Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net income attributable to Trecora Resources $ 19,428 $ 18,598 $ 15,571
Adjustments to reconcile net income of Trecora Resources to net cash provided by operating activities:      
Depreciation 7,896 7,177 5,205
Amortization of intangible assets 1,880 1,883 471
Unrealized (gain) loss on derivative instruments (119) (381) 376
Share-based compensation 2,552 2,353 2,141
Deferred income taxes 8,697 5,567 (1,903)
Postretirement obligation 271 7 8
Bargain purchase gain from acquisition (11,549) 0 0
Equity in loss of AMAK 1,479 5,325 1,072
Gain from additional equity issuance by AMAK (3,168) 0 0
Bad debt expense 90 0 0
Amortization of loan fees 272 272 68
Changes in operating assets and liabilities:      
(Increase) decrease in trade receivables (2,809) 8,797 (3,380)
(Increase) decrease in taxes receivable 3,689 (7,238) 137
(Increase) decrease in inventories (2,067) (2,989) 2,587
(Increase) decrease in prepaid expenses and other assets (1,022) 935 (337)
(Increase) decrease in other assets 0 2 (1,092)
Increase (decrease) in other liabilities (174) 2,151 90
Increase (decrease) in accounts payable and accrued liabilities 3,168 (2,399) 1,836
Increase (decrease) in accrued liabilities in Saudi Arabia 0 (495) 355
Net cash provided by operating activities 28,514 39,565 23,205
Investing activities      
Additions to plant, pipeline and equipment (38,484) (31,247) (14,766)
Acquisition of TC, Inc., net of cash of $107 purchased in 2014 0 (47) (74,712)
Acquisition of B Plant (2,011) 0 0
Advances to AMAK, net (14) 0 536
Net cash used in investing activities (40,509) (31,294) (88,942)
Financing Activities      
Issuance of common stock 11 46 91
Additions to long-term debt 8,000 15,000 87,200
Repayment of long-term debt (6,250) (13,200) (20,656)
Net cash provided by in financing activities 1,761 1,846 66,635
Net increase (decrease) in cash and cash equivalents (10,234) 10,117 898
Cash and cash equivalents at beginning of year 18,623 8,506 7,608
Cash and cash equivalents at end of year 8,389 18,623 8,506
Supplemental disclosure of cash flow information:      
Cash payments for interest 2,545 2,103 995
Cash payments (net of refunds) for taxes (1,630) 11,428 8,959
Supplemental disclosure of non-cash items:      
Other liabilities for capital expansion amortized to depreciation expense 1,047 972 1,649
Estimated earnout liability (Note 3) 733 0 0
Unrealized gain on interest rate swap, net of tax expense $ 0 $ 0 $ 366