8-K

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): December 2, 2009 (December 2, 2009)

HOLLY CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware	001-03876	75-1056913
(State or other	(Commission File Number)	(I.R.S. Employer
jurisdiction of incorporation)		Identification Number)

100 Crescent Court, Suite 1600 Dallas, Texas	75201-6915 (Zip code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (214) 871-3555

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

     The following information is furnished pursuant to Item 7.01, “Regulation FD Disclosure.”

     Management of Holly Corporation (the “Company”) is scheduled to meet with certain current or potential investors in the Company beginning December 2, 2009. Furnished as Exhibit 99.1 and incorporated herein by reference in its entirety is a copy of the presentation to be presented at this meeting and possibly at other meetings. A copy of the presentation is also available in the investors section of the Company’s website at www.hollycorp.com, although the Company reserves the right to discontinue that availability at any time.

     In accordance with General Instruction B.2. of Form 8-K, the information furnished in this report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically incorporates it by reference in a document filed under the Exchange Act or the Securities Act of 1933. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report, including Exhibit 99.1, or that any such information includes material investor information that is not otherwise publicly available.

     The information contained in this report on Form 8-K, including the information contained in Exhibit 99.1, is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise from time to time. The Company disclaims any current intention to revise or update the information contained in this report, including the information contained in Exhibit 99.1, although the Company may do so from time to time as its management believes is warranted. Any such updating may be made through the furnishing or filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 — Presentation by the Company to be presented to current or potential investors in the Company beginning December 2, 2009.*

* Furnished herewith.

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SIGNATURES

     Pursuant to the requirements of the Securities 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
By:	/s/ Bruce R. Shaw
	Bruce R. Shaw
	Senior Vice President and Chief Financial Officer

Date: December 2, 2009

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EXHIBIT INDEX

Exhibit
Number	Exhibit Title
99.1 —	Presentation by the Company to be presented to current or potential investors in the Company beginning December 2, 2009.*

* Furnished herewith.

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EX-99.1

Exhibit 99.1

Holly Corporation Winter 2009

Holly Corporation Disclosure Statement Statements made during the course of this presentation that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward- looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of Holly Corporation and/or Holly Energy Partners, L.P., and actual results may differ materially from those discussed during the presentation. Such risks and uncertainties include but are not limited to risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products in Holly's and Holly Energy Partners' 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 Holly and Holly Energy Partners, the effectiveness of Holly's and Holly Energy Partners' capital investments and marketing and acquisition strategies, the possibility of terrorist attacks and the consequences of any such attacks, and general economic conditions. Additional information on risks and uncertainties that could affect the business prospects and performance of Holly and Holly Energy Partners is provided in the most recent reports of Holly and Holly Energy Partners filed with the Securities and Exchange Commission. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. Holly and Holly Energy Partners undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Presentation Topics HOC Company Overview Financial Performance and Competitiveness Focused Growth Orientation Summary Appendix

Holly Investment Highlights Pure Play Refiner Owns 3 refineries with combined processing capacity of 256,000 barrels per day (bpd) 40 years of refining experience-entered refining business in 1969 (profitable every year) Competitive Assets High complexity facilities with access to multiple sources of crude supply High Degree of Crude Source Flexibility Attractive markets Geographic: Rocky Mountains, Southwest and Mid-Continent Product mix: Balanced product slate with added specialty lubricant products Capital projects with significant impact Reinvested approx. $500 million of cash flow generated in recent years into facilities Capital deployment has been focused on growth and optionality Synergistic Acquisition of Tulsa Refineries Low all-in cost for complex Mid-Con refineries that will be integrated Eliminates $125 MM of regulatory required capital Upgrades low-value product into transportation fuel Strong Financial Performance Industry leading return on invested capital & return on assets among peers Low debt among peers & history of conservative & disciplined financial management Experienced management Track record of safety, reliability and profitability through multiple cycles Key operating executives average more than 20 years experience History of successful major project execution HEP ownership Stable cash flow quarterly from HEP through regular and incentive distributions 7.3 Million Common Units plus 100% of General Partner 1 - Includes 40,000 additional bpd of capacity when the Sinclair transaction closes 2 - HEP's annualized cash distributions as of 9/30/09 to HOC exceed $30M for LP and GP ownership interests 2 1

