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TREC

YourSpecialtyChemicalPartner

ThirdQuarter2018FinancialResultsNovember1,2018

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SafeHarborStatements in this presenta-on that are not historical facts are forwardlookingstatementsasdefinedinthePrivateSecuri-esLi-ga-onReformActof1995.ForwardlookingstatementsarebaseduponManagement'sbelief,aswell as, assump-ons made by and informa-on currently available toManagement. Because such statements are based upon expecta-ons as tofutureeconomicperformanceandarenotstatementsof fact,actual resultsmaydifferfromthoseprojected.Theserisks,aswellasothers,arediscussedingreaterdetailinTrecoraResources'filingswiththeSecuri-esandExchangeCommission, including Trecora Resources' Annual Report on Form 10-K forthe year ended December 31, 2017, and the Company‘s subsequentQuarterlyReportsonForm10-Q.All forward-lookingstatements includedinthispresenta-onarebaseduponinforma-onavailabletotheCompanyasofthe date of this presenta-on. The Company undertakes no obliga-on topubliclyupdateorreviseanyforward-lookingstatementsaXerthedatetheyare made, whether as a result of new informa-on, future events orotherwise.

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ThirdQuarter2018Overview

Ø  SouthHamptonResources•  PrimeproductvolumesrecoveredfromQ22018diprelatedtocustomer-specificissues•  Elevatedfeedstockcostspressuredmargins

•  PriceincreasesimplementedinJuneandOctobertooffsetmarginpressure•  AdvancedReformer

•  Unitstartedupandmetdesignopera-ngcondi-ons•  Lateinthequarterexternalpoweroutagecausedareduc-onincatalystac-vity

•  Higheropera-ngcostspar-allyrelatedtoliningouttheAdvancedReformer

Ø  TrecoraChemical•  Waxrevenue,volumeandmarginremainedsolid•  Hydrogena-on/Dis-lla-onunitsandoneunitinAPlantdownmostofquarterlimi-ngcustomprocessingrevenue

Ø  AMAKgenerated($1.1)millioninequityinlossesinQ3•  Sequen-aldeclineduetoreduc-onininventoryvalueconcentrate•  Netincomebeforedeprecia-onandamor-za-onof$4.5millionand$19.8millionfortheninemonthsendedSeptember30,2018

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SHRUpdate

•  Quarterlyprimeproductvolumeup5.6%fromQ22018

•  Interna-onalpetrochemicalsalesvolumeincreased(CanadaandMiddleEast)•  25.6%inQ32018vs.17.3%inQ32017•  24.1%YTD2018vs.19.6%YTD2017

PetrochemicalSalesVolumes 3Q18 2Q18 1Q18 4Q17 3Q17 (milliongallons)AllProducts 21.6 19.7 23.3 22.8 22.4PrimeProducts 17.0 16.1 17.7 17.1 16.7Byproducts 4.6 3.6 5.6 5.7 5.7DeferredSales 2.3 2.0 2.2 2.3 1.8

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2014 2015 2016 2017 3Q17 3Q18

InternaOonal%ofpetrochemicalvolumesold

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SHRAdvancedReformerProject

Ø Commissioning,start-upproceduresandperformanceop-miza-onwerethefocusinQ3Ø Unitdeliveringonexpecta-onsandinlinewithdesignun-lexternalpoweroutageinlateQ3Ø Outagelaterdeterminedtohavecausedlossofcatalystac-vity,resul-nginreducedaroma-cs

concentra-onandlessbyproductmarginupliX•  Plansunderwaytochangecatalystinthenextfewmonths•  45dayshutdownforAdvancedReformer;Penhexunitwillcon-nuetooperatesupportedbytheoldreformer•  Costsapproximately$4million

Ø AdvancedReformertoresumefullopera-onsinQ12019Ø AnnualEBITDAcontribu-onof$12-$14millionby2022asoriginallyexpected•  S-llan-cipa-ngimmediatebenefitof$6millionEBITDAin2019

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TrecoraChemicalUpdateØ QuarterlyRevenue–up29%comparedtoQ32017anddown5.3%rela-vetoQ22018

Ø Wax•  Q3salesvolumeup12.7%year-over-year•  Q3revenueup24.1%year-over-year•  Pricingupby10%duetoimprovedsalesmix

Ø CustomProcessing•  Customprocessingrevenuesaffectedbyequipmentreliabilityissuesyetgrew42.9%year-over-yearreflec-ng

con-nuedstrongcustomerdemand•  Manufacturingtransforma-onplanimplementedtoimprovereliabilityandefficiency;expecttosee

intermediatetermbenefitsØ BPlant•  Q3revenueof$0.6million;YTDrevenueof$2.4million•  Ontracktocontribute$4-$6M/yearinEBITDArun-ratebyendof2018

