Exhibit 99.1

Press Release
February 24, 2011

Holly Corporation Reports Fourth Quarter and Full Year 2010 Results

Announces Regular Quarterly Cash Dividend

Dallas, Texas, February 24, 2011 — Holly Corporation (NYSE-HOC) (“Holly” or the “Company”) today reported fourth quarter 2010 financial results. For the quarter, net income attributable to Holly stockholders was $14.7 million ($0.28 per basic and $0.27 per diluted share) compared to a net loss attributable to Holly stockholders of $40.5 million ($0.79 per basic and diluted share) for the fourth quarter of 2009. For the year ended December 31, 2010, net income attributable to Holly stockholders was $104 million ($1.95 per basic and $1.94 per diluted share) compared to $19.5 million ($0.39 per basic and diluted share) for 2009.

Holly also announced that its Board of Directors has declared a regular quarterly cash dividend in the amount of $0.15 per share, payable April 4, 2011, to holders of record on March 25, 2011.

For the quarter, net income attributable to our stockholders increased by $55.2 million compared to the same period of 2009. This increase was due principally to higher refinery gross margins during the current year fourth quarter combined with increased sales volumes of produced refined products. Overall refinery gross margins were $7.87 per produced barrel, a 114% increase compared to $3.67 for the fourth quarter of 2009. For the quarter, our overall refinery production levels averaged 222,750 barrels per day (“BPD”), an increase of 17% over the same period of 2009 due principally to increased production from our Tulsa refinery complex since we acquired the east facility in December 2009.

For the year ended December 31, 2010, net income attributable to our stockholders increased by $84.4 million compared to 2009. This increase was due principally to increased sales volumes of produced refined products combined with higher refinery gross margins during 2010. Overall refinery gross margins were $8.79 per produced barrel, a 22% increase compared to $7.21 in 2009. For the year ended December 31, 2010, our overall refinery production levels averaged 225,980 BPD, an increase of 49% over 2009 due to production from our Tulsa refinery facilities and production increases at our Navajo and Woods Cross refineries.

“We are pleased with our fourth quarter and full year results,” said Matthew Clifton, Chairman of the Board and Chief Executive Officer of Holly. “Significant year-over-year margin improvements at each of our refineries, contributed to the much improved EBITDA levels of $69 million and $353.8 million for the three months and year ended December 31, 2010, representing respective increases of 333% and 126% over the same periods of 2009. Particularly strong diesel cracks at each of our refineries combined with robust gasoline cracks at our Woods Cross refinery and attractive lube margins at our Tulsa refinery helped fuel these improved results. Refinery margins in the 2010 fourth quarter were significantly better than the low margins experienced in late 2009 and early 2010, yet during the fourth quarter of 2010 margins somewhat fell off as gasoline prices did not keep pace with recent crude oil increases.

“Progress continues on our integration and diesel desulfurization expansion efforts at our Tulsa refinery with the diesel desulfurizer project expected to be completed within the next two weeks and the pipeline integration expected to be mechanically complete later this spring. The Tulsa projects should lower operating expenses and improve the profit producing potential of what has been a strong profit contributor during the last three quarters.

“Our affiliated logistic MLP, Holly Energy Partners, had a strong fourth quarter achieving record quarterly distributable cash flow and EBITDA levels. We received $9.7 million as a result of HEP’s distribution declaration on January 26, 2010.

“At year end our cash and marketable securities stood at $230 million. Excluding the Holly Energy Partners debt that is non-recourse to Holly, our cash adjusted debt to total capitalization ratio was at 14%, ranking our balance sheet as one of the strongest among our independent refining peers.

“To date in the first quarter of 2011, steep discounts on WTI price related crudes compared to world oil prices and strong gasoline and diesel prices have raised margins at all three of our refineries. However, reduced production at our Navajo refinery over the last month due to the resultant impacts of a plant-wide power failure and bad weather will result in lower production than expected. Operations at Navajo are in the process of ramping back up to more typical levels.

“Looking forward, we are confident that the quality of our assets, combined with the markets we serve and our strong financial position will permit us to realize strong returns in 2011,” Clifton said.

