June 2008 -- Profits hit record highs for oil refiner Holly Corp. in 2007. The company posted net earnings of
$334.1 million, or $5.98 per share, for the year compared with net income of $266.6 million, or
$4.58 a share in 2006. Revenue increased 19.1% to $4.8 billion. Higher margins at the company's
Woods Cross Refinery located near Salt Lake City and lower operating expenses helped the company
achieve record results, said Matthew Clifton, chairman and CEO, in a company statement.
"During the year, we also made substantial progress on both our Woods Cross and Navajo refinery
expansion and crude flexibility capital projects. These projects, expected to be completed at
the end of the third quarter of 2008 and during 2009, respectively, remain on budget.
Furthermore, our Salt Lake City to Las Vegas joint venture pipeline, expected to be operational
in mid 2009, also remains on budget."
In July 2007 the company announced plans to jointly build a $300 million pipeline that will
stretch from Salt Lake City to Las Vegas. The pipeline is being built to meet growing demand in
the region for refined products.
