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Holly Energy Partners, L.P. Reports Fourth Quarter Results

In 2011 we accounted for the November 2011 acquisition of HFC's El Dorado and Cheyenne assets as a business combination under common control and retrospectively adjusted our financial results as if the acquisition had occurred as of July 1, 2011, the date HFC acquired the assets in the merger with Frontier Oil Corporation. As the pre-acquisition loss was not attributable to HEP, but rather to the Predecessor, the pre-acquisition loss should have been reported as a loss attributable to the Predecessor. We have adjusted the 2011 financial results accordingly.

During the fourth quarter of 2012 we identified certain immaterial items requiring revisions to our previously reported financial statements. However such cumulative corrections would have been material to the 2012 fourth quarter. As a result, prior period amounts have been restated to adjust for such items, which were comprised principally of an understatement of depreciation expense related to certain property and equipment.

(2) A two-for-one unit split, payable in the form of a common unit distribution for each outstanding common unit, was paid on January 16, 2013 to all unitholders of record on January 7, 2013. All references to unit and per unit amounts in this earnings release have been adjusted to reflect the effect of the unit split for all periods presented.

(3) Net income attributable to Holly Energy Partners is allocated between limited partners and the general partner interest in accordance with the provisions of the partnership agreement. Net income allocated to the general partner includes incentive distributions declared subsequent to quarter end. General partner incentive distributions were $5.3 million and $4.9 million for the three months ended December 31, 2012 and 2011, respectively, and $21.0 million and $15.5 million for the years ended December 31, 2012 and 2011, respectively. Net income attributable to the limited partners is divided by the weighted average limited partner units outstanding in computing the limited partners’ per unit interest in net income.

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