Sales and other revenues for the fourth quarter of 2010 were $2,211.8 million, a 33% increase compared to the three months ended December 31, 2009. This increase was due to the effects of a 16% year-over-year increase in fourth quarter refined product sales prices combined with a 19% increase in volumes of produced refined products sold. The volume increase was primarily due to volumes attributable to our Tulsa refinery operations. Cost of products sold was $1,988 million, a 28% increase compared to the fourth quarter of 2009 due mainly to higher crude oil acquisition costs and increased volumes of produced refined products sold.

Sales and other revenues for the year ended December 31, 2010, were $8,322.9 million, a 72% increase compared to the year ended December 31, 2009. This increase was due to the effects of a 23% year-over-year increase in refined product sales prices combined with a 51% increase in volumes of produced refined products sold. The volume increase was attributable to our Tulsa refinery operations and year-over-year production increases at our Navajo and Woods Cross refineries. Cost of products sold was $7,367.1 million, a 74% increase compared to 2009 due mainly to higher crude oil acquisition costs and increased volumes of produced refined products sold.

Operating costs and expenses for the three months and year ended December 31, 2010, increased mainly due to the inclusion of costs attributable to the operations of our Tulsa east refinery facilities. Interest expense for the three months and year ended December 31, 2010, increased by $3.6 million and $33.9 million, respectively, primarily due to interest incurred on the $300 million Holly senior notes and the $150 million 8.25% senior notes issued by HEP in March 2010.

As previously announced, Holly has entered into a definitive merger agreement under which it will combine with Frontier Oil Corporation in an all-stock merger of equals. Based on the closing market prices for the shares of both companies on Friday, February 18, 2011, and their debt levels as of December 31, 2010, the new company would have an enterprise value of $7 billion. The new company, which will be named HollyFrontier Corporation, will have a well-positioned refining asset base, enhanced growth opportunities and one of the best balance sheets in the industry. The transaction is expected to be completed early in the third quarter of 2011.

The Company has scheduled a webcast conference call for today, February 24, 2011 at 4:00 PM Eastern Time to discuss financial results. This webcast may be accessed at: http://www.videonewswire.com/event.asp?id=76379.

An audio archive of this webcast will be available using the above noted link through March 9, 2011.

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and specialty lubricant products. Holly operates through its subsidiaries a 100,000 BPSD refinery located in Artesia, New Mexico, a 31,000 BPSD refinery in Woods Cross, Utah and a 125,000 BPSD refinery located in Tulsa, Oklahoma. Also, a subsidiary of Holly owns a 34% interest (including the 2% general partner interest) in Holly Energy Partners, L.P., which through subsidiaries owns or leases approximately 2,500 miles of petroleum product and crude oil pipelines in Texas, New Mexico, Utah and Oklahoma and tankage and refined product terminals in several Southwest and Rocky Mountain states.

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. Any 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 the Company’s markets, the demand for and supply of crude oil and refined products, the spread between market prices for refined products and 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 and environmental regulations and policies, the availability and cost of financing to the Company, the effectiveness of the Company’s capital investments and marketing strategies, the Company’s efficiency in carrying out construction projects, the ability of the Company to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations, 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 the Company’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.

RESULTS OF OPERATIONS

Financial Data (all information in this release is unaudited)

