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TREC

YourSpecialtyChemicalPartner

CowenEnergy&NaturalResourcesConferenceDecember5,2017

2

SafeHarbor

Statements in this presentation that are not historical facts are forward lookingstatements as defined in the Private Securities Litigation Reform Act of 1995. Forwardlooking statements are based upon Management’s belief, as well as, assumptionsmade by and information currently available to Management. Because suchstatements are based upon expectations as to future economic performance and arenot statements of fact, actual results may differ from those projected. These risks, aswell as others, are discussed in greater detail in Trecora Resources’ filings with theSecurities and Exchange Commission, including Trecora Resources’ Annual Report onForm 10-K for the year ended December 31, 2016, and the Company‘s subsequentQuarterly Reports on Form 10-Q.

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CorporateHighlights

Ø TrecoraResources(NYSE:TREC)isaleadingproviderofhigh-puritylighthydrocarbonsandspecialtywaxes

Ø Twocorespecialtychemicalsegments• SouthHamptonResources:Leadingmanufacturerofhigh-

puritypentanes• Trecora Chemical:Manufacturerofpolyethylenewaxand

waxderivatives• Customprocessingcapabilities

Ø Nearlycompletedcapitalprojectswillincreasecapacityandprofitability

Ø Provenmanagementteamwithanaverageof>25yearsofindustryexperience

Ø ResurgenceofUSchemicalindustryprovidesnewopportunities

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ResourceUpsideResourceUpside

BusinessOverview

SHRHigh-PurityLightHydrocarbons

C5

Silsbee,TX

Pasadena,TX

SHR/TCCustom

Processing

Silsbee,TXPasadena,TX

AMAKZincand

CopperMine33.4%Owner

NajranProvince,KSA

• Potentialexitandmonetization

• Significantoperationalimprovementscompleted

• Newgoldmininglicense• Newexplorationlicenses• Fullpotentialnotreflected

inTRECvaluation

TCSpecialty

SyntheticWaxesC2

2016TotalRevenues$212.4 Million

~81.5%Revenues

~9.6%Revenues

~8.9%Revenues

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SouthHamptonResourcesSpecialtyPetrochemicalSegment

Ø Leadingmanufacturerofhigh-puritylighthydrocarbons• 2016 revenues: $182.0 million• Blue Chip customer base• 208 full-time employees• 180 acres in Silsbee, TX

Ø Marketleaderwithapproximately60%marketshareandonly1competitorinhigh-puritypentanes

Ø Internationalsalesrepresented19.6%ofrevenuesin2017YTD(allpricedinUSD)

Ø Easyaccesstomajortransportationnetworks

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SHR:BlueChipCustomers

7

SHR:Products&Applications

Otherapplicationsinclude:Geothermal,Adhesives,Elastomers,Agricultural,ROSEUnit,andSpecialtyFuels

8

SHR:GrowthDrivers

EBITDA

TotalProductSoldØ NewpolyethyleneplantsinNorthAmerica• Adding8.0millionmetrictons/yearof

manufacturingcapacityby2020• 40%increaseovercurrentcapacity• Costadvantagedrivingpolyethyleneexports

Ø Newmarketopportunities• USchemicalindustryhasannouncedover$180

billionininvestmentover10years

Ø SecondCanadianoilsandscustomerexpectedtocommenceproductionin2018

Ø Globalgrowth(includingAsia)

Ø Majorcapitalprojectsnearlycomplete• Addscapacity,improvesefficiencyandincreases

capabilities

24.821.8

32.529.3

39.644.7

05101520253035404550

2011 2012 2013 2014 2015 2016($inm

illions)

*- IncludedaBargainPurchaseGainof$11.5million

*

010203040506070

2011 2012 2013 2014 2015 2016

(Millionsofgals)

PrimeProducts Byproducts

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SHR:DTrainBenefits

Ø WorkingonnewproductsatSHRforthefirsttime

Ø Capitalprojectcompleted2015

Ø Protectscurrenthighpentaneglobalmarketshare

Ø Demonstrated6,000bpdofthroughput

Ø Expecttosell15to20millionadditionalgallonsofC5’sby2021/2022• Approximately35%above2016levels

Ø Threeproductiontrainsprovidesignificantlymoreflexibilityandreliability• Capacityallowsfornewproductdevelopment

