HollyFrontier Corporation Announces Special Dividend; 50%v Increase In Regular Dividend

HollyFrontier Corporation

announced today that its Board of Directors has approved a 50 percent increase in the Company's regular quarterly cash dividend to $0.15 per share from the current rate of $0.10 per share. The regular dividend will be paid on July 3, 2012 to holders of record of common stock on June 12, 2012. This is the third increase of the regular dividend in less than a year representing a 200% increase in the Company's regular quarterly dividend from that which was in place at the time of the merger of Holly Corporation and Frontier Oil Corporation in July 2011. The Company also announced today a special cash dividend in the amount of $0.50 per share. The special dividend will be paid on June 5, 2012 to holders of record of common stock on May 29, 2012. This is the fourth $0.50 special dividend declared by the HollyFrontier Board since August 2011.