Exhibit

“Trecora’s results in 2018, including the fourth quarter, were unacceptable. We have taken important steps to meaningfully improve our performance, and some of those steps have already begun to show results. We are prioritizing outcomes that most immediately impact our financial performance while building a foundation for the future,” said Pat Quarles, Trecora’s President and Chief Executive Officer. “As a manufacturing company, first and foremost, our transformation begins at our plants. Dick Townsend joined the Company in June of last year as Chief Manufacturing Officer and immediately began implementing his plan focused on safe and reliable operations while providing quality products to our customers. I am pleased to report that we have worked injury free throughout our Company since October of last year, both a fundamental in manufacturing and a key leading indicator for reliable, low-cost operations.”

“Fourth quarter profitability was impacted by our inability to upgrade byproducts due to the catalyst replacement outage of the Advanced Reformer unit, the exiting of a custom processing relationship and higher operating costs. Overall, operational inefficiencies and associated costs largely drove poor fourth quarter and full year 2018 performance,” commented Sami Ahmad, Trecora’s Chief Financial Officer. “We recently completed a multi-year capital program. Going forward, our annual capex should be approximately $10 million. Free cash flow will be used mainly for debt reduction.”

Mr. Quarles concluded, “We are actively making the operational and commercial changes necessary to drive more robust results going forward. We remain committed to monetizing AMAK, having recently entered into discussions with a leading global investment bank with strong mining expertise. We are committed to the safety of our employees, the reliability of our assets, the high quality of our products and the overall competitiveness of our Company. By prioritizing the most meaningful outcomes and implementing needed changes, we believe we will return Trecora to a higher and more sustainable level of financial performance.”

Gross profit in the fourth quarter was $2.7 million, or 3.6% of total revenues, compared with $10.0 million, or 15.1% of total revenues, in the fourth quarter of 2017. Operating loss for the fourth quarter was $5.0 million compared with operating income of $4.3 million for the fourth quarter of 2017. The decline in gross profit margin is primarily driven by the inability to upgrade the Company’s byproducts due to the catalyst replacement outage of the Advanced Reformer unit, the exit of a custom processing relationship and higher operating costs.

Adjusted net loss for the quarter was $3.3 million, or $(0.13) per share. Net loss for the fourth quarter was $5.3 million, or $(0.22) per diluted share, compared with a net income of $14.0 million, or $0.56 per diluted share, for the fourth quarter of 2017. Reported net loss in the fourth quarter of 2018 includes the impact of equity in losses from AMAK of $0.2 million and restructuring and severance expenses of approximately $2.3 million. The effect of these impacts was approximately $0.08 per diluted share on an after-tax basis. In 2017, equity in earnings of AMAK of $0.9 million along with a tax benefit from the Tax Cut and Jobs Act of approximately $10.3 million had an estimated combined total impact of $0.44 per diluted share.

Specialty petrochemical volume in the fourth quarter was 25.1 million gallons compared with 21.6 million gallons in the third quarter of 2018, and 22.8 million gallons in the fourth quarter of 2017. Prime product volume in the fourth quarter was 18.7 million gallons compared with 17.0 million gallons in the third quarter of 2018, and 17.1 million gallons in the fourth quarter of 2017. Byproduct volume increased 39.5% sequentially and 12.2% year-over-year, to 6.4 million gallons. During the Advanced Reformer unit outage for catalyst replacement in the fourth quarter, sales of byproducts were at prices much below the cost of feed resulting in significantly lower byproduct margins compared to third quarter 2018 and fourth quarter of 2017. Additionally, the fourth quarter was impacted by the exit from a custom processing relationship and higher operating costs. Net income declined to a loss of $2.4 million as compared to income of $2.5 million in the third quarter and $17.7 million in the fourth quarter of 2017. Adjusted EBITDA declined to $2.0 million as compared to $6.2 million in the third quarter of 2018 and $10.4 million in the fourth quarter of 2017.



Dollar amounts in thousands/rounding may apply	THREE MONTHS ENDED
	DECEMBER 31,
	2018		2017		% Change
Product sales		$64,669		$56,176	15	%
Processing fees	1,147		1,788		(36	)%
Gross revenues		$65,816		$57,964	14	%
Operating profit before depreciation and amortization	2,366		10,217		(77	)%
Operating profit (loss)	(546)		8,591		(106%)
Net profit (loss) before taxes	(1,769)		8,171		(122	)%
Depreciation and amortization	2,912		1,626		79	%
Adjusted EBITDA	2,043		10,398		(80	)%
Capital expenditures	6,057		10,366		(42	)%

The specialty waxes segment generated revenues of $8.6 million in the fourth quarter, a $1.1 million decrease from the third quarter of 2018, and a $0.6 million increase from the fourth quarter of 2017. Revenue included $6.3 million of wax product sales, down 9.7% from third quarter, and up 20.1% from fourth quarter 2017. Wax sales volumes declined approximately 10.3% from third quarter 2018 and increased 14.2% when compared with fourth quarter 2017. Revenue also included $2.4 million of custom processing fees, down 15.2% from third quarter of 2018, and down 15.3%, from the fourth quarter of 2017.



