Holly Corporation Announces Completion of Previously Announced Acquisition of Sunoco's...

Holly Corporation Announces Completion of Previously Announced Acquisition of
Sunoco's Tulsa Refinery

DALLAS, June 1 /PRNewswire-FirstCall/ -- Holly Corporation (NYSE: HOC)
announced today that Holly Refining & Marketing - Tulsa LLC has completed its
transaction to purchase Sunoco's 85,000 barrel per day Tulsa refinery and
associated businesses.

About Holly Corporation

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum
refiner and marketer that produces high value light products such as gasoline,
diesel fuel and jet fuel. Holly operates through its subsidiaries a 100,000
barrel per day ("bpd") refinery located in Artesia, New Mexico and a 31,000
bpd refinery in Woods Cross, Utah. Holly also owns a 41% interest (including
the general partner interest) in Holly Energy Partners, L.P.

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"
based on management's beliefs and assumptions using currently available
information and expectations as of the date hereof, are not guarantees of
future performance and involve certain risks and uncertainties, including
those contained in our filings 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 such statements. Such
differences could be caused by a number of factors including, but not limited
to, risks and uncertainties with respect to the actions of actual or potential
competitive suppliers of refined petroleum products in Holly's markets, the
demand for and supply of crude oil and refined products, the spread between
market prices for refined products an market prices for crude oil, the
possibility of constraints on the transportation of refined products, the
possibility of inefficiencies, curtailments or shutdowns in refinery
operations or pipelines, effects of governmental regulations and policies, the
availability and cost of financing to Holly, the effectiveness of Holly's
capital investments and marketing strategies, the ability of Holly to acquire
refined product operations or pipeline and terminal operations on acceptable
terms and to integrate any future acquired operations, Holly's efficiency in
carry out construction projects, the possibility of terrorist attacks and the
consequences of any such attacks, general economic conditions, and other
financial, operational and legal risks and uncertainties detailed from time to
time in Holly's Securities and Exchange Commission filings. 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 Corporation

Bruce R. Shaw, Senior Vice President & CFO, or M. Neale Hickerson, Vice
President, Investor Relations, both of Holly Corporation, +1-214-871-3555