RE: Holly CorpHolly Corporation Enters Into Exclusivity Agreement For Possible Sale Of Montana Refinery
12/5/2005
DALLAS, TX, Holly Corporation (NYSE:HOC) today announced that it has signed an exclusivity agreement with Connacher Oil and Gas Limited (CLL:TSX) for the possible sale of the 8,000 barrels-per-day (“bpd”) refinery operated by Holly's Montana Refining Company in Great Falls, Montana. The exclusivity agreement, which was entered into after Connacher approached Holly concerning a possible sale of the refinery, is valid until the end of January 2006 unless it is extended by both companies.
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 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 also owns a 45% interest (including the general partner interest) in Holly Energy Partners, L.P. (NYSE “HEP”), which through subsidiaries owns or leases approximately 1,600 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and refined product terminals in several Southwest and Rocky Mountain states.