Holly Overview Holly Corporation: Holly's refineries operate in Southwest, Rockies & Mid-Continent markets 256,000 bpsd of refining capacity and weighted average complexity greater than 12.0 Refineries directly connected to Domestic or Canadian crude trading hubs Owns 100% of GP and 7.3 million LP units of Holly Energy Partners (NYSE: HEP) Holly Energy Partners: Over 2,700 miles of refined product & crude pipelines 11 Terminals & 4 loading rack facilities in 7 states (3 terminals co-owned) Approximately 4.5 million bbls of refined product & crude oil storage 25% interest in Salt Lake pipeline, a joint venture with Plains, delivering crude oil into the Salt Lake valley 1 1 - Includes the Sinclair refinery acquisition and the integration of the two Tulsa Refineries (legacy Sunoco and Sinclair)

Navajo Refinery Product Sales Mix (12/31/08) Overview 561 acre site located in Artesia, NM with crude capacity of 100,000 BPSD (expanded in Q1 2009) Ability to process sour crude oils into high value light products Distributes to high margin markets in Arizona, New Mexico and West Texas Nelson Complexity rating of 11.8 Last turnaround completed in Q1 2009. Annual maintenance capex approximately $10 million. Operating Summary *Definition for non-GAAP measures such as EBITDA or Margins can be located on page 28.

Woods Cross Refinery Product Sales Mix (12/31/08) Overview 200 acre site located in Woods Cross, UT (near Salt Lake City) with crude oil capacity of 31,000 BPD Processes regional sweet and lower cost black wax crude as well as Canadian sour crude oils Distributes to high margin markets in Utah, Idaho, Nevada, Wyoming, and eastern Washington Nelson Complexity rating of 12.5 Last turnaround completed in Q3 2008. Annual maintenance capex approximately $5 million. Operating Summary Notes: 1 Major turnaround and expansion completed during Q3 2008 2 Black wax included in sweet crude oil category in 2004-2005 *Definition for non-GAAP measures such as EBITDA or Margins can be located on page 28.

Tulsa Refinery (Sunoco) Production Mix (12/31/08) Overview Tulsa refinery has crude capacity of 85,000 BPD Produces high value specialty lubricant products (lubes, waxes & oils) Strategically located near the Cushing crude oil hub and Magellan product system that supplies the Mid-Continent market Nelson Complexity rating of 11.4 Last turnaround completed Summer 2007. Annual maintenance capex approximately $10 million. Operating Summary Notes: 1 - Holly owned since 6/1/2009. 2 - All financial data prior to June 1, 2009 provided by Sunoco. 2 1 1 *Definition for non-GAAP measures such as EBITDA or Margins can be located on page 28.

Tulsa Refinery (Sunoco + Sinclair) Projected Production Mix Overview Holly will integrate the two Tulsa facilities to form one complex 125,000 BPD refinery (full integration could take up to 18 months) Refineries are located less than 2 miles apart and will be pipeline interconnected Allows for immediate upgrade of existing gas oil production (approximately 12,000 BPD) to gasoline/diesel without capital investment Processes predominantly a sweet crude slate (though small amount of sour capability) Nelson Complexity rating of over 14.0 Sinclair Tulsa refinery acquisition will result in net capex savings of approximately $125 million Initial annual maintenance capex approximately $25 million for integrated facility. 1 - Holly owned since June 2009 2 - Holly expects to close on purchase in December 2009. 3 - Estimated production yields based on the full integration between the two Tulsa refineries. 1 2 3

Presentation Topics HOC Company Overview Financial Performance and Competitiveness Focused Growth Orientation Summary Appendix

2003 2004 2005 2006 2007 2008 East 112 174 303 414 528.9 262 11 Holly Historical EBITDA (in millions) 1 HEP formed in July 200 2 Sold Montana Refinery Company (8,000 bpd) while increasing Navajo Refinery capacity (8,000 bpd) 3 Major turnaround and expansion conducted at Woods Cross in this year. Gross Margin: Capacity: (in thousands) $7.23/BBL 107 bpsd $9.20/BBL 109 bpsd $12.62/BBL 109 bpsd $15.78/BBL 109 bpsd $16.74/BBL 111 bpsd $10.96/BBL 116 bpsd 3 1 2 Capacity of 256,000 bpsd (assuming Sinclair closing) Legacy Refineries (Navajo and Woods Cross) - 131 bpsd Sunoco - Tulsa Refinery Acquisition - June 1, 2009 (+85 bpsd) Sinclair - Tulsa Refinery Acquisition - December 1, 2009 (+40 bpsd) expected close *Definition for non-GAAP measures such as EBITDA or Margins can be located on page 28.

