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): November 16, 2005

HOLLY CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	001-03876 (Commission File Number)	75-1056913 (I.R.S. Employer Identification Number)
100 Crescent Court, Suite 1600 Dallas, Texas (Address of principal executive offices)		75201-6927 (Zip code)

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))S

Item 7.01. Regulation FD Disclosure.

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

     On November 16, 2005, Holly Corporation (the “Company”) and Holly Energy Partners, L.P. (“HEP”) issued a joint press release announcing that production of gasoline and diesel fuel at the Company’s Navajo Refinery will be substantially reduced, for a period expected to last 4 to 5 days beginning November 16, to permit an unanticipated repair of the Navajo Refinery’s continuous catalytic reformer.

     A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein in its entirety.

     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.

(c)	Exhibits.
	99.1—Joint Press Release of the Company and HEP issued November 16, 2005.*

* Furnished herewith.

-2-

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, Financial Reporting

Date: November 17, 2005

-3-

EXHIBIT INDEX

Exhibit
Number	Exhibit Title
99.1 —	Joint Press Release of the Company and HEP issued November 16, 2005.

-4-

EX-99.1

Exhibit 99.1

Holly Corporation & Holly Energy Partners announce four to five day reduction in Navajo Refinery operations

Reduced operations expected to temporarily impact gasoline and diesel production and pipeline distribution

DALLAS, TX, November 16, 2005 — Holly Corporation (NYSE: HOC) and Holly Energy Partners, L.P. (NYSE: HEP) today announced that production of gasoline and diesel fuel at Holly Corporation’s Navajo Refinery will be substantially reduced, for a period expected to last 4 to 5 days beginning November 16, to permit an unanticipated repair of the Navajo Refinery’s continuous catalytic reformer (“CCR”). While the CCR is being repaired, the Navajo Refinery’s crude oil runs will continue at reduced rates. It is expected that a portion of the shortfall in gasoline and diesel fuel production caused by the CCR repair can be made up gradually through slightly higher than normal production over the several weeks following resumption of full refinery operations. The reduction in Navajo Refinery production is expected to result in substantially reduced shipments for 4 or 5 days on Holly Energy Partners’ refined products pipelines that normally ship Navajo Refinery products to El Paso and to points in northern New Mexico; Holly Energy Partners’ pipeline shipments may then be slightly higher than normal as the Navajo Refinery makes up part of the production shortfall.

Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel. Holly operates through its subsidiaries a 75,000 barrels per day (“bpd”) refinery located in Artesia, New Mexico, a 26,000 bpd refinery in Woods Cross, Utah, and an 8,000 bpd refinery in Great Falls, Montana.

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product transportation and terminal services to the petroleum industry, including Holly Corporation, which owns a 45% interest in the Partnership. The Partnership owns and operates petroleum product pipelines and terminals primarily in West Texas, New Mexico, Arizona, Washington, Colorado and Utah. In addition, the Partnership owns a 70% interest in Rio Grande Pipeline Company, a transporter of LPGs from West Texas to Northern Mexico.

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” within the meaning of the federal securities laws. These statements are based on our beliefs 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, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. The forward-looking statements speak only as of the date made, other than as required by law, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION, Contact:

Stephen J. McDonnell, Vice President and CFO,
Holly Corporation & Holly Energy Partners, L.P.

M. Neale Hickerson, Vice President, Investor Relations,
Holly Corporation & Holly Energy Partners, L.P.
214/871-3555