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SHR:AdvancedReformerUpdate

Ø CapitalprojectpermittedinMay2016• Significantlyhighervalue-added

byproductstream• Converts~30-40milliongal/yearto

highermarginaromatics• Completionexpectedin1Q’18with

increasedproductionshortlythereafter

Ø FinancialMetrics• $58millioninvestment• Adds$12-14M/yearinannualEBITDA

with~50%ofthisrunratebyendof2018

• EBITDAgrowsasprimeproductvolumesrampup

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TrecoraChemicalSpecialtyWaxesSegment

Ø Manufacturespolyethylenewaxandwaxderivatives• 2016Revenues:$30.4million• 40millionannualcapacity• 100full-timeemployees• LocatedinPasadena,TX

Ø WaxMarkets• HotMeltAdhesives&PVCLubricants• Newproductsforthesemarketsbeing

well-received• IncreasingdemandfromEuropean

distributortohighervaluemarkets

Ø Significantcustomprocessingcapabilities

Ø Strongfeedstocksupplynetwork

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TrecoraChemical:WaxVolumeandRevenueOverview

Revenues Volumes

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317

WaxRevenues($) WaxVolume(Lbs)

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TC:Hydrogenation/DistillationProjectCompleted

Ø Hydrogenation/DistillationUnit• Leverageexistingrelationshipswith

petrochemicalcustomersandgeneratenewcustomprocessingbusiness

• Doublespotentialcustomprocessingrevenue

• Withsomestart-upstrugglesDistillationUnitstillgeneratedrevenueof$300Kin3Q17

• HydrogenationUnitstartingup

Ø Financials• $25millioninvestment

• Expectadditional$6-$8M/yearinEBITDArunratebyendof2018

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CustomProcessingOverview

Ø Convertfeedstockintovalue-addedproductsbaseduponcustomerspecifications• Customerssupplyandmaintaintitleto

feedstock

Ø Contractualtakeorpayagreementswithhighoperatingmargins• Significantoperatingleverageabove

break-even

Ø Addingprocesscapabilitiesthatareinshortsupplyintheregion

• WillbenefitfromtheresurgenceinU.S.Chemicals

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317

SHR TC

InTho

usands

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TotalPotentialIncrementalAnnualEBITDAEstimate:

$28million- $36millionby2022

SignificantCapitalProjectsNearlyComplete

DTrainAdd:$6-8Masvol.rampsup2018- 2022

AdvancedReformer

Add:$12-14M2018- 2022

BPlantAdd:$4-6M

2018

Hydrogenation/DistillationAdd:$6-8M2018- 2019

SouthHampton

TrecoraChemical

Completed:Sept2015 Estimated:1Q18

Completed:2Q17Completed:June2016

Capex:$30M Capex:$58M

Capex:$25MCapex:$2M

• Capitalprojectsfundedfromoperatingcashflowandrevolverborrowings• Revolverborrowingsincreasedto$23millionfrom$9millionin2016• Totalliquidityof$35M(9/30/17):$4Mofcash/$37Mofrevolveravailability

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ExpectedCapitalProjectContributions

*- DenotesAdjustedEBITDAfor2016^- DenotesProjectedEBITDAfor2022

$31

$51$63$6

$7

$7

$12

0

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

2016* ByProductsUpgrade

AdvReformer2018

AdvReformerVolumeRampUp

2018-2022

DTrainVolumeRampUp

2018-2022

TCCustomProcessing2018- 2019

TotalRampUp2022^

($inm

illions)

($inm

illions)

AnnualEBITDA

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AMAKMineUpdate

Ø ThirdQuarterOperations– ContinuedImprovementØ 8000drymetrictonshipmentsduringthequarter(copperandzincconcentrates)

Ø 16%moreCuconcentrateand40%moreZnconcentrateshippedtotheportin3Q17thanin2Q17

Ø Curecoveriesnowconsistentlyabove80%,zincrecoverieshoveringbetween63%and68%

Ø ExplorationØ InitialexplorationresultsandmineralresourcesupdateforGuyan completeØ DrillingcontinuesinGuyan andsurroundingareaswithasimilargeologicalprofileØ ExpectfirstLifeofMineupdate(forcopperandzinc)in4Q17

Ø PreciousMetalCircuitØ Leachingprocessisgoingwellandsmeltinghasbeen

re-initiatedØ Expectadditionalgoldandsilverdoré salesin1Q18

Ø FourmilliontotalnewsharesissuedinJuly2016Ø 3.75MsharespurchasedbyArmico for$5.33pershareØ ValuesTREC’s26.1Msharesat~$139M(33.4%stake)

