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HollyFrontier Corporation Completes Merger

Dallas, Texas (July 1, 2011) – HollyFrontier Corporation (NYSE: HFC) today announced the completion of the merger of Holly Corporation (NYSE: HOC) (“Holly”) and Frontier Oil Corporation (NYSE: FTO) (“Frontier”). HollyFrontier Corporation combines two leading independent refiners to create the most profitable (on a per barrel basis) independent refiner in the U.S.

HollyFrontier Corporation, which has a refining capacity in excess of 440,000 barrels-per-day (bpd) across five refineries, serves the niche mid-continent, Rocky Mountain and southwestern refining markets and has access to growing regional domestic and Canadian crude oil supplies.

In a joint statement, Matt Clifton, Executive Chairman, and Mike Jennings, President and Chief Executive Officer, said: “HollyFrontier has significant refining capacity in fast growing, traditionally high demand areas and will take advantage of diversified revenue sources, expanded infrastructure and increased scale of assets. HollyFrontier is committed to safe, reliable and environmentally responsible operations, and to outstanding corporate citizenship. The completion of this merger is a significant event for our shareholders, who will benefit from the synergies of this combination and from the significant growth potential that we anticipate as one of the largest independent refiners in the U.S. We are excited to move forward and to deliver on the promise of this transaction to create value for shareholders.”

In accordance with the terms of the merger, Frontier shareholders received 0.4811 Holly shares for each share of Frontier common stock they owned at closing. The combined entity will begin trading today under the symbol HFC.

Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated acted as financial advisors to Holly and Vinson & Elkins LLP was its legal advisor. Citi and Credit Suisse Securities (USA) LLC acted as financial advisors to Frontier and Andrews Kurth LLP was its legal advisor.

About HollyFrontier Corporation

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its subsidiaries a 100,000 barrels per stream day (“bpsd”) refinery located in Artesia, New Mexico, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 31,000 bpsd refinery in Woods Cross, Utah, a 135,000 bpsd refinery located in El Dorado, Kansas, and a 52,000 bpd refinery located in Cheyenne, Wyoming. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also owns a 34% interest (including the general partner interest) in Holly Energy Partners, L.P.

Information about the Company may be found on its website at


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