		Three Months Ended
		December 31,								Change from 2009
		2010				2009				Change				Percent
		(In thousands, except per share data)
Sales and other revenues		$	2,211,791			$	1,661,969			$	549,822				33.1	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)			1,988,029				1,550,990				437,039				28.2
Operating expenses (exclusive of depreciation and amortization)			125,776				115,337				10,439				9.1
General and administrative expenses (exclusive of depreciation and amortization)			20,216				16,771				3,445				20.5
Depreciation and amortization			31,810				29,384				2,426				8.3
Total operating costs and expenses			2,165,831				1,712,482				453,349				26.5
Income (loss) from operations			45,960				(50,513	)			96,473				191.0
Other income (expense):
Equity in earnings of SLC Pipeline			798				610				188				30.8
Interest income			410				2,484				(2,074	)			(83.5	)
Interest expense			(18,083	)			(14,497	)			(3,586	)			24.7
Acquisition costs — Tulsa refineries			—				(1,138	)			1,138				(100.0	)
			(16,875	)			(12,541	)			(4,334	)			(34.6	)
Income (loss) from continuing operations before income taxes			29,085				(63,054	)			92,139				146.1
Income tax provision (benefit)			4,836				(27,208	)			32,044				117.8
Income (loss) from continuing operations			24,249				(35,846	)			60,095				167.6
Income from discontinued operations (1)			—				13,488				(13,488	)			(100.0	)
Net income (loss)			24,249				(22,358	)			46,607				208.5
Less noncontrolling interest in net income			9,530				18,143				(8,613	)			(47.5	)
Net income (loss) attributable to Holly Corporation stockholders		$	14,719			$	(40,501	)		$	55,220				136.3	%
Earnings (loss) attributable to Holly Corporation stockholders:
Income (loss) from continuing operations		$	14,719			$	(43,805	)		$	58,524				133.6	%
Income from discontinued operations			—				3,304				(3,304	)			(100.0	)
Net income (loss)		$	14,719			$	(40,501	)		$	55,220				136.3	%
Earnings (loss) per share attributable to Holly Corporation stockholders — basic:
Income (loss) from continuing operations		$	0.28			$	(0.85	)		$	1.13				132.9	%
Income from discontinued operations (1)			—				0.06				(0.06	)			(100.0	)
Net income (loss)		$	0.28			$	(0.79	)		$	1.07				135.4	%
Earnings (loss) per share attributable to Holly Corporation stockholders — diluted:
Income (loss) from continuing operations		$	0.27			$	(0.85	)		$	1.12				131.8	%
Income from discontinued operations (1)			—				0.06				(0.06	)			(100.0	)
Net income (loss)		$	0.27			$	(0.79	)		$	1.06				134.2	%
Cash dividends declared per common share		$	0.15			$	0.15			$	—				—	%
Average number of common shares outstanding:
Basic			53,258				51,200				2,058				4.0	%
Diluted			53,648				51,380				2,268				4.4	%
EBITDA from continuing operations		$	69,038			$	(29,616	)		$	98,654				333.1	%

		Years Ended
		December 31,								Change from 2009
		2010				2009				Change				Percent
		(In thousands, except per share data)
Sales and other revenues		$	8,322,929			$	4,834,268			$	3,488,661				72.2	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)			7,367,149				4,238,008				3,129,141				73.8
Operating expenses (exclusive of depreciation and amortization)			504,414				356,855				147,559				41.3
General and administrative expenses (exclusive of depreciation and amortization)			70,839				60,343				10,496				17.4
Depreciation and amortization			117,529				98,751				18,778				19.0
Total operating costs and expenses			8,059,931				4,753,957				3,305,974				69.5
Income from operations			262,998				80,311				182,687				227.5
Other income (expense):
Equity in earnings of SLC Pipeline			2,393				1,919				474				24.7
Interest income			1,168				5,045				(3,877	)			(76.8	)
Interest expense			(74,196	)			(40,346	)			(33,850	)			83.9
Acquisition costs — Tulsa refineries			—				(3,126	)			3,126				(100.0	)
			(70,635	)			(36,508	)			(34,127	)			(93.5	)
Income from continuing operations before income taxes			192,363				43,803				148,560				339.2
Income tax provision			59,312				7,460				51,852				695.1
Income from continuing operations			133,051				36,343				96,708				266.1
Income from discontinued operations (1)			—				16,926				(16,926	)			(100.0	)
Net income			133,051				53,269				79,782				149.8
Less noncontrolling interest in net income			29,087				33,736				(4,649	)			(13.8	)
Net income attributable to Holly Corporation stockholders		$	103,964			$	19,533			$	84,431				432.2	%
Earnings attributable to Holly Corporation stockholders:
Income from continuing operations		$	103,964			$	15,209			$	88,755				583.6	%
Income from discontinued operations			—				4,324				(4,324	)			(100.0	)
Net income		$	103,964			$	19,533			$	84,431				432.2	%
Earnings per share attributable to Holly Corporation stockholders — basic:
Income from continuing operations		$	1.95			$	0.30			$	1.65				550.0	%
Income from discontinued operations (1)			—				0.09				(0.09	)			(100.0	)
Net income		$	1.95			$	0.39			$	1.56				400.0	%
Earnings per share attributable to Holly Corporation stockholders — diluted:
Income from continuing operations		$	1.94			$	0.30			$	1.64				546.7	%
Income from discontinued operations (1)			—				0.09				(0.09	)			(100.0	)
Net income		$	1.94			$	0.39			$	1.55				397.4	%
Cash dividends declared per common share		$	0.60			$	0.60			$	—				—	%
Average number of common shares outstanding:
Basic			53,218				50,418				2,800				5.6	%
Diluted			53,609				50,603				3,006				5.9	%
EBITDA from continuing operations		$	353,833			$	156,721			$	197,112				125.8	%

