HollyFrontier Corporation Announces Special Dividend And 33 Percent Increase In Regular Dividend

  HollyFrontier Corporation Announces Special Dividend And 33 Percent Increase
  In Regular Dividend

  *Regular Quarterly Dividend Increased to $0.20 Per Share from $0.15 Per
    Share
  *Declares $0.50 Per Share Special Dividend

Business Wire

DALLAS -- November 01, 2012

HollyFrontier Corporation (NYSE: HFC) ("HollyFrontier") announced today that
its Board of Directors approved a 33 percent increase in the Company’s regular
quarterly cash dividend to $0.20 per share from the current rate of $0.15 per
share. This is the fourth increase in the regular dividend since our merger in
July of 2011, representing a total increase of 166 percent. The regular
dividend will be paid on December 21, 2012 to holders of record of common
stock on December 10, 2012.

The Company also announced today a special cash dividend in the amount of
$0.50 per share. The special dividend will be paid on November 30, 2012 to
holders of record of common stock on November 15, 2012. This is the 5^th
special dividend declared by HollyFrontier this year and the 7^th special
dividend declared by HollyFrontier since August 2011.

Mike Jennings, CEO and President of HollyFrontier, said, "Our Board of
Directors remains committed to returning capital to shareholders as evidenced
by today’s announcement to issue a special dividend and raise our regular
dividend 33 percent. Year to date, the Board of Directors has declared $3.10
of special and regular dividends representing an approximate 8 percent cash
yield on today’s closing price of $38.54 per share. Including today’s
announcement, HollyFrontier has returned almost $1.1 billion in capital to
shareholders since our July 2011 merger.”

About HollyFrontier Corporation

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent
petroleum refiner and marketer that produces high value light products such as
gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier
operates through its subsidiaries a 135,000 barrels per stream day (“bpsd”)
refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa,
Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000
bpsd refinery located in Cheyenne, Wyoming and a 31,000 bpsd refinery in Woods
Cross, Utah. HollyFrontier markets its refined products principally in the
Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and
in other neighboring Plains states. A subsidiary of HollyFrontier also owns a
44 percent interest (including the 2 percent general partner interest) in
Holly Energy Partners, L.P.

Information about HollyFrontier may be found on its website at
http://www.hollyfrontier.com

Contact:

HollyFrontier Corporation
Julia Heidenreich, 214-871-3555
Investor Relations