Dollar amounts in thousands/rounding may apply	THREE MONTHS ENDED
	DECEMBER 31,
	2018		2017		% Change
Product sales		$6,262		$5,213	20	%
Processing fees	2,373		2,801		(15	)%
Gross revenues		$8,635		$8,014	8	%
Operating loss before depreciation and amortization	(20)		(1,004)		98	%
Operating loss	(1,376)		(2,360)		42	%
Net loss before taxes	(1,734)		(2,775)		38	%
Depreciation and amortization	1,356		1,356		-
Adjusted EBITDA	(111)		(1,200)		91	%
Capital expenditures	138		1,968		(93	)%

Net loss for the full year of 2018 was $2.3 million compared with net income of $18.0 million in 2017. Diluted EPS was $(0.10) compared with $0.72 in 2017. Net loss in 2018 was negatively affected by equity in losses of AMAK of $0.9 million as well as restructuring and severance expenses of $2.3 million for an estimated combined impact of $(0.10) per diluted share on an after-tax basis. In 2017, net income was negatively affected by equity in losses of AMAK of $4.3 million but positively impacted by the Tax Cuts and Jobs Act by $10.3 million for an estimated combined benefit of $0.28 per diluted share on an after-tax basis.

Adjusted EBITDA for the full year of 2018 was $20.3 million compared with $31.7 million in 2017. Adjusted EBITDA margin was 7.1% in 2018 compared with 12.9% in 2017. The decline in Adjusted EBITDA is primarily driven by operating issues with the Advanced Reformer unit and higher operating costs including higher logistics. Adjusted EBITDA, among other things, excludes restructuring and severance expenses of $2.3 million.

Overall, the Company’s worldwide specialty petrochemical demand increased during 2018 compared to 2017. Product sales revenue increased 19.3% driven primarily by volume growth of 7.6%. Generally, product prices also increased compared to 2017 primarily due to higher feedstock costs in 2018. The Company continued to emphasize its competitive advantages achieved through its high-quality products and outstanding customer service and responsiveness.



Dollar amount in thousands – rounding may apply	YEAR ENDED DECEMBER 31,
	YEAR ENDED DECEMBER 31,
	2018		2017		% Change
Product sales	$	242,763	$	203,515	19	%
Processing fees	6,916		6,866		1	%
Net revenues	249,679		210,381		19	%
Operating profit before depreciation and amortization	23,021		36,511		(37	)%
Operating profit	14,089		30,201		(53	)%
Net profit before taxes	10,705		27,852		(62	)%
Depreciation and amortization	8,932		6,310		42	%
Adjusted EBITDA	22,744		36,705		(38	)%
Capital expenditures	22,431		37,569		(40	)%



Dollar amount in thousands – rounding may apply	YEAR ENDED
	DECEMBER 31,
	2018		2017		% Change
Product sales	$	27,017	$	23,819	13	%
Processing fees	11,236		10,943		3	%
Net revenues	38,253		34,762		10	%
Operating profit (loss) before depreciation and amortization	1,949		(35)		5,669	%
Operating loss	(3,427)		(4,624)		26	%
Net loss before taxes	(4,660)		(5,238)		117	%
Depreciation and amortization	5,376		4,589		17	%
Adjusted EBITDA	1,785		(269)		764	%
Capital expenditures	2,854		14,015		(80	)%

To participate via telephone, callers should dial in five to ten minutes prior to the 10:00 am Eastern start time; domestic callers (U.S. and Canada) should call +1-866-417-5724 or
+1-409-217-8234 if calling internationally, using the conference ID 1565589. To listen to the playback, please call 1-855-859-2056 if calling within the United States or 1-404-537-3406 if calling internationally. Use pin number 1565589 for the replay.

This press release includes the use of both U.S. generally accepted accounting principles ("GAAP") and non-GAAP financial measures. The Company believes certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. The Company believes that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. These measures are not measures of financial performance or liquidity under GAAP and should be considered in addition to, and not as a substitute for, analysis of our results under GAAP.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin: We define EBITDA as net income (loss) plus interest expense (benefit) including derivative gains and losses, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA plus share-based compensation, plus restructuring and severance expenses, plus losses on extinguishment of debt, plus or minus equity in AMAK's earnings and losses or gains from equity issuances, and plus or minus gains or losses on acquisitions. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.

