Press Release Details

Holly Energy Partners Fourth Quarter 2008 Earnings Release and Conference Call

January 13, 2009
Holly Energy Partners Fourth Quarter 2008 Earnings Release and Conference Call DALLAS, TX – Holly Energy Partners, L.P. (NYSE: HEP) plans to announce results for the quarter ended December 31, 2008 on February 3, 2009, before the opening of trading on the NYSE. The partnership has scheduled a conference call on February 3, 2009 at 4:00PM Eastern time to discuss financial results. Listeners may access this call by dialing (888) 548-4639. The ID# for this call is 80734731. 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=54926

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 February 17, 2009.

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 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:

Bruce Shaw, Senior Vice President and Chief Financial Officer

M. Neale Hickerson, Vice President-Investor Relations

Holly Energy Partners

214-871-3555