Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income attributable to Trecora Resources	$ 15,571us-gaap_NetIncomeLoss	$ 19,498us-gaap_NetIncomeLoss	$ 10,321us-gaap_NetIncomeLoss
Adjustments to reconcile net income of Trecora Resources to Net cash provided by operating activities:
Depreciation	5,205us-gaap_Depreciation	4,039us-gaap_Depreciation	3,573us-gaap_Depreciation
Amortization of intangible assets	471us-gaap_AmortizationOfIntangibleAssets	0us-gaap_AmortizationOfIntangibleAssets	0us-gaap_AmortizationOfIntangibleAssets
Unrealized loss on derivative instruments	376us-gaap_UnrealizedGainLossOnDerivatives	57us-gaap_UnrealizedGainLossOnDerivatives	246us-gaap_UnrealizedGainLossOnDerivatives
Share-based compensation	2,141us-gaap_ShareBasedCompensation	1,215us-gaap_ShareBasedCompensation	515us-gaap_ShareBasedCompensation
Deferred income taxes	(1,903)us-gaap_DeferredIncomeTaxExpenseBenefit	1,495us-gaap_DeferredIncomeTaxExpenseBenefit	889us-gaap_DeferredIncomeTaxExpenseBenefit
Postretirement obligation	8	5	8
Equity in (income) loss of AMAK	1,072	(4,703)	211
Gain from additional equity issuance by AMAK	0	(3,997)	0
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables	(3,380)	(6,267)	7,396
(Increase) decrease in income tax receivable	137	611	(1,182)
(Increase) decrease in inventories	2,587us-gaap_IncreaseDecreaseInInventories	(2,223)us-gaap_IncreaseDecreaseInInventories	(384)us-gaap_IncreaseDecreaseInInventories
Increase in prepaid expenses and other assets	(337)	(90)	(693)
Increase in other assets	(1,024)	(871)	(56)
Increase in other liabilities	90	3,048	353
Increase in accounts payable and accrued liabilities	1,836	1,421	173
Increase in accrued liabilities in Saudi Arabia	355	4	3
Net cash provided by operating activities	23,205	13,242	21,373
Investing activities
Additions to plant, pipeline and equipment	(14,766)	(6,828)	(8,143)
Acquisition of Trecora Chemical, Inc., net of cash of $107	(74,712)	0	0
Advances to AMAK, net	536	1,626	(2,042)
Addition to Investment in AMAK	0	(7,500)	0
Net cash used in investing activities	(88,942)	(12,702)	(10,185)
Financing Activities
Issuance of common stock	91	60	146
Additions to long-term debt	87,200	6,000	2,000
Repayment of long-term debt	(20,656)us-gaap_RepaymentsOfLongTermDebt	(8,500)us-gaap_RepaymentsOfLongTermDebt	(10,500)us-gaap_RepaymentsOfLongTermDebt
Net cash provided by (used) in financing activities	66,635	(2,440)	(8,354)
Net increase (decrease) in cash and cash equivalents	898	(1,900)	2,834
Cash and cash equivalents at beginning of year	7,608	9,508	6,674
Cash and cash equivalents at end of year	8,506	7,608	9,508
Supplemental disclosure of cash flow information:
Cash payments for interest	995us-gaap_InterestPaid	802us-gaap_InterestPaid	912us-gaap_InterestPaid
Cash payments (net of refunds) for taxes	8,959us-gaap_IncomeTaxesPaidNet	6,006us-gaap_IncomeTaxesPaidNet	6,650us-gaap_IncomeTaxesPaidNet
Supplemental disclosure of non-cash items:
Other liabilities for capital expansion amortized to depreciation expense	1,649	1,284	1,102
Unrealized gain on interest rate swap, net of tax expense	$ 366	$ 214	$ 168