	240,345		$	201,610		$	722,971		$	494,012
Tulsa Refinery
Net operating margin per barrel	$	4.62		$	2.06		$	2.55		$	1.09
Add average refinery operating expenses per produced barrel		4.80			4.64			5.10			4.76
Refinery gross margin per barrel		9.42			6.70			7.65			5.85
Add average cost of products per produced barrel sold		79.80			70.10			81.26			70.80
Average sales price per produced barrel sold	$	89.22		$	76.80		$	88.91		$	76.65
Times sales of produced refined products sold (BPD)		113,040			60,596			107,950			26,077
Times number of days in period		92			92			273			273
Refined product sales from produced products sold	$	927,859		$	428,147		$	2,620,209		$	545,673
Sum of refined product sales from produced products sold from our three refineries (1)	$	1,911,101		$	1,305,569		$	5,547,151		$	2,628,736
Add refined product sales from purchased products and rounding (2)		24,586			21,539			93,093			83,579
Total refined product sales		1,935,687			1,327,108			5,640,244			2,712,315
Add direct sales of excess crude oil (3)		106,364			98,540			355,381			320,416
Add other refining segment revenue (4)		39,658			50,656			90,618			103,286
Total refining segment revenue		2,081,709			1,476,304			6,086,243			3,136,017
Add HEP segment sales and other revenues		46,558			40,805			132,730			108,136
Add corporate and other revenues		100			229			317			423
Subtract consolidations and eliminations		(37,379	)		(28,847	)		(108,152	)		(72,277	)
Sales and other revenues	$	2,090,988		$	1,488,491		$	6,111,138		$	3,172,299

(1)	The above calculations of refined product sales from produced products sold can also be computed on a consolidated basis. These amounts may not calculate exactly due to rounding of reported numbers.
(2)	We purchase finished products when opportunities arise that provide a profit on the sale of such products or to meet delivery commitments.
(3)	We purchase crude oil that at times exceeds the supply needs of our refineries. Quantities in excess of our needs are sold at market prices to purchasers of crude oil that are recorded on a gross basis with the sales price recorded as revenues and the corresponding acquisition cost as inventory and then upon sale as cost of products sold. Additionally, we enter into buy/sell exchanges of crude oil with certain parties to facilitate the delivery of quantities to certain locations that are netted at carryover cost.
(4)	Other refining segment revenue includes the revenues associated with Holly Asphalt and revenue derived from feedstock and sulfur credit sales.

- 15 -

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
	(Dollars in thousands, except per barrel amounts)
Net operating margin per barrel	$	5.27	$	3.50	$	3.94	$	3.73
Add average refinery operating expenses per produced barrel		5.14		4.77		5.16		5.17
Refinery gross margin per barrel		10.41		8.27		9.10		8.90
Add average cost of products per produced barrel sold		78.84		69.84		80.43		61.26
Average sales price per produced barrel sold	$	89.25	$	78.11	$	89.53	$	70.16
Times sales of produced refined products sold (BPD)		232,760		181,690		226,940		137,240
Times number of days in period		92		92		273		273
Refined product sales from produced products sold	$	1,911,101	$	1,305,569	$	5,547,151	$	2,628,736

FOR FURTHER INFORMATION, Contact:

Bruce R, Shaw, Senior Vice President and

    Chief Financial Officer

M. Neale Hickerson, Vice President,

    Investor Relations

Holly Corporation
214/871-3555

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