Exhibit 99.1
FOR IMMEDIATE RELEASE
HOLLY CORPORATION ANNOUNCES TRIAL WITH FRONTIER OIL RESCHEDULED TO BEGIN FEBRUARY 23, 2004
Dallas, Texas, January 15, 2004 — Holly Corporation (AMEX-HOC) today announced that the trial in the pending litigation between the Company and Frontier Oil Corporation (NYSE-FTO) has been rescheduled to begin on February 23, 2004. The trial is expected to last two weeks. Start of the trial was postponed from January 12 to February 23 after Holly’s attorneys delivered to Frontier’s attorneys in early January certain documents that were intended to have been produced with other documents delivered to Frontier months earlier.
Holly, headquartered in Dallas, Texas, operates through its subsidiaries a 75,000 barrels per day (“bpd”) refinery located in Artesia, New Mexico, a 25,000 bpd refinery in Woods Cross, Utah, and a 7,500 bpd refinery in Great Falls, Montana. Holly also owns, leases and/or operates approximately 2,000 miles of crude oil and refined product pipelines in the west Texas and New Mexico region and refined product terminals in several 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 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. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Such 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 or shutdowns in refinery operations or pipelines, effects of governmental 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 successful integration of the Woods Cross Refinery, the outcome of the litigation with Frontier Oil Corporation, 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 Company assumes no duty to publicly update or revise such statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION, Contact:
Matthew P. Clifton, President
Stephen J. McDonnell, Vice President and Chief Financial Officer
Holly Corporation 214/871-3555