Ø HydrogenaOon/DisOllaOonUnits•  Hydrogena-on/Dis-lla-onunitsdownmostofthequartertoimplementprocesssafetyimprovements•  Fullfunc-onalityandexpected$6-$8M/yearinEBITDArunratein2019

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ManufacturingTransformaOonPlan

Ø ProjectLead–DickTownsend–EVP,ChiefManufacturingOfficer•  SteppedoffTrecoraBoardinMay2018toleadeffort•  TRECBoardmembersince2011

o  33yearsofmanufacturingexperiencewithExxonMobil

Ø ManufacturingTransformaOonPlan•  PlanestablishedinQ22018withanintermediateterm-metableforimplementa-on•  LeveragingexperienceestablishingastandardsuiteofOpera-onalExcellenceworkprocessesthatwill

beimplementedatbothfacili-es•  Consistentworkprocesses–simplifiedandefficient

o  Step-changeimprovements–sustainablechangeo  Easilyreplicated–supportsfuturegrowth

Ø GuidingPrinciples•  Safework•  Qualitywork•  Produc-vework–withoutcompromisingsafetyandquality

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ManufacturingTransformaOonPlanProgressToDate

Ø Safework•  ConductedPSM(ProcessSafetyManagement)assessment,definedgapsanddevelopedclosureplans•  Raisedstandardsforemployee/contractorsafety

Ø Qualitywork–processstability•  CurrentstatusdifferentatSHRandTC

o  SHR–establishedprocesstechnologyandopera-onalhistory–readytomovetonextlevelofperformance

o  TC–lessmaturebuthugeopportuni-esforgrowth

Ø ProducOvework–overallmanufacturingfocus•  Stabilizeopera-ons•  Improvereliability•  Reducecosts•  Improveorganiza-oncapability•  Changeculture

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AMAKMineDevelopments

Ø OperaOons•  17,000dmtsoldinQ32018up17%fromQ22018

o  9,000dmtcopperconcentrateand8,000dmtzincconcentrate•  Concentratequality,throughputratesandrecoveriescon-nuedsteadyprogress•  Netprofitbeforedeprecia-onandamor-za-onYTD(9/30)improvedover$21millionfromthesame

periodin2017

Ø ExploraOon•  Updateonreservesforgold,copperandzincexpectedinQ12019

Ø PreciousMetalCircuit/SART•  27kggoldand183kgsilvershippedinQ32018•  RevenuetoberecognizedinQ42018

Ø GrowingconsistencyofoperaOonsandestablishedcashflowgeneraOonenhancesmarketability•  Ini-atednego-a-onswithinvestmentbanks

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AMAK–ProducOonPerformance

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20,000

40,000

60,000

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100,000

120,000

140,000

160,000

180,000

200,000

4Q17 1Q18 2Q18 3Q18

ProcessPlantPerformanceCuandZnRecoveries(%)andMillThroughput(dmt)

MillFeed(dmt) CuRec(Actual) ZnRec(Actual)

MillFeed(dmt) CuandZnRecoveries(%)

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FinancialSummary–3rdQuarter2018

Ø  AdjustedEBITDAwas$4.9millionascomparedto$7.5millioninthethirdquarter2017and$6.2millioninthesecondquarter2018

Ø  AdjustedEBITDAMarginof6.7%isdownfromQ32017duetoelevatedfeedstockcostsandopera-ngcostsØ  CapExof$2.6millionforthethirdquarterof2018Ø  DebtatSeptember30,2018of$106.4millionincludingrevolverbalanceof$20.0million

Q32018 Q22018 Q12018 Q42017 Q32017 2017 2016

DilutedEPS ($0.06) $0.09 $0.09 $0.56 $0.07 $0.72 $0.78

AdjustedEPS1 ($0.03) $0.08 $0.08 $0.12 $0.09 $0.44 $0.44

AdjustedEBITDA1 $4.9 $6.2 $7.2 $8.5 $7.5 $31.7 $31.0

AdjEBITDAMargin1 6.7% 9.1% 10.0% 12.8% 12.2% 12.9% 14.6%

CapEx2 $3.7 $4.4 $11.0 $12.3 $11.5 $51.6 $40.5

Debt3 $106.4 $105.4 $107.5 $99.6 $89.7 $99.6 $84.01seeGAAPreconcilia-on22016includesBPlant3Includesdebtissuancecosts

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PetrochemicalRevenue&VolumeSummary

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$10

$20

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$70

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Gallons

Revenu

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PetrochemicalSalesRevenueandVolume(inmillions)

Prime Byproducts Revenue

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PetrochemicalFeedCostSummary

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

ProcessedFeedstockCostversusMarketPrice(pergallon)

ProcessedCost Market

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2,000

4,000

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12,000

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Volume

Revenu

e

WaxRevenues($) WaxVolume(Lbs)