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InvestmentSummary

Ø Strongspecialtychemicalcompanyaddressingexpandingprofitablemarketopportunities

Ø Investinginhighermarginbusinesses

Ø Internationallycompetitiveinhigh-growthdevelopedandemergingmarkets• FootprintinCanada,MiddleEastandAsia,and

expandingintoadditionalmarkets

Ø Capitalprojectswillincreaseproductioncapacityandimprovecorporateprofitability• Newcapacityexpectedtoadd$28- $36millionofincrementalannualEBITDA2018- 2022

Ø AMAKmonetizationopportunity• Objectiveisfinancialexit(possiblythroughIPO)

Ø Provenmanagementteamthathasexecutedonitscorestrategy

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Q&A

Pleasevisitourwebsites:

www.trecora.com

www.southhamptonr.comwww.TrecChem.com

www.amak.com.sa

ThankYou

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FinancialSummary– 3rd Quarter2017

Ø AdjustedEBITDAwas$7.5millionascomparedto$7.2millionthirdquarter2016and$8.4millionsecondquarter2017.

Ø HarveyEBITDAimpactof$1.5millionto$1.8million.Includesexpensesrelatedtogeneratorrentals,overtimelabor,andmaintenanceandrepairsof$0.7million.

Ø AdjustedEBITDAof$23.2millionforfirstninemonthsof2017comparedto$25.3millionforfirstninemonthsof2016

Ø CapExof$39.3millionforfirstninemonthsof2017Ø DebtatSeptember30of$89.7millionincludingrevolverbalanceof$23.0million

Q32017 Q22017 Q12017 Q32016 9M2017 9M2016

DilutedEPS $0.07 $0.03 $0.06 $0.11 $0.16 $0.81

AdjustedEPS* $0.09 $0.12 $0.09 $0.08 $0.29 $0.37

AdjustedEBITDA* $7.5 $8.4 $7.4 $7.2 $23.2 $25.3

AdjEBITDAMargin* 12.2% 13.5% 13.3% 12.7% 13.0% 16.0%

CapEx** $11.5 $13.9 $13.9 $9.5 $39.3 $27.9

Debt $89.7 $89.8 $84.8 $79.0 $89.7 $79.0*seeGAAPreconciliation**2016includesBPlant

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TREC3Q2017IncomeStatement(unaudited)

THREE MONTHS ENDEDSeptember 30,

2017 2016(unaudited)

Revenue $62,115 $48,854

COGS 51,008 37,280COGS% 82% 76%

Gross Profit 11,107 11,574GM% 17.90% 23.70%

G&A 5,740 5,491Depreciation and amortization 205 187Total operating expenses 5,945 5,678

Operating Income 5,162 5,896Op Inc% 8% 12%

Interest expense (678) (607)Bargain purchase gain from acquisition - 11549 Equity in earnings/(losses) AMAK (3,298) (1,017)Misc income (expense) (22) 123

Income before income taxes 1,164 15,944Income tax expense 332 5,692

Net Income $832 $10,252

(InThousands)

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TRECAdjustedEBITDACalculation(unaudited)

THREE MONTHS ENDEDSeptember 30,

2017 2016NET INCOME (LOSS) $1,718 $2,799Interest 795 568Taxes 577 1,768Depreciation and amortization 246 192Depreciation and amortization in cost of sales 2,564 2,373EBITDA 5,900 7,700Share based compensation 716 608Bargain purchase gain - Gain from additional equity issuance by AMAK - -3,168Equity in losses of AMAK 897 2,089Adjusted EBITDA $7,513 $7,229

Revenue 61,508 57,141Adjusted EBITDA Margin 12.20% 12.70%(adjusted EBITDA/revenue)

(InThousands)

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TRECBalanceSheetasofSeptember30,2017(unaudited)

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $4,219 A/P $12,381

Trade receivables, net 22,738 Derivative Instruments 7

Inventories 12,849 Accrued liabilities 6,304

Prepaid expenses and other assets 3,276 CP - post-retirement benefit 308

Taxes receivable 3,764 CP- LTD 8,061

Total current assets 46,846 Other 1,131

Current Liabilities 28,192

PPE, net 172,049 LTD 81,011

Goodwill and Intangibles 43,070 PRB 897

Investment in AMAK 44,225 Other 1,681

Mineral properties in the United States 588 Deferred income taxes 24,654

Other assets 21 Total equity 170,364

TOTAL ASSETS $306,799 TOTAL LIABILITIES AND OE $306,799

(InThousands)