Holly Energy Partners Announces Management Changes

  Holly Energy Partners Announces Management Changes

  *Bruce R. Shaw to become President
  *Doug S. Aron to become Executive Vice President & Chief Financial Officer

Business Wire

DALLAS -- October 29, 2012

Holly Energy Partners, L.P. (NYSE: HEP) (the “Partnership”) announced that its
Board appointed Bruce Shaw to the position of President of Holly Logistic
Services, L.L.C. (“HLS”) effective November 1, 2012. HLS is a wholly-owned
subsidiary of HollyFrontier Corporation (NYSE: HFC) and the general partner of
Holly Energy. Matthew P. Clifton, HLS’s current President, will continue to
serve as the Chairman of the Board and Chief Executive Officer.

Mr. Shaw, 45, has served as Senior Vice President and Chief Financial Officer
of HLS since December 2011 and will serve in that position until November 1,
2012. Mr. Shaw also concurrently serves as Senior Vice President, Strategy and
Corporate Development of HollyFrontier Corporation, a position he has held
since July 2011. Mr. Shaw will resign from that position effective January 1,
2013 as a result of his increased responsibilities at HLS. Mr. Shaw also
served in various positions at HLS and Holly Corporation, including Senior
Vice President and Chief Financial Officer of Holly Corporation from January
2008 until July 2011. Prior to joining Holly Corporation in 1997, Mr. Shaw was
a consultant at McKinsey & Company.

Holly Energy Partners also announced the Board’s appointment of Doug Aron as
the Executive Vice President and Chief Financial Officer of HLS effective
November 1, 2012. Mr. Aron, 39, currently serves as Executive Vice President
and Chief Financial Officer of HollyFrontier Corporation. Prior to the
HollyFrontier merger, Mr. Aron served as the Executive Vice President and
Chief Financial Officer at Frontier Oil Corporation since 2009. Mr. Aron also
held various positions at Frontier Oil Corporation from 2001 through 2009
including Vice President of Corporate Finance and Director of Investor
Relations.

About Holly Energy Partners

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides
petroleum product and crude oil transportation, tankage and terminal services
to the petroleum industry, including HollyFrontier Corporation, which
currently owns a 44% interest (including a 2% general partner interest) in the
Partnership. The Partnership owns and operates petroleum product and crude
pipelines, tankage, terminals and loading facilities located in Texas, New
Mexico, Oklahoma, Arizona, Washington, Kansas, Wyoming, Idaho and Utah. In
addition, the Partnership owns a 25% interest in SLC Pipeline LLC, a
transporter of crude oil in the Salt Lake City area, and a 75% interest in
UNEV Pipeline, LLC, the owner of a Holly Energy operated refined products
pipeline running from Utah to Las Vegas, Nevada and related products
terminals.

Contact:

Holly Energy Partners
Investor Relations
M. Neale Hickerson, 214-871-3555
or
Julia Heidenreich, 214-871-3555