Holly Energy Partners, L.P. Announces Exercise of Over-Allotment Option

DALLAS, May 18 /PRNewswire-FirstCall/ -- Holly Energy Partners, L.P. (NYSE:
HEP) (the "Partnership") announced today that the underwriters of its
previously announced equity offering have exercised their over-allotment
option and will purchase an additional 192,400 common units. The option was
granted in connection with the Partnership's public offering of two million
common units at an offering price of $27.80 per unit, which priced on May 5,
2009 and closed on May 8, 2009.

Goldman, Sachs & Co. and UBS Investment Bank acted as the joint book-running
managers for the offering. SMH Capital acted as co-manager.

This offering was made pursuant to an effective shelf registration statement.
A prospectus supplement and accompanying prospectus describing the terms of
the offering has been filed with the Securities and Exchange Commission,
copies of which may be obtained by sending a request to: Goldman, Sachs &
Co., Prospectus Department, 100 Burma Road, Jersey City, NJ 07305, phone:
212.902.1171, and email at prospectus-ny@ny.email.gs.com or UBS Investment
Bank, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171,
phone: 888.827.7275.

This press release shall not constitute an offer to sell, or the solicitation
of an offer to buy, any of the securities described herein, nor shall there be
any sale of these securities, in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such state.

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 Holly Corporation, which currently owns a
41% interest in the Partnership (including the general partner interest) after
the exercise of the underwriters' over-allotment option. The Partnership owns
and operates petroleum product and crude pipelines, tankage and terminals
located in Texas, New Mexico, 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, and a 25% interest
in SLC Pipeline, LLC, a transporter of crude oil in the Salt Lake City area.

The following is a "safe harbor" statement under the Private Securities
Litigation Reform Act of 1995: The statements in this press release relating
to matters that are not historical facts are "forward-looking statements"
within the meaning of the federal securities laws. These statements are based
on our beliefs and assumptions using currently available information and
expectations as of the date hereof, are not guarantees of future events or
performance and involve certain risks and uncertainties, including those
contained in our filings made from time to time with the Securities and
Exchange Commission. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure you that our
expectations will prove correct. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in these
statements. The forward-looking statements speak only as of the date made
and, other than as required by law, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

SOURCE Holly Energy Partners, L.P.

Bruce R. Shaw, Senior Vice President and Chief Financial Officer, or M. Neale
Hickerson, Vice President, Investor Relations, both of Holly Energy Partners,
L.P., +1-214-871-3555