| Holly Corporation is an independent petroleum refiner that produces light products, such as gasoline, diesel fuel and jet fuel. During the year ended December 31, 2008, the Company owned and operated two refineries consisting of a petroleum refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (Navajo Refinery), and a refinery in Woods Cross, Utah (Woods Cross Refinery). In 2008, the Company owned and operated Holly Asphalt Company, which manufactures and markets asphalt products from various terminals in Arizona and New Mexico. In 2008, the Company also owned a 46% interest in Holly Energy Partners, L.P. (HEP). On February 29, 2008, the Company completed the selling of certain crude pipelines and tankage assets to HEP. The Company operates in two business segments: refining and HEP. |