Some of the statements and information contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding the Company's financial position, business strategy and plans and objectives of the Company's management for future operations and other statements that are not historical facts, are forward-looking statements. Forward-looking statements are often characterized by the use of words such as "outlook," "may," "will," "should," "could," "expects," "plans," "anticipates," "contemplates," "proposes," "believes," "estimates," "predicts," "projects," "potential," "continue," "intend," or the negative of such terms and other comparable terminology, or by discussions of strategy, plans or intentions, including, but not limited to: expectations regarding future market trends; expectations regarding our future strategic focuses and 2019 financial performance; expectations regarding the Company's monetization of its investment in AMAK; expectations regarding cost savings from the reorganization at our specialty petrochemicals facility; and future capital expectation levels and the use of future free cash flow to reduce debt.

Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Such risks, uncertainties and factors include, but are not limited to: general economic conditions domestically and internationally; insufficient cash flows from operating activities; difficulties in obtaining financing on favorable conditions, or at all; outstanding debt and other financial and legal obligations; lawsuits; competition; industry cycles; feedstock, product and mineral prices; feedstock availability; technological developments; regulatory changes; environmental matters; foreign government instability; foreign legal and political concepts; foreign currency fluctuations; and other risks detailed in our latest Annual Report on Form 10K, including but not limited to "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" therein, and in our other filings with the Securities and Exchange Commission (the "SEC"). There may be other factors of which we are currently unaware or deem immaterial that may cause our actual results to differ materially from the forward-looking statements. In addition, to the extent any inconsistency or conflict exists between the information included in this press release and the information included in our prior releases, reports and other filings with the SEC, the information contained in this press release updates and supersedes such information. Forward-looking statements are based on current plans, estimates, assumptions and projections, and, therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.



	December 31, 2018 (Unaudited)			December 31, 2017
ASSETS	(thousands of dollars)
Current Assets
Cash	$	6,735		$	3,028
Trade receivables, net	27,112			25,779
Inventories	16,539			18,450
Prepaid expenses and other assets	4,664			3,645
Taxes receivable	182			5,584
Total current assets	55,232			56,486

Plant, pipeline and equipment, net	194,657			182,521

Goodwill	21,798			21,798
Intangible assets, net	18,947			20,808
Investment in AMAK	38,746			45,125
Mineral properties in the United States	588			588

TOTAL ASSETS	$	329,968		$	327,326
LIABILITIES
Current Liabilities
Accounts payable	$	19,106		$	18,347
Accrued liabilities	5,439			3,961
Current portion of post-retirement benefit	19			305
Current portion of long-term debt	4,194			8,061
Current portion of other liabilities	733			870
Total current liabilities	29,491			31,544

Long-term debt, net of current portion	98,288			91,021
Post-retirement benefit, net of current portion	358			897
Other liabilities, net of current portion	994			1,611
Deferred income taxes	15,676			17,242
Total liabilities	144,807			142,315

EQUITY
Common stock‑authorized 40 million shares of $0.10 par value; issued 24.6 and 24.5 million in 2018 and 2017, respectively, and outstanding 24.5 and 24.3 million in 2018 and 2017, respectively	2,463			2,451
Additional paid-in capital	58,294			56,012
Common stock in treasury, at cost	(8		)	(196		)
Retained earnings	124,123			126,455
Total Trecora Resources Stockholders' Equity	184,872			184,722
Noncontrolling Interest	289			289
Total equity	185,161			185,011

TOTAL LIABILITIES AND EQUITY	$	329,968		$	327,326



	UNAUDITED
	THREE MONTHS ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
	2018	2017	2018	2017
			(unaudited)
	(thousands of dollars)
REVENUES
Petrochemical and product sales	70,899	61,389	269,780	227,334
Processing fees	3,770	4,589	18,152	17,809
	74,669	65,978	287,932	245,143
OPERATING COSTS AND EXPENSES
Cost of petrochemical, product sales, and processing (including depreciation and amortization of $4,138, $2,778, $13,618, and $10,089, respectively)	71,975	56,012	260,114	203,582

GROSS PROFIT	2,694	9,966	27,818	41,561

GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative	5,180	4,966	22,396	22,587
Restructuring and severance	2,347	-	2,347	-
Depreciation	148	217	740	872
	7,675	5,183	25,483	23,459

OPERATING INCOME	(4,981)	4,783	2,335	18,102

OTHER INCOME (EXPENSE)
Interest expense	(1,483)	(822)	(4,100)	(2,931)
Loss on extinguishment of debt	-	-	(315)	-
Equity in earnings (losses) of AMAK	(229)	900	(901)	(4,261)
Miscellaneous expense	(117)	(18)	(158)	(60)
	(1,829)	60	(5,474)	(7,252)