Balance Sheet Data

		December 31,
		2010				2009
		(In thousands)
Cash, cash equivalents and investments in marketable securities		$	230,444			$	125,819
Working capital		$	313,580			$	257,899
Total assets		$	3,701,475			$	3,145,939
Long-term debt		$	810,561			$	707,458
Total equity		$	1,288,139			$	1,207,781

Segment Information

Our operations are currently organized into two reportable segments, Refining and HEP. Our operations that are not included in the Refining and HEP segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Consolidations and Eliminations.

The Refining segment includes the operations of our Navajo, Woods Cross and Tulsa refineries and Holly Asphalt Company (“Holly Asphalt”). The Refining segment involves the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel, jet fuel and specialty lubricant products. The petroleum products produced by the Refining segment are primarily marketed in the Southwest, Rocky Mountain and Mid-Continent regions of the United States and northern Mexico. Additionally, the Refining segment includes specialty lubricant products produced at our Tulsa refinery that are marketed throughout North America and are distributed in Central and South America. Holly Asphalt manufactures and markets asphalt and asphalt products in Arizona, New Mexico, Texas and northern Mexico.

The HEP segment involves all of the operations of HEP. HEP owns and operates a system of petroleum product and crude gathering pipelines in Texas, New Mexico, Oklahoma and Utah, distribution terminals in Texas, New Mexico, Arizona, Utah, Idaho, and Washington and refinery tankage in New Mexico, Utah and Oklahoma. Revenues are generated by charging tariffs for transporting petroleum products and crude oil through its pipelines, by leasing certain pipeline capacity to Alon USA, Inc., by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services at its storage tanks and terminals. The HEP segment also includes a 25% interest in SLC Pipeline LLC (“SLC Pipeline”) that services refineries in the Salt Lake City, Utah area. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations.

														Consolidations
										Corporate				and				Consolidated
		Refining				HEP				and Other				Eliminations				Total
		(In thousands)
Three Months Ended December 31, 2010
Sales and other revenues		$	2,200,757			$	49,384			$	98			$	(38,448	)		$	2,211,791
Operating expenses		$	110,788			$	12,760			$	2,363			$	(135	)		$	125,776
General and administrative expenses		$	—			$	1,735			$	18,481			$	—			$	20,216
Depreciation and amortization		$	21,988			$	8,240			$	1,379			$	203			$	31,810
Income (loss) from operations		$	42,386			$	26,649			$	(22,125	)		$	(950	)		$	45,960
Three Months Ended December 31, 2009
Sales and other revenues		$	1,653,804			$	38,425			$	(1,059	)		$	(29,201	)		$	1,661,969
Operating expenses		$	103,529			$	11,928			$	7			$	(127	)		$	115,337
General and administrative expenses		$	—			$	2,607			$	14,164			$	—			$	16,771
Depreciation and amortization		$	21,038			$	6,804			$	1,542			$	—			$	29,384
Income (loss) from operations		$	(50,422	)		$	17,086			$	(16,772	)		$	(405	)		$	(50,513	)
Year Ended December 31, 2010
Sales and other revenues		$	8,287,000			$	182,114			$	415			$	(146,600	)		$	8,322,929
Operating expenses		$	449,590			$	52,947			$	2,387			$	(510	)		$	504,414
General and administrative expenses		$	—			$	7,719			$	63,120			$	—			$	70,839
Depreciation and amortization		$	84,587			$	29,062			$	4,562			$	(682	)		$	117,529
Income (loss) from operations		$	242,466			$	92,386			$	(69,654	)		$	(2,200	)		$	262,998