Refining Margins (2004-2008 range) 5-yr. high & low gross margin range by quarter - red bars Gulf Coast 5-Yr. Quarterly Avg 3-2-1 margin- yellow line 5 Yr. Quarterly Average Gross Margin ($/bbl ) - Navajo, Woods Cross - - green line 5 Yr. Quarterly Average Gross Margin ($/bbl ) - PADD II - white line 2009 Gross Margin ($/bbl) - noted in black numeric Q1 Q2 Q3 Q4 East 3.17 8.95 13.07 11.65 West 11.57 22.2 14.97 5.63 0.2 0.2 0.2 0.2 0 0 0 0 WX 09 GM 10.74 8.95 15.19 gc 321 8.33 14.61 12.86 6.62 0 line wx 08 gm 12.54 12.49 28.04 17 Rev bud Woods Cross Gulf Coast 3-2-1: 5 Yr. Avg. Q1 Q2 Q3 Q4 East 6.43 8.07 7.27 7.95 West 10.11 19.47 8.84 6.41 11.39 0.2 0.2 0.2 0 0 0 0 NRC 09 GM 12.45 8.39 7.27 gc 321 8.33 14.61 12.86 6.62 0 line NRC 08 GM 6.43 8.07 12.69 10.88 NRC Avg GM 11.89 8.07 12.69 10.88 Navajo Q1 Q2 Q3 Q4 East 6.63 10.7 6.7 6.23 West 7.05 19.45 8.59 5.12 0 0 0 0 0 0 0 0 Tulsa 09 GM 6.7 gc 321 8.33 14.61 12.86 6.62 0 line Tulsa 08 gm 8.07 13.88 16.88 6.23 Rev bud Tulsa Gulf Coast 3-2-1: 5 Yr. Avg. Gulf Coast 3-2-1: 5 Yr. Avg. 1 - Actual realized gross margin. 2 - PADD II 3-2-1 gross margin proxy for Tulsa refineries 1 1 2 *Definition for non-GAAP measures such as EBITDA or Margins can be located on page 28.

Strong Returns on Capital and Conservative Balance Sheet Low Debt Level Compared to Peers High Returns on Invested Capital 1 - As of 9/30/09. HOC standalone (excludes HEP debt) 2 - HOC's Debt to Total Capitalization is 33% after the issuance of $100 million in debt in October 2009 resulting in total long term debt of $288 million 1 Annual Return on Invested Capital (5 years Averaged, '04 - '08) Debt to Total Capitalization1, 2

Presentation Topics HOC Company Overview Financial Performance and Competitiveness Focused Growth Orientation Summary Appendix

Enhanced Competitive Position at Legacy Refineries Recently Completed Refinery Enhancements Increased capacity 19% Increased lower cost black wax and Canadian crude processing from 20 to 50% Increased ULSD production percentage Enhanced black wax and Canadian heavy receiving capabilities Increased capacity 17% (to 100,000 bpd) Allows 100% sour crude oil processing Increased ULSD production percentage Increased intermediates processing Provides access to Cushing crude oil hub and a variety of cost advantaged crudes Enables refinery to shift up to 40% of its crude slate to lower priced heavy crudes

Holly will integrate the two Tulsa facilities (Sunoco & Sinclair) to form one complex 125,000 BPD refinery Net capex savings of approximately $125 million: Eliminates an estimated $110 million of project capital requirements Reduces MSAT 2 compliance capex by about $15 million Allows for immediate upgrade of existing gas oil production to gasoline/diesel without capital investment Approximately 12,000 bpd at $5/bbl WTI crack spread would produce $22 million per year in increased product value Eliminates future capital investment at Holly's existing Tulsa refinery of $100 million or more for gas oil upgrading facilities Integration will create combined facility with Nelson complexity of over 14.0 at 125,000 BPD Company wide capacity will be 256,000 BPD with weighted average complexity of greater than 12.0 Mid-2008 company wide capacity was 111,000 BPD Strategic Acquisitions at Historically Low Multiples 1 - Full integration could take up to 18 months but gas oil upgrade is available immediately 2 - Purchase price does not include inventory. $2,000 $1,186 $ / Complexity BBL $18,000 $11,325 $ / BBL of capacity High Average Refinery industry acquisitions over the last five years: 1 2

Capital Expenditure Overview Past investments make legacy refineries stronger Pipeline capex approximately $190 million from 2007 - 2009 (UNEV + crude lines) 1. Excludes HEP capex; net of contributions from UNEV JV partner; includes turnaround expenditures; excludes asset acquisitions. 2. As of 9/30/09; excludes HEP capex and cash. Strong balance sheet and liquidity going forward 1 2 Cash balance: $96 mm $350 mm credit facility with no drawings Debt: $188 mm (plus additional $100mm issued in Oct 2009) Remaining capex: $40 - 50 mm in 4Q 2009 Approximately $200 mm in 2010 Additional proceeds expected from UNEV interest sale of over $200 mm in late 2010 / early 2011 Cash required for Sinclair Tulsa closing: $54.5 mm for cash portion of purchase price $45 mm estimated for inventory

