8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


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                                    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): JUNE 30, 2003

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                                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,                                        75201-6927
          SUITE 1600                                            (Zip code)
        DALLAS, TEXAS
    (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)

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ITEM 5.  OTHER EVENTS.

         On June 30, 2003, Holly Corporation (the "Company") issued the press
release attached hereto as Exhibit 99.1 and incorporated herein in its entirety.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)      EXHIBITS.

         99.1     --       Press Release of the Company issued June 30, 2003.*

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         * Filed herewith.




                                   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/Scott C. Surplus
                                                --------------------------------
                                                Scott C. Surplus
                                                Vice President, Treasury and Tax

Date: June 30, 2003



                                  EXHIBIT INDEX





         EXHIBIT
         NUMBER                      EXHIBIT TITLE
         ------                      -------------
                        
         99.1     --       Press Release of the Company issued June 30, 2003.

EX-99.1

Exhibit 99.1

                              FOR IMMEDIATE RELEASE


HOLLY CORPORATION ANNOUNCES PURCHASE OF ADDITIONAL 45% SHARE OF RIO GRANDE
PIPELINE COMPANY

         Dallas, Texas, June 30, 2003 -- Holly Corporation (AMEX: HOC) announced
today that a wholly-owned, indirect subsidiary of Holly has purchased Juarez
Pipeline Company's forty-five percent (45%) interest in Rio Grande Pipeline
Company, adding to the twenty-five percent (25%) that the Holly subsidiary
already owns. The purchase price was $27.5 million subject to certain purchase
price adjustments. Juarez Pipeline Company is a wholly-owned, indirect
subsidiary of The Williams Companies, Inc. (NYSE: WMB). The Rio Grande Pipeline
Company, a partnership that will now be owned 70% by Holly and 30% by BP, serves
Northern Mexico by transporting liquid petroleum gases ("LPGs") from a point
near Odessa, Texas to Pemex Gas ("Pemex") at a point near El Paso, Texas. Pemex
then transports the LPGs to its Mendez Terminal near Juarez, Mexico.

         "We are excited about the opportunity to increase our ownership share
of Rio Grande Pipeline Company, given its strong performance to-date and the
prospect for future growth," said Matthew P. Clifton, President of Holly
Corporation.

         Holly, headquartered in Dallas, Texas, operates a 60,000 bpd refinery
located in Artesia, New Mexico that is being expanded to 75,000 bpd, 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 completion of the proposed
transaction 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
Holly Corporation
214/871-3555