														Consolidations
										Corporate				and				Consolidated
		Refining				HEP				and Other				Eliminations				Total
		(In thousands)
Year Ended December 31, 2009
Sales and other revenues		$	4,789,821			$	146,561			$	(636	)		$	(101,478	)		$	4,834,268
Operating expenses		$	313,320			$	44,003			$	41			$	(509	)		$	356,855
General and administrative expenses		$	—			$	7,586			$	52,757			$	—			$	60,343
Depreciation and amortization		$	67,347			$	24,599			$	6,805			$	—			$	98,751
Income (loss) from operations		$	71,281			$	70,373			$	(60,239	)		$	(1,104	)		$	80,311
December 31, 2010
Cash, cash equivalents and investments in marketable securities		$	—			$	403			$	230,041			$	—			$	230,444
Total assets		$	2,490,193			$	669,820			$	573,531			$	(32,069	)		$	3,701,475
Long-term debt		$	—			$	482,271			$	345,215			$	(16,925	)		$	810,561
December 31, 2009
Cash, cash equivalents and investments in marketable securities		$	—			$	2,508			$	123,311			$	—			$	125,819
Total assets		$	2,142,317			$	641,775			$	392,007			$	(30,160	)		$	3,145,939
Long-term debt		$	—			$	379,198			$	345,602			$	(17,342	)		$	707,458

Refining Operating Data

Our refinery operations include the Navajo, Woods Cross and Tulsa refineries. The following tables set forth information, including non-GAAP performance measures about our consolidated refinery operations. The cost of products and refinery gross margin do not include the effect of depreciation and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

		Three Months Ended								Years Ended
		December 31,								December 31,
		2010				2009				2010				2009
Navajo Refinery
Crude charge (BPD) (1)			89,080				82,580				83,900				78,160
Refinery throughput (2)			100,070				94,980				94,270				88,900
Refinery production (BPD) (3)			97,270				93,280				92,050				86,760
Sales of produced refined products (BPD)			97,930				96,150				92,550				87,140
Sales of refined products (BPD) (4)			101,740				99,060				95,790				90,870
Refinery utilization (5)			89.1	%			82.6	%			83.9	%			81.2	%
Average per produced barrel (6)
Net sales		$	94.18			$	83.40			$	90.37			$	73.15
Cost of products (7)			87.74				80.75				83.12				65.95
Refinery gross margin			6.44				2.65				7.25				7.20
Refinery operating expenses (8)			4.78				4.63				4.95				4.81
Net operating margin		$	1.66			$	(1.98	)		$	2.30			$	2.39
Refinery operating expenses per throughput barrel		$	4.68			$	4.69			$	4.86			$	4.71
Feedstocks:
Sour crude oil			71	%			85	%			81	%			85	%
Sweet crude oil			6	%			4	%			5	%			6	%
Heavy sour crude oil			12	%			—	%			4	%			—	%
Other feedstocks and blends			11	%			11	%			10	%			9	%
Total			100	%			100	%			100	%			100	%

