UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 23, 2002
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HOLLY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-03876 75-1056913
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
100 Crescent Court, Suite 1600
Dallas, Texas 75201-6927
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 871-3555
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ITEM 5. OTHER EVENTS
On August 23, 2002, the Company issued the following press release:
HOLLY CORPORATION FILES SUIT CONCERNING LONGHORN PIPELINE
Dallas, Texas, August 23, 2002 - Holly Corporation (AMEX
"HOC") today announced that its subsidiary Navajo Refining Company,
L.P. and Holly have filed suit in New Mexico state court in Carlsbad,
New Mexico against Longhorn Partners Pipeline, L.P., the principal
partners in Longhorn Partners, and the corporations and investment fund
that control Longhorn Partners. Defendants named in the suit include
subsidiaries of ExxonMobil, BP and The Williams Companies, and Beacon
Group Energy Investment Fund. This suit concerns a pending lawsuit that
was filed almost four years ago by Longhorn Partners against Holly and
Navajo Refining in El Paso, Texas. The suit filed by Navajo Refining
and Holly alleges tortious interference with existing business
relations, malicious abuse of process, unfair competition, prima facie
tort and conspiracy, and seeks actual and punitive damages.
Holly Corporation, through its affiliates, Navajo Refining
Company and Montana Refining Company, is engaged in the refining,
transportation, terminalling and marketing of petroleum products.
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 costs of defense and the risk
of an adverse decision in the pending litigation against the Company
brought by Longhorn Partners Pipeline, L.P., 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
This Current Report on Form 8-K contains certain "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical facts included
in this Form 8-K, are forward-looking statements. Such statements are subject to
risks and uncertainties, 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 costs of defense
and the risk of an adverse decision in the pending litigation against the
Company brought by Longhorn Partners Pipeline, L.P., and general economic
conditions. Although the Company believes that the expectations reflected by
such forward-looking statements are reasonable based on information currently
available to the Company, no assurances can be given that such expectations will
prove to have been correct. This summary discussion of risks and uncertainties
that may cause actual results to differ from those indicated in forward-looking
statements should be read in conjunction with the discussion under the heading
"Additional Factors That May Affect Future Results" included in Item 7 of the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2001,
and the discussion under the heading "Additional Factors That May Affect Future
Results" included in Item 2 of Part I of the Company's Quarterly Report on Form
10-Q for the quarter ended April 30, 2002. All forward-looking statements
included in this Current Report on Form 8-K and all subsequent oral
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the cautionary statements
set forth above.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HOLLY CORPORATION
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(Registrant)
Date: August 26, 2002 By /s/ Stephen J. McDonnell
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Stephen J. McDonnell
Vice President and Chief
Financial Officer