UNEV Pipeline & Refinery Economics Overview: 75% interest in 400 mile, 12" refined products pipeline from Salt Lake City to Las Vegas with terminals in Cedar City, UT and Las Vegas, NV (Sinclair is 25% equity partner) HOC is funding construction and will own through construction phase Holly expects to monetize its investment in UNEV by selling the pipeline to HEP Completion Date - Fall 2010 Benefits: Las Vegas has on average, experienced a $0.13/gal ($5.36/bbl) positive differential for Gasoline (Unleaded, conventional) over Salt Lake City during Jan 2004 - Aug 2009 Lowers impact of seasonal demand reduction with wintertime months in local market Competitive outlet for crude-cost-advantaged Rocky Mountain refiners HEP Purchase Option: At completion of construction, HEP will have option to purchase HOC's interest in the pipeline JV for 180 days from completion of project at HOC's cost (estimated to be $202.5mm) plus a 7% per annum carrying cost Las Vegas over Salt Lake City Avg. Differential since 2004 (Unleaded, Conventional)

Presentation Topics HOC Company Overview Financial Performance and Competitiveness Focused Growth Orientation Summary Appendix

Holly Investment Highlights Pure Play Refiner Owns 3 refineries with combined processing capacity of 256,000 barrels per day (bpd) 40 years of refining experience-entered refining business in 1969 (profitable every year) Competitive Assets High complexity facilities with access to multiple sources of crude supply High Degree of Crude Source Flexibility Attractive markets Geographic: Rocky Mountains, Southwest and Mid-Continent Product mix: Balanced product slate with added specialty lubricant products Capital projects with significant impact Reinvested approx. $500 million of cash flow generated in recent years into facilities Capital deployment has been focused on growth and optionality Synergistic Acquisition of Tulsa Refineries Low all-in cost for complex Mid-Con refineries that will be integrated Eliminates $125 MM of regulatory required capital Upgrades low-value product into transportation fuel Strong Financial Performance Industry leading return on invested capital & return on assets among peers Low debt among peers & history of conservative & disciplined financial management Experienced management Track record of safety, reliability and profitability through multiple cycles Key operating executives average more than 20 years experience History of successful major project execution HEP ownership Stable cash flow quarterly from HEP through regular and incentive distributions 7.3 Million Common Units plus 100% of General Partner 1 - Includes 40,000 additional bpd of capacity when the Sinclair transaction closes 2 - HEP's annualized cash distributions as of 9/30/09 to HOC exceed $30M for LP and GP ownership interests 2 1

Holly Corporation 100 Crescent Court, Suite 1600 Dallas, Texas 75201 (214) 871-3555 Bruce Shaw, Senior VP-Chief Financial Officer M. Neale Hickerson, VP-Investor Relations www.hollycorp.com

Presentation Topics HOC Company Overview Financial Performance and Competitiveness Focused Growth Orientation Summary Appendix

Appendix Tulsa - Sinclair Refinery Acquisition Tulsa - Sunoco Refinery Acquisition Estimated Effects of Capital Projects

Sinclair Refinery - Transaction Summary 1Combined fully integrated capacity of Holly's existing Tulsa refinery and Sinclair's refinery is projected to be approximately 125,000 bpsd Holly has signed a definitive agreement to purchase Sinclair's Tulsa refinery Holly's portion of the purchase price will consist of $74.0 million in Holly stock and $54.5 million of cash at closing (for total of $128.5 million) At closing Sinclair will enter into a long-term off take agreement for up to 50,000 BPD of gasoline/diesel to supply their Mid-Con branded and unbranded marketing network Holly will enter into a contract for storage and logistics services with HEP relating to the assets that HEP will purchase from Sinclair Sinclair's Tulsa refinery is a 75,000 barrel per stream day ("bpsd") cracking refinery located approximately 2 miles southeast of Holly's Tulsa refinery(1) The purchase and sale agreement requires Holly to purchase approximately 500,000 barrels of inventory from Sinclair at closing Holly will fund the cash portion of the purchase price and the purchase of the inventory via a combination of cash on hand and utilization of existing credit facility if needed. Holly has upsized its existing $300 million revolving credit facility to $370 million under the accordion.

