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Holly Energy Partners, L.P. Announces Results As Of The Consent Payment Date On Its Previously Announced Tender Offer For 6.25% Senior Notes Due 2015

This press release does not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of consents with respect to the Old Notes nor is this announcement an offer or solicitation of an offer to sell any securities.  Full details of the terms and conditions of the Tender Offer and Consent Solicitation are included in the Offer to Purchase.  The Tender Offer and Consent Solicitation are made solely by means of the Offer to Purchase.

About Holly Energy Partners, L.P.: Holly Energy Partners, L.P. ("HEP") headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. HEP owns and operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Arizona, Washington, Idaho, Oklahoma, Utah, Wyoming and Kansas. In addition, HEP owns a 25% interest in SLC Pipeline LLC, a 95-mile intrastate pipeline system serving refineries in the Salt Lake City, Utah area.

All statements, other than statements of historical fact, included in this press release are forward-looking statements, including, but not limited to, statements identified by the words "anticipate", "project", "expect", "plan", "goal", "forecast", "intend", "could", "believe", "may" and similar expressions and statements regarding our business strategy, plans and objectives for future operations.  These statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions.  Certain factors could cause actual results to differ materially from results anticipated in the forward-looking statements.  These factors include, but are not limited to: risks and uncertainties with respect to the actual quantities of petroleum products and crude oil shipped on our pipelines and/or terminalled, stored or throughput in HEP's terminals and tanks; the economic viability of HollyFrontier Corporation, Alon USA, Inc. and HEP's other customers; the demand for refined petroleum products in markets HEP serves; HEP's ability to successfully purchase and integrate additional operations in the future; HEP's ability to complete previously announced or contemplated acquisitions; the availability and cost of additional debt and equity financing; the possibility of reductions in production or shutdowns at refineries utilizing HEP's pipeline, terminal and tankage facilities; the effects of current and future government regulations and policies; HEP's operational efficiency in carrying out routine operations and capital construction projects; the possibility of terrorist attacks and the consequences of any such attacks; our ability to consummate the tender offer; the impact of fees, expenses and charges related to the financing transactions described in this press release on HEP's results of operations; general economic conditions; and other financial, operations and legal risks and uncertainties detailed from time to time in HEP's Securities and Exchange Commission filings. Other factors described herein, or factors that are unknown or unpredictable, could also have a material adverse effect on future results.  Please read "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011.  Except as required by securities laws, we do not intend to update these forward-looking statements and information.


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