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Texas Petrochemicals Sees Continued Weak Demand in Key Markets

Posted on: Monday, 12 January 2009, 18:00 CST

HOUSTON, Jan. 12 /PRNewswire-FirstCall/ -- Texas Petrochemicals, Inc. (the "Company") (OTC:TXPI) a Houston based petrochemical company that provides a diverse range of quality products and services into performance, specialty and intermediate manufacturing markets worldwide sees continued weak demand across its C4 and Performance Product businesses, especially in its largest market, butadiene.

"The severe decline in general economic conditions has negatively impacted both supply and demand for our businesses, especially in the butadiene marketplace," said Russ Crockett, Senior Vice President -- Commercial. "Because of the flexibility in our asset portfolio, we have been working to optimize our physical assets and to reduce our operating costs by temporarily idling various production units at both our Houston and Port Neches facilities while continuing to meet the needs of our customers and suppliers. We also have released a significant portion of the contractor workforce at our facilities to further eliminate costs in these challenging times. At this point, although we have seen some improvement in demand across our business from last month, demand for butadiene has not significantly improved over December's levels. As a result, we will continue to take aggressive steps to reduce working capital, manage costs, and maintain liquidity until conditions improve."

Headquartered in Houston, Texas Petrochemicals Inc. sells products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuel additives, plastics and detergents. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company's web site at http://www.txpetrochem.com.

Cautionary Information Regarding Forward-Looking Statements

The matters discussed in this press release that are not historical or current facts deal with potential future circumstances and developments. This discussion is qualified by the inherent risks and uncertainties surrounding future events generally and also may differ materially from actual future experience involving any one or more of such matters. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to update or revise any forward-looking statements in light of new information or future events.

Investor Relations Contact: Robert Whitlow Email: robert.whitlow@txpetrochem.com Phone: 713-627-7474 Contact: Ruth Dreessen Email: ruth.dreessen@txpetrochem.com Phone: 713-627-7474 Media Relations Contact: Sara Cronin Email: sara.cronin@txpetrochem.com Phone: 713-627-7474

SOURCE Texas Petrochemicals, Inc.

Source: PR Newswire

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