Holly Corporation Announces Regular Quarterly Cash Dividend

DALLAS, June 2 /PRNewswire-FirstCall/ -- Holly Corporation (NYSE:HOC) today announced the declaration of a regular quarterly cash dividend in the amount of $0.15 per share payable on July 2, 2008, to holders of record on June 17, 2008.

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 85,000 barrels per day ("bpd") refinery located in Artesia, New Mexico, and a 26,000 bpd refinery in Woods Cross, Utah. Holly also owns a 46% interest (including the general partner interest) in Holly Energy Partners, L.P. (NYSE:HEP), which through subsidiaries owns or leases approximately 2,500 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and petroleum product terminals in several Southwest and Rocky Mountain states.

First Call Analyst:
FCMN Contact: neale.hickerson@hollycorp.com

Source: Holly Corporation

CONTACT: Bruce R. Shaw, Senior Vice President and Chief Financial
Officer, or M. Neale Hickerson, Vice President-Investor Relations, both of
Holly Corporation, +1-214-871-3555

Web site: http://www.hollycorp.com/

2008-06-02 17:38:24 0375323 PRNEWSWIRE