HOC Holly Corp.

DALLAS, Aug. 3 /PRNewswire-FirstCall/ -- Holly Corporation (NYSE:HOC) said today that it experienced an operational malfunction related to its fluid catalytic cracker ("FCC") processing unit at the Navajo Refinery in Artesia, NM. An electrical ground fault initially caused the FCC to shutdown during a heavy lightning and thunderstorm. The malfunction occurred during the attempt to restart the FCC unit following the shutdown. It is anticipated it will take ten to fourteen days for this unit to be repaired and placed back in service. While this repair is being made, the Navajo Refinery is expected to reduce crude charge rate by approximately 30,000 barrels per day ("BPD"). 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 83,000 barrels per day ("bpd") refinery located in Artesia, New Mexico and a 26,000 bpd refinery in Woods Cross, Utah. Holly also owns a 45% 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 belief 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. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Company cannot give any assurances that these expectations will prove to be correct. The Company assumes no duty to publicly update or revise such statements, whether as a result of new information, future events or otherwise. DATASOURCE: Holly Corporation CONTACT: Stephen J. McDonnell, Vice President and Chief Financial Officer, or M. Neale Hickerson, Vice President-Investor Relations, both of Holly Corporation, +1-214-871-3555 Web site: http://www.hollycorp.com/

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