		Three Months Ended								Years Ended
		December 31,								December 31,
		2010				2009				2010				2009
Sales of produced refined products:
Gasolines			56	%			59	%			57	%			58	%
Diesel fuels			33	%			29	%			32	%			32	%
Jet fuels			1	%			4	%			3	%			2	%
Fuel oil			5	%			4	%			4	%			3	%
Asphalt			3	%			2	%			2	%			3	%
LPG and other			2	%			2	%			2	%			2	%
Total			100	%			100	%			100	%			100	%
Woods Cross Refinery
Crude charge (BPD) (1)			22,910				22,600				25,870				24,900
Refinery throughput (2)			25,050				24,340				27,540				26,520
Refinery production (BPD) (3)			24,290				24,370				27,020				25,750
Sales of produced refined products (BPD)			26,480				26,320				27,810				26,870
Sales of refined products (BPD) (4)			26,600				26,450				27,980				27,250
Refinery utilization (5)			73.9	%			72.9	%			83.5	%			80.3	%
Average per produced barrel (6)
Net sales		$	95.99			$	80.56			$	94.26			$	70.25
Cost of products (7)			80.33				70.46				75.54				58.98
Refinery gross margin			15.66				10.10				18.72				11.27
Refinery operating expenses (8)			6.83				7.07				6.09				6.60
Net operating margin		$	8.83			$	3.03			$	12.63			$	4.67
Refinery operating expenses per throughput barrel		$	7.22			$	7.65			$	6.15			$	6.69
Feedstocks:
Heavy sour crude oil			6	%			7	%			6	%			5	%
Sweet crude oil			53	%			57	%			59	%			62	%
Black wax crude oil			33	%			28	%			30	%			28	%
Other feedstocks and blends			8	%			8	%			5	%			5	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			67	%			62	%			63	%			64	%
Diesel fuels			26	%			27	%			30	%			28	%
Jet fuels			1	%			1	%			1	%			1	%
Fuel oil			1	%			3	%			1	%			3	%
Asphalt			3	%			3	%			3	%			2	%
LPG and other			2	%			4	%			2	%			2	%
Total			100	%			100	%			100	%			100	%
Tulsa Refinery (9)
Crude charge (BPD) (1)			109,660				72,250				111,670				39,370
Refinery throughput (2)			110,230				72,810				113,100				39,520
Refinery production (BPD) (3)			101,190				73,040				106,910				38,910
Sales of produced refined products (BPD)			107,300				71,660				107,780				37,570
Sales of refined products (BPD) (4)			107,630				71,660				108,330				37,700
Refinery utilization (5)			87.7	%			85.0	%			89.3	%			74.0	%
Average per produced barrel (6)
Net sales		$	96.60			$	81.30			$	90.84			$	78.89
Cost of products (7)			89.37				78.62				83.29				74.56
Refinery gross margin			7.23				2.68				7.55				4.33
Refinery operating expenses (8)			4.47				5.77				4.94				5.25
Net operating margin		$	2.76			$	(3.09	)		$	2.61			$	(0.92	)
Refinery operating expenses per throughput barrel		$	4.35			$	5.68			$	4.71			$	4.99

		Three Months Ended								Years Ended
		December 31,								December 31,
		2010				2009				2010				2009
Feedstocks:
Sour crude oil			3	%			—	%			5	%			—	%
Sweet crude oil			97	%			99	%			92	%			100	%
Heavy sour crude oil			—	%			1	%			3	%			—	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			34	%			29	%			38	%			26	%
Diesel fuels			32	%			28	%			31	%			29	%
Jet fuels			8	%			10	%			8	%			10	%
Lubricants			11	%			12	%			11	%			16	%
Gas oil / intermediates			7	%			18	%			4	%			17	%
Asphalt			6	%			1	%			5	%			—	%
LPG and other			2	%			2	%			3	%			2	%
Total			100	%			100	%			100	%			100	%
Consolidated
Crude charge (BPD) (1)			221,650				177,430				221,440				142,430
Refinery throughput (2)			235,350				192,130				234,910				154,940
Refinery production (BPD) (3)			222,750				190,690				225,980				151,420
Sales of produced refined products (BPD)			231,710				194,130				228,140				151,580
Sales of refined products (BPD) (4)			235,970				197,170				232,100				155,820
Refinery utilization (5)			86.6	%			77.4	%			86.5	%			78.9	%
Average per produced barrel (6)
Net sales		$	95.51			$	82.24			$	91.06			$	74.06
Cost of products (7)			87.64				78.57				82.27				66.85
Refinery gross margin			7.87				3.67				8.79				7.21
Refinery operating expenses (8)			4.87				5.38				5.08				5.24
Net operating margin		$	3.00			$	(1.71	)		$	3.71			$	1.97
Refinery operating expenses per throughput barrel		$	4.80			$	5.44			$	4.94			$	5.12
Feedstocks:
Sour crude oil			32	%			43	%			35	%			49	%
Sweet crude oil			54	%			47	%			53	%			40	%
Black wax crude oil			4	%			4	%			3	%			5	%
Heavy sour crude oil			5	%			—	%			4	%			—	%
Other feedstocks and blends			5	%			6	%			5	%			6	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			48	%			48	%			49	%			51	%
Diesel fuels			31	%			29	%			31	%			31	%
Jet fuels			5	%			6	%			5	%			4	%
Fuel oil			2	%			2	%			2	%			2	%
Asphalt			4	%			1	%			3	%			2	%
Lubricants			5	%			5	%			5	%			4	%
Gas oil / intermediates			3	%			7	%			2	%			4	%
LPG and other			2	%			2	%			3	%			2	%
Total			100	%			100	%			100	%			100	%