INCOME (LOSS) BEFORE INCOME TAXES	(6,810)	4,843	(3,139)	10,850

INCOME TAX (EXPENSE) BENEFIT	1,520	9,129	807	7,159

NET INCOME (LOSS)	(5,290)	13,972	(2,332)	18,009

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	-	-	-	-

NET INCOME (LOSS) ATTRIBUTABLE TO TRECORA RESOURCES	(5,290)	13,972	(2,332)	18,009

Basic Earnings per Common Share
Net Income (Loss) Attributable to Trecora Resources (dollars)	$(0.220)	$0.58	$(0.100)	$0.74

Basic Weighted Average Number of Common Shares Outstanding	24,545	24,308	24,438	24,294

Diluted Earnings per Common Share
Net Income (Loss) Attributable to Trecora Resources (dollars)	$(0.220)	$0.56	$(0.100)	$0.72

Diluted Weighted Average Number of Common Shares Outstanding	24,545	25,202	24,438	25,129



				THREE MONTHS ENDED 12/31/18																		THREE MONTHS ENDED 12/31/17
				SPEC. WAX					SPEC. PETRO.			CORP				TREC						SPEC. WAX			SPEC. PETRO.						CORP			TREC
NET INCOME (LOSS)				$(1,734)					$(2,435)			$(1,120)				$(5,290)						$(2,775)			$	17,755					$(1,008)			$	13,972
Interest				267					1,215			-				1,483						219			601						2			822
Taxes				-					351			(1,871)				(1,520)						-			(9,584)						455			(9,129)
Depreciation and amortization				24					107			18				148						22			182						13			217
Depreciation and amortization in cost of sales				1,333					2,805			-				4,138						1,334			1,444						-			2,778
EBITDA				(111)					2,043			(2,973)				(1,041)						(1,200)			10,398						(538)			8,660
Share based compensation				-					-			420				420						-			-						702			702
Restructuring & Severance Expenses				-					-			2,347				2,347						-			-						-			-
Loss on extinguishment of debt				-					-			-				-						-			-						-			-
Equity in losses of AMAK				-					-			229				229						-			-						(900)			(900)
Adjusted EBITDA				$(111)						$2,043		$	23			$	1,955					$(1,200)			$	10,398					$(736)			$	8,462

Revenue				8,635					66,034			-				74,669						8,014			57,964						-			65,978
Adjusted EBITDA Margin				(1.30				)%	3.1		%					2.6				%		(15.00		)%	17.9					%				12.8				%

		TWELVE MONTHS ENDED 12/31/18																					TWELVE MONTHS ENDED 12/31/17
		SPEC. WAX				SPEC. PETRO.									CORP			TREC					SPEC. WAX					SPEC. PETRO.					CORP			TREC
	NET INCOME (LOSS)	$(4,660)				$	7,967								$(5,638)			$(2,332)					$(5,308)					$31,751					$(8,434)			$18,009
	Interest	1,069				3,107									(77)			4,100					450					2,474					7			2,931
	Taxes	-				2,738									(3,545)			(807)					-					(3,830)					(3,329)			(7,159)
	Depreciation and amortization	92				599									50			740					86					724					62			872
	Depreciation and amortization in cost of sales	5,285				8,333									-			13,618					4,503					5,586					-			10,089
	EBITDA	1,785				22,744									(9,210)			15,319					(269)					36,705					(11,694)			24,742
	Share based compensation	-				-									1,422			1,422					-					-					2,707			2,707
	Restructuring & Severance Expenses	-				-									2,347			2,347					-					-					-			-
	Losses on Extinguishment of Debt	-				-									315			315					-					-					-			-
	Equity in losses of AMAK	-				-									901			901					-					-					4,261			4,261
	Adjusted EBITDA	$	1,785			$	22,744								$(4,225)			$	20,304				$(269)					$	36,705				$(4,726)				$31,710

	Revenue	38,253				249,897									(218)			287,932					34,763					210,380								245,143
	Adjusted EBITDA Margin	4.7			%	9.1								%				7.1			%		(0.80				)%	17.4				%				12.9%



	Three months ended December 31,					Twelve months ended December 31,
	2018			2017		2018			2017
Net Income (Loss)	$	(5,290	)	$	13,972	$	(2,332	)	$	18,009

Restructuring & severance expenses		$2,347		-			$2,347		-
Equity in losses (earnings) of AMAK	229			(900)		901			4,261
Taxes at statutory rate of 21%	(541)			189		(682)			(895)
Tax effected adjustments	2,035			(711)		2,566			3,366
Tax rate change benefit	-			(10,307)		-			(10,307)
Adjusted Net Income (Loss)	$	(3,255	)	$	13,261	$	234		$	21,375
Diluted weighted average number of shares	24,545			25,202		24,438			25,129
Estimated effect on diluted EPS (tax effected adjustments/diluted weighted average number of shares)		($0.080	)		$0.44		($0.100	)		$0.28