Holly Energy Partners (HEP) 8-K Holly Energy Partners Declares Distribution

Exhibit 99.1

Holly Energy Partners Declares Distribution

Increases quarterly distribution from $0.665 to $0.675 per unit

DALLAS, TX, January 30, 2007 — Holly Energy Partners, L.P. (NYSE:HEP) today announced declaration of its cash distribution, for the fourth quarter of 2006, of $0.675 per unit. For the prior quarter, $0.665 was distributed to unit holders. The distribution will be paid February 14, 2007 to unit holders of record February 6, 2007.

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product transportation and terminal services to the petroleum industry, including Holly Corporation, which owns a 45% interest (including the general partner interest) in the Partnership. The Partnership owns and operates petroleum product pipelines and terminals primarily in Texas, New Mexico, Oklahoma, Arizona, Washington, Idaho and Utah. In addition, the Partnership owns a 70% interest in Rio Grande Pipeline Company, a transporter of LPGs from West Texas to Northern Mexico.

FOR FURTHER INFORMATION, Contact:

Stephen J. McDonnell, Vice President & Chief Financial Officer
M. Neale Hickerson, Vice President, Investor Relations
Holly Energy Partners
214/871-3555