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): July 29, 2004

HOLLY CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware		75-1056913
(State or other	001-03876	(I.R.S. Employer
jurisdiction of incorporation)	(Commission File Number)	Identification Number)
100 Crescent Court,
Suite 1600
Dallas, Texas
(Address of principal		75201-6927
executive offices)		(Zip code)

Registrant’s telephone number, including area code: (214) 871-3555

Not applicable
(Former name or former address, if changed since last report)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 9. Regulation FD Disclosures
SIGNATURES
EXHIBIT INDEX
Selected Balance Sheet Data and Operating Statistics for 2003

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

99.1 — Selected balance sheet data and operating statistics for 2003*

Item 9. Regulation FD Disclosures.

     The following information is furnished pursuant to Item 9, “Regulation FD Disclosures.”

     Holly Corporation (the “Company”) is reporting selected balance sheet information and operating statistics for the calendar quarters of 2003. Due to the change in the Company’s fiscal year from a July 31 fiscal year-end to a December 31 fiscal year-end, the Company’s selected balance sheet data and operating statistics for the full year of 2003 have not previously been reported for each quarter. The Company has previously reported information for the three months ended March 31, 2003 in the Form 10-Q for the quarterly period ended March 31, 2004. Additionally, balance sheet information and certain operating statistics were reported in the Form 10-Q for the quarterly period ended September 30, 2003.

     The information in Exhibit 99.1 has been prepared without audit. In management’s opinion, the financial information includes all normal recurring adjustments necessary for a fair presentation of the Company’s financial information. The information in Exhibit 99.1 should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2003.

* Filed 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 CORPORATION

By:	/s/ Stephen J. McDonnell
	Stephen J. McDonnell
	Vice President and Chief Financial Officer

Date: July 29, 2004

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EXHIBIT INDEX

Exhibit
Number		Exhibit Title
99.1	—	Selected balance sheet data and operating statistics for 2003.

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EX-99.1

Exhibit 99.1

HOLLY CORPORATION SELECTED BALANCE SHEET DATA
AND OPERATING STATISTICS FOR 2003

Balance Sheet Data (Unaudited)

	March 31,			June 30,			September 30,			December 31,
	2003			2003			2003 (2)			2003
				(Dollars in thousands)
Cash and cash equivalents	$	28,306		$	28,646		$	17,283		$	11,690
Working capital	$	20,374		$	(24,125	)	$	(168	)	$	(28,261	)
Total assets	$	580,832		$	652,407		$	631,726		$	708,892
Total debt, including current maturities and borrowings under the revolving credit agreement	$	35,714		$	75,714		$	40,714		$	67,142
Shareholders’ equity	$	239,783		$	254,224		$	270,072		$	268,609
Total debt to capitalization ratio (1)		13.0	%		23.0	%		13.1	%		20.0	%

(1) The total debt to capitalization ratio is calculated by dividing total debt, including current maturities and borrowings under the revolving credit agreement, by the sum of total debt including current maturities and borrowings under the revolving credit agreement and stockholder’s equity.

(2) In the Form 10-Q for the third quarter ended September 30, 2003, we accounted for our investment in the Rio Grande Pipeline Company on the equity method. Effective at December 31, 2003, the Company consolidated its interest in Rio Grande effective as of June 30, 2003. The effect on September 30, 2003 was to increase cash and cash equivalents by $8.8 million, working capital by $8.8 million and total assets by $15.9 million.

Other Financial Data (Unaudited)

     The following tables set forth certain additional information about our refinery operations:

Navajo Refinery

	Three Months Ended												Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003			2003
Crude charge (BPD) (2)		55,580			60,820			60,200			47,730			56,080
Refinery production (BPD) (3)		63,470			68,980			69,210			53,110			63,680
Sales of produced refined products (BPD)		61,100			68,070			67,760			53,390			62,570
Sales of refined products (BPD) (4)		74,950			76,470			76,600			70,040			74,500
Refinery utilization (5)		92.6	%		101.4	%		100.3	%		79.6	%		93.5	%
Average per produced barrel: (6)
Net sales	$	42.24		$	36.51		$	38.92		$	38.36		$	38.95
Raw material costs		34.73			29.98			30.44			31.25			31.52
Refinery gross margin		7.51			6.53			8.48			7.11			7.43
Refinery operating expenses (7)		3.39			2.75			3.09			3.87			3.24
Net cash operating margin	$	4.12		$	3.78		$	5.39		$	3.24		$	4.19

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	Three Months Ended												Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003			2003
Feedstocks:
Sour crude oil		77	%		78	%		76	%		80	%		78	%
Sweet crude oil		11	%		10	%		11	%		10	%		10	%
Other feedstocks and blends		12	%		12	%		13	%		10	%		12	%
Total		100	%		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasoline		60	%		57	%		55	%		60	%		58	%
Diesel fuels		22	%		24	%		23	%		25	%		23	%
Jet fuels		9	%		9	%		10	%		6	%		9	%
Asphalt		5	%		7	%		9	%		7	%		7	%
LPG and other		4	%		3	%		3	%		2	%		3	%
Total		100	%		100	%		100	%		100	%		100	%
Woods Cross Refinery (1)

