Holly Energy Partners Third Quarter 2007 Earnings Release and Conference Call DALLAS, TX – Holly Energy Partners, L.P. (NYSE: HEP) plans to announce results for the quarter ended September 30, 2007 on October 30, 2007, before the opening of trading on the NYSE. The partnership has scheduled a conference call on October 30, 2007 at 10:00AM EDT to discuss financial results. Listeners may access this call by dialing (888) 548-4639. The ID# for this call is 20524394. For those who would like to listen to this call via the internet, you may access the call at:

http://www.videonewswire.com/event.asp?id=43140

Additionally, listeners may replay this call approximately two hours after the call concludes by dialing (800) 642-1687. This audio archive will be available through November 13, 2007.

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product transportation and terminal services to the petroleum industry, including Holly Corporation, which owns a 45% interest in the Partnership. The Partnership owns and operates product pipelines and terminals primarily in Texas, New Mexico, Oklahoma, Arizona, Washington, Idaho and Utah. In addition, the Partnership owns a 70% interest in Rio Grande Pipeline Company, a transporter of LPGs from West Texas to Northern Mexico.

FOR FURTHER INFORMATION, Contact:

Stephen J. McDonnell, Vice President and Chief Financial Officer

M. Neale Hickerson, Vice President-Investor Relations

Holly Energy Partners

214-871-3555