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 (Date of earliest event reported): April 9, 2007 (April 5, 2007)

HOLLY CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware		75-1056913
(State or other jurisdiction of incorporation)	001-03876 (Commission File Number)	(I.R.S. Employer Identification Number)
100 Crescent Court, Suite 1600 Dallas, Texas (Address of principal executive offices)		75201-6915 (Zip code)

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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On April 9, 2007, Holly Corporation (the “Company”) issued a press release announcing that on April 5, 2007, Matthew P. Clifton was elected Chairman of the Board by the Company’s Board of Directors. Mr. Clifton replaces Lamar Norsworthy as Chairman of the Board and continues to serve as the Company’s Chief Executive Officer. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and incorporated herein in its entirety.

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Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1 — Press Release of the Company issued April 9, 2007.

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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: April 9, 2007

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EXHIBIT INDEX

Exhibit
Number	Exhibit Title
99.1 —	Press Release of the Company issued April 9, 2007.

EX-99.1

Exhibit 99.1

Matthew P. Clifton Named Holly Corporation Chairman

Dallas, Texas, April 9, 2007 — Holly Corporation (NYSE-HOC) (“Holly”) today announced that its Board of Directors has elected Matthew P. Clifton, who has served as Holly’s Chief Executive Officer since the beginning of 2006, to the additional position of Chairman of the Board.

Mr. Clifton has been employed by Holly for over twenty-five years. He has served as Holly’s Chief Executive Officer since January 2006. He has been a director of Holly since 1995 and was President of the Company from 1995 through 2005. He previously held positions as Holly’s Vice President of economics, engineering and legal affairs from 1988 to 1991 and Holly’s Senior Vice President from 1991 to 1995. Mr. Clifton also serves as Chairman of the Board and Chief Executive Officer for Holly Energy Partners, L.P., a limited partnership in which Holly has a 45% interest (including the general partner interest), which began its operations in July 2004.

In the position of Chairman of the Board, Mr. Clifton replaces Lamar Norsworthy, who is no longer able to serve because of disability following an illness that began in October 2006. Mr. Norsworthy first became a member of Holly’s Board in 1968 and served as Holly’s chief executive officer from 1971 through the end of 2005. He had held the position of Chairman of the Board from 1977 until Mr. Clifton’s election as Chairman in early April.

About Holly Corporation

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel. Holly operates through its subsidiaries an 83,000 bpd refinery located in southeast New Mexico, and a 26,000 bpd refinery in Woods Cross, Utah. Holly also owns a 45% interest (including the general partner interest) in Holly Energy Partners, L.P. (NYSE-HEP), which through subsidiaries owns or leases approximately 1,700 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and refined product terminals in several Southwest and Rocky Mountain states.

FOR FURTHER INFORMATION, Contact:

Stephen J. McDonnell, Vice President and
     Chief Financial Officer
M. Neale Hickerson, Vice President,
     Investor Relations
Holly Corporation
214/871-3555