Tulsa (Sunoco) Acquisition - Transaction Summary Asset Summary: Tulsa refinery has crude capacity of 85,000 BPSD High complexity: 11.4 Nelson complexity factor Produces high value specialty products and transportation fuels Strategic location - direct pipeline connection to Cushing crude oil hub and Magellan product system that supplies the Mid-Continent market Assets include 3.2 million bbls of storage & related logistic assets Assignment of the Sunoco specialty product trademark for N. America and license for S. America Purchase Summary: $65 million in cash to purchase refinery property, plant and equipment Inventory purchased at closing market prices Closed: June 1, 2009 Off-take Agreement: Five year off-take agreement for gas oil to Sunoco Environmental Indemnification: Sunoco would retain responsibility for environmental liabilities for 20 years resulting from operations of the refinery prior to closing EPA Waiver: EPA waiver granted which extends the existing ULSD compliance deadline to November 2011

Estimated Effects of Capital Projects at Holly's Refineries Illustrative computations of impact of expansion & gross margins 26 Gross Margin/bbl Consolidated Navajo Woods Cross 2003 $7.23 $7.43 $6.10 2004 $9.20 $10.16 $6.00 2005 $12.62 $13.61 $9.62 2006 $15.78 $15.37 $17.10 2007 $16.74 $15.58 $20.69 2008 $10.96 $9.55 $16.60 For every +/- $1/bbl change in gross margin: NRC equals $5.475 million -- WX equals $1.825 million

27 Estimated Effects of Capital Projects at Holly's Refineries Illustrative computations of impact of crude mix changes Every +/- $1 change in net feedstock costs equals $3.65 million Every +/- $1 change in net feedstock costs equals $14.6 million All dollar values are for a full year impact and assume operating rates are at full utilization with no operating downtime FEEDSTOCK FLEXIBILITY: WOODS CROSS REFINERY Completion Q3 '08 -- Operational Q4 '08 (in $ millions) Increase cost advantaged bbls by 10,000 bpsd WTI-Heavy Diff. / bbl assumption: (net of transportation & yield changes) $5.00 $10.00 $15.00 $20.00 Annual gross margin improvement from feedstock flexibility $18.3 $36.5 $54.8 $73.0 FEEDSTOCK FLEXIBILITY: NAVAJO REFINERY Completion Q3 '09 -- Operational Q1 '10 (in $ millions) Change crude charge mix from 100% WTS crude to include 40% cost-advantaged bbls WTS-Heavy Diff. / bbl assumption: (net of transportation & yield changes) $5.00 $10.00 $15.00 $20.00 Annual gross margin improvement from feedstock flexibility $73.0 $146.0 $219.0 $292.0

Definitions BPD: the number of barrels per calendar day of crude oil or petroleum products. BPSD: the number of barrels per stream day of crude oil or petroleum products. EBITDA: Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income plus (i) interest expense net of interest income, (ii) income tax provision, and (iii) depreciation, depletion 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. Our historical EBITDA is reconciled to net income under "Reconciliation to Amounts Reported Under Generally Accepted Accounting Principles" of Holly Corporation's 2008 10-K filed February 27, 2009 Gas Oil Hydrocracker: a refinery unit which uses catalyst at high pressure and temperature and in the presence of hydrogen to convert high boiling point hydrocarbons to light transportation fuels and low sulfur FCC feedstock. MMSCFD: million standard cubic feet per day. Refining gross margin or refinery gross margin: the difference between average net sales price and average costs of products per barrel of produced refined products. This does not include the associated depreciation, depletion and amortization costs. Refining gross margin or refinery gross margin is a non- GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. This margin does not include the effect of depreciation, depletion and amortization. Other companies in our industry may not calculate this performance measure in the same manner. Our historical refining gross margin or refinery gross margin is reconciled to net income under "Reconciliation to Amounts Reported Under Generally Accepted Accounting Principles" of Holly Corporation's 2008 10-K filed February 27, 2009. Net Operating Margin: Net operating margin is a non-GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. This margin does not include the effect of depreciation, depletion and amortization. Other companies in our industry may not calculate this performance measure in the same manner. Our historical net operating margin is reconciled to net income under "Reconciliation to Amounts Reported Under Generally Accepted Accounting Principles" of Holly Corporation's 2008 10-K filed February 27, 2009. Solvent deasphalter / residuum oil supercritical extraction ("ROSE"): a refinery unit that uses a light hydrocarbon like propane or butane to extract non asphaltene heavy oils from asphalt or atmospheric reduced crude. These deasphalted oils are then further converted to gasoline and diesel in the FCC process. The remaining asphaltenes are either sold, blended to fuel oil or blended with other asphalt as a hardener.