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Holly Energy Partners Completes Two-for-One Unit Split



  Holly Energy Partners Completes Two-for-One Unit Split

Business Wire

DALLAS -- January 16, 2013

Holly Energy Partners, L.P. (NYSE:HEP) announced today the completion of its
two-for-one common unit split. The unit split was effected by the distribution
of one additional common unit for each common unit outstanding and held by
unitholders of record at the close of business on January 7, 2013 taking the
overall number of Holly Energy Partners common units outstanding to
approximately 56.8 million. Post-split, Holly Energy Partners’ current
annualized cash distribution rate will be $1.85 per unit. Common units will
begin trading on a post-split basis on the New York Stock Exchange as of the
market opening on January 17, 2013.

About Holly Energy Partners, L.P.:

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
Holly Energy. Holly Energy owns and operates petroleum product and crude
pipelines, tankage, terminals and loading facilities located in Texas, New
Mexico, Arizona, Oklahoma, Washington, Idaho, Utah, Kansas and Wyoming. In
addition, Holly Energy 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 product terminals.

Information about Holly Energy Partners, L.P. may be found on its website at
http://www.hollyenergy.com.

Contact:

Holly Energy Partners
Investor Relations
Neale Hickerson, 214-954-6511
or
Julia Heidenreich, 214-954-6511
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