		Period From				Period From
		June 1, 2009				December 1,
		Through				2009 Through
		December 31,				December 31,
Tulsa Refinery		2009				2009
Crude charge (BPD)			67,160				93,810
Refinery production (BPD)			66,360				99,810
Sales of produced refined products (BPD)			64,080				96,170
Sales of refined products (BPD)			64,300				96,170
Refinery utilization			74	%			75	%

Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to amounts reported under generally accepted accounting principles in financial statements.

Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income attributable to Holly Corporation stockholders plus (i) interest expense, net of interest income, (ii) income tax provision, and (iii) depreciation and amortization. EBITDA is not a calculation provided for under accounting principles generally accepted in the United States; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants.

Set forth below is our calculation of EBITDA from continuing operations.

		Three Months Ended								Years Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(In thousands)
Income (loss) from continuing operations		$	24,249			$	(35,846	)		$	133,051			$	36,343
Subtract noncontrolling interest in income from continuing operations			(9,530	)			(7,959	)			(29,087	)			(21,134	)
Add income tax provision			4,836				(27,208	)			59,312				7,460
Add interest expense			18,083				14,497				74,196				40,346
Subtract interest income			(410	)			(2,484	)			(1,168	)			(5,045	)
Add depreciation and amortization			31,810				29,384				117,529				98,751
EBITDA from continuing operations		$	69,038			$	(29,616	)		$	353,833			$	156,721

Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Refinery gross margin and net operating margin are non-GAAP performance measures that are used by our management and others to compare our refining performance to that of other companies in our industry. We believe these margin measures are helpful to investors in evaluating our refining performance on a relative and absolute basis.

We calculate refinery gross margin and net operating margin using net sales, cost of products and operating expenses, in each case averaged per produced barrel sold. These two margins do not include the effect of depreciation and amortization. Each of these component performance measures can be reconciled directly to our Consolidated Statements of Income.

Other companies in our industry may not calculate these performance measures in the same manner.

Refinery Gross Margin

Refinery gross margin per barrel is the difference between average net sales price and average cost of products per barrel of produced refined products. Refinery gross margin for each of our refineries and for all of our refineries on a consolidated basis is calculated as shown below.

		Three Months Ended								Years Ended
		December 31,								December 31,
		2010				2009				2010				2009
Average per produced barrel:
Navajo Refinery
Net sales		$	94.18			$	83.40			$	90.37			$	73.15
Less cost of products			87.74				80.75				83.12				65.95
Refinery gross margin		$	6.44			$	2.65			$	7.25			$	7.20
Woods Cross Refinery
Net sales		$	95.99			$	80.56			$	94.26			$	70.25
Less cost of products			80.33				70.46				75.54				58.98
Refinery gross margin		$	15.66			$	10.10			$	18.72			$	11.27
Tulsa Refinery
Net sales		$	96.60			$	81.30			$	90.84			$	78.89
Less cost of products			89.37				78.62				83.29				74.56
Refinery gross margin		$	7.23			$	2.68			$	7.55			$	4.33
Consolidated
Net sales		$	95.51			$	82.24			$	91.06			$	74.06
Less cost of products			87.64				78.57				82.27				66.85
Refinery gross margin		$	7.87			$	3.67			$	8.79			$	7.21