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Trecora Resources Reports Second Quarter and First Half 2020 Results

Total outstanding debt reduced to $78.2 million, excluding Paycheck Protection Program loans; the lowest level since third quarter 2016
Cash balance remains strong at $29.9 million at the end of June
Second quarter net loss from continuing operations of $1.9 million
Second quarter Adjusted EBITDA from continuing operations of $4.2 million
Operating cash flow from continuing operations of $16.5 million, a $12.1 million improvement from first quarter of this year
Company's current growth initiatives in 2020 on track to yield approximately $4 million in incremental value creation
Conference call at 10:00 am ET tomorrow, August 5, 2020

SUGAR LAND, Texas, August 4, 2020 – Trecora Resources ("Trecora" or the "Company") (NYSE: TREC), a leading provider of specialty hydrocarbons and specialty waxes, today announced financial results for the second quarter ended June 30, 2020.

"Trecora’s second quarter results demonstrate the resiliency of our business and our executional focus, despite the market impacts from COVID-19. Our cash flow from continuing operations of $16.5 million was a $12.1 million improvement from first quarter this year. We ended the second quarter with $78.2 million of debt excluding Paycheck Protection Program loans, $29.9 million of cash and no borrowings on our revolver. Our Company’s debt is at its lowest since the third quarter of 2016,” said Pat Quarles, Trecora's President and Chief Executive Officer.

“Net loss from continuing operations in the second quarter was $1.9 million while Adjusted EBITDA from continuing operations was $4.2 million. Demand for our Specialty Petrochemicals declined in April and May but rebounded in June while margins for these products expanded significantly as our feedstock costs declined throughout the quarter. Our Specialty Waxes business results were weaker than expected due to both exposure to certain durable good end-uses and the impact from falling custom processing revenues in this segment. While our visibility looking forward remains poor, we see demand in Specialty

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The following information was filed by Trecora Resources (TREC) on Wednesday, August 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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