HollyFrontier Corporation Provides Update on Woods Cross Refinery Crude Unit

HollyFrontier Corporation (NYSE: HFC) (“HollyFrontier”) announced
that its subsidiary’s Woods Cross refinery located in West Bountiful,
Utah is running at reduced rates due to a crude unit fire that occurred
on March 12, 2018. There were no reported injuries as a result of the
fire; however, the refinery’s ability to receive crude oil deliveries
has been affected.

HollyFrontier is in the process of determining the scope of the damage
resulting from the fire, the extent to which it will affect or delay
crude oil deliveries and the steps necessary to repair the damage. At
this time, HollyFrontier does not anticipate the event having any
material impact to its first quarter consolidated crude throughput
guidance.

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
135,000 barrels per stream day ("bpsd") refinery located in El Dorado,
Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 100,000 bpsd
refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located
in Cheyenne, Wyoming and a 45,000 bpsd refinery in Woods Cross, Utah.
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. In addition, HollyFrontier, through its
subsidiary, owns Petro-Canada Lubricants Inc., whose Mississauga,
Ontario facility produces 15,600 barrels per day of base oils and other
specialized lubricant products, and owns a 57% interest and a
non-economic general partner interest in Holly Energy Partners, L.P.

Forward-Looking Statement:

The statements contained herein 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. Although we believe that such
expectations reflected in such forward-looking statements are
reasonable, we cannot give assurance that our expectations will prove to
be correct. Therefore, actual outcomes and results could materially
differ from what is expressed, implied or forecast in these statements.
Any 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
  HollyFrontier'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, curtailments or shutdowns in
  refinery operations or pipelines;
• effects of governmental and environmental regulations and policies;
• the availability and cost of financing to HollyFrontier;
• the effectiveness of HollyFrontier's capital investments and marketing
  strategies;
• HollyFrontier's efficiency in carrying out construction projects;
• the ability of HollyFrontier to acquire refined product operations or
  pipeline and terminal operations on acceptable terms and to integrate
  any future acquired operations;
• 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 HollyFrontier's Securities and Exchange
  Commission filings.

The forward-looking statements speak only as of the date made and, other
than as required by law, HollyFrontier undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

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