Holly Energy Partners Reschedules First Quarter 2008 Earnings Conference Call DALLAS, TX Holly Energy Partners, L.P. (NYSE: HEP) today announced that it has rescheduled for 4:00 PM EDT on April 29, 2008 its earnings conference call on results for the first quarter of 2008. In addition to financial results, HEP plans to update listeners on a series of capital projects planned for 2008-2009. Listeners may access this call by dialing (888) 548-4639 and using the ID# 42844136. 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=47401 As previously announced, HEP will release results for the first quarter of 2008 on April 29, 2008, before the opening of trading on the NYSE.

There will be a series of Webcast slides presented during the capital projects update for those participating via the above internet link. These slides will be posted on the HEP website (www.hollyenergy.com) shortly after this Webcast concludes.

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 May 13, 2008.

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 46% interest in the Partnership. The Partnership owns and operates crude and product pipelines and terminals 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:

Bruce Shaw, Senior Vice President and Chief Financial Officer M. Neale Hickerson, Vice President-Investor Relations

Holly Energy Partners, L.P. 214-871-3555