8-K

================================================================================


                       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 20, 2003

                                   ----------

                                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)


================================================================================




ITEM 5.  OTHER EVENTS.

         On August 20, 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 August 20, 2003.*

- ----------

* 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/ Stephen J. McDonnell
                                             ----------------------------------
                                                  Stephen J. McDonnell
                                                  Vice President & Chief
                                                  Financial Officer

Date: August 21, 2003




                                  EXHIBIT INDEX





         EXHIBIT
         NUMBER                             EXHIBIT TITLE
         -------                            -------------
                        
          99.1     --      Press Release of the Company issued August 20, 2003.

EX-99.1

                                                                    Exhibit 99.1

                              FOR IMMEDIATE RELEASE



                 HOLLY CORPORATION COMMENTS ON FRONTIER LAWSUIT

Dallas, TX, August 20, 2003 - Holly Corporation (Amex: HOC) today commented on
the lawsuit filed by Frontier Oil Corporation (NYSE: FTO) in Delaware Chancery
Court:

         Holly has just received a copy of the lawsuit filed by Frontier in
         Delaware Chancery Court this morning. As Frontier well knows, Holly has
         not repudiated or breached the Merger Agreement nor, at this time, has
         Holly exercised its various termination rights under the Merger
         Agreement. We believe that this lawsuit is frivolous and without merit.
         We intend to defend ourselves vigorously.

Holly, headquartered in Dallas, Texas, operates through its subsidiaries 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 outcome
with respect to 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:

Stephen J. McDonnell
Vice President & Chief Financial Officer
Holly Corporation
214/871-3555