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EXHIBIT 21
HOLLY CORPORATION
SUBSIDIARIES OF REGISTRANT
Holly Corporation owns 100% of the capital stock of the following subsidiaries
(state of respective incorporation shown in parentheses):
Navajo Corp. (Del.)
Navajo Holdings, Inc. (N.M.)
Holly Petroleum, Inc. (Del.)
Black Eagle, Inc. (Del.)
Holly Corporation owns 57.5% and Navajo Corp. owns 42.5% of the capital stock of
Navajo Refining Company (Del.).
Navajo Refining Company owns 100% of the stock of Navajo Northern, Inc. (Nev.),
Lorefco, Inc. (Del.), and Navajo Western Asphalt Company (N.M.).
Navajo Holdings, Inc. owns 100% of the stock of Navajo Pipeline Co. (Del.).
Navajo Pipeline Co. owns 100% of the stock of Navajo Southern, Inc. (Del.).
Lorefco, Inc. owns 100% of the stock of Lea Refining Company (Del.).
Navajo Northern, Inc. owns 100% of the stock of Montana Retail Corporation
(Del.).
Black Eagle, Inc. and Navajo Northern, Inc. are the general partners of Montana
Refining Company, a Partnership.