TrecoraChemical:WaxVolumeandRevenue(inthousands)

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$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SHR TC

SHRandTCCustomProcessingRevenue(inthousands)

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ClosingRemarks

Ø Summary•  SHRprimeproductvolumerecoveredfromQ2•  Customprocessinglowerthanexpectedashydrogena-on/dis-lla-onunitsandunitinAPlantofflineformuchof

quarter•  BenefitsofAdvancedReformerdelayedduetoexternalpoweroutageresul-ngindamagetocatalyst•  Opera-ngcostssignificantlyupmainlyduetoAdvancedReformerstartupandfreight•  Marginpressurefromelevatedfeedstockcosts;priceincreasesunderway•  Waxrevenue,volumeandmarginsremainstrong•  Execu-ngdetailedimprovementplan(5monthsin)toaddressallaspectsofmanufacturing•  AMAKgenerated$4.5millioninQ32018netincomebeforedeprecia-onandamor-za-on;$19.8millionforthe

ninemonthsendedSeptember30,2018

Ø Drivingrevenueandprofitabilitygrowth•  Broughtinnewandseasonedexecu-vestofocusonmanufacturingandcommercial•  Con-nuedgrowthinprimeproductssalesvolume•  AdvancedReformerunitexpectedtoincreasebyproductvaluedrivingmarginshigherbeginninginQ12019•  Improvementsinhydrogena-on/dis-lla-onunits’reliabilitywillcontributetorevenuegrowth•  AMAK–con-nuedopera-ngimprovementsandconsistentcashgenera-onenhancetheopportunityfor

mone-za-on

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Q&A

ThankYou

Pleasevisitourwebsites:

www.trecora.com

www.southhamptonr.com

www.TrecChem.com

www.amak.com.sa

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AppendixRECONCILIATIONOFSELECTEDGAAPMEASURESTONON-GAAPMEASURES(1)

(1)  Thispresenta-onincludesnon-GAAPmeasures.Ournon-GAAPmeasuresarenotmeanttobeconsideredinisola-onorasasubs-tuteforcomparableGAAPmeasuresandshouldbereadonlyinconjunc-onwithourconsolidatedfinancialstatementspreparedinaccordancewithGAAP.

(2)  Statutorytaxrateof35%usedfor3Q17,FY16and21%usedfor4Q17,FY2017,1Q18,2Q18,3Q18

9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 12/31/2017 12/31/2016NETINCOME $(1,609) $2,215 $2,352 $13,972 $1,718 $18,009 $19,428

Bargainpurchasegain - - - - - -11,549Equityinearnings(losses)ofAMAK/Gainonequityissuance (1,130) 228 230 900 (897) (4,261) 1,689

Taxesatstatutoryrate(2) 237 (48) (48) (189) 314 895 (4,633)

TaxeffectedequityinAMAK (893) 180 182 711 (583) (3,366) $8,605Taxratechange $10,307 $10,307Dilutedweightedaveragenumberofshares 25,175 25,014 25,231 25,202 25,157 25,129 24,982EstimatedeffectondilutedEPS ($0.04) $0.01 $0.01 $0.44 ($0.02) $0.28 $0.34

DilutedEPS ($0.06) $0.09 $0.09 $0.56 $0.07 $0.72 $0.78

AdjustedEPS ($0.03) $0.08 $0.08 $0.12 $0.09 $0.44 $0.44

9/30/2018 6/30/2018 3/31/2018 12/31/2017 9/30/2017 12/31/2017 12/31/2016

NETINCOME(LOSS) (1,609)$ 2,215$ 2,352$ 13,972$ 1,718$ 18,009$ 19,428$Interest 924 815 878 822 795 2,931 1,985Taxes (473) 596 590 (9,129) 577 (7,159) 10,504Depreciationandamortization 205 191 196 217 246 872 761Depreciationandamortizationincostofsales 3,813 2,837 2,829 2,778 2,564 10,089 9,016EBITDA 2,860 6,654 6,846 8,660 5,900 24,742 41,694Sharebasedcompensation 630 (220) 592 702 716 2,707 2,552Bargainpurchasegain - - - - - - (11,549)LossonExtinguishmentofDebt 315 - - - - - -GainfromadditionalequityissuancebyAMAK - - - - - - (3,168)EquityinlossesofAMAK 1,130 (228) (230) (900) 897 4,261 1,479AdjustedEBITDA 4,935$ 6,206$ 7,208$ 8,462$ 7,513$ 31,710$ 31,008$

Revenue 73,416 68,106 71,741 65,978 61,508 245,143 212,399AdjustedEBITDAMargin(adjustedEBITDA/revenue) 6.7% 9.1% 10.0% 12.8% 12.2% 12.9% 14.6%

Twelvemonthsended

Twelvemonthsended

Threemonthsended

Threemonthsended