	One Month Ended			Three Months Ended						Year Ended
	June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003
Crude charge (BPD) (1), (2)		24,980			25,000			19,430			22,540
Refinery production (BPD) (1), (3)		25,780			26,060			21,060			23,870
Sales of produced refined products (BPD) (1)		27,150			23,700			19,740			22,480
Sales of refined products (BPD) (1), (4)		27,160			24,110			19,790			22,680
Refinery utilization (5)		99.9	%		100.0	%		77.7	%		90.2	%
Average per produced barrel: (6)
Net sales	$	38.70		$	42.60		$	39.88		$	40.91
Raw material costs		34.25			34.78			35.11			34.81
Refinery gross margin		4.45			7.82			4.77			6.10
Refinery operating expenses (7)		2.50			3.76			4.75			3.92
Net cash operating margin	$	1.95		$	4.06		$	0.02		$	2.18
Feedstocks:
Sour crude oil		—	%		—	%		2	%		1	%
Sweet crude oil		97	%		95	%		90	%		94	%
Other feedstocks and blends		3	%		5	%		8	%		5	%
Total		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasoline		66	%		61	%		62	%		62	%
Diesel fuels		24	%		29	%		27	%		27	%
Jet fuels		1	%		2	%		1	%		3	%
Fuel oil		9	%		7	%		5	%		7	%
LPG and other		—	%		1	%		5	%		1	%
Total		100	%		100	%		100	%		100	%

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Montana Refinery

	Three Months Ended												Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003			2003
Crude charge (BPD) (2)		6,640			5,930			7,960			6,400			6,740
Refinery production (BPD) (3)		7,320			6,340			8,840			6,870			7,350
Sales of produced refined products (BPD)		5,280			8,030			9,440			5,830			7,150
Sales of refined products (BPD) (4)		5,520			8,880			9,860			6,210			7,620
Refinery utilization (5)		94.9	%		84.7	%		113.7	%		91.4	%		96.3	%
Average per produced barrel: (6)
Net sales	$	38.09		$	34.58		$	36.02		$	35.09		$	35.80
Raw material costs		31.62			29.24			26.50			26.37			28.17
Refinery gross margin		6.47			5.34			9.52			8.72			7.63
Refinery operating expenses (7)		8.13			5.48			4.24			6.92			5.85
Net cash operating margin	$	(1.66	)	$	(0.14	)	$	5.28		$	1.80		$	1.78
Feedstocks:
Sour crude oil		91	%		94	%		90	%		93	%		92	%
Other feedstocks and blends		9	%		6	%		10	%		7	%		8	%
Total		100	%		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasoline		50	%		35	%		35	%		48	%		40	%
Diesel fuels		23	%		13	%		13	%		16	%		15	%
Jet fuels		9	%		5	%		5	%		8	%		7	%
Asphalt		12	%		43	%		43	%		24	%		33	%
LPG and other		6	%		4	%		4	%		4	%		5	%
Total		100	%		100	%		100	%		100	%		100	%

Consolidated

	Three Months Ended												Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003			2003
Crude charge (BPD) (1), (2)		62,220			74,990			93,160			73,560			76,040
Refinery production (BPD) (1), (3)		70,790			83,820			104,110			81,040			85,030
Sales of produced refined products (BPD) (1)		66,380			85,050			100,900			78,960			82,900
Sales of refined products (BPD) (1), (4)		80,470			94,300			110,570			96,040			95,420
Refinery utilization (1), (5)		92.9	%		99.5	%		101.3	%		80.0	%		93.2	%
Average per produced barrel: (6)
Net sales	$	41.91		$	36.56		$	39.51		$	38.49		$	38.99
Raw material costs		34.49			30.36			31.09			31.85			31.76
Refinery gross margin		7.42			6.20			8.42			6.64			7.23
Refinery operating expenses (7)		3.77			2.98			3.36			4.32			3.58
Net cash operating margin	$	3.65		$	3.22		$	5.06		$	2.32		$	3.65

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	Three Months Ended												Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2003			2003			2003			2003			2003
Feedstocks:
Sour crude oil		78	%		71	%		58	%		61	%		66	%
Sweet crude oil		10	%		18	%		31	%		30	%		23	%
Other feedstocks and blends		12	%		11	%		11	%		9	%		11	%
Total		100	%		100	%		100	%		100	%		100	%
Sales of produced refined products:
Gasoline		59	%		56	%		54	%		60	%		57	%
Diesel fuels		22	%		23	%		24	%		24	%		23	%
Jet fuels		9	%		7	%		8	%		6	%		8	%
Asphalt		6	%		10	%		10	%		6	%		8	%
LPG and other		4	%		4	%		4	%		4	%		4	%
Total		100	%		100	%		100	%		100	%		100	%

(1)	We purchased the Woods Cross, Utah refinery from ConocoPhillips on June 1, 2003. Barrels per day (BPD) for Woods Cross is calculated based on actual production of the plant since June 1, 2003 (30 days for the three months ended June 30, 2003 and 214 days for the year-ended December 31, 2003). For quarterly consolidation purposes for the three months ended June 30, 2003, the Woods Cross BPD is calculated over 91 days. For annual consolidation purposes, the Woods Cross BPD is calculated over 365 days.
(2)	Crude charge represents the barrels per day of crude oil processed at the crude units at our refineries.
(3)	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.
(4)	Includes refined products purchased for resale.
(5)	Represents crude charge divided by total crude capacity. For these calculations, crude oil capacity at the Navajo Refinery is 60,000 BPD, crude oil capacity at the Woods Cross Refinery is 25,000 BPD, and crude oil capacity at the Montana Refinery is 7,000 BPD which gives a consolidated crude charge of 67,000 BPD through May 2003 and 92,000 BPD from June 2003 through December 2003.
(6)	Represents average per barrel amounts for produced refined products sold.
(7)	Represents operating expenses of refineries, exclusive of depreciation, depletion and amortization and excludes refining segment expenses of product pipelines and terminals.

     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 belief 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. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Such 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 our 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 or

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shutdowns in refinery operations or pipelines, effects of governmental regulations and policies, our availability and cost of financing, the effectiveness of our capital investments and marketing strategies, our efficiency in carrying out construction projects, the outcome of the litigation with Frontier Oil Corporation, 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. We assume no duty to publicly update or revise such statements, whether as a result of new information